| Credit card companies make me SICK!!!!!!! |
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sam1000
Full Member
Cash: $ 21.05
Posts: 95
Joined: 28 Jul 2005
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| Credit card companies make me SICK!!!!!!! |
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Can someone explain this situation to me? I had a credit card balance of $25,000 and a score of 667 about 18 months ago. I have absolutely no late payments or negative items on my credit report. My interest rates have been low. Fast forward to today, I have paid off a major part of my debt... the total I owe now is $10,700 and my FICO score is 727 and climbing up every month (Providian offers scores for free updated every month, got to love that  )... YET my Chase credit cards are increasing their APRs.
On my first Chase card the APR shot up from 7.9% to 30.25%. Good thing I don't have a balance on that so it didn't bother me. Now, another Chase card has increased the APR from 8.75% to 27.99%. I called them up and they said that it was because I had too much debt on other accounts...what a crock, my score is well above 700, I have half the debt now than I did a year ago so what gives? Is this some kind of rip off? As my credit improves, APRs go up? I understand interest rates are going up but to charge 30% APR to someone with a FICO of 727 is just sickening!
I don't want to close this card because my credit limit is $14,000 and I have a $3000 balance on it. If I close it down it will affect my balance to credit limit ratio and bring my score down unfortunately.
Forgive my rant, I just want to demonstrate how sleazy the credit card business is.
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Wed Oct 26, 2005 2:17 am |
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Riz
Contributing Member
Cash: $ 5.30
Posts: 27
Joined: 22 Mar 2005
Location: San Francisco
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Sam,
I totally understand! My wife has a chase credit card as well. She first got the chase credit card around a 3 years ago. Her APR seems to always be going up. I was puzzled about this too. Cause her credit score is going up, she's currently at like 720 give or take a few points, and her APR is going up? So, I called them and all they can tell me is that their APR's is based on some federal number or something to that affect. So, what me and my wife do is not use the chase credit card until they send their promotions out, twice a year. Right now, we have a balance of 6k @ 4.99% until the balance is paid off. They have other little promotions....that's the only way you can get a good APR with chase.
They also have a promotion where you can borrow your available balance and you have no interest if paid off by a certain time. When I get that promotion I take the whole available balance (10k+) and put it in our ING account and gain interest for about 5 or 6 months. Once the promotion is over, I send the money right back. You have to be careful, cause this could be dangerous if you are not disciplined with your finances.
"What we have today, is only as good as we preserve it for tomorrow"
-Riz
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Wed Oct 26, 2005 2:57 pm |
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Euler
Senior Member
Cash: $ 76.16
Posts: 404
Joined: 06 Nov 2003
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FVck credit scores. Don't live by that insane scam.
Pay off all your credit and rip that shi+ up. If you DO choose to participate in the credit scam, just make sure you never carry a balance.
Your score is irrelevant to anything. If anyone ever questions your trustworthiness based on your score (after paying back your debts of course), simply laugh, take a mental picture of their face and note their name, know that they are an idiot and never do business with them or their organization again. Walk away and let the bridge burn silently.
Keep seeking people who will respect and honor trust and the ability to repay debts. There are more of US than there are of them. You will find what you are looking for, sometimes you just have to get through to the right decision maker. Be patient, this takes time. Virtue is hard to find, but there are many good people all around you.
Until you do this you are Owned. You are a slave. You cannot expect justice until you take responsibility for yourself. This takes work and patience - you can't just say your credit score doesn't apply to you. You have to pay your debts scrupulously and then actively seek decision makers who respect that. Credit scores are meaningless only if you MAKE them meaningless.
Good luck.
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Wed Oct 26, 2005 10:21 pm |
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Riz
Contributing Member
Cash: $ 5.30
Posts: 27
Joined: 22 Mar 2005
Location: San Francisco
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Euler,
I totally agree....everyone is accountable for themselves! And we all should pay our debts. But in the world today, unless you have a rich family or are rich yourself, you are going to need credit at some point in your life. Actually, even the rich need credit cause they don't want to risk their own money. As far as being slaves, unless you have enough money where you don't have to work, we are all slaves. Even the people with money are slaves, cause uncle sam dictate what portions of your hard-earned money should you give to the government. So, rather it's credit, working or being rich you are still a slave no matter what! I congratulate you if you have no debt. But unless you are rich, I guarantee you are going to need to know your credit score.
"What we have today, is only as good as we preserve it for tomorrow"
-Riz
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Wed Oct 26, 2005 10:29 pm |
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Euler
Senior Member
Cash: $ 76.16
Posts: 404
Joined: 06 Nov 2003
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All credit decisions are made by humans. Computers help optimize the process, but the final call is made by a person.
