Credit Card Companies!!

Yeah, ya know I understand business but what do you think of this deal? I have been with a specific CC Company since 2004 and have always paid on time above and beyond; not to mention been down to zero owed many times. I have been at 9.9% for three years now and all of a sudden I get my interest rate bumped up to 14.9%!

I’ve called and asked for a reduction but, as of right now they say company wide they have made a decision to jack up the rates. I told them how I feel since I’ve always paid on time and everything else there has to be a better way than a 33% jump in interest! No luck

So I’m just frustrated… Why do I have to pay because other people and businesses can’t get there end together. This country is all about bailing out the people who choose NOT to work or big business failure… I guess one thing holds true for those who are lazy and big business there is “Hope” under our great leader, but for the rest of us good luck cause we will be paying in many ways to take care of them. Is it me or is the American dream a mirage in the distance and the golden days are long gone? Sorry this is so negative…

Call them back and cancel the card. Shop around for a replacement that offers the terms you feel are more inline with your expectations and credit score. There’s no reason why you have to stay with your current company. They offer a service. When the terms of service no longer meet your needs…

Call back and cancel the card. You and your family will be better off.

If you don’t rent cars or fly you don’t need a credit card anyway.

Enough people cancel and things will change.

I have heard alot of this. Since the government is changing the way credit card companies can raise rates, charge interest, etc. The CC companies are just raising all rates.
I wouldn’t cancel the card, that would affect your credit rating. Just transfer it to a lower card or pay it off and then put that card in your safe.

On the phone now… Your right I will be better off. Wow they are even difficult to cancel with! At least they knocked it back down to 9.9% until I pay it off. The words of my grandpa ring true “cash is king” at least I know I can do better with a different company. Thanks for the help guys!

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On the phone now… Your right I will be better off. Wow they are even difficult to cancel with! At least they knocked it back down to 9.9% until I pay it off. The words of my grandpa ring true “cash is king” at least I know I can do better with a different company. Thanks for the help guys!

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Some tips on how to cancel / close a credit card account without dinging your rating >>> http://moneycentral.msn.com/content/banking/creditcardsmarts/p72328.asp

Opps! How big of a hit is it to a credit score? I’m just so frustrated with all of this mumbo jumbo.

And when it comes time to shop for a new card make sure you give Bob Bowman at CCFCU a call. Bob has functioned as the “IDO Banker” for a number of years now and has helped dozens of IDO members out with loans for cars, trucks, boats, etc., and people, including me, rave about his service and rates.

https://www.ccfcu.org/visacards.asp

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Opps! How big of a hit is it to a credit score? I’m just so frustrated with all of this mumbo jumbo.

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http://www.askmrcreditcard.com/creditcardblog/should-i-cancel-a-credit-card-before-i-get-a-new-one/

If you have a good credit score… I wouldn’t worry about it. If you’ve been fighting to improve a bumpy credit rating, it might be worth some thought. The links I’ve posted should give you a game plan to do it either way.

they did this to us. luckily i’ve been blessed to not have to hold a balance from month to month. we purchase everything on a cc and have received on average 1200 bucks cash back per year over the last 3 years.

I agree that canceling may be a bad idea. Closing one to start another will drop the credit score and right now it is not as easy to get it back up. Opening another and transfering it to that card would be better. I would look into it before canceling. Thats my .02.

Also, I have been sending blank checks along with every bill I pay. That way I can take out the middle man and get my money to the people who really need it. This way I get to see who is getting the money by looking at the copies of my checks after they get cashed. I got to get back to work! I have blank checks to pay for

I have been using my bank card which comes out of my checking acct. If you use it as a credit card at stores you even get cash back. It’s not for loans you still need the money to cover it but it works just as a credit card.

I saw the same thing with my Wells Visa. There must not be too many people that use TCF as I thought there would be an uproar about them canceling free checking due to these new overdraft rules to protect deadbeats. All I can say is thank you to the people making decisions in this country…

I just do not carry a balance…..interest rates don’t bug me..

I know everyone can’t do that….

Just another example of politicians “fixing” a problem. “We will force credit card companies to do blah blah blah”…..yeah, like they wont find a way to make money.

What ticked me off, is that I had a few cards w/ low balances, low interest, but VERY high limits. This was great for my credit score. With the new laws making them apply capital ratios based on the credit line, they dropped my available credit down to the outstanding balance. This hurts your credit score.

Thank you for “protecting” me Uncle Sam, I was really better off before you got involved.

What ever you do…..DO NOT CANCEL THE CARD!!!!! Go find an institution with rates you can live with but do not cancel the account. It will affect your credit score. When shopping around, you will find that with the change in the banking laws, Credit Unions will be better to deal with when it comes to rates, fees that they are talking about putting on ATM use etc. The best advise is don’t carry a balance.

Thanks James

Lots and lots of changes in the world of plastic.

CCFCU has a PC (plastic consolidation) loan. Its a fixed rate loan at a fixed term. Payoff those high rate cards and save some money. If you live, work or worship in the 7 county metro area, I am here to help. I can be reached in the office at 763-549-6402, feel free to give me a call.

I recently cancelled every cc I had. Paid everything off. Now I use a debit card or cash.
So much less stress come bill time. It definitely makes you live with in your means. You just need a little stashed away just in case. But that’s not hard to do when you are paying no interest at all.

