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Credit Card companies getting tougher

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Credit Card companies getting tougher

Unread postby jfiling » Tue Nov 03, 2009 4:18 pm

I've had a Merrick Bank credit card, which I only got because they would do a few things:

1) Automatically pay my car insurance from Geico
2) Give me 3% cash back on auto-related purchases, and 1% back on everything else
3) keep raising my credit limit

Unfortunately, for me, I've never carried a balance with them. So how am I rewarded?

With a notice that I'll have to pay a $4 per month fee for the privilege of having the account, after they slashed my credit limit a few months ago.

Fuck Merrick Bank, who are probably doing so bad they're close to getting bailed out by the Feds. They'll get no more money from me.
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Re: Credit Card companies getting tougher

Unread postby CAVSTRIBEBROWNSin07! » Tue Nov 03, 2009 4:51 pm

I have a Bank of America card. Opened with a $5K credit limit about 5 years ago, with a great APR. I've requested increases several times and have never been denied, and now sit at a $13K limit. BoA actually allows you to fill out a simple form online to request an increase. I dont actually need the funds now but always figured its good to have it JIC.

About 2 months ago I requested an increase from $13K to $20K, figuring they'd give me a middle ground of $15K (which is how its always worked for me). Normally about a week later I get something in the mail saying my new limit. This time, I get a call from a rep (first time this has happened) who grilled me on all my income, expenses, planned expenditures etc. At the end of the call she flat out denied the increase.

OK, not a big deal right? A week later I get a letter in the mail informing me that they actually SLASHED my credit limit to $10K. I carry a balance of roughly $5-6K on this card at all times and have never once missed or been late on a payment. But what am I gonna do already?

I then get my September statement in the mail a couple of days later, and my jaw dropped when I saw an astronomically higher finance charge than I'd ever seen. BoA actually went ahead and raised my APR a full 10 percentage points.

When I called to complain they told me they'll refund the finance charge, but the next time I make a purchase on the card that new rate will kick in on my entire balance. So now I'm just stuck with a useless credit card with a $5400 balance that I cant even swipe anymore.
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Re: Credit Card companies getting tougher

Unread postby FUDU » Tue Nov 03, 2009 6:46 pm

I tried to haggle/push my CC companies around but they didn't budge an inch, it's b/c I am a dead beat (in their eyes). Which is good for me. Only have 3cards, 1 reward card I use often but it will be a long long time before I open up another and use it on a regular basis.

F these companies.
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Re: Credit Card companies getting tougher

Unread postby StewieG » Tue Nov 03, 2009 7:59 pm

I use a debit card only. Credit card companies can change the rules pretty much whenever they want, as there currently is not regulatory committee to oversee them.

If you can find one that hasn't started pulling that shit yet, do it and transfer the balance over to that one. But it's likely only a matter of time before they start doing it too.
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Re: Credit Card companies getting tougher

Unread postby aoxo1 » Tue Nov 03, 2009 8:12 pm

StewieG wrote:I use a debit card only. Credit card companies can change the rules pretty much whenever they want, as there currently is not regulatory committee to oversee them.

If you can find one that hasn't started pulling that shit yet, do it and transfer the balance over to that one. But it's likely only a matter of time before they start doing it too.

There really is no reason to not use a credit card as long as you pay the balance off in full each month and there is no membership charge. You get points or cash back and build a credit history.

And Congress did pass a law regulating the CC companies recently, although it has yet to take effect. I don't know the particulars, but pretty sure it cracks down on some of the more egregious abuses.
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Re: Credit Card companies getting tougher

Unread postby FUDU » Tue Nov 03, 2009 9:14 pm

aoxo1 wrote:
StewieG wrote:I use a debit card only. Credit card companies can change the rules pretty much whenever they want, as there currently is not regulatory committee to oversee them.

If you can find one that hasn't started pulling that shit yet, do it and transfer the balance over to that one. But it's likely only a matter of time before they start doing it too.

There really is no reason to not use a credit card as long as you pay the balance off in full each month and there is no membership charge. You get points or cash back and build a credit history.

And Congress did pass a law regulating the CC companies recently, although it has yet to take effect. I don't know the particulars, but pretty sure it cracks down on some of the more egregious abuses.

