Bank of America - now accepting "broker" customers :)

New Bank of America Tactic:

Beware!  If you have a Bank of America credit card and you are not using your credit, and are making less money than you can comfortably live on - you may very well see a credit limit increase.  Don't get that warm fuzzy feeling just yet - they aren't being charitable!

If your credit limit increases, chances are, your interest rate will jump as well.

My sister and bro-in-law are living on less than 40% of what they used to make.  They have a Bank of America credit card.  The limit on the card was $13,000.  The limit was increased to $26,000.  They have never spent more than $2,500 on that card!  Sure enough - the interest rate is on its way up as well!

Bank of America is working a double-whammy here:

- Those earning less income may need the credit to pay normal expenses....

and

- As soon as the credit is used, Bank of America can arbitrarily hike up the interest rate!

Also, as I have discussed with my best friend, if you have exceptional credit and are able to pay your bills on time and at more than the minimum, you may find yourself a recipient of more Bank of America madness.  My friend found herself in just this position and the bank told her that since she had so much credit, it would be best if they just closed her account.  I guess they figured she would never wrecklessly blow her good credit on their limit!  How shameful of her! LOL

What a twisted little credit world we live in, eh?