I have a Gold Option Line of Credit, as well as a credit card, with Bank of America. A few weeks ago, I received a notice in the mail that, if I wanted to take money off my line of credit, I should do so prior to June 1st. The letter stated that, after 6/1/09, they were going to recalculate payments based on a shorter repayment schedule, which could in turn make minimum monthly payments much higher. Based on this information, and anticipating an upcoming financial situation, I made a quick decision and decided to request a withdrawal from my account.

When I called, I spoke with David (I believe), who informed me that, due to new regulations, all withdrawals were subject to a credit review. I saw no problem with this, since my credit is immaculate. I make all my payments on time and have not taken a withdrawal on this account in a few years. I've even paid it down quite a bit since the last request. Well, David took down my info and proceeded to inform me that he had to deny my request, based on my debt to income ratio.

This news set me off. I was in a great mood when I called, since I saw no reason for them to deny the request. After all, Bank of America had just sent me a letter informing me that I had a very high amount of credit "available". I use that term loosely, since it obviously did not mean I actually had access to it. I told David exactly what I thought of his company before I hung up.

After I calmed down, I decided to try and speak to a supervisor. I called the main card services number, explained the situation, and asked for a supervisor. I was then told that the credit lines were handled in a different department, and that I would need to be transferred, but the customer service rep also added that I could have had my line of credit transferred to my credit card and not had to deal with the credit check. Granted, this would have resulted in a higher interest rate, but it would have solved my financial issue, so I asked her to go ahead and do this. However, I received another shock when she exclaimed, "Oh! It looks like they've lowered your credit limit!" It was lowered by 50%!!! I was NOT happy, since I knew this would lower my credit score by making my ratio of debt to credit limit lower. Not to mention, it was not disclosed to me that this could happen as a result of them running my credit.

I tried reaching a supervisor in the "credit line department" (a.k.a. FIA card services) and was informed that all of the reps there are "Senior Account somethingorothers" and that they ARE managers. They had no additional supervisors on the floor, so someone would have to call me back. Due to my work schedule, that is not an option for me, so I had to go without speaking to someone. However, I was also informed that David IS a manager, of sorts, so his decision stands.

At this point, I am afraid to try and take the money off my BofA credit card, because I do not know if it is the same company and if they will run my credit again and decide to lower my available credit even further. I do know that something needs to be done to STOP this company from doing this other people!!! I am relieved, at least, to find that I am not the only one this has happened to and that it is not my imagination that what they did was unfair.