Agree with this take. I pay for everything I can with my reward card. Can request my cash back reserve 2-3 times a year. Usually do it at the end of the year and pay for my car or home owner's insurance with that reward. If you are a responsible and disciplined person it is essentially free money.
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Re: Credit Card companies getting tougher

Unread postby aoxo1 » Tue Nov 03, 2009 9:57 pm

FUDU wrote:
aoxo1 wrote:
StewieG wrote:I use a debit card only. Credit card companies can change the rules pretty much whenever they want, as there currently is not regulatory committee to oversee them.

If you can find one that hasn't started pulling that shit yet, do it and transfer the balance over to that one. But it's likely only a matter of time before they start doing it too.

There really is no reason to not use a credit card as long as you pay the balance off in full each month and there is no membership charge. You get points or cash back and build a credit history.

And Congress did pass a law regulating the CC companies recently, although it has yet to take effect. I don't know the particulars, but pretty sure it cracks down on some of the more egregious abuses.

Agree with this take. I pay for everything I can with my reward card. Can request my cash back reserve 2-3 times a year. Usually do it at the end of the year and pay for my car or home owner's insurance with that reward. If you are a responsible and disciplined person it is essentially free money.

Same here. Use my AMEX Blue Cash for everything. Best cash back card, AFAIK. Minimum 0.5% back, with up to 5% back possible.
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Re: Credit Card companies getting tougher

Unread postby Ziner » Tue Nov 03, 2009 11:06 pm

aoxo1 wrote:
FUDU wrote:
aoxo1 wrote:
StewieG wrote:I use a debit card only. Credit card companies can change the rules pretty much whenever they want, as there currently is not regulatory committee to oversee them.

If you can find one that hasn't started pulling that shit yet, do it and transfer the balance over to that one. But it's likely only a matter of time before they start doing it too.

There really is no reason to not use a credit card as long as you pay the balance off in full each month and there is no membership charge. You get points or cash back and build a credit history.

And Congress did pass a law regulating the CC companies recently, although it has yet to take effect. I don't know the particulars, but pretty sure it cracks down on some of the more egregious abuses.

Agree with this take. I pay for everything I can with my reward card. Can request my cash back reserve 2-3 times a year. Usually do it at the end of the year and pay for my car or home owner's insurance with that reward. If you are a responsible and disciplined person it is essentially free money.

Same here. Use my AMEX Blue Cash for everything. Best cash back card, AFAIK. Minimum 0.5% back, with up to 5% back possible.



Let me say +2 or 3 or whatever it is now. I use a citi rewards card for every damn purchase I make. Not only am I better able to keep track of my month expenses, I am now a few months away from being able to cash in all my points for gift cards and get a 32 inch LCD here shortly. Leaning Vizio right now.
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Re: Credit Card companies getting tougher

Unread postby TIMMAH » Wed Nov 04, 2009 11:48 am

Credit cards are evil, which is why I don't have one. I just use my Visa debit card. As far as improving my credit score, I achieve that just by being awesome on a daily basis.
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Re: Credit Card companies getting tougher

Unread postby Orenthal » Wed Nov 04, 2009 12:33 pm

TIMMAH wrote:Credit cards are evil, which is why I don't have one. I just use my Visa debit card. As far as improving my credit score, I achieve that just by being awesome on a daily basis.


No, it is usually just stoopid people that do not have any concept of money management... Thanks to all those paying huge fees and finance charges. You have given me a 30 day+ interest free line of credit, with rewards...

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Re: Credit Card companies getting tougher

Unread postby Cerebral_DownTime » Thu Nov 05, 2009 1:57 am

I quit using and paid off my Capital One card, my interest rate went from 9% to 23% in a year and I have just about perfect credit. I don't understand how it's legal to raise a preset rate when I always paid on time. This same company got 3.5 Billion dollars in bailouts and they're gouging me. The people running that company should be in jail.
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Re: Credit Card companies getting tougher

Unread postby Stu » Thu Nov 05, 2009 7:29 am

Cerebral_DownTime wrote:I quit using and paid off my Capital One card, my interest rate went from 9% to 23% in a year and I have just about perfect credit. I don't understand how it's legal to raise a preset rate when I always paid on time. This same company got 3.5 Billion dollars in bailouts and they're gouging me. The people running that company should be in jail.

Nobody is forcing you to keep the credit card. No one is forcing you to use it if you have it. No one is stopping you from going to a competing card.

