Bank Robbery

I have had a BOA credit card with a $20,500 limit for about 6 yrs.  Balance of $5,000 with interest rate of 7.9%.  Also Capital One for 10 yrs with 4.9%, limit of $2,000 and balance of $300. 

In the past week, BOA stated the interest rate would be changing to prime plus – get this – 19% and Capital One to prime pluse 15%.  No late payments on ANYTHING. 

What would cause this?  Do I need to check my credit report??? 

TIA – Gayle

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Hi Gayle,

That’s ridiculous.  Bank of America may have jacked your rate through something that should be outlawed which is known as ‘Universal Default’.  Capital One does that if you’re more than 3 days late twice in a year.

Yes, I would definitely recommend that you check your credit report.

Read: Universal Default: BOA & Discover and Don’t Be 4 Days Late With Capital One!

Thanks for the questions and hope this helps.

Paul