Just got off the phone with BofA.. Turns out they had already closed my credit account without telling me so i'm not sure if that increased my chances of getting an internal program, but here is the deal.
They only offer a 60 month pay down and the APR they quoted me was 11%.. They were charging me 22.9% so it cut my APR in half and they reduced my payment to 100/month for the term. I plan on paying it off much quick and telling BofA to go to hell.
They purchased this account from Citi and it sucked (upromise)
They then purchased my mortgage - and they suck in processing that (never processing payments in time)
They then purchased my heloc - reduced it and froze it and now that really sucks.
I've canceled 3 paid in full accounts with BofA over the past 5 years and no matter how much i try and get away from them, they leech from everyone else for what they're worth.
BofA is notorious for pulling tons of credit reports to check your current status, i had some fraud happen (someone stole a rental car in my name) and after that, everything with BofA went to hell and they're tough to play ball with.
After my experiences with the industry in working on the inside and as a customer, "Credit worthiness" is the scam if the century. screw 'em all
oh yeah, i might add, i have to get "approval" and that can take 5 days to get. I'll post if i'm fully approved.. just passed their initial pre-checks and they ask a TON of questions and as i said - initially passed me off to an external debt management service. I told them the 3-5 k i would pay a DMP is money i could use to pay them and that i've gotten better offers with my other bankcards than what the DMP offered.
Edited by byronm, 12 March 2010 - 05:57 PM.