You signed a contract with them when you agreed to be issued a card, yet you want people to be thrown in jail for raising rates per the terms of that contract.
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Re: Credit Card companies getting tougher

Unread postby The Tribe Zone » Thu Nov 05, 2009 11:29 am

Cerebral_DownTime wrote:I quit using and paid off my Capital One card, my interest rate went from 9% to 23% in a year and I have just about perfect credit. I don't understand how it's legal to raise a preset rate when I always paid on time. This same company got 3.5 Billion dollars in bailouts and they're gouging me. The people running that company should be in jail.


Same thing happened to me, so I called them and asked WTF?

I could see it if I was a bad customer, but my credit rocks. I asked if they would lower it, and if not, I was prepared to handle it myself. I was put on hold, then told no they couldn't.

Paid it off and destroyed it.

And the dumbasses wonder why businesses are going down the shitter? :wha?:
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Re: Credit Card companies getting tougher

Unread postby aoxo1 » Thu Nov 05, 2009 11:33 am

Stu wrote:
Cerebral_DownTime wrote:I quit using and paid off my Capital One card, my interest rate went from 9% to 23% in a year and I have just about perfect credit. I don't understand how it's legal to raise a preset rate when I always paid on time. This same company got 3.5 Billion dollars in bailouts and they're gouging me. The people running that company should be in jail.

Nobody is forcing you to keep the credit card. No one is forcing you to use it if you have it. No one is stopping you from going to a competing card.

You signed a contract with them when you agreed to be issued a card, yet you want people to be thrown in jail for raising rates per the terms of that contract.

I could have sworn that just about every month my credit card companies alter that contract...
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Re: Credit Card companies getting tougher

Unread postby Stu » Thu Nov 05, 2009 12:01 pm

aoxo1 wrote:
Stu wrote:
Cerebral_DownTime wrote:I quit using and paid off my Capital One card, my interest rate went from 9% to 23% in a year and I have just about perfect credit. I don't understand how it's legal to raise a preset rate when I always paid on time. This same company got 3.5 Billion dollars in bailouts and they're gouging me. The people running that company should be in jail.

Nobody is forcing you to keep the credit card. No one is forcing you to use it if you have it. No one is stopping you from going to a competing card.

You signed a contract with them when you agreed to be issued a card, yet you want people to be thrown in jail for raising rates per the terms of that contract.

I could have sworn that just about every month my credit card companies alter that contract...


then stop using it if you disagree with the changes to the contract.

now if they are changing rates on old balances, thats shady and not very ethical but if its allowed in the contract that you agree to, then they have every right to do it.

but if we are talking solely about changes to the credit card for purchases that will be made in the future, then theres absolutely no reason to bitch about it. people may not like it, but its not like having a credit card is a right. you are allowed to pay for things in cash.
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Re: Credit Card companies getting tougher

Unread postby Cerebral_DownTime » Thu Nov 05, 2009 3:23 pm

Stu wrote:
Cerebral_DownTime wrote:I quit using and paid off my Capital One card, my interest rate went from 9% to 23% in a year and I have just about perfect credit. I don't understand how it's legal to raise a preset rate when I always paid on time. This same company got 3.5 Billion dollars in bailouts and they're gouging me. The people running that company should be in jail.

Nobody is forcing you to keep the credit card. No one is forcing you to use it if you have it. No one is stopping you from going to a competing card.

You signed a contract with them when you agreed to be issued a card, yet you want people to be thrown in jail for raising rates per the terms of that contract.


Hey Stu, those weren't the terms of the contract. The contract was for a fixed rate at 9%. They went back on their own agreement. So I guess the rules only apply to me, the CC company can change them at any time with no notice, despite having a written contract that outlines a specific fixed rate.
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Re: Credit Card companies getting tougher

Unread postby pup » Thu Nov 05, 2009 4:06 pm

Cerebral_DownTime wrote:
Stu wrote:
Cerebral_DownTime wrote:I quit using and paid off my Capital One card, my interest rate went from 9% to 23% in a year and I have just about perfect credit. I don't understand how it's legal to raise a preset rate when I always paid on time. This same company got 3.5 Billion dollars in bailouts and they're gouging me. The people running that company should be in jail.

Nobody is forcing you to keep the credit card. No one is forcing you to use it if you have it. No one is stopping you from going to a competing card.

You signed a contract with them when you agreed to be issued a card, yet you want people to be thrown in jail for raising rates per the terms of that contract.


Hey Stu, those weren't the terms of the contract. The contract was for a fixed rate at 9%. They went back on their own agreement. So I guess the rules only apply to me, the CC company can change them at any time with no notice, despite having a written contract that outlines a specific fixed rate.


