I told you a couple of weeks ago about two readers who called Bank of America to ask for rate cuts, with dire results.
Today CreditMattersBlog.com wrote about a Bank of America customer named Ryan who called the issuer to arrange a 1% balance transfer and instead wound up having one account closed and his total credit limits slashed by $30,000.
The blogger’s advice:
“If you don’t absolutely have to, don’t get on the phone with card issuers. More and more, the end result is not positive.”
I’d have to agree, particularly if the issuer is BofA. This might be a good time to lie low. If all your credit accounts are at the bank, or any other single institution, consider opening a card at another issuer. Diversifying our credit has become as important as diversifying our investments.