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Anonymous
Anonymous asked in Business & FinanceCredit · 2 months ago

Bank of America did me wrong once. Now shall I give them my student loan account, as they appear to have righted the wrong?

So 20 years ago I had a bankruptcy. Five years after it, I applied for a Bank of America VISA thinking that I would try my luck. The card was approved; an Alaska Airlines Signature VISA with a limit of $2000. I operated the account perfectly: never a late payment, never over limit, everything well and good. Then one evening I was treating a friend to supper and learned that the card was declined. They next day, I called them and they said that the card was cancelled due to my bankruptcy. I told them that the bankruptcy was five years before I got the card, so they knew full well about it, but to no avail. Anyhow, I then got a USAirways secured VISA with them with a limit of $300. USAirways merged with American Airlines, and the secured card became unsecured. Bank of America sold its American Airlines portfolio to Barclays, one of the largest British banks. The VISA became MasterCard. Today, that card of mine is a Barclays American Airlines MasterCard with a limit of $20,500 and is actually a World Elite™ MasterCard (MasterCard top-tier and equivalent to VISA Signature). Now I am returning to school for my masters' degree. Should I give Bank of America another chance and finance my student loan through them, as Barclays Bank USA don't do student loans, or should it be "once bitten, twice shy"?

Update:

I am not like most people; I am intensely brand-loyal. Thus if I pledge loyalty to a financial institution I will stick with them even if their interest rate is higher. This loyalty is ingrained in my psyche and cannot be changed in the first instance.

3 Answers

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  • 28AKO
    Lv 5
    2 months ago
    Favorite Answer

    I wouldn't mess with that. Just apply for student loan with education institution you'll be attending. Personally I don't care for that bank and haven't heard a lot of gd things about bank. But it's totally up to you

  • 2 months ago

    1. Your card is declined one time and you call to find out what's up.

    -- most of us would think it's a processing error.

    Did you try to use the card again?  Maybe the info you told was incorrect and the card was valid.

    2.  How old are you?  50??

    An MBA isn't going to help your career progression...

    You either have the skills or not.

    So if you want an MBA to have it.... why would you take student loans?  The interest rate is crap... so there is no benefit to floating money.

    3. If you are hell bent on getting a loan, take it from which ever bank gives you the best rate.

    AND banks are not people.  It's a business transaction.  You can leave your emotions out of it.

    4. Aren't you a little old to be cocking around about the "prestige" of your credit card?  You are probably someone that cares if the card is metal vs plastic because credit cards are such a status symbol (eye roll). 

    BTW - the world elite is not the top-tier card.  The Executive World Elite is AA/Barclay's top of the line card.

  • Robert
    Lv 7
    2 months ago

    Why don't you act like a college student who understands basic high school math and shop for the best deal from a number of institutions?. At forty plus years old you should probably have learned that by now.  Regarding your update.  It explains the bankruptcy.  You're not one I'd give a credit cart too with your failure to put your financial health before emotional "brand loyalty".  

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