Guessing that there was language in the contract that allows them to change your rate at any time. I don't know for sure, because I have never actaully read one of those contracts, but I would guess it is in there.
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Re: Credit Card companies getting tougher

Unread postby Cerebral_DownTime » Thu Nov 05, 2009 4:19 pm

Pup wrote:
Cerebral_DownTime wrote:
Stu wrote:
Cerebral_DownTime wrote:I quit using and paid off my Capital One card, my interest rate went from 9% to 23% in a year and I have just about perfect credit. I don't understand how it's legal to raise a preset rate when I always paid on time. This same company got 3.5 Billion dollars in bailouts and they're gouging me. The people running that company should be in jail.

Nobody is forcing you to keep the credit card. No one is forcing you to use it if you have it. No one is stopping you from going to a competing card.

You signed a contract with them when you agreed to be issued a card, yet you want people to be thrown in jail for raising rates per the terms of that contract.


Hey Stu, those weren't the terms of the contract. The contract was for a fixed rate at 9%. They went back on their own agreement. So I guess the rules only apply to me, the CC company can change them at any time with no notice, despite having a written contract that outlines a specific fixed rate.


Guessing that there was language in the contract that allows them to change your rate at any time. I don't know for sure, because I have never actaully read one of those contracts, but I would guess it is in there.


It wasn't in mine, I read it more than once before signing. It's the reason I went with Capitol One over other cards, the only way my fixed IR could go up is if I missed payments, which I didn't. I'm not going to sign up for a card when the company can just change their rates for no reason.
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Re: Credit Card companies getting tougher

Unread postby Stu » Thu Nov 05, 2009 5:21 pm

Cerebral_DownTime wrote:
Stu wrote:
Cerebral_DownTime wrote:I quit using and paid off my Capital One card, my interest rate went from 9% to 23% in a year and I have just about perfect credit. I don't understand how it's legal to raise a preset rate when I always paid on time. This same company got 3.5 Billion dollars in bailouts and they're gouging me. The people running that company should be in jail.

Nobody is forcing you to keep the credit card. No one is forcing you to use it if you have it. No one is stopping you from going to a competing card.

You signed a contract with them when you agreed to be issued a card, yet you want people to be thrown in jail for raising rates per the terms of that contract.


Hey Stu, those weren't the terms of the contract. The contract was for a fixed rate at 9%. They went back on their own agreement. So I guess the rules only apply to me, the CC company can change them at any time with no notice, despite having a written contract that outlines a specific fixed rate.


then they would have given you advanced notice with an opt out option.
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Re: Credit Card companies getting tougher

Unread postby Cerebral_DownTime » Thu Nov 05, 2009 5:29 pm

Stu wrote:
Cerebral_DownTime wrote:
Stu wrote:
Cerebral_DownTime wrote:I quit using and paid off my Capital One card, my interest rate went from 9% to 23% in a year and I have just about perfect credit. I don't understand how it's legal to raise a preset rate when I always paid on time. This same company got 3.5 Billion dollars in bailouts and they're gouging me. The people running that company should be in jail.

Nobody is forcing you to keep the credit card. No one is forcing you to use it if you have it. No one is stopping you from going to a competing card.

You signed a contract with them when you agreed to be issued a card, yet you want people to be thrown in jail for raising rates per the terms of that contract.


Hey Stu, those weren't the terms of the contract. The contract was for a fixed rate at 9%. They went back on their own agreement. So I guess the rules only apply to me, the CC company can change them at any time with no notice, despite having a written contract that outlines a specific fixed rate.


then they would have given you advanced notice with an opt out option.


They did no such thing.
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Re: Credit Card companies getting tougher

Unread postby Stu » Thu Nov 05, 2009 5:37 pm

Cerebral_DownTime wrote:They did no such thing.


They have a contract with you, which means they would have broken the law if they raised your rates for no reason without notice.

1 of 3 things happened here.

1. they raised your rates because you violated the contract in some way.

2. they raised your rates and sent a contract terms update, and you threw it away or ignored it.

3. they raised your rates and sent a contract terms update, and you saw it but are now lying.

doing a simple google search i found people there was a terms change mailing in May 09 that was mailed to capital one fixed rate card holders. the rate change was listed there. people in the same boat as you are complaining online that they were unaware of the changes.
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Re: Credit Card companies getting tougher

Unread postby TIMMAH » Thu Nov 05, 2009 5:44 pm

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Re: Credit Card companies getting tougher

Unread postby Cerebral_DownTime » Thu Nov 05, 2009 6:03 pm

They have a contract with you, which means they would have broken the law if they raised your rates for no reason without notice.


