Bravo Bank of America

Image via Wikipedia As I mentioned yesterday, I have an alumni affiliated Bank of America credit card. I used it for business, my business failed, I made some stupid mistakes, and my rate skyrocketed.

Today, for the first time in months I talked to a helpful, competent and compassionate account rep who put me on a 5-year payment plan and reduced my interest rate from almost 30 percent to 10 percent. Woot!

Of course there are pluses and minuses here. This was one of those bait and switch cards: 0% introductory balance transfer rate with stiff interest penalties for late payments or going over your limit. (Please don't ask how I know this). I've learned you have to be a lot more organized than I am to make it worthwhile.

And this payment plan is only available if they close my account, which puts (another) black mark on my credit report. (I'm thinking that at this point it couldn't get much blacker, but that's a thought for another day.) And, if I can come up with and additional $168 sometime over the next 6 months, they won't report it as being "closed by lender". (Doesn't that sound like extortion or something? Is that kosher to ask for payment to preserve your credit?) So I have 6 months to get over my fear of looking into my credit report, which I know can't be good.

Polly's Pointers

1. Persistence pays.

2. Beware of low interest rate teaser offers.