Can CC randomly increase rates on a closed a/c?

cshc14 · 05-08-2007, 06:55 PM

I have a CC which is now owned by BofA. From what I remember, I was on a repayment program w/ a fix interest rate untilt he entire balance was paid off. I found out today that the program was on a every 6 months renewal basis and since they no longer offer this program, I can no longer keep my rate and it went from 9.9% to 19.24% Can they do this when I haven't had a late since I started this program and the account is closed?

Also, the same account is JT, is there any way I can remove this person off the account. I tried previously, filling out forms but they denied the request to remove the additional user. I wanted this person as a additional signer originally anyway, and not a co applicant. For some reason it because this way and I can't get him off the account. What can I do?

Hedwig · 05-08-2007, 07:21 PM

If the other person signed the application, you probably can't have them removed. BoA won't remove a signer without a notarized statement from that person and one from you that you will be responsible. But since it's a closed account and on a repayment program they will probably still deny. If you stop making payments they can still go after the cosigner.

cshc14 · 05-08-2007, 07:42 PM

I actually don't remember needing to sign anything. I called in to add him to the account. Dealing w/ BofA has just been difficult & a mess.

Hedwig · 05-08-2007, 08:37 PM

If he's only an authorized user you can probably remove him. If it's a joint account, then not. If you gave his SSN when you called in he is probably a joint owner and liable for the account.

When the statement comes, if it has both names you're joint. If it only has yours he is an AU.