Which they did.

1. they raised your rates because you violated the contract in some way.


Nope.

2. they raised your rates and sent a contract terms update, and you threw it away or ignored it.


Nope.

3. they raised your rates and sent a contract terms update, and you saw it but are now lying.


Strike 3. Man..... Swerb pegged you perfectly when he called you the board miser. I have nothing to gain by making it up. Just simply sharing my story, but you still feel the need to be a prick.

doing a simple google search i found people there was a terms change mailing in May 09 that was mailed to capital one fixed rate card holders. the rate change was listed there. people in the same boat as you are complaining online that they were unaware of the changes


lol. You just assume I had a Capitol One card in May, which I didn't. I cancelled and paid it off in March.
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Re: Credit Card companies getting tougher

Unread postby Stu » Thu Nov 05, 2009 6:10 pm

Cerebral_DownTime wrote:lol. You just assume I had a Capitol One card in May, which I didn't. I cancelled and paid it off in March.



nope, that was just an example. i'm sure theyve changed terms more than once in their history. i know i get about 4-5 notices every year for changes to my credit card terms. people get them all the time.
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Re: Credit Card companies getting tougher

Unread postby Stu » Thu Nov 05, 2009 6:13 pm

Cerebral_DownTime wrote:Strike 3. Man..... Swerb pegged you perfectly when he called you the board miser. I have nothing to gain by making it up. Just simply sharing my story, but you still feel the need to be a prick.


it's the "no holds barred" forum, not the "lollipops and rainbow sherbert" forum

i just don't like it when people blame others for their own problems. when people think they have a right to certain things and don't understand how life works.

do not get me wrong, i totally agree with you that its a BS move to change rates on people, and a good company would do a better job of notifying their customers. but as long as they covered their butts legally, then im not going to fault them.
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Re: Credit Card companies getting tougher

Unread postby FUDU » Thu Nov 05, 2009 8:19 pm

It wasn't in mine, I read it more than once before signing. It's the reason I went with Capitol One over other cards, the only way my fixed IR could go up is if I missed payments, which I didn't.


Let me ask you this CDT, did you miss payment on another debt, phone bill, gas bill etc?

B/C if so that, by contract, is reason enough for the CC company to raise your rate. It's the default rate scam and my understanding is 100% of all CC now do business that way.

Criminal IMO.
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Re: Credit Card companies getting tougher

Unread postby Cerebral_DownTime » Thu Nov 05, 2009 11:18 pm

FUDU wrote:
It wasn't in mine, I read it more than once before signing. It's the reason I went with Capitol One over other cards, the only way my fixed IR could go up is if I missed payments, which I didn't.


Let me ask you this CDT, did you miss payment on another debt, phone bill, gas bill etc?

B/C if so that, by contract, is reason enough for the CC company to raise your rate. It's the default rate scam and my understanding is 100% of all CC now do business that way.

Criminal IMO.


Yes, actually I forgot the Time Warner bill before leaving on vacation. But I don't get how me missing something totaly unrelated to Capitol One can give them the right to nix my fixed IR. I've always paid them on time, it would be like being late on my Verizon bill and my car payment going up.
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Re: Credit Card companies getting tougher

Unread postby Stu » Fri Nov 06, 2009 6:08 am

its because credit card debt is an unsecured loan. there is nothing to back it in the case of a default. credit card companies these days are all the more wary of high risk users, so they take every precaution. this includes a change to ones credit status, such as a missed payment on any sort of bill.
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Re: Credit Card companies getting tougher

Unread postby CAVSTRIBEBROWNSin07! » Fri Nov 06, 2009 11:57 am

I've had a Capital One card for 6 years. It was my first credit card, and they started me out with a $500 credit line. After about 3 years and numerous requests for increases, they upped me to $1000 limit, which its where its been for 2 years now.

Yesterday I come home to find a letter from Capital One congratulating me on their decision to increase my limit to $2000.

I found that really funny after yesterday reading CDT's horror story with them.
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Re: Credit Card companies getting tougher

Unread postby Commodore Perry » Fri Nov 06, 2009 2:30 pm

People need to understand that credit card companies will put it in your butt any chance they get.

