Bank of America universal default?In September 2007 I opened a secured card with bank of America I left a 7500 deposit and in return received a 7500 credit line. In december 2008 they returned my security deposit and now my account is a unsecured card with a 7500 limit. Now on sat 9/26/09 I called them and inquired about switching my card over to a... |
What happened is when you asked to switch cards the did a review of your credit and found the 30-day late pay with Macy's, this is what triggered the universal default clause in the terms and conditions.
In today's economy any reported late pay results in this. Credit card companies always check your credit at least once a quarter looking for this type of thing.
Look at it this way even if you had not asked they would have found it so your card would have ended up being canceled anyway.
I know it sucks but in today's economy several banks are looking for any reason to close accounts so they can limit their exposure.
Good luck.
It is a bit harsh but they are allowed to do this. Once a payment is late enough to be on a credit report, other lenders get concerned.