If you need a loan you simply find the person who trusts you. As more and more people rely on computers to do their jobs and wait for policies to "okay" every decision, there are still some people out there today who make decisions. These people are called "movers and shakers". They don't hide behind policy and they are ready and willing to do business with conscientious, responsible people like yourself.
Your task is to find these decision makers and establish business with them.
The credit score gives cowards a policy behind which to hide, it gives the credit industry a new revenue stream and it gives honest people a headache.
A credit score will never replace the bond of trust established between two humans accomplishing business.
There are movers and shakers who personally push loans through the system in your town right this very moment. Tomorrow AM they will be in the saddle, making decisions about who gets what they asked for.
What I am saying is that anyone, if they can bear the scrutiny of a level, honest eye, if they can bear the risk of a misstep, ANYONE can seek and call upon these decision makers. This is the basis upon which all business is done anyway.
Some believe they "deserve" XYZ because of a soulless credit score. They then wonder why the system never seems to "work" for them! I am enouraging people like you to assume ALL of the responsibility for your debts RIGHT NOW. Dig deep, sacrifice and pay back what you owe!
There are people all around you who refuse to view people as numbers. They value and respect hard work and responsibility. SOME of those people approve loans for a living. FIND THEM! REWARD THEM with your business!
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Wed Oct 26, 2005 10:57 pm |
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Riz
Contributing Member
Cash: $ 5.30
Posts: 27
Joined: 22 Mar 2005
Location: San Francisco
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Euler,
I get what you are saying...I agree! Actually, I am not one of those people who depends on credit scores to get things done. I like yourself, would want to build relationships and then do business. Thanks for the insight, a lot of people would benefit from your last posting. Many people really live and die by a credit score. Maybe you should put a posting together in regards to the " The Credit Score Fraud ".
Thanks for the insight!
"What we have today, is only as good as we preserve it for tomorrow"
-Riz
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Thu Oct 27, 2005 2:36 pm |
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xboxundone
Senior Member
Cash: $ 67.83
Posts: 796
Joined: 19 Sep 2004
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iF THEY ARE UPPING THE RATE THEN ASK THEM TO LOWER IT IF THEY DON'T WANT TO LOWER IT TELL THEM THATS OK YALL JUST WENT TO BOTTOM OF MY CREDIT CARD PILE AND WONT GET USED
It is a shame what they do it is so they can get more money just like a few years ago when they shortened your period to pay people were used to paying 30 days went to 25 i think boy did they rack up on some late fees...
They are after money plain and SIMPLE!
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Thu Oct 27, 2005 9:26 pm |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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| Re: Credit card companies make me SICK!!!!!!! |
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quote:
Originally posted by sam1000
On my first Chase card the APR shot up from 7.9% to 30.25%. Good thing I don't have a balance on that so it didn't bother me. Now, another Chase card has increased the APR from 8.75% to 27.99%.
Make sure they don't show you as making a late payment or something to that effect. Read your terms or have the Chase person with the explanation point that out to you on your account agreement (which page, paragraph, etc.).
Also, I do not like Chase for reasons such as this, general ineptness, and flakiness.
Citi is my favourite by far and they have a 3.99%-until-it's-paid-off deal.
"Expect me when you see me."
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Thu Oct 27, 2005 11:17 pm |
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Randyd
Member
Cash: $ 2.00
Posts: 10
Joined: 15 Aug 2005
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Many card companies are doing this. This is from the terms and conditions of a chase card:
"As described in the Cardmember Agreement, we reserve the right to change the terms of your account (including the APRs) at any time, for any reason, in addition to APR increases that may occur for failure to comply with the terms of your account."
I would look for a card with a low fixed Interest rate, no universal default clause, no two-cycle billing, and no balance transfer fees, all of which can jack up finance charges. To transfer your balance, and pay off the Chase card with the 30.25% Rate.
A good One would be the Pulaski Bank Gold Card. With 0% apr for 6 months on balance transfers,No transfer fees, No annual fee, No universal Default Clause, and a fixed 8.5%. It has recently been rated one of the top 10 consumer friendly Credit cards in the U.S.
http://www.cardratesonline.com
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Sat Oct 29, 2005 1:13 am |
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rockhound
Preferred Member
Cash: $ 26.45
Posts: 132
Joined: 03 Feb 2006
Location: West Virginia
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It is definitely time to let them know that they need you more than you need them. When they jack up the rate to 30%, it's time to cancel it, and be sure to let them know why you cancelled it. I would agree with the other comments--don't make your decisions based on the credit score. How could it possibly make sense to NOT pay off a credit card? Only in the upside-down world of credit cards, where people who pay off every month are known as deadbeats. I think it is possible to over-calculate things and lose sight of what's important. All you need to know is that a credit card balance of $0 is good. Everything else will follow.
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Sat Feb 04, 2006 4:22 am |
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