So, I've been a member in (mostly) good standing with a certain credit card for about 5 years. I called today to see if they would lower my interest rate from a ball-numbing 27% to anything lower.

They told me that I had the lowest APR they could provide, and that I should call back in 6 months. When I asked why a reliable customer is getting it through the pants like this, they said, "It's just a sign of the times, the economy's tough."

My only other option was writing to an address and requesting, in writing, a lower APR. I figure it would be a lot easier to just transfer my balance to a card with a lower APR.

Are things really so bad that credit card companies can just fuck you like this and call it a day?

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13 4826 0948 82695 25847. Yes.

Thats absurd - that rate.

My Frequent Flier card for which I pay $40 a year for is 18.9% and I consider that high. Of course I pay it off every month...

Did you have an adverse credit event? 27%. Wow.



Edited 2 time(s). Last edit at 08/05/2009 01:54PM by ITRADE.

Try to get a card through a credit union, I had a shitty score and got one for 12%.

I cancelled my Bank of America card after they raised my rate to 29%. I was told anyone below a 700 had to pay that rate.

I went through a brief unemployment period in '05, but paid off all my cards (and closed one) after a much-needed financial windfall. I haven't even come close to the credit limit since (and we're talking about a $3,200 limit). My credit rating is easily in the 700s, by this point.

Someone in my office said that Chase was doing that to them, too.

...

I just checked, and apparently last August, they changed the terms of agreement (as they can do, at any time, without notice) to say that I can either accept a variable-rate APR of up to 29%, or close my account by sending a written letter saying I do not accept the new terms of agreement.

This is some bullshit. How do I get more of those "0% APR on Balance Transfer" offers in the mail?

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13 4826 0948 82695 25847. Yes.

https://www.fairfaxcu.org/loans/credit-card.htm

https://m.applefcu.org/c2ht?msestks=applefcu.xml&msdxid=H11IB325548643921132719809&qxq=1249496375514&stk=cc

You need to find out what your actual score is and then start working to improve it. If you have late payments, the only thing you can do about that is let time take care of it and be sure not to get any more. If they won't give you a lower rate, see if you can get your credit limit raised. The lower your balance to limit ratio, the better your score will be.

Never take the first answer they give you. Ask to speak to a supervisor and take it up with him. If you can transfer to a different card threaten them with that. The bottom line is that they will screw you when they can. If you have other options because you have a good score they will deal.

The other thing you should do is get another card but keep your Chase card open and use it twice a year.

There is a significant amount of damage done to your credit score when you close a long-held revolving credit account. So, don't close it, just basically stop using. But, use it enough so that Chase doesn't claim that its dormant and arbitrarily close it without your knowledge.

ITRADE Wrote:
-------------------------------------------------------
> The other thing you should do is get another card
> but keep your Chase card open and use it twice a
> year.
>
> There is a significant amount of damage done to
> your credit score when you close a long-held
> revolving credit account. So, don't close it,
> just basically stop using. But, use it enough so
> that Chase doesn't claim that its dormant and
> arbitrarily close it without your knowledge.

That's a really good idea. My "credit score" knowledge is limited to "pay your shit on time, no problems."

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13 4826 0948 82695 25847. Yes.

The main things to do are:

1) Always pay everything on time--not even a day late. A day late won't hurt your score, but the credit card companies will sieze on it as an opportunity to stiff you with fines and jack up your rate.

2) Get the highest limits you can, and then run the smallest balances you can. The ratios are the important thing.

3) Try for a good mix of credit. Mortgage credit is good, revolving accounts at department stores are less good.

4) Don't close long standing accounts if you can avoid it. Length of credit history is a big factor.

There are other things that aren't as easy to control, but keep an eye on these and you should be okay.


MrMephisto Wrote:
>
> That's a really good idea. My "credit score"
> knowledge is limited to "pay your shit on time, no
> problems."

Tell them that you have an offer for 15% with a competitor and that you're thinking about transferring the balance unless they can match it. 9 times out of 10, they'll match it as to not risk losing your business, in a business where defaults are on the rise.

I've somehow hit jackpot with my card. I've not missed a payment on my $50k limit VISA from BofA in the 12 years I've had it and I sit at a no fee, variable rate of 11%. I hardly charge anything on it, though. About $200 worth a month and pay it off the following month. Don't let those credit card companies fleece you. 27% seems absurd.

I have a 5.98% rate on my Capital One card. I knew it was low but didn't realize it was that low until I just looked at it. I have an 809 credit score.

