Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Not immune. I have two Capital One cc's, rarely carry a balance, use them every month and pay in full. Both of my interest rates went from 9-10% to 22% on both. I couldn't believe it, I thought it was a mistake. I phoned them and they said it was due to the state of the economy that they were repricing. Yeah, baloney. All of this talk, throwing money at them to make credit available to the American people, and then they pull a stunt like this. I'm glad that I don't have a balance, but what about those folks that do?
I called and asked them what specifically I did. They lowered it back down when I threatened to close it rather than accept their state of the economy reason.
for those that have a balance, they can close the card and continue paying at the old rate.
I've noticed that weird things have happened lately with credit cards I've just paid off. American Express closed my card, and Capital One raised my husband's interest rate. We've never been late on payments... it just happened as soon as we paid off our balances.
This is exactly what happened to me-amex closed and capital1 raised rate.
I think this is because THEY know that hyperinflation is coming.
This is exactly what happened to me-amex closed and capital1 raised rate.
I think this is because THEY know that hyperinflation is coming.
Did you call Amex to have them re-open it? I'm considering doing that (because having a cc company close a card probably looks bad on my credit report!) but I have no idea if it's worth the call. It's sad too..I've been with them since 97
I recently moved and discovered that my credit report from Equifax did not permit the utility company to waive a deposit. As a result, I decided to ask for my free credit report.
Now I am one of these irresponsible people who carry no debt, no mortgage, no car loan, just one credit card and just one charge card. Two of the rating agencies told me they did not have enough information on me to give me a credit report. The only one who did, Experian, showed no negative events of any kind.
So, clearly, in this crazy system of our, being financially responsible is bad for your credit reputation. Not that I am overly bothered. I can afford the deposit and I still have no desire to have any debt or more credit cards.
I recently moved and discovered that my credit report from Equifax did not permit the utility company to waive a deposit. As a result, I decided to ask for my free credit report.
Now I am one of these irresponsible people who carry no debt, no mortgage, no car loan, just one credit card and just one charge card. Two of the rating agencies told me they did not have enough information on me to give me a credit report. The only one who did, Experian, showed no negative events of any kind.
So, clearly, in this crazy system of our, being financially responsible is bad for your credit reputation. Not that I am overly bothered. I can afford the deposit and I still have no desire to have any debt or more credit cards.
That's too bad, but remember that your credit score reflects only how well you manage debt, not how well you manage money. Last time we moved we were able to give reference letters from our previous utility companies and based on those we were not required to pay the deposits.
Did you call Amex to have them re-open it? I'm considering doing that (because having a cc company close a card probably looks bad on my credit report!) but I have no idea if it's worth the call. It's sad too..I've been with them since 97
You have the right to add comments to your credit report if you think they are wrong.
Not immune. I have two Capital One cc's, rarely carry a balance, use them every month and pay in full. Both of my interest rates went from 9-10% to 22% on both. I couldn't believe it, I thought it was a mistake. I phoned them and they said it was due to the state of the economy that they were repricing. Yeah, baloney. All of this talk, throwing money at them to make credit available to the American people, and then they pull a stunt like this. I'm glad that I don't have a balance, but what about those folks that do?
The same thing happened to me. I always pay may Capital One card on time and never carry a balance and they raised my APR from 8.9% to over 24%. I don't get why they'd raise the APR on people who have a perfect track record of paying their balance in full every month, they're not going to make any money off those people anyways. It's not like I'm going to say hey they raised my APR, I should go out and buy crap I can't afford and only pay my minimum balance now!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Last time we moved we were able to give reference letters from our previous utility companies and based on those we were not required to pay the deposits.
. I don't get why they'd raise the APR on people who have a perfect track record of paying their balance in full every month, they're not going to make any money off those people anyways. It's not like I'm going to say hey they raised my APR, I should go out and buy crap I can't afford and only pay my minimum balance now!
