Dockside Chat - F- boa

I just wanted to make a public anouncement that now that I have paid off my BOA credit cards. I will never owe them another dime again. I had a rather large balance on my credit cards several years ago, and they jacked my rate up due to a change in my credit profile. This made my payments unafordable. They would not tell me what the change was, but the only thing that was different was I went selfemployed.

So after several years of hard work, we are completely out of credit card debt, and I will never borrow money from BOA again.

Good for you. Great spot to be.

Can't be all bad. At least they were then when you needed them.

Credit card debt is the devil....... I maxed out all my credits cards once when I was younger... Stupid ..

I live debt free with exception of a mortgage on my primary .....

Congrats on paying them off

BOA is the devil. Congrats on your new freedom!

Can't be all bad. At least they were then when you needed them.

When I borrowed the money, we agreed on Prime+3.25. Then after making 2 years of on time payments they decided I should be paying prime + 16. I am not sure how that is being there for me.

Congratulations!

Don't close the accounts as it will negatively affect your credit score. :nono:
Put the cards in a drawer and forget about them, or cut them up, but don't close the accounts.

Congrats BTW!

Don't close the accounts as it will negatively affect your credit score. :nono:
Put the cards in a drawer and forget about them, or cut them up, but don't close the accounts.

Congrats BTW!


very true, great advice. Thanks to all for the kind words. My wife and I are feeling very good about it.

Don't close the accounts as it will negatively affect your credit score. :nono:
Put the cards in a drawer and forget about them, or cut them up, but don't close the accounts.
BTW!

We got the opposite impression because we had cards from dept stores and MC/VISA from the past 30 years. A lot of cards that were un-used, but still active. The active cards had limits of $50K or so, although they got PIF each month.

The banker we spoke with told us that having that much available credit was a potential for creating a hailstorm of credit that our income could never pay off, and that caused a deduct in our credit profile.

We closed almost 30 accounts. I know it can be looked at from each side of the glass, so maybe just up to the reporting companies how they handle it?

Good for you :thumbsup:

BoA bought out MBNA(my card holder for 20 years) in 2006 and proceeded to piss me off at every turn. By 2008 I dumped them. :grin:

We got the opposite impression because we had cards from dept stores and MC/VISA from the past 30 years. A lot of cards that were un-used, but still active. The active cards had limits of $50K or so, although they got PIF each month.

The banker we spoke with told us that having that much available credit was a potential for creating a hailstorm of credit that our income could never pay off, and that caused a deduct in our credit profile.

We closed almost 30 accounts. I know it can be looked at from each side of the glass, so maybe just up to the reporting companies how they handle it?

As far as I know, income isn't calculated in a credit score. Maybe I'm wrong ;?

I graduated from college in 1995 and had about $4000 in CC debt, my GF (wife now) graduated with about $5k in CC. It was paid off in 1 year and we have never had CC debt again.....only AMEX paid in full every month... that 9K seemed insurmountable back then... but it was no big deal to pay.

As far as I know, income isn't calculated in a credit score. Maybe I'm wrong ;?

No, you are not wrong.

Other than mistakenly doubling my wife's student loan debt that they bought BOA has never done me wrong.

Guess I have been lucky.

When I borrowed the money, we agreed on Prime+3.25. Then after making 2 years of on time payments they decided I should be paying prime + 16. I am not sure how that is being there for me.

Sorry, I was just talking about when you borrowed the money.

+16 seems like usury to me though.

Have 5 CC's. Balance 3 years ago was 14k, now 3k and less than 12 mos from being CC debt free. Funny, with 14k debt credit score was 815, with 3k credit score down to 775. No missed payments seems like they just like it better if you have more debt. Except for small mortgage I never plan on borrowing money again so F'em, I don't how low my C score goes, as long as I own my boat and truck outright they can kiss my BH.