Credit Card - Bank of America JEFF CRAWFORD Update!!

Bank of America's Jeff Crawford in charge of the existing credit card accounts for the bank responds to my request to discuss credit card accounts and high interest rates on good paying customers not late and who pay their bills on time. The disturbing news is, banks raise rates under the assumption even good paying customers will fail even though they raised rates originally on good paying customers to cover the losses of others already failing on their cards. A clear understanding of a system that is set to fail and potentially hurt good paying customers and force them to seek out debt consolidation companies or bankruptcy as a result.

Knowing this problem for many Americans could be avoided by keeping rates on good paying customers as they are to protect that revenue stream, Bank of America like others will be the culprit of many Americans failing in this next year and the government should hold them all accountable. The assumption that one good paying customer will fail to justify their risk assessment to raise rates should be the illegal side of banks powers and abilities. The result is, is in the fine print from the banks. They are charging you now the default interest rates as if you have already defaulted on your agreement. That should be an illegal practice in this country!! Like being guilty and having to pay the fine before your default may ever come. When any one lending institution can have that much control over a persons well being, congress needs to step back and take a very long look at the pattern of destruction to come!!

Then the credit card companies lowering credit limits within dollars of their credit card balances will destroy a consumers credit score. This is the evil side of all issues now with these credit card companies. Beyond raising rates, your FICO score is totally automated according to the makers of Vantage Score. No one human has control over your score! When the scoring system evaluated by example your credit profile one year ago and if your score was 720 and in this last year most all of your credit card limits like many good paying customers in this country were lowered within a few hundred dollars of your credit card balances, the FICO scoring system now sees that you appear to be maxed out on your cards when one year ago you have had 30-50% available credit on all cards by example. As a result the FICO scoring system that reviews your credit card balances to credit limit ratios that makes up 35% of your total score will now drop your score as much as 100 points. So last year if your score was 720, now it could be as low as 620-640 and you have done nothing but continue to pay your bills on time as before. This one act alone will destroy consumers credit profiles and abilities. After talking with banks etc, the only way to build your score under current laws is to pay off the cards!!!

This was not a problem when the market was good and the banks honored you for being a good paying customer by increasing your credit lines which interns helped your score. Now to manage their risk under their current financial models their reducing of your limits takes a gross adverse effect on your total score. The government needs to step in and control this with new guidelines on the FICO scoring system to not allow this abuse. Today a 620-650 score will not get you a new car loan and cause problems on home loans and you did nothing to deserve this. Again your only alterative now is to pay the card off which proves you have been taken advantage of when anyone entity such as these card companies can adjust your credit score by their acts and cause detriment to your credit abilities!

You need to check your Credit Score and speak out!

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[Joorcee]

@Pookatube THEY JUST LOST IN COURT- BOFA

[MrStarofTruth]

I had a bank of america secured credit card with the agreement that i open a security deposit of at lease $300 i did it with $1000 the agreement was you build credit with this card in 11 months and they return your security deposit and give you a regular unsecured card 3 years later they still would not give me a unsecured card or any other card they would not allow me to participate in any rewards program what a scam

[mrtruthify]

THIS VIDEO IS COMPLETELY INCORRECT.

AS SOON AS YOU USE YOUR NEGOTIATING INSTRUMENT (SIGNATURE) THE BANK HAS THAT AMOUNT OF CREDIT SECURED (HR-192) AND PAYES ITSELF.

BANKS DO NOT "LOAN MONEY".. THERE IS NO "MONEY".. ONLY CREDIT AND DEBT.

THE "UNITED STATES" IS NOT A "NATION".. IT IS A PRIVATELY OWNED 'FEDERAL CORPORATION'.. WHICH OPERATED UNDER BANCRIPCY FOR WELL OVER 200 YEARS, (UNTIL 1999).

ALL YOU ARE DOING IS PAYING THE BANK DOUBLE.

[paris4185]

the banks don't care if we live or die. they'd gladly see us all exsanguinated if they thought it'd increase their profit margin. they just don't give a damn. Once you understand that everything else makes perfect sense.

[karenl1234]

I lost my job and was ill used credit card in emergency room and hospital I paid off all but the last 3 k then made minimal then hardship then whatever and now 3 years later I owe the same amount! bastards get bail out and I cant get a loan they have ruined my credit score, like fight club j get rid of the records forever! yeah they plan it this way now lawyers have become debt collectors own very little your morgage take you to court and sue you lawyers turn unsecuredonto secure!!

[snitchboy12]

My friend the banks are in trouble. The (Fed Reserve bank) gives loans to bank of america 0% loan, and then they turn around and charge you a god number in intrest. They are racking up your intrest rate because they are trying to clean their books out. They don't care if you fail because they can write it off. MMM they make money out of air and loan it and, if you don't pay it back they get to write off fake money. FUCKEN FRAUD me and you would go to jail for that.

[Mukalla1978]

These major banks (Fed Reserve banks) list your credit card account as assets.  Why? Because the account is created by a simple entry. No funds are actually taken from another place and reserved to pay for your purchases. Its fractional banking and its fraud. The banks "create" the "vapor money" and actually lose nothing because the bank "created" that "money" from nothing.

[aw3212]

I think some credit card companies know that most or certainly a lot of the debt is insolvent - just like you're saying. My cards went from 4.99-7.99 to 24.99+ My available credit was reduced to slightly more than the balance. Why? Because I was late - no. Because I was over exstended - no.

The banks are destroying their customers because they know they have all the free money they need from either the gov or the fed reserve. Its not real; its created out of thin air; they dont care

[jjenson2006]

The problem is the consumers that aren't intelligent enough to NOT carry a balance on their credit card. Stop the fucking charging!!!

The government should leave the credit card companies alone and let the free market work!

I used to have MBNA CC and Bofa bought them out. After a dispute with them about a late payment fee, I shredded my card and signed up with Chase. MBNA never gave me any problems. If you don't like your CC company, switch like I did!