OT - Bank of America Credit

Posted by joe on March 1, 2007, 5:18 am

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Hello SpammersDie,

>> There a some other points about credit cards you may not be aware of.

>> Credit cards are not bound by your state's usury laws. They are

>> bound by the laws of their home states. That's why many are based in

>> Delaware. I think S Dakota is the other popular state.

>> They may change your rate based not on whether you make you payments

>> with them on time but on your general history. IOW, they may offer a

>> rate today and change the rate significantly a year down the road

>> based strictly you credit score at that time.

> And you can pay off the outstanding balance, fire the issuer and take

> your business to a competitor based not on whether they raise your

> rate but based strictly on whether you can get a better deal

> elsewhere, or whether you got up on the wrong side of the bed that

> day, or because the bank's CEO voted for a president you didn't like

> or because he's of the wrong race, color, religion or sexual

> orientation. Or for any other damn reason.

> Which gives you far more rights than the lender.

hm. not convinced about how sound that strategy is. the above aren't rights,
but just tricks. Switching house does erase your liability: you still have
to pay down your debt and stop overstretching yourself.

When your creditworthiness goes south, so do your chances to get better deals
elsewhere.

Posted by Golden California Girls on February 27, 2007, 11:58 pm

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L wrote:

> I read the fine print. Awhile back my MBNA Credit Cards (business and

> personal) became Bank of America. Today I opened the business CC 'change of

> terms' letter.

> In the new 'agreement' - SECURITY INTEREST

> "Company and guarantor each grants FIA Card Services a security interest and

> contractual right of offset in and to, all deposit accounts now or hereafter

> maintained by Company or Guarantor (including, without limitation, joint

> accounts) with Bank of America or any of its affiliates....."

> Meaning they can TAKE YOUR CASH (or, the cash from the accounts of anyone

> else who may have given you joint access (parental retirement funds?

> children's college funds?)).

> Oh, and

> "If you have other loans from us or you take out other loans with us or in

> the future, collateral securing these loans will also secure your obligation

> under this Agreement"

> If I am reading this correctly, this means if you have a CC with BOA and you

> have an auto or truck loan with a subsidiary or affiliate of BOA, and you

> default your CC -- they can take your trucks.

> BOA, transforming unsecured debt into collateralized debt. Great magic

> trick.

It isn't BOA, it comes from VISA International, Master Card, American Express,
Discover and their lawyers. You must repay your debit, period the end. Didn't
you hear about the revision to the bankruptcy act preventing you from
discharging credit card debit? They have got good lobbyists.

Posted by Andrew DeFaria on February 28, 2007, 9:13 am

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Golden California Girls wrote:

> It isn't BOA, it comes from VISA International, Master Card, American

> Express, Discover and their lawyers. You must repay your debit,

> period the end. Didn't you hear about the revision to the bankruptcy

> act preventing you from discharging credit card debit? They have got

> good lobbyists.

Huh? Anybody acquiring debt should be responsible for paying it back -
ya deadbeats! If they don't then we all pay!
--
Andrew DeFaria <http://defaria.com>
The trouble with doing something right the first time is that nobody
appreciates how difficult it was.

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Golden California Girls wrote: 
<blockquote
cite="mid5vWdnV7kROSbkXjYnZ2dnUVZ_r2onZ2d@championbroadband.com"
type="cite">It isn't BOA, it comes from VISA International, Master
Card, American Express, Discover and their lawyers.  You must repay
your debit, period the end.  Didn't you hear about the revision to the
bankruptcy act preventing you from discharging credit card debit?  They
have got good lobbyists.
 
</blockquote>
Huh? Anybody acquiring debt should be responsible for paying it back -
ya deadbeats! If they don't then we all pay! 
<div class="moz-signature">-- 
<a href="http://defaria.com">Andrew DeFaria</a> 
The trouble with doing something right the
first time is that nobody appreciates how difficult it was.
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Posted by Han on February 28, 2007, 8:30 pm

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> Golden California Girls wrote:

>> It isn't BOA, it comes from VISA International, Master Card, American

>> Express, Discover and their lawyers. You must repay your debit,

>> period the end. Didn't you hear about the revision to the bankruptcy

>> act preventing you from discharging credit card debit? They have got

>> good lobbyists.

> Huh? Anybody acquiring debt should be responsible for paying it back -

> ya deadbeats! If they don't then we all pay!

I agree that one should pay all legitimate debts. However, as you know,
Andrew, some people run up debt and try not to pay it (those people should
be punished in some way).

