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What a crock of shit. The wife gets a letter in the mail yesterday and it is from her Capital One CC. The limit is only like 500 bucks, she only uses it for gas. Well she gets a letter in the mail saying that her limit, 10.9%, has been raised due to the recent credit problems of the nation. TO what you ask???? 22.9 or 24.9, cannot remember the exact number. She flips out. She calls her parents because they have one that they use for gas as well, same letter. WTF!!! She has had it forever and now they decide to fuck her in the ass without so much as a tube of lube or a good spit job.

It is not a problem, she never has a balance on it anyways but it is the principle of the thing. She called them and they told her that there is nothing she can do about it. Well there is certainly something she can do about it. She called, got her balance as of yesterday and paid it off and put it in the safe, never to be used again.

Same thing happenned to on of the guys that I do books for. He's had his for about 12 yrs. and had a real big credit limit and I think he was at 5.9 or 6.9% and he got a letter in the mail last week that said he was jumping to 17.9% so he called them and got the payoff and cut it up while he was on the phone with them.

Wouldn't be surprised to see a lot of people dumping their cards. Could just be a way for credit card companies to get card holders to quit. AMEX is wanting some of their card holders to leave.

slycat wrote:Wouldn't be surprised to see a lot of people dumping their cards. Could just be a way for credit card companies to get card holders to quit. AMEX is wanting some of their card holders to leave.

I could understand that if they had extended credit to people not worthy but this guy is spot on with no late payments owns his own home, two real successful businesses and I don't think I've ever seen a late payment on anything of his. That's why it's pretty weird to me.

I've had my Cap One CC since I was 16... they did it to me too. I'm pissed, but my only response is to not use my card at all.

happened to me with chase. Canceled my card and moved my balance to Discover (0% for the year and allowed a balance transfer). Now I am down to just BoA CC, Discover, and a themed Visa through my fraternity.

Same thing happened to me with Citi. I declined the changes to my account, but that means when my card expires it will be canceled. They did say, because I have excellent credit history, I could call them before it expires and see if an agreement can be reached.

I transferred the balance to my AMEX at a "teaser" rate and should have it paid off before that rate ends. The reason for the hike given at Citi was, "it has become more expensive to borrow money from Citi." I said, sucks for you guys. And asked him to give me a couple of minutes because I know they record the calls. I basically went into a tirade of them raising my interest rates right after they took my tax dollars because they are morons that don't know what a sound investment is. It's not my fault they don't know how to manage their assets and lending. I thanked them for screwing me in the ass without the courtesy of a reach around. Explained I would be transferring my balance and don't expect to do business with them again.

The funny thing is, saw a Citi commercial yesterday for people to come to Citi where "professionals" can help them save their money. What an effin joke. So much for a bailout...great job with new government regulation. SMFH.

Ursus A. Horribilis wrote:

slycat wrote:Wouldn't be surprised to see a lot of people dumping their cards. Could just be a way for credit card companies to get card holders to quit. AMEX is wanting some of their card holders to leave.

I could understand that if they had extended credit to people not worthy but this guy is spot on with no late payments owns his own home, two real successful businesses and I don't think I've ever seen a late payment on anything of his. That's why it's pretty weird to me.

Same thing with Mrs. Grizza. She is always way early and always pays it off to the nearest 10 dollar mark. She doesn't care that much but was really disappointed in them for pulling this kind of shit. Oh well. I guess others will get her business from now on.

Great. I canceled my US Bank card this past July to go with Capital One because US Bank did this same thing. Sonuvabitch.

grizzaholic wrote:

Ursus A. Horribilis wrote: I could understand that if they had extended credit to people not worthy but this guy is spot on with no late payments owns his own home, two real successful businesses and I don't think I've ever seen a late payment on anything of his. That's why it's pretty weird to me.

Same thing with Mrs. Grizza. She is always way early and always pays it off to the nearest 10 dollar mark. She doesn't care that much but was really disappointed in them for pulling this kind of shit. Oh well. I guess others will get her business from now on.

never completely pay off a CC.. It has the chance of lowering your credit score and will definitely make the interest rate rise. It seems backwards, but credit scores increase with profits for the CC companies (as long as you are on time of course). Always pay over interest so you lower your principal but paying it off will never create huge benefits. Another sign of the backwards america

Credit card companies are evil.

From my experience as a bankruptcy attorney, credit card companies take advantage of people who lack an ability to control their impulse to spend. Many, many Chapter 7 consumer debtors are afflicted with ADD or ADHD, and are unable to handle finances well. They misuse credit and eventually find themselves in a Chapter 7.

Some smart lawyer should class action the dirtbags and assert that they take advantage of people with a disability.

Meanwhile, listen to Catamount Man. Use a debit card.

Only use credit in an emergency. Never purchase a luxury item on credit.

dgreco wrote:

grizzaholic wrote:
Same thing with Mrs. Grizza. She is always way early and always pays it off to the nearest 10 dollar mark. She doesn't care that much but was really disappointed in them for pulling this kind of shit. Oh well. I guess others will get her business from now on.

never completely pay off a CC.. It has the chance of lowering your credit score and will definitely make the interest rate rise. It seems backwards, but credit scores increase with profits for the CC companies (as long as you are on time of course). Always pay over interest so you lower your principal but paying it off will never create huge benefits. Another sign of the backwards america

Everything goes on a credit card at our house to earn rewards. We pay it off in full each month and that has never negatively affected my credit score.

HI54UNI wrote:

dgreco wrote: never completely pay off a CC.. It has the chance of lowering your credit score and will definitely make the interest rate rise. It seems backwards, but credit scores increase with profits for the CC companies (as long as you are on time of course). Always pay over interest so you lower your principal but paying it off will never create huge benefits. Another sign of the backwards america

Everything goes on a credit card at our house to earn rewards. We pay it off in full each month and that has never negatively affected my credit score.

the only way it will negatively effect you is a higher interest rate and a possible credit score change. Unless you check your credit score often you will never know how it has moved.

dgreco wrote:

HI54UNI wrote:
Everything goes on a credit card at our house to earn rewards. We pay it off in full each month and that has never negatively affected my credit score.

the only way it will negatively effect you is a higher interest rate and a possible credit score change. Unless you check your credit score often you will never know how it has moved.

Over the last two years my credit score has gone up. Went from 802 to 813 so I don't think paying off my CC each month has hurt me. Can't even tell you what my interest rate is because I pay it off every month to avoid interest charges.

Interesting posts...because I recently got a letter from CapitalOne offereing to lower my interest rate or increase my Rewards points...

I took the rewards points, and they still lowered my interest rate for 6 months...I rarely make interest payments, as I usually pay off the entire month since we put EVERYTHING on the CapitalOne card (gotta earn those reward points for free flying, etc...)

I will pay attention to how they treat me in the future based on what has happened to some of you folk...I've only had this card since October 2007, when I got it specifically to pay for the daughter's wedding...