Always avoid a credit card balance. If you need to carry a balance, try getting an unsecured personal loan. They are easier to get from credit unions right now. They have fixed interest rates that don't change.

I avoid using credit cards, even if I can pay off the balance every month. What people don't realize is that credit card companies are getting 2-3% of each transaction. You never directly see it, but it causes prices on everything to go up. Its one thing to use a credit card for internet purchases, but now I carry plenty of cash for my in person purchases. F them.
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Re: Credit Card companies getting tougher

Unread postby tecs » Fri Nov 06, 2009 3:27 pm

CAVSTRIBEBROWNSin07! wrote:I have a Bank of America card. Opened with a $5K credit limit about 5 years ago, with a great APR. I've requested increases several times and have never been denied, and now sit at a $13K limit. BoA actually allows you to fill out a simple form online to request an increase. I dont actually need the funds now but always figured its good to have it JIC.

About 2 months ago I requested an increase from $13K to $20K, figuring they'd give me a middle ground of $15K (which is how its always worked for me). Normally about a week later I get something in the mail saying my new limit. This time, I get a call from a rep (first time this has happened) who grilled me on all my income, expenses, planned expenditures etc. At the end of the call she flat out denied the increase.

OK, not a big deal right? A week later I get a letter in the mail informing me that they actually SLASHED my credit limit to $10K. I carry a balance of roughly $5-6K on this card at all times and have never once missed or been late on a payment. But what am I gonna do already?

I then get my September statement in the mail a couple of days later, and my jaw dropped when I saw an astronomically higher finance charge than I'd ever seen. BoA actually went ahead and raised my APR a full 10 percentage points.

When I called to complain they told me they'll refund the finance charge, but the next time I make a purchase on the card that new rate will kick in on my entire balance. So now I'm just stuck with a useless credit card with a $5400 balance that I cant even swipe anymore.


Wait a second here, you basically keep a permanent debt on this card every month of between 5-6K.....and you're bitching and moaning that the issuer has dramatically raised the APR and slashed you're limit?!?!?

A bit of advice, never carry a debt on a credit card account of more than 1000$ for more than a couple of months.

I apologize if I'm misreading your post, but you do realize that the bank is carrying your debt on their books.

I think the problem is you keep telling yourself it's a balance of 5 to 6 thousand dollars, sorry but what you really need to think is that you're carrying a debt for that amount.
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Re: Credit Card companies getting tougher

Unread postby FUDU » Fri Nov 06, 2009 5:39 pm

CAVSTRIBEBROWNSin07! wrote:I have a Bank of America card. Opened with a $5K credit limit about 5 years ago, with a great APR. I've requested increases several times and have never been denied, and now sit at a $13K limit. BoA actually allows you to fill out a simple form online to request an increase. I dont actually need the funds now but always figured its good to have it JIC.

About 2 months ago I requested an increase from $13K to $20K, figuring they'd give me a middle ground of $15K (which is how its always worked for me). Normally about a week later I get something in the mail saying my new limit. This time, I get a call from a rep (first time this has happened) who grilled me on all my income, expenses, planned expenditures etc. At the end of the call she flat out denied the increase.

OK, not a big deal right? A week later I get a letter in the mail informing me that they actually SLASHED my credit limit to $10K. I carry a balance of roughly $5-6K on this card at all times and have never once missed or been late on a payment. But what am I gonna do already?

I then get my September statement in the mail a couple of days later, and my jaw dropped when I saw an astronomically higher finance charge than I'd ever seen. BoA actually went ahead and raised my APR a full 10 percentage points.

When I called to complain they told me they'll refund the finance charge, but the next time I make a purchase on the card that new rate will kick in on my entire balance. So now I'm just stuck with a useless credit card with a $5400 balance that I cant even swipe anymore.

Please tell me you carry this balance for business reasons or something other than just b/c?

You've been walking a fine line and I hate to say this but it sounds like you have what is coming to you, it just sounds irresponsible. I am not preaching just sayin, I hope you don't have any emergency type situations that forced you do run a card like that like a health or job situation.

