I opened up my BofA Gold Option Line of Credit back in Feb 08 to consolidate older lines of credit to a lower fixed rate to pay them off sooner. I was guaranteed that the line of credit would remain at a fixed interest rate for a set term of months and that was it. That was the only reason I opened the account.

In Nov 08, I called BofA and tried to negotiate a lower interest rate on the LOC, but was turned down. A few days later I receive a letter in the mail saying that "due to a periodic review of my account, it has been closed." My credit score is in the 740s, and I had never missed a payment on any of my debts! I can only assume it was because I called to negotiate for a better rate. I promptly closed my remaining accounts and moved my checking and savings over to a credit union.

Now it is Oct 09, and I have received a letter for BofA saying that my fixed interest rate will now be variable, tied to the prime rate. That is not the agreement I signed on for. I called to opt out of this outrageous change of terms, but was told that it was being done on ALL GoldOption lines of credit and nothing could be done about it. This seems to me to be a case of bait and switch. If I recall correctly, the new credit legislation going into effect soon affects fixed rate interest, but exempts variable rate interest. It appears BofA is changing their terms to circumvent legislation, and something needs to be done about it!

Well in Nov of 2007 i opened a Gold option Line of Credit with BOA and due to hospitalized and unemployment i had to stop making my $230.00 month payments which by December was jacked up to $261.00 and after three different phone conversations of PROMISING to get my loan into a smaller monthly payment of $120 and saying " If you pay us $x by this date we can enroll you into the program" but after i pay the amount they ask i wasn't qualified to be enrolled so i stopped paying period for several months now i owe about $6, 000 after they've added $49 late fees and other fees. But my question is whats going to happen now i am working part-time and i can't afford high monthly payments. I've heard my state is one of the only state that is illegal to garnish wages but has anyone else had to stop making payments and if so did they sue you? thanks Amy