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Debt Reduction & Money Management Discussions on debt reduction, credit cards, consolidation, debt free living, and money. Snowballing debt, paying yourself first, and money management.

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Old 03-25-2009, 10:01 AM   #1 (permalink)
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Default I just got "Bank of America-ized"!

Yes, I now join the ranks of those who got the letter stating that after the expiration date on my card passes, I won't be getting a new one.
Canceled.
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Old 03-25-2009, 10:11 AM   #2 (permalink)
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Credit card or debit card?
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Old 03-25-2009, 10:17 AM   #3 (permalink)
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It would more than likely be a Credit card I would imagine. One's Debit Card is usually tied to the individuals checking account, No?
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Old 03-25-2009, 10:21 AM   #4 (permalink)
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Yeah, it was my credit card. 2 years ago, we paid the card in full, but this summer we had to take almost the whole credit limit for my husband to perform boat repairs, as this is his business. They said they ran our credit report and determined it from that. I wonder if we called them and told them it was essentially a business loan, if they would work with us?
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Old 03-25-2009, 10:33 AM   #5 (permalink)
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Do you still owe money on it? I have one from them that used to be MBNA. I am almost done paying it off and then I am going to close the account.
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Old 03-25-2009, 10:39 AM   #6 (permalink)
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I haven't used my BOA CC in a very long time (at least 2 yrs). I wonder if I'll get that letter too?
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Old 03-25-2009, 10:40 AM   #7 (permalink)
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Quote:
Originally Posted by mrsfoamy View Post
Yeah, it was my credit card. 2 years ago, we paid the card in full, but this summer we had to take almost the whole credit limit for my husband to perform boat repairs, as this is his business. They said they ran our credit report and determined it from that. I wonder if we called them and told them it was essentially a business loan, if they would work with us?
It can't hurt to try, right? If you don't ask, the answer is automatically no, yk?

Good luck
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Old 03-25-2009, 11:11 AM   #8 (permalink)
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We still owe the money and intended to pay it off when the boat was back in the water, but we wanted to hang on to it for future emergency for repairs.
Thanks, and we will be making that call.
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Old 03-25-2009, 12:08 PM   #9 (permalink)
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Ouch, that's got to hurt.

Can you guys at least convert to a LOC for the business or get a business card? A LOC might be a little better for ya.
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Old 03-25-2009, 06:46 PM   #10 (permalink)
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Quote:
Originally Posted by Michelle View Post
Credit card or debit card?
If you must keep the credit card, just use it.

I got one of those letters from another institution, who has my first opened credit card. To close it would drop my credit rating, 'cause it's the longest opened credit card I have (yes, I have more than one, but at least one is in "chill" mode). If you care about your credit rating, you'd (at least me) want to keep it open.

I used that card, and they didn't close it. I wouldn't mind to much if at least one of my others got closed, I just don't want to bother with doing it myself. It'll probably drop my credit rating, so I'll just let it happens when it happens.
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