§ Wrote:
> I've somehow hit jackpot with my card. I've not
> missed a payment on my $50k limit VISA from BofA
> in the 12 years I've had it and I sit at a no fee,
> variable rate of 11%. I hardly charge anything on
> it, though. About $200 worth a month and pay it
> off the following month. Don't let those credit
> card companies fleece you. 27% seems absurd.

I was bitching about the 19% on my other card and, in a moment of indignity, thought, "well, I'll tell them to either lower it, or I'll just transfer it to my Chase account."

That's when I noticed the 27%. I'm really mad that they would jack it up like that just because they can.

Also, I just checked my credit report. I'm over 700, and there's a card on my report that I didn't open that has a high balance. I'm sending a note to the bank to clear that up.

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13 4826 0948 82695 25847. Yes.

You better clear that up quick. If somebody opened an account in your name and is charging a bunch of shit that will be a fucking mess to clean up. I wouldn't just send a note. It very well could be why your rate increased. If you miss a payment on one, the others will jack you up too.

MrMephisto Wrote:
>
> Also, I just checked my credit report. I'm over
> 700, and there's a card on my report that I didn't
> open that has a high balance. I'm sending a note
> to the bank to clear that up.

Dude Wrote:
-------------------------------------------------------
> You better clear that up quick. If somebody
> opened an account in your name and is charging a
> bunch of shit that will be a fucking mess to clean
> up. I wouldn't just send a note. It very well
> could be why your rate increased. If you miss a
> payment on one, the others will jack you up too.
>
> MrMephisto Wrote:
> >
> > Also, I just checked my credit report. I'm
> over
> > 700, and there's a card on my report that I
> didn't
> > open that has a high balance. I'm sending a
> note
> > to the bank to clear that up.

...

Mother fucker.

Thanks. I'm going to do this immediately.

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13 4826 0948 82695 25847. Yes.

FUCK ALL CREDIT CARD COMPANIES.FUCKING CROOKS.

Yeah. That's not good. There is a website, which I think is annualcreditreport.com which links you to the 3 credit agencies and you can get one report from each of them per year. I forget the actaul website and I'm not in front of my computer right now so i apologize. I get Experian in January, TransUnion in May and the other one in Sept.

It pretty much keeps me in the game to see if anything suspicious is going on. They are free and you can pay like $10 extra to check your score. It's not the true FICO score but it's a good indication.

__________________________________
That's not a ladybug, that's a cannapiller.

I went to freecreditreport.com and got the free Experian one, and HSBC said that would be enough.

I'm going to get good and informed and call Chase back. It's going to be a delightful conversation that may be recorded (for quality assurance purposes).

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13 4826 0948 82695 25847. Yes.

Don't forget to cancel the freecreditreport.com "Triple Advantage" service or that "free" credit report won't turn out to be so free after all...

MrMephisto Wrote:
-------------------------------------------------------
> I went to freecreditreport.com and got the free
> Experian one, and HSBC said that would be enough.
>
> I'm going to get good and informed and call Chase
> back. It's going to be a delightful conversation
> that may be recorded (for quality assurance
> purposes).

I used to have it. It's a really good service, actually. I just got bored with checking my credit report after two months.

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13 4826 0948 82695 25847. Yes.

AnnualCreditReport.com is the site which links you to the three agencies.

Triple Advantage is a ripoff. They tell you in very fine print that you will be charged a monthly fee in return for the free score. I had to go through a very difficult "customer service" process to get that cancelled.

I think most of the big credit card companies are jacking up the rates on everyone because of the new laws enacted in congress (which won't take effect for another year or so) which would limit the credit card companies from doing this exact same thing.

good luck!! the credit card companies are just as slimey as car salesman (no offense to car salesman).

eesh Wrote:
-------------------------------------------------------
> Triple Advantage is a ripoff. They tell you in
> very fine print that you will be charged a monthly
> fee in return for the free score. I had to go
> through a very difficult "customer service"
> process to get that cancelled.


+1. They don't do anything that you can't do yourself by being diligent with your credit.

