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Old 12-12-2008, 07:29 PM
8,778 posts, read 17,200,335 times
Reputation: 5259


Originally Posted by MommyV View Post
The cc companies don't usually arbitrarily raise rates. Rate increases are not random, but they will look for any reason to do it if they can.
That was always my assumption also. I, along with many others recently, have found that when you assume..........

Mine have all increased over the last 2 months, with the lone exception being Discover. My credit score is higher now, than it was 11 months ago. I'm considered a very low risk. Welcome to the new world of random and arbitrary. The CC issuers generally aren't spelling out the new terms, they're referencing Prime + XX.X%. I'm sure you'll be hearing more about this, when people start screaming at Congress, which will happen after they see, in black and white, the bottom-line impact of the rate increases.
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Old 12-12-2008, 09:56 PM
Location: Wouldn't you like to know?
9,114 posts, read 15,960,915 times
Reputation: 3698
Originally Posted by Twinkle Toes View Post
It seems every time I read about credit cards and mortgages and finances in these forums, everyone is in such excellent, top-of-the-line financial shape that they just feel the need to bash everyone else. We're so lucky to be visited by these geniuses!
The OP came on here and slandered a cc company under the bus for financial bad behavior on their own part.

Who's wrong?
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Old 12-13-2008, 04:13 AM
14,048 posts, read 26,579,931 times
Reputation: 23143
In the 1960s, my father found that he could only sign for a loan with my mother's co-sig, even though she was barely working.
I still wonder who the woman was who went in with him to co-sign in. No one knows.
Years later, my mother saved $1800 waitressing and had it in the bank. The IRS took it electronically for his bad debts. She honestly put the dogs in the car and almost burned up the house, but then thought 1) she'd spend her life in the state hospital and 2) she knew I was fond of my father.
From what I know, literally cutting up the cards means nothing. You have to cancel the account with the company. Otherwise, you or your spouse or someone can still use the credit by giving the number verbally, especially if the store or company knows you all too well from past spending.
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Old 12-13-2008, 05:10 AM
Location: Ohio
2,178 posts, read 8,292,035 times
Reputation: 3929
I did the same thing with Chase.
They raised my rates also.
I am never late with any payments on anything.
I always pay any bills the day after I receive them.
I paid off the balance which was less than $100.00 anyway, and cut up the card.
They sent a new card after the expiration date of the old one. I never activated it. I'm waiting for them to ask me why.
I'll tell them. I had a low balance and had never been late with them or anyone else. They raised my interest rates for no reason. I had a $500.00 limit on this card by my request. I used it for buying things on the internet and had a low limit in case some hacker got the account number somehow.
To me what they did is nothing short of stealing. It didn't amount to that much money because of my low balance.
It's the ethics of their action that pi$$ed me off.
I will never deal with them again.
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