A Domino Effect of Credit Destruction
Upon realizing the issue, Swift immediately covered the past-due payments and re-enrolled in auto-pay, which resumed withdrawals from his Fidelity account between April and September 2024. However, in October 2024, he was blindsided by a notification that his loan had been “charged off” as uncollectible—resulting in a devastating 100-point drop to his credit score.
Swift reached out to Bank of America for an explanation and was met with conflicting accounts. One bank representative allegedly told him that Fidelity had marked the auto-pay transactions as fraudulent and had requested a chargeback for an entire year’s worth of payments—an assertion Swift vehemently denies. Another explanation from Bank of America’s legal team suggested the bank had “reversed” 15 months of payments, which Swift claims is demonstrably false based on his Fidelity account records.
As a result of the alleged financial mishap, Swift’s credit limit was slashed from $20,000 to just $1,000, and another bank closed his credit card account entirely. The long-term damage to his credit profile, he argues, could impact his ability to secure loans, mortgages, and refinancing opportunities.
