Read Those Credit Card Letters!!!

Z

zaskar

New member
Just got off the phone with 4 different CC companies that I have. 3 of them are raising their rates and tell me there is nothing I can do now but cancel the card. So I paid off 2 of them and canceled.

Such a shame. I have had them all for over 10 years with a flawless record. One of them is also my mortgage holder. Calling around tomorrow about changing that. This is the only way I feel I can get back at them. I am frustrated and furious right now.

I have more to say but the profanity filter will block it all.
 
W

whitedust

Well-known member
Good for you zaskar. That is why I posted this as a heads up to JDers so we don't lose money to the crooks that prey on us hard working people. Better to save that 30% & spend it on sleddin
happy.gif
Try to get the word out to as many people as you can as this is the only way we can fight back.
 
S

skidoolis

New member
One reminder by canceling the card you can not negotiate with them after the dust settles i found that out with citi card.I was late by one day they jacked my rate up ticked me off so i canceled card .then after cooling down called them back and guess what... your are scr$%ed you caneled the card what a bunch of crap.cash only one card for emergency and rentals
 
9

98panther

New member
Don't canel them, just pay them off and don't use them. Won't cost you anything if you pay it off each month.

If you have one that charges interest from time of purchase do cancel those.
 
L

luke_duke

Member
I am like yamahauler, I use them as well. I use my credit card for as much as possible to earn sky miles. It takes me less than 2 years to earn enough for a ticket to europe. The key is to pay it off at the end of the month. I learned a cheap lesson how easy it was to get behind after college. I was lucky to be helped out by parents. I will NEVER be in debt again to a cc company again
 
W

whitedust

Well-known member
The wild card is the new control laws due Feb 2010. CC companies may have to reduce interest rates & are just ripping you off now because they can. I don't know enough about the new laws to know what will happen in Feb but for now they are maxing profits until it is illegal to do so.
 
S

sunchyme

Member
pay them off at the end of the month and you have
a non issue. also, in the long run you are hurting your credit score by closing the account.
 
S

scoop

New member
Paying cards off may not be the answer with a couple of the banks. Two banks are "testing" fees. One may start charging an annual fee anywhere from $29 to $99 for those who pay off their card every month or do not carry a balance. The other may start charging an annual fee if you don't charge $2,400 per year on the card. I think the article was in USAToday. The banks will get you no matter what you do. They want their money.
 
M

marty__kms

New member
Cash economy is the only way to go, another advantage to blowing off “Corporate America” in 2005 and moving up north. My personal favorite is the guy who wants to charge his $10,000.00 sled so he can "get the miles", I tell them upfront that will cost them the 3% the cc company charges me and if they chose not to do business because of that, o'well (don't thake offense Luke). Bank are dipping on both ends feel sorry for the fake rich with massive debt but it kind of does serve them right.
 
U

ubee

New member
One thing good is I,am not getting those 6-7 gloss applications a week !! They were to smoothe to wipe your arse with anyway and to small for the cat box! Local credit unions are making a big comeback and money mostly stays local! check them out!
 
Y

yamahauler

Active member
If you pay it off and don't use it, they will cancel the card anyway. My wife and I each had one like that this year. Didn't hurt the credit score one bit.
 
M

mjgriffi

New member
US BANK raised my rate from 12.99% to 18.77% just because they wanted to. I asked what my options are and they said if I opt out of those terms(in essence cancel the account) the rate drops to 14.99% <font color="ff0000">&#149;</font><font color="ff0000">&#149;</font><font color="ff0000">&#149;</font> I cancelled and I will cancel Bof A and Cap One also if I see they raised them.

TTT
 
S

skylar

Guest
Yes, they are a bunch of crooks. How about all the people who are laid off, not too many people can survive on just their unemployment checks. They start using credit cards, to buy gas, to buy groceries, to pay another bill, maybe make a mortgage payment. The next thing you know, they have 3-4000 on their card. Now they can't pay it off at the end of the month. Now they get hit with an interest rate of 30 percent. <font color="ff0000">&#149;</font><font color="ff0000">&#149;</font><font color="ff0000">&#149;</font>? These banks are out to make money for themselves, and that is all they care about. Screw the country, which they did. It makes me sick.
 
Z

zrjes

New member
Like others have stated, if you decide to pay off the card that is fine, but if you have had the card for quite a long time you should leave it open. Paying off and then canceling multiple cards will definitely lower your credit score. Its a funny thing!
 
C

cuzzinolaf

Well-known member
Yea, pay them off or transfer to a 0% balance card. Crooks but you also don't want to cancel them and hurt your credit score. It means a lot now and I can see it meaning even more in the future.
 
C

cuzzinolaf

Well-known member
Just checked with my credit union and I have no fear of them raising my rates. I'm thinking a credit union card might be the safe way to go.
 
You must log in or register to reply here.
Top