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View Diary: Wells Fargo CEO Meets a Desperate Homeowner Facing Foreclosure, Flees (84 comments)

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  •  lesson learned: squeaky wheel gets the grease (8+ / 0-)

    BoA is dropping my credit limit again as they called to explain.   Since I have paid off the amount due for the past 4 years in a timely basis I am considered a poor credit risk.

    Actually, the "counselor" who called me called me to see if I could qualify for "enhanced" status.  This meant if I paid down my BoA accounts, then I could qualify to avoid another cut in my credit limit as they were concerned that my debt/credit ratio continues to increase.  I pointed out this was because they continue to drop my credit limit to $500 over what my balance is and continue to do so until the card has a credit limit of $500.

    The counselor said then "don't you have savings and retirement accounts?"  I told him yes, of course and he said why not cash them out and pay off credit cards.  I pointed out I had a financial plan to finish paying off BoA within the year, that if I did pay off their cards, they would just drop my credit limit again, leaving me worse off than before and finally that there were penalties and tax consequences for early withdrawal of savings.  After i factored in all the different aspects, my CPA and I agree that what I am doing makes the most sense.

    At this point, the counselor hung up so I guess BoA wants to close my accounts and want me to go ahead and cash them out  

    •  They did the same thing to me. (10+ / 0-)

      I actually paid off the card, and they cut the credit limit to about 15% of what it had been before I paid it off.  Sent me a letter saying I was a poor credit risk due to my lower debt to credit ratio.  Do tell. Within a month of getting the letter from BoA about what a horrible risk I was, I went down to the credit union to buy a car. They financed 100% of the car at 2.0% interest.  

      BoA and Wells Fargo are leeches, along with the other big banks.  I deal exclusively with a small, but very stable, local bank.  And the credit union.  The CEO of my bank and credit union both live here and I can get in to see either one of them if I have a complaint or problem that needs fixing from the top down.

      The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand. - Sun Tzu

      by Otteray Scribe on Thu Mar 14, 2013 at 08:29:04 PM PDT

      [ Parent ]

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