Credit Cards

[Tough Old Man]

I don't get it..Supposedly the banks are getting money cheap from the government..I have perfect credit and have 2 credit cards I use..A Wells Fargo Visa and a US bank visa..I just received letters from both stating my interest rate is going up this month by 3% on ea one..It says if I disagree with this I need to call in and close my accts and the interest rate would remain the same and if I don't call in that it will automatically go up...What's with these banks. I almost feel like telling them to go fuck off that if they raise my rate I just won't pay any part of the bill from here out. Shit I have never had a late payment and I always pay at least double the min amount due.

 

[thebrick]

They are using you. You are helping to pay for all the bad debt they have made and will not recover. Pay off your balance and just charge what you intend to pay for in full every month.

 

[jm425]

They are using you. You are helping to pay for all the bad debt they have made and will not recover. Pay off your balance and just charge what you intend to pay for in full every month.

Agreed. If you're never late on your payments then don't worry. All, if not most banks these days, have raised interest rates on their credit cards.

 

[Pumped1]

Most People could not call and cancel their account/accounts because they dont have the funds to pay it off in full... these guys are fucked now because they have no choice but to pay now..

do what thebrick said...

 

[Diesel1981]

Yup. There is little to nothing that you can do. I have a median credit score of 809, but yet they jacked my rates up to almost 20%. I have never been late on a single payment (on ANYTHING) in my life...
I recently paid off my balances and only use my AMX card. I pay it off in full each month. Other than that, I pay cash. Since no one is helping me out, I refuse to help any of these banks out.

 

[pesty4077]

Word of wise: closing accounts drops your credit score.

 

[Diesel City]

I don't get it..Supposedly the banks are getting money cheap from the government..I have perfect credit and have 2 credit cards I use..A Wells Fargo Visa and a US bank visa..I just received letters from both stating my interest rate is going up this month by 3% on ea one..It says if I disagree with this I need to call in and close my accts and the interest rate would remain the same and if I don't call in that it will automatically go up...What's with these banks. I almost feel like telling them to go fuck off that if they raise my rate I just won't pay any part of the bill from here out. Shit I have never had a late payment and I always pay at least double the min amount due.

Ok. Here is the thing. In Feb. a law that was passed by congress will go into effect, basically controlling what rates and monthly payment amounts you can be charged. Until then, credit card companies are going to milk it for every cent that they can. If you don't carry a balance, then who cares, just leave them open so they don't have a negative affect on your credit score. After Feb. you still don't like the new rate, then consider your options.

 

[pesty4077]

The way you get even with this banks is by paying cash for everything. I started this after my businesses went down. It is bad enough the outrageous prices on things, let alone charge interest. I use to do this before, and I am glad I am doing it again. Takes alot of pressure off you and you spend wisely.

 

[Pekkerwood]

Closing accts "may" change your score. Two different ways. If the age on the accts you close is greater than the average age of your accounts you can take a score hit. If the account is newer it may actually help your average age of accounts. Tip: New American Express accounts age your new accounts back to the date of your olderst AmEX accounts. Easy way for some to get their average age of account up.

Also closing accts reduces available credit, thereby upping utilization percentages if you in fact carry a balance. Also two credit cards would be considered a "thin" credit file. You are better off just not using them, or using them once each six months or so , so they do not get closed due to "inactivity". You need to protect your credit score even if you do not plan to apply for new credit. It effects your car insurance rates, etc.

 

[Tough Old Man]

Closing accts "may" change your score. Two different ways. If the age on the accts you close is greater than the average age of your accounts you can take a score hit. If the account is newer it may actually help your average age of accounts. Tip: New American Express accounts age your new accounts back to the date of your olderst AmEX accounts. Easy way for some to get their average age of account up.

Also closing accts reduces available credit, thereby upping utilization percentages if you in fact carry a balance. Also two credit cards would be considered a "thin" credit file. You are better off just not using them, or using them once each six months or so , so they do not get closed due to "inactivity". You need to protect your credit score even if you do not plan to apply for new credit. It effects your car insurance rates, etc.

I live in Baja Mexico and my credit cards can not effect my car insurance which is from Mexico..Also my house and cars are paid in full and have no other bills except for a few small charges on the visas, propane, electric and water....I could care less about my credit rating..I have lived here for 15 yrs and plan on dying here..Matter of fact I have never charged anything here on my credit cards in mexico and only use them to purchase something online..I'm retired and If i need a new car or truck, I'll write a check for it..

