Bad Credit Repair GuideYour Solution to Bad Credit Problems!

Beware Bank of America and its evil plan to steal your money. Forget thinking this couldn’t possibly happen to you because you are a loyal, repeat customer.

BofA “jacks” my business account!

“Bank of America is betraying its best customers!” states James of Tallahassee, FL.

In James’ own words, “Bank of America recently raised my interest rate up 10 percentage points and dropped my credit limit without notifying me. When I regained my composure after  seeing my minimum payment, I called to ask what was going on,” says James.

Unfortunately, James’ situation is about to get worse and he doesn’t even know it.

JAMES’ UNCONTROLLABLE ANGER….

Recently, I received the exact letter you see pictured above. I already know Bank of America doesn’t give a rip about me.

Your (and my) bank doesn’t care how good of a customer you’ve been. If you allow your bank to steal more of your money, it will!

Forget loyalty, this is about recovering from record losses. These big banks’ shareholders need to be fed dividends and they EXPECT you and me to pay the bill….

…unless we SCREAM loud and clear.

Note: I realize it might not be your nature to confront a bank about stealing your money. Would you like to know how to get your money back without angry confrontation? Would that be worth a little bit of your time to discover?

In the last month, I have received more complaints from confused, angry people, who tell me they (have) good credit and good on-time bill paying history. Nonetheless, their BANK is stealing from them….

In the rest of James’ initial to me, he adds,

“The CSR said it was because I had put almost  $10,000 on it in the past year. My habits changed, she said. I just got married so I did use my cc to pay for the wedding. Okay, I’ve never been late, was paying more than my minimum monthly payment and was at about half of my credit limit (was $22,000 credit). Now my limit is $11,500. Does this sound right to you? This is crazy. What’s going on here? Do you know what’s going on? I’ll never be able to pay off this card, and it is the sum of my total debt, which really isn’t much. The company said there was nothing they could do for me. Any advice? Oh yea, and last time I checked I had excellent credit,” adds James.

For James and everyone else in a similarly horrible position, here’s the reality: You must climb out of this quicksand as quickly as possible.

Get out of credit card debt as quickly as possible. My recommendation is obvious but there’s a more serious reason. And here’s why:

1. 30% of your credit score comes from how much CREDIT CARD debt you’re carrying. When BofA sliced your credit limit from $22,000 to $11,500, you LOST about 50% of your limit. Your credit utilization NOW is almost 100%! Yikes….
2. Jacking your interest rate 10 points on a balance of $10,000 (regardless of what your rate now is) must be beyond shocking! James did not share his “new” interest rate. Perhaps he was still in shock and couldn’t type the outrageous number. Jacking a rate 10 points is HUGE.

Below, you see a chart I’ve used before. It’s pretty close to applying to James’ unexpected situation.

FACTS:

• $10,000 credit card balance
• double digit interest rate, ~probably somewhere at or around 15%
• James has paid the minimum…usually 2.5%

REALITY:

• James now will LOSE about 90 points on his credit scores!
• James has lost about 50% of his credit limit!
• James will pay a helluva lot more in interest if he continues paying the minimum.

SOLUTION:

• James now knows how to approach Bank of America re: credit limit and interest rate, which he MUST do.
• James also knows he must get his balance paid down. Forget loyalty from a bank. Those days, if they ever existed, are GONE!

Bank of America (and ALL other banks it seems) have decided to jack ALL its customers.  Naturally, James was torched when he heard this. He did not have the money to pay off his $10k. And now, he was p*ssed when he heard about his credit scores…for nothing he did. What is your banking horror story? Chances are, you have one too. Doesn’t everyone today have a nasty banking story? Please drop down on this page a bit to share a quick (or long) comment. I’d love to hear from you.

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