From what I have read, I don’t think CC companies will be able to randomly raise your rates come Agust 2010 when that portion of the new law takes effect. I’m not sure if the new law is a good thing or a bad thing, or ends up a wash in the end. The reason they enacted the law is because credit card companies were already pulling this stuff on consumers. It’s not a new thing.

Here is some information on the new law.

Personally, I don’t carry a credit card balance either. As others have said, that is fortunate but it has also taken a lot of planning and self-discipline. It feels good to beat the credit card companies at their own game. Good luck in your effort to make it right.

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I just do not carry a balance…..interest rates don’t bug me..

I know everyone can’t do that….

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I agree.

How can you [censored] about a credit card company? They dont make you sign up for the card. I have always believed if you can not pay it off at the end of the month you most likely should not put it on the card.

If you need a CC, join a credit union and get their card. In Illinois, if you belong to the Farm Bureau, you can join IAA, which has extremely good rates on their card. I belong to two credit unions and both have awesome rates on their cards. I haven’t had a balance in over a year on a card and really hope to keep it that way. It hasn’t been easy, but man am I glad…

How can you [censored] about a credit card company? They dont make you sign up for the card. I have always believed if you can not pay it off at the end of the month you most likely should not put it on the card.

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Well, if you read what I wrote and why I was upset… A 33% jump in APR is not cool. I’ve been more than happy paying my small amount of interest monthly and even some months, (I have no balance) a good paying customer. Besides, I’m 30 how old are you? Do you have children in your house to take care of? But, when I’m your age I don’t think CC bills will be a concern so good for you. Besides, the balance is only a couple hundred, the point of the matter is the banks get bailed out with our tax money and then they stick it to us again!

Josh……you ansered your own question. BANKS Two major credit unions went bad and were not bailed out by the government. They were bailed out by other credit unions which I also think sucked. Being on the board of a credit union, it sucked to be told that we had to pay x amount to help bail out a credit union that made bad loans. Join a CU and you can get around a lot of the new laws. Just don’t cancel the other card.

Sorry Josh. Those where just my beliefs on credit cards. I dont think age, income level or household size has anything to do with being able to pay off a credit card balance. If there wasn’t a balance put there in the 1st place there wouldn’t be any worries. A person would be money ahead to.

Anyways. Go find another card. There are still some out there with very low introductory rates. My wife got a discover last year with zero interest for the 1st year. It seems to me that even these will jump up to around 15% after that year.

I see where your coming from on your end and that’s my plan generally (no balance). Thanks for the tip

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I just do not carry a balance…..interest rates don’t bug me..

I know everyone can’t do that….

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I agree.

How can you [censored] about a credit card company? They dont make you sign up for the card. I have always believed if you can not pay it off at the end of the month you most likely should not put it on the card.

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Can I complain too. We have had 7 credit card accounts closed because we didn’t use them. I said no problem, we didn’t use or need them. We both had too many cc’s in college anyway. Wanting to keep track of everything I ran my annual credit report on my wife and I. The reports were correct in noting that those accounts were closed. This is were it gets really good. I then check our credit scores. They both dropped about 60 points! Our 805 and 780 Fico scores that we really diligently worked for over the last 7 years are now out the window.

We don’t usually carry monthly balances on more than one card. We are on schedule to pay off our 30 year mortgage in less than 12 total years. We do have two car loans for a total of about $18,000.00. What did we do to deserve the closing of these accounts and in turn hurting our Fico scores? I guess they didn’t see us as good customers as they did not make any money off us.

FDR

I know it’s been said, but I’ll say it again. Just pay off the balance every month. I have no idea what my interest rate is on any of my cards. I pay them off every month.

If you have a rewards program, don’t just close the account. Take advantage of it. I get around $1,000 a year back just cause I use my credit cards. I’m going to put the new boat on one of them and then pay off the card. That’ll be some sweet rewards there.

I love my credit cards. They pay me to use them, how can you beat that!

Ruger……I hope that works for you. I tried to do that with a boat and the Harley. They would only let me put 1k or so on the card. Think the dealer gets hit hard for fees so they won’t do it. Sure would have been nice.

I have ran into that complaint with an auto and a sled. It’s amazing what they are willing to do for you when you get up and walk out the door.

Regarding the boat, I forgot all about that issue. I like this dealer and like this boat, so I’d concede that point this time. He did tell me I could put my deposit on my CC though.

If you don’t think the world will function without a credit card go talk to your dad or grandpa.

Credit cards are designed to get you to spend more then you make. Happens all the time.

Here is the greatest line in the world………….

“Would you like a (Kohls, Menards, Target ect. ect.)credit card to save an additional 5% off your purchases?”

Ask them why.

They will say something to the effect of “we value you as a customer and you deserve the best possible price we can give you.”

Really?

“Absolutely!!”

“Tell you what, how about you really impress me and give me the additional 5% discount for me paying cash. As it is you are saying we can ding you a extra 5% for using your card. That will go farther with me coming back here.”

See how that works for you.

You can hurt your credit score more by being late on a payment then by canceling your cards. Keep you house, elect. gas,insurance and car payments current and your credit score will be fine.

The myth is created by the banks and credit card companies along with the retailers.