I mean in all seriousness has anyone ever showed you how long it takes to pay off that kind of balance by just making minimum payments on time? Without doing any math off the top of my head I am going to say it would take 13 years to pay off that card with $100+ monthly payments and never using it in the meantime.
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Re: Credit Card companies getting tougher

Unread postby That_Guy™ » Sat Nov 07, 2009 10:08 am

I get to the bottom of the thread and find perfect product placement:
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Re: Credit Card companies getting tougher

Unread postby CAVSTRIBEBROWNSin07! » Mon Nov 09, 2009 2:26 pm

I carry the balance because with my low APR, my finance charges each month are roughly $25. I dont mind paying $300 over the course of a year for the right to not pay $5000 now. I have a job right now which is bringing in enough money to cover expenses and chill a bit, but I am an out of work investment banker and my economic situation is not that great. I'd rather wait until the market picks up and I can afford to shell out the $5K. Why pay it now? I can afford the charges.
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Re: Credit Card companies getting tougher

Unread postby Cease » Mon Nov 09, 2009 3:39 pm

This isn't the be and end all on financial guidence, but if anyone wants a very basic plan for making debt and savings decisions, I would recommend going to the library and checking out this book. You don't even have to do the excercises and worksheets- just read through it and experience it's point of view.

Not judging, just trying to help. I got very disciplined about paying off debt and it's brought me peace of mind.

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Re: Credit Card companies getting tougher

Unread postby FUDU » Mon Nov 09, 2009 9:29 pm

CAVSTRIBEBROWNSin07! wrote:I carry the balance because with my low APR, my finance charges each month are roughly $25. I dont mind paying $300 over the course of a year for the right to not pay $5000 now. I have a job right now which is bringing in enough money to cover expenses and chill a bit, but I am an out of work investment banker and my economic situation is not that great. I'd rather wait until the market picks up and I can afford to shell out the $5K. Why pay it now? I can afford the charges.

That's cool, like I said not trying to preach, just gain perspective or add insight if I can.
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Re: Credit Card companies getting tougher

Unread postby Stu » Tue Nov 10, 2009 6:15 am

CAVSTRIBEBROWNSin07! wrote:I have a job right now which is bringing in enough money to cover expenses and chill a bit, but I am an out of work investment banker and my economic situation is not that great.


did this statement jump out at anyone else?
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Re: Credit Card companies getting tougher

Unread postby FUDU » Tue Nov 10, 2009 11:20 am

Stu wrote:
CAVSTRIBEBROWNSin07! wrote:I have a job right now which is bringing in enough money to cover expenses and chill a bit, but I am an out of work investment banker and my economic situation is not that great.


did this statement jump out at anyone else?

IMO he obviously means he is out of his wheel house for now and at least has some employment?
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Re: Credit Card companies getting tougher

Unread postby CAVSTRIBEBROWNSin07! » Tue Nov 10, 2009 11:31 am

To clarify: In a normal economy I am an investment banker. I got laid off last December with more than half my firm, collected unemployment for 6 months, and have since been working for a company assisting homeowners with loan modifications. It pays the bills and keeps me busy, but ultimately I plan on going back in to the (much higher paying) world of finance.
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Re: Credit Card companies getting tougher

Unread postby mistero » Thu Nov 12, 2009 1:20 pm

Credit card companies pulled a nice one on me. Wife had a little spending problem. Ran up a card to the limit, $7000 or so. Kept throwing away the bill, not paying. Mind you there were multiple cards in the same boat. Instead of closing the account and sending it to collections, they extended her limit. Worse yet Citibank and Chase sent her new cards for new accounts as if she was a new customer,like regular offers via the mail.Then she used the new cards to the max. Ended up with 7 cards maxed out including 2 from Chase and 2 from Citibank. New cards when she wasn't even paying on the first ones! Thanks credit cards companies. They are no different that a crack dealer. Now of course my wife has 60% of the blame. No dout bout that but the debt would of been half as much had they shut her clandestine spending schtik down early in the game when she quit making payments. Even after we closed all the accounts and had a WWIII financial fall out, the credit card companies still send her cards.

Hate those bastards. Not safe to have when one of you is a problem spender.
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Re: Credit Card companies getting tougher

Unread postby FUDU » Thu Nov 12, 2009 1:25 pm

mistero wrote:Credit card companies pulled a nice one on me. Wife had a little spending problem. Ran up a card to the limit, $7000 or so. Kept throwing away the bill, not paying. Mind you there were multiple cards in the same boat. Instead of closing the account and sending it to collections, they extended her limit. Worse yet Citibank and Chase sent her new cards for new accounts as if she was a new customer. She regular offers via the mail.Then she used the new cards to the max. Ended up with 7 cards maxed out including 2 from Chase and 2 from Citibank. New cards when she wasn't even paying on the first ones! Thanks credit cards companies. They are no different that a crack dealer. Now of course my wife has 60% of the blame. No dout bout that but the debt would of been half as much had they shut her clandestine spending schtik down early in the game when she quit making payments.

