Bank of America Gold Option Line of Credit

[HiFiGuy]

I decided to transfer the balance from my target account (high interest) to my Bank Of America "Gold Option" Line of Credit (an account I have had for 10 years, both paid off, and with a balance.)

I was told today that they denied my request for a balance transfer- they are no longer doing any balance transfers with these accounts. Also, I was told that in January, Bank of America was discontinuing the Gold Option credit lines, and that my account would be closed.

These banks are getting ridiculous. Thankfully, we found Debt Goal. We were only managing to dig ourselves out of debt at $500 per month. Since starting Debt Goal 7 weeks ago, we have paid off nearly $2600 in debt.

[Debtonate]

HiFiGuy - yes, banks are reducing their risk exposures across the board. For most part of this year banks reduced our credit lines and now they are re-evaluating their products and withdrawing ones that aren't profitable for them.

But let that not demotivate you. We've seen that 75% of getting out off your debt is about creating and executing upon a paydown plan. You're already seeing early successes of sticking to your plan so keep plugging at it. Pay atleast your monthly commitment and more if you have any spare cash at the end of the month. As your high rate balances get paid off, you will pay less towards interest and more towards your balances with the same monthly commitment. You will see your debt being paid off pretty fast within next 3-4 months.

Of course, continue to call your banks at regular intervals - every 2-6 months - to ask for rate reduction or low rate balance transfer offers. If you get one, it will be great but if not, it's fine too because you will see progress without it.

Keep plugging HiFiGuy, we're rooting for you! Keep us posted about your progress because we care.

[imported_mayor]

what is "bank of america gold option line of credit""???

[HiFiGuy]

It's basically a line of credit that allows one to pay whomever they want by writing checks against the account.