On the other hand, the credit card companies also make it difficult to
resist their too good to be true offers. Then the question becomes whether
the CC company (despite the noticess in small print) have not (at least in
spirit) violated the full disclosure laws.

I once fell for an offer of "free" credit, not realizing that my monthly
payments first went to the loan, and only thereafter to any previously
outstanding balance. I was able to quickly correct the situation with
minimal consequences, but others that may have been as stupid as I
admittedly was may not have the resources. You may call people who act
like I did as just too gullible, but the way the credit card companies act
is to take advantage of that, and in my opinion that should be punished
too.

--
Best regards
Han
email address is invalid

Posted by Andrew DeFaria on March 1, 2007, 8:56 am

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Han wrote:

>> Huh? Anybody acquiring debt should be responsible for paying it back

>> - ya deadbeats! If they don't then we all pay!

> I agree that one should pay all legitimate debts. However, as you

> know, Andrew, some people run up debt and try not to pay it (those

> people should be punished in some way).

> On the other hand, the credit card companies also make it difficult to

> resist their too good to be true offers.

Unlike you I don't treat adults like babies. "Difficult to resist" is no
excuse IMHO.

> Then the question becomes whether the CC company (despite the noticess

> in small print) have not (at least in

> spirit) violated the full disclosure laws.

If so then the CC company should be prosecuted and the responsibility
for initiating that prosecution lies squarely on those duped. And the
penalty for not doing so should be that you have to pay the money owed.
IOW if you f'ed up then you pay the price (AKA buyer beware). In either
case the innocent people who did not enter into the transaction, be it
legit or not, should not be punished.

> I once fell for an offer of "free" credit, not realizing that my

> monthly payments first went to the loan, and only thereafter to any

> previously outstanding balance. I was able to quickly correct the

> situation with minimal consequences, but others that may have been as

> stupid as I admittedly was may not have the resources.

Not my problem! It is not my problem that others are stupid or lacking
resources (and what do you mean by resources anyway?). IOW I should not
be penalized in such cases.

I swear, by my life and my love of it, that I will never live for the
sake of another man, nor ask another man to live for mine - Ayn Rand

> You may call people who act like I did as just too gullible, but the

> way the credit card companies act is to take advantage of that, and in

> my opinion that should be punished too.

Then start a campaign or activist group to punish them if you feel that
strongly. However the current state is to punish everybody else and
surely that is not right!
--
Andrew DeFaria <http://defaria.com>
Just what part of "NO" didn't you understand?

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Han wrote: 
<blockquote type="cite">Huh? Anybody acquiring debt should be
responsible for paying it back - ya deadbeats! If they don't then we
all pay! 
</blockquote>
I agree that one should pay all legitimate debts. However, as
you know, Andrew, some people run up debt and try not to pay it (those
people should be punished in some way). 
 
On the other hand, the credit card companies also make it difficult to
resist their too good to be true offers.</blockquote>
Unlike you I don't treat adults like babies. "Difficult to resist" is
no excuse IMHO. 
Then the question becomes whether the CC company (despite the noticess
in small print) have not (at least in 
spirit) violated the full disclosure laws. 
</blockquote>
If so then the CC company should be prosecuted and the responsibility
for initiating that prosecution lies squarely on those duped. And the
penalty for not doing so should be that you have to pay the money owed.
IOW if you f'ed up then you pay the price (AKA buyer beware). In either
case the innocent people who did not enter into the transaction, be it
legit or not, should not be punished. 
once fell for an offer of "free" credit, not realizing that my monthly
payments first went to the loan, and only thereafter to any previously
outstanding balance. I was able to quickly correct the situation with
minimal consequences, but others that may have been as stupid as I
admittedly was may not have the resources.</blockquote>
Not my problem! It is not my problem that others are stupid or lacking
resources (and what do you mean by resources anyway?). IOW I should not
be penalized in such cases. 
 
I swear, by my life and my love of it, that I will never live for the
sake of another man, nor ask another man to live for mine - Ayn Rand 
You may call people who act like I did as just too gullible, but the
way the credit card companies act is to take advantage of that, and in
my opinion that should be punished too. 
</blockquote>
Then start a campaign or activist group to punish them if you feel that
strongly. However the current state is to punish everybody else and
surely that is not right! 
<div class="moz-signature">-- 
<a href="http://defaria.com">Andrew DeFaria</a> 
Just what part of "NO" didn't you
understand?
</div>
</body>
</html>

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