Hate those bastards. Not safe to have when one of you is a problem spender.

I am actually in contact with a lawyer right now about going after Capitol One for harassment, not about me, but about a relative whom I share a surname with and they cannot get a hold of them so they are going completely overboard trying to contact me and get info from me.

35 phone message in 14 days, true story.

I went ape shit on them recently threatening one more call from them will result in consequences, they called twice after.

Anybody here in the business of driving Ryder trucks through front door lobbies?
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Re: Credit Card companies getting tougher

Unread postby Stu » Thu Nov 12, 2009 4:03 pm

mistero wrote:Now of course my wife has 60% of the blame.


60% of the blame? I'm pretty sure its 100% of the blame.
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Re: Credit Card companies getting tougher

Unread postby mistero » Thu Nov 12, 2009 11:50 pm

No it's not.

You have a customer that has not paid her bill in 4 months, what do you do? Raise her credit limit. You have a customer that has not paid her max out card in 6 months what do you do? Send her a new card with a brand new 5K credit limit.

Chase did it and citi bank did it. Knew she couldn't /wasn't paying and still extended her 5-10K of new credit. They knew she was going to max that out too.

Instead of 20K in bad debt...which I could of managed some how. We get 40K in bad debt which has to be eaten in a bankruptcy settlement.

...and they still got paid at all the principle before the discharge..and tons of fee money. They made thousands.

CC don't make any money unless people can't pay. They live 100% off of fees and penalties. They set the trap.
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Re: Credit Card companies getting tougher

Unread postby FUDU » Thu Nov 12, 2009 11:53 pm

mistero wrote:No it's not.

You have a customer that has not paid her bill in 4 months, what do you do? Raise her credit limit. You have a customer that has not paid her max out card in 6 months what do you do? Send her a new card with a brand new 5K credit limit.

Chase did it and citi bank did it. Knew she couldn't /wasn't paying and still extended her 5-10K of new credit. They knew she was going to max that out too.

Instead of 20K in bad debt...which I could of managed some how. We get 40K in bad debt which has to be eaten in a bankruptcy settlement.

...and they still got paid at all the principle before the discharge..and tons of fee money. They made thousands.

CC don't make any money unless people can't pay. They live 100% off of fees and penalties. They set the trap.

I understand what your saying mistero, but it still comes down to personal responsibility.

Just b/c I keep putting food in front of you doesn't mean you have to eat it.
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Re: Credit Card companies getting tougher

Unread postby Orenthal » Sat Nov 14, 2009 11:31 am

mistero wrote:CC don't make any money unless people can't pay. They live 100% off of fees and penalties. They set the trap.


They make money on every purchase. Even from people who pay their balance in full each month. Taking advantage of people who can't stop is the American way...
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Re: Credit Card companies getting tougher

Unread postby mistero » Sun Nov 15, 2009 1:56 am

So then don't blame the drug dealer, blame the addict. It's the addict's free will that makes them keep using. The dealer is a neutral party with no blame.
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Re: Credit Card companies getting tougher

Unread postby FUDU » Sun Nov 15, 2009 5:25 am

mistero wrote:So then don't blame the drug dealer, blame the addict. It's the addict's free will that makes them keep using. The dealer is a neutral party with no blame.

Lots of truth in that, which proves that it still comes down to personal choice. There can be millions of drug dealers in this country, however the amount of drug dealers is irrelevant to whether or not an individual chooses to do drugs or not.

McDonalds has sold billions, how does that effect whether or not I buy one?

You're arguing morality and the whole concept of the right thing to do as a business owner, a fine and ideal argument, but the world is far from ideal, especially in a free market paradise like this.

There is no Hammer and Sickle to blame on this one.
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Re: Credit Card companies getting tougher

Unread postby Orenthal » Sun Nov 15, 2009 3:39 pm

mistero wrote:So then don't blame the drug dealer, blame the addict. It's the addict's free will that makes them keep using. The dealer is a neutral party with no blame.


Drugs are illegal... I've never carried a balance so I don't see any evil in my free 30 day credi line with rewards... Sorry! Just like student loans, paid that debt, don't see any evil there. Yea blame the addict, it is personal responsibility, isn't it?
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