Consumer complaint received 2024-01-18 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Closing your account — Company closed your account
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
I paid off in full a Bank of America Mastercard loan of {$10000.00} in nine months, from XX/XX/XXXX to XX/XX/XXXX, with never a late or missed payment. My credit score was XXXX, the highest possible excellent score and no late payments ever in my life. Then, B of A notified me of a late fee on that credit card of {$28.00} that was never mentioned to me before. I paid it right away as soon as they mentioned it. They reported the first late payment on my credit report as a major late payment. My score started going down. Other creditors saw the late fee and started lowering the credit limit on their credit cards. I hired XXXX XXXX to appeal to Bank of America that the {$28.00} fee was not a purchase that I would have been aware of, but a card fee added by Bank of America that I would have paid in time had I been informed about it, considering that I had paid the full amount of {$10000.00} on the card within nine months. They ignored the attorney 's reasoning and kept the detrimental report. I had just started my own business as a self-published author and needed to fund the start-up costs. I applied for a second Bank of America Mastercard and was approved for {$19000.00} credit. I made commitments to purchase needed programs and equipment for my work. After having spent {$8800.00} and making all minimum payments on time, Bank of America notified me on XX/XX/XXXX that they have closed the card, and that while I would be still making payments, there would never be available credit for me to borrow. I was facing commitments that I had made previously based on the promised {$19000.00} credit on the card, and was given no reason for the sudden drop of the limit on the card, its being closed, PLUS a reported lie that I had negotiated a settlement meaning that I was excused from paying the {$8800.00}, which I have been paying for 15 months by autopay until now, when I am so broke that I stopped continuing those payments because my present credit score is a low POOR, which I did nothing to merit. Bank of America 's unfair and untrue reports caused every application I placed to obtain a business loan to be declined. I have a copy of the report about a false settlement report on XXXX that my own bank, XXXX XXXX XXXXXXXX XXXX brought to my attention as not being consistent with my perfect 28-year history with them. One more severe damage that Bank of America caused on my report is claiming that I had maximized the use of the credit available on their card, which is completely false based on the following evidence : When I spent {$8800.00} out of a {$19000.00} credit limit on the card, it was 35 % of the amount allowed. But when in one day they brought down the limit to the amount that I had already borrowed, the percent appeared to change up to 100 % due to their having lowered the limit and is a wrong percent of what I had spent. Now, they are threatening higher finance charges and penalties added to the owed amount because of the missed last due payment, for the first time in my life due to no funds.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation