BofA Lowered available credit limit, and now credit scores only "fair"

[inneedofhelp]

So, bofa holds 3 of my cc/loan accounts I am a bit ticked off. I know that they and other banks are lowering people's available credit like crazy, and I also know that even though I am one of those people who always pay on time, don't go over the limit, haven't used my cc in over a year (due to auto default apr), they still went and reduced the limit, and thus my credit scores dropped a bit from good to fair. Sigh.

Is it possible to do a debt consolidation for only some of my cards? I feel that the way they have acted, I can no longer try and hold my available credit with them as I most likely will not be able to use it (customer rep said they would not lower my default apr (even though I never did anything to default, but I digress)) even if the balance is paid in full. Can I do a consolidation for only those cards?

[arthurb999]

I'm pretty sure you can pick your debt consolidation amount and pay whoever you want. Are you talking the unsecured loans from like Boa and chase? Those deals aren't really that great though.

[inneedofhelp]

I am not sure of where to go for the loan consolidation....I know I can't get one from bofa or chase, so I may have to go to a credit counseling place, but have to do lots of research because I heard that many of them are shady.

[ksluis62]

Can you list your debts and monthly payments? You'll get plenty of suggestions here if you can be more specific. It could be that debt consolidation is right, but maybe not. With some details, it will be easier to tell.

[loanmodifications4you]

Originally Posted by inneedofhelp

So, bofa holds 3 of my cc/loan accounts I am a bit ticked off. I know that they and other banks are lowering people's available credit like crazy, and I also know that even though I am one of those people who always pay on time, don't go over the limit, haven't used my cc in over a year (due to auto default apr), they still went and reduced the limit, and thus my credit scores dropped a bit from good to fair. Sigh.

Is it possible to do a debt consolidation for only some of my cards? I feel that the way they have acted, I can no longer try and hold my available credit with them as I most likely will not be able to use it (customer rep said they would not lower my default apr (even though I never did anything to default, but I digress)) even if the balance is paid in full. Can I do a consolidation for only those cards?

try going to a rival bank (don't know where you are located), as I have a friend that works for TD bank (aka Commerce Bank) and they are giving out debt consolidation loans to people with fair credit scores. Might be worth looking into

[tripods68]

I would consider debt consolidation to save interest cost. But don't close the cards once you made the transfer. The ulitization ratio should help bring up FICO score.

[ksluis62]

The default APR usually only kicks in if you default for some reason... late payment, over limit, etc. If you have not defaulted, a high default APR doesn't affect you. As an example, I have a Capital One card with a 15.9% purchase APR, a 24.9% cash advance APR, and a 29.4% Default APR. The default APR only applies if I default in some way.

You've said in your post that you always pay on time, so the default APR should not apply. Is this the case? Also, it doesn't make any sense to ask for a reduction in your default rate if that isn't being applied. You want a reduction in the rate being charged on your balance.

What are your balances and interest rates?