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Credit card rates on the rise

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goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



522 Magic Points

Subject: Credit card rates on the rise
 
Posted on Tue Dec 04, 2007 10:40 pm  

I heard an interesting news report tonight that credit card companies on their customers if they have a dip in their credit score. Some tripled overnight just because the person applied for a retail card.

I think this is unfair, the individuals on the news report were making their obligations and payments on time. They simply applied for a promotional advertisement geared toward consumers in retail stores, they often promote these cards during the holiday seasons.

They should have to alert people that they are going to raise their rates before they do it to give the individual the time to pay it off or at least pay it down. I think if a customer is paying on time and meeting their obligation this practice should be illegal. It is punishment.
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Norsha
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Subject: Bank of America
 
Posted on Wed Dec 05, 2007 6:05 am  

B of A raised my card from 7.9% to 23% becuase I charged it near its limit from christmas shopping and my credit score dove. With a balance of over 8K and never a late payment I feel violated.

I am waiting to see what happens from this news release.

I cannot pay it off but I can transfer the balance to another card for a lower percentage.

Next step will be to call them and demand it be dropped to it's original rate else I will close it.

steamed.
Laura

Laura

Joined: 21 Jun 2007
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Posts: 1327



36383 Magic Points

 
Posted on Wed Dec 05, 2007 7:36 am  

Hi Norsha,

I understand your problem but I think it is prudent to keep the utilisation of your card at 25% maximum to avoid such outrageous action taken by the bank.
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goodnatured



Joined: 03 Nov 2007
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Posts: 3931



522 Magic Points

 
Posted on Fri Dec 07, 2007 3:58 am  

I think it is a rip off, if you are making your payments on time and meeting your obligation to them they should reward you not punish you. I think this practice should be illegal, it is just another way for the credit card companies to make money off the consumers, like they don't make enough already.

I don't see their reasoning, if they hike the rate and you can't afford it, then you don't pay, THEY lose. I would be inclined NOT to pay something like this, but that is just me. I feel it is punishment and would not tolerate it.

Norsha I think you are right to call them and threaten to close it, they need people to do this to show that consumers are not tolerating this behavior from them.
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Niwrad



Joined: 06 Dec 2007
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Posts: 6



419 Magic Points

 
Posted on Fri Dec 07, 2007 5:37 am  

I have been an advocate that credit card companies need to be more upfront with their rates and fees. While they love to tease those early rates, they hide the little loopholes in the back pages of their terms and agreements. You literally need a law degree these days to understand what you are signing up for.
george

george

Joined: 06 Jul 2006
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2855 Magic Points

 
Posted on Fri Dec 07, 2007 11:11 am  

I completely agree with Niwrad. But you tell me is it possible? In fact i feel we should be informed prior to taking the risk. The one who is selling should be completely honest right?
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goodnatured



Joined: 03 Nov 2007
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522 Magic Points

 
Posted on Sat Dec 08, 2007 12:51 pm  

the customers need to stand up and not take this treatment, fine print or not. I understand the introductory rate and they are pretty straight forward about it being for so many months.

What is irritating me is that they jump on customers who have been good paying customer for years. They re-evaluate their credit after they have had the card for quite some time or apply for another.

It is a good thing that the other credit agencies don't do this. I don't think you should be punished if you have been paying on time and sometimes these people pay more than the minimum balance. The credit card companies should be aware of the fact that some of these people have had these accounts for years, some of them have taken the card into retirement with them where they are now on a "fixed" income and can not afford these increases. They may not have a choice but not to afford the payments on them. If it is food on the table or paying the raising rate on a credit card, which do you think they will choose.
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Dadummy



Joined: 15 Nov 2007
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200 Magic Points

Subject: credit card increase
 
Posted on Sun Dec 09, 2007 4:25 am  

good natured you are 100 percent right but dont hold your breath thats big business and they have been doing it for years thats why so many people lose their homes. and everything else. good luck getting any changes.
Guest







 
Posted on Sun Dec 09, 2007 12:55 pm  

I see your point, the rich get rich and the poor get poorer, I think the govenment should have some say in how high and how fast they can raise their rates.

They have their nose in everything else, why are they leaving this alone?
Guest







 
Posted on Sun Dec 09, 2007 12:56 pm  

I see your point, the rich get rich and the poor get poorer, I think the govenment should have some say in how high and how fast they can raise their rates.

They have their nose in everything else, why are they leaving this alone?
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



522 Magic Points

 
Posted on Sun Dec 09, 2007 1:06 pm  

You got that right guest and I totally agree on the government involvement, they surely know this is happening and there has got to be a way they can step in and take some type of control or intrest in the situation. It is getting way out of hand.
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crackerjack



Joined: 03 Dec 2007
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Posts: 144



32 Magic Points

 
Posted on Tue Dec 11, 2007 2:43 am  

I think this is terrible, and you are right they should step in and regulate it somehow. I see the credit card companies on television say that people become credit risks and they loose so much money on people not paying there bills.

well why would you give a card to someone that is a credit risk in the first place and why would you put them in a situation where they could not afford their payment and end up not paying you anyway, this don't make any sense to me.
carol

carol

Joined: 27 Jun 2006
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Location: Los Angeles, California


30064 Magic Points

 
Posted on Tue Dec 11, 2007 9:37 am  

Well that for sure is a mistake from their side however I find us at wrong as well. Many of us Americans live beyond our means. We spend more than we need to. Then we file bankruptcy and the companies go for a toss. What now happens is they forcefully collect on the other consumers. These are all interrelated. Not a one sided game as far as i understand.
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