My rules of thumb that have served me well are:

1. Pay everything on time, every time. If you can't pay it off, pay double the minimum.
2. Don't carry a large balance (if at all). I think that 10% of your available credit is what is recommended.
3. Don't close old accounts just because you don't use them. It's ratio of the "available credit" to the amount owed that can kill you. I have a Sears account with an $800 limit that I use once a year on something dumb like nails, just to keep it current.
4. Don't have a car company, bank, or anybody pull your credit unless you're pulling the trigger on needing their services. If you get a lot of people pulling your credit, it hurts. FYI - it doesn't hurt (as much) if you're trying to find a mortgage and shopping for the best rates, which would result in a lot of pulls from financial institutions related to mortgages. But supposedly this isn't frowned upon because the credit bureaus know you're trying to get a home loan.

__________________________________
That's not a ladybug, that's a cannapiller.

First, if you want a truly free credit report, see this from the FTC, you'll only get the report, no FICO.

There is a lot of good score fixing info in this thread, sometimes time and on time payments are all that will help. If you don't even have a card, and if your credit is trash, consider a secured one where they keep your money as collateral (paying interest). Over time this will reestablish your rating and you will eventually qualify for an unsecured card.

I HATE Chase. I bought appliances on a low fixed rate for the life of the balance (3.9%). Since they weren't making money off me they damn near tripled the monthly minimum payment, in a hope that I couldn't pay it so they could hit me with fees and jack the interest up to 27%. Spoke to a rep, spoke to a supervisor, wrote Rep Wolf, who wrote the company - no backing down.

I got the payments handled, but they still suck.

They're a bunch of crooks, the lot of em.

eesh Wrote:
-------------------------------------------------------
> Try to get a card through a credit union, I had a
> shitty score and got one for 12%.

+1 for credit unions.

+100 for credit unions. I haven't belonged to a bank in over 12 years. Fuck banks. My credit card rate through my credit union is 7.8%, but it doesn't matter, because I don't carry a balance.

__________________________________
That's not a ladybug, that's a cannapiller.

eesh Wrote:
-------------------------------------------------------
> Triple Advantage is a ripoff. They tell you in
> very fine print that you will be charged a monthly
> fee in return for the free score. I had to go
> through a very difficult "customer service"
> process to get that cancelled.


No shit, it's like $79 a month or quarterly.

They are a sleazebag company that set up shop after the government passed a law requiring one free credit report from each agency, per year, hoping to cash in on people not reading the fine print.

They even make the sign up process seem like you aren't signing up for anything, but that they need a credit card to confirm your identity, not to charge you. Then of course, since you didn't realize you signed up for their triple advantage bullshit, you see a $79 charge on your credit card statement a month later, and they have all kinds of fraudulent supporting documentation so that your bank will honor their charge when you call your bank and request a chargeback.

Definitely become a member of Fairfax Credit Union, or any credit union you qualify for through work, or whatever else.

Don't sign up online. Sign up at a branch, and talk to the CSR about how you want to transfer your balance from a loan sharking bank. They may be able to ensure that you will be given enough of a credit limit to transfer the entire balance onto it immediately.

I think all you need to become a member is to deposit $5, but the more you can deposit, the more they'll be willing to extend you credit.

Plus, most credit unions have credit advisers and credit building programs. Even if you aren't in the sub-prime or lower credit category, they can be helpful in showing you all the tricks to keeping your score as high as possible. I believe the services are free at a credit union.



Edited 1 time(s). Last edit at 08/05/2009 10:20PM by Thurston Moore.

eesh Wrote:
-------------------------------------------------------
> https://www.fairfaxcu.org/loans/credit-card.htm
>
> https://m.applefcu.org/c2ht?msestks=applefcu.xml&m
> sdxid=H11IB325548643921132719809&qxq=1249496375514
> &stk=cc


I would avoid Fairfax County Credit Union like the plague. I've been a member of about 4 different credit uions. FFX Co, was the worst run one I've ever dealt with. Take a look at the rates they pay. There terrible.

You can look here to see what's available to you:

http://www.creditunion.coop/how_to_join.html

http://www.creditunion.coop/cu_locator/quickfind.php

Tell them you are cancelling the card. When they ask why, say, "Because of this outrageous rate. I'm sure another credit card company wants my business." That usually gets their attention.

eesh Wrote:
-------------------------------------------------------
> Try to get a card through a credit union, I had a
> shitty score and got one for 12%.
>
> I cancelled my Bank of America card after they
> raised my rate to 29%. I was told anyone below a
> 700 had to pay that rate.

LMFAO it's even shittier now bankruptcy boy

They have extremely high rates. It is much more profitable to just gamble on websites like that https://xn--lck0a4d411qemf.jp/live-casino-house/ where they offer you bonuses and other stuff instead of just charging you like those banks.