 

[gelatine]

If anyone is hard up on credit card debt and looking to consolidate, check out this company: Personal Loans & Investing with Peer Lending - Lending Club - basically, instead of the banks getting all of the interest, they get a small percent and the interest goes to private investors. If you want to be a private investor, that's cool too. I'm making 13% returns for the last 5 months in this guy.

Of course, you run the risk of the lenders defaulting on you.

 

[Pekkerwood]

I live in Baja Mexico and my credit cards can not effect my car insurance which is from Mexico..Also my house and cars are paid in full and have no other bills except for a few small charges on the visas, propane, electric and water....I could care less about my credit rating..I have lived here for 15 yrs and plan on dying here..Matter of fact I have never charged anything here on my credit cards in mexico and only use them to purchase something online..I'm retired and If i need a new car or truck, I'll write a check for it..

Sounds like you are doing it right! I merely meant to broaden some who reads this thoughts on the "true" effects of a credit rating and its importance. Job interviews, insurance, etc.

I do use a "charge" card just to get the points but thats it.

 

[Pumped1]

If anyone is hard up on credit card debt and looking to consolidate, check out this company: Personal Loans & Investing with Peer Lending - Lending Club - basically, instead of the banks getting all of the interest, they get a small percent and the interest goes to private investors. If you want to be a private investor, that's cool too. I'm making 13% returns for the last 5 months in this guy.

Of course, you run the risk of the lenders defaulting on you.

sounds to good to be true.... whats that saying "scared money never makes money"
i guess thats me then

 

[Ehren]

The way you get even with this banks is by paying cash for everything. I started this after my businesses went down. It is bad enough the outrageous prices on things, let alone charge interest. I use to do this before, and I am glad I am doing it again. Takes alot of pressure off you and you spend wisely.

Agree with this! I got a similar letter in 1997. I didnt know why. I had been a credit card customer at my bank since 1987 and NEVER had a late payment and like you, always paid double the minimum.

Well, I called and asked them if they could lower the interest or do something becuse of my good history and they basically told me to get bent. SO, I went down, paid off the balance which was a chunk for me. Then asked for some scissors and cut up my card. I haven't had a card since and it's been a great thing.

 

[SOCOM]

I received a call the other day regarding my AMEX.

The guy gave me two options..

1) Keep my credit card exactly how it is and be able to exceed my
credit limit for a pretty high fee. This option came with a decrease in
the annual membership fee.

2) This option would prevent me from exceeding my credit limit, and
everything else stays the same.

The guy was really pushing for option 1, but I sent him to hell

 

[violentmessiah]

the banks

have gotten even better at bending you over and putting it in your pooper.

 

[Tough Old Man]

have gotten even better at bending you over and putting it in your pooper.

Words never spoken better

 

[AWN2004]

This is why I got rid of all of mine but one. It didn't hurt my credit score either but rather it had the opposite effect. I've paid off three other car loans and make payments as I need to on all the normal stuff. It was and still is a HUGE pain in the ass because all my extra money goes toward paying off the cards. When they told me I was going to get an increase in my rates, I told them to close my accounts. As of Jan, besides a student loan, I will be debt free and it feels pretty good.

 

[rx4mass]

They are using you. You are helping to pay for all the bad debt they have made and will not recover. Pay off your balance and just charge what you intend to pay for in full every month.

Exactly. It's a shame all this money that has gone to these banks and that is how they repay the American taxpayer...shows you who is really in charge....

I've never had a late payment in my life/pay balances in full monthly, and both my credit card companies raised my rates significantly...then get this...a week later one of them sent me an e-mail with this "great rate" if I opened a savings account with them... 1.2%!! LOL So my rate goes up to 14.99% from 4.99% fixed and then you want me to lend you my money for 1.2%...

 

[Steve123]

I basically told my credit card companies to go fuck themselves and stop making payments.

They screamed and hollered, siced collections on me. I told them to fuck off too. Then the got an outside collector; I told them to fuck off. Then they threatened to sue; I told them to blow me. Then they called and said they would take 40% of my balance and I paid. One was 40%; one was 50% and one was only 30% beleive it or not. I saved 12k. My credit sucked but since I own a home and make mortgage and car payments on time I'm good to go.

Typically I would never do something like this but I got so sick of their tricks and bullshit that I decided to fuck them right back.

Banks took TARP money that was supposed to clear bad debt and loosen credit. Instead, banks used the money to buy other Banks and Financial istitutions - e.g., BAC acquisiton of Merrill Lynch. Meanwhile, they decided to Fuck consumers to pay down their charged off debts.

I beleive in paying my bills and I'm honest. What I don't beleive in is having Corporate America and The Government Gang Rape me. Sometimes you have to use any tool in the box to stick up for yourself.