Zguy28 Posted February 24, 2009 Share Posted February 24, 2009 No it's not criminal. There's no laws against it. There use to be. 23.99% used to be the limit by law. Link to comment Share on other sites More sharing options...
Mickalino Posted February 24, 2009 Share Posted February 24, 2009 No it's not criminal. There's no laws against it. And don't be so blind as to think they don't know. one way or another they might have gotten wind that you have become a riskier loan. Like I said though, they are playing a numbers game. They are trying to remove debt from their books. This is one way to do it. Not all customers are good customer per se. some people have cards that they never use. They feel that makes them a good customer. No. They are only costing the c/c company $ every month. Maybe not literally criminal. But it is pure evil at the very least. And purely poor business decision. Even if they DO know that I've become a high risk, what do they think is going to happen to someone they perceive as a high risk, if they jack them up to 30% ? Like I said, you've just taken a person who was doing everything they can to maintain their credit during tough times, and pushed them over the edge. THEIR loss. Link to comment Share on other sites More sharing options...
Dictator Posted February 24, 2009 Share Posted February 24, 2009 I know it's not literally criminal. But it is pure evil.So even if they DO know that I've become a high risk, what do they think is going to happen to someone they perceive as a high risk, if they jack them up to 30% ? Like I said, you've just taken a person who was doing everything they can to maintain their credit during tough times, and pushed them over the edge. ehhh...it depends...depending on the terms of your account, it might increase your monthly payment $10 or so....or more depending on your balance/original apr. Here's the thing....people think that maying the monthly minimum payment is helping their credit. C/C see that as risk. If they can pay more, why aren't they? You know who the best customers are? One's who revolve...and use...and make more than the mmp. Link to comment Share on other sites More sharing options...
Mickalino Posted February 24, 2009 Share Posted February 24, 2009 Yeah this happened awhile ago. Most of our cards went to 26%. So we paid them all off and never use them unless we absolutely have to. Which I can say that maybe we have twice in the last 2 years. This is exactly what I'm talking about. Raise your interest to ungodly amounts, and either you completely lose your customer's business, or he's not going to be able to pay any of it, or little of it back. Who is going to just sit back and happily continue to pay that, whether they can, or cannot ? The bank is simply not going to get their expected 30% back for any period of time, and perhaps Zero percent, depending on the examples I just gave. Link to comment Share on other sites More sharing options...
Dictator Posted February 24, 2009 Share Posted February 24, 2009 Raise your interest to ungodly amounts, and either you completely lose your customer's business, or he's then going to be able to pay little or none of it back. Who is going to just sit back and happily continue to pay that, whether they can, or cannot ? And that is the risk they are willing to take with the current climate. they know people are going to be pissed off. however, you can decline the rate...at which point your account is closed and you pay it off at the current apr. Link to comment Share on other sites More sharing options...
deejaydana Posted February 24, 2009 Share Posted February 24, 2009 This is still and always be a negotiable move when cc companies do this to you. Even before this consumer and market meltdown I've had companies try to pull this on me and I have always negotiated it back down. Just threaten to close the account and watch how quickly they respond. It's not difficult, even in these times. Link to comment Share on other sites More sharing options...
Tulane Skins Fan Posted February 24, 2009 Share Posted February 24, 2009 I was just in New Orleans (I live in DC), and when I got to the hotel I couldnt check in because my credit card froze itself. I was two weeks late on a payment of 190 bucks, when I had 20K in available credit. I had not made a late payment in over a year. I ripped them a new one at the counter. Then I called back when I got home just to tell them their bank sucks and "you guys just got an 800 billion bailout and you still can't do anything, right. I hope you all lose your jobs." Chevy Chase Bank. Link to comment Share on other sites More sharing options...
TMat184 Posted February 24, 2009 Share Posted February 24, 2009 Consumers still do have some leverage here..... The last thing CC companies want is your account in collections, where they have to take a massive loss. Call them, stand firm, let them know it isn't acceptable. You may be able to work something out. Link to comment Share on other sites More sharing options...
deejaydana Posted February 24, 2009 Share Posted February 24, 2009 I was just in New Orleans (I live in DC), and when I got to the hotel I couldnt check in because my credit card froze itself. I was two weeks late on a payment of 190 bucks, when I had 20K in available credit. I had not made a late payment in over a year.I ripped them a new one at the counter. Then I called back when I got home just to tell them their bank sucks and "you guys just got an 800 billion bailout and you still can't do anything, right. I hope you all lose your jobs." Chevy Chase Bank. You completely undermined your case by making a late payment. This is the worst thing you can possibly do both to your credit and in the eyes of any creditor. Sorry, but that's the case here. Link to comment Share on other sites More sharing options...
Tulane Skins Fan Posted February 24, 2009 Share Posted February 24, 2009 You completely undermined your case by making a late payment. This is the worst thing you can possibly do both to your credit and in the eyes of any creditor. Sorry, but that's the case here. Well, I have a solid history with them... it didn't used to work like that. Link to comment Share on other sites More sharing options...
Dictator Posted February 24, 2009 Share Posted February 24, 2009 Well, I have a solid history with them... it didn't used to work like that. No it didn't. It used to take 2 consecutive missed payment before they'd block your card. Link to comment Share on other sites More sharing options...
deejaydana Posted February 24, 2009 Share Posted February 24, 2009 Well, I have a solid history with them... it didn't used to work like that. They've made across the board changes which don't take into consideration a "case by case" analysis. I have business clients who've had their lines of credit cut from 75K down to 10K and not due to any late payment issues (Imagine not having any 'float' for a small biz?). It sucks but being delinquent in this climate won't ever help your case. Link to comment Share on other sites More sharing options...
Tulane Skins Fan Posted February 24, 2009 Share Posted February 24, 2009 No it didn't. It used to take 2 consecutive missed payment before they'd block your card. exactly. they are crap. Link to comment Share on other sites More sharing options...
Tulane Skins Fan Posted February 24, 2009 Share Posted February 24, 2009 They've made across the board changes which don't take into consideration a "case by case" analysis. I have business clients who've had their lines of credit cut from 75K down to 10K and not due to any late payment issues (Imagine not having any 'float' for a small biz?). It sucks but being delinquent in this climate won't ever help your case. well, they are delinquent. and they are getting bailouts. they are way worse than me being 10 days late on one payment in a year. **** them. :2cents: Link to comment Share on other sites More sharing options...
D'KanSkinFan Posted February 24, 2009 Share Posted February 24, 2009 My parents taught me early to treat my credit card like a debit card. If you dont have the money to pay for it at the end of the month, then DONT BUY IT. Its that simple. I must post this Slacky: SMART, SMART, SMART Man with a smart statement :applause::notworthy Link to comment Share on other sites More sharing options...
deejaydana Posted February 24, 2009 Share Posted February 24, 2009 well, they are delinquent. and they are getting bailouts. they are way worse than me being 10 days late on one payment in a year. **** them. :2cents: You're still missing the point. None of these businesses missed any payments and still had their credit limits slashed, as did many people. I'm not preaching to you, but in tight economic times you don't want to be part of the pack making late payments, you're just going to be lumped into the potential credit risk group. Not the place to be. Link to comment Share on other sites More sharing options...
Tulane Skins Fan Posted February 24, 2009 Share Posted February 24, 2009 You're still missing the point. None of these businesses missed any payments and still had their credit limits slashed, as did many people. I'm not preaching to you, but in tight economic times you don't want to be part of the pack making late payments, you're just going to be lumped into the potential credit risk group. Not the place to be. I get your point. I am just one of those livid people. Freezing my account 10 - 14 days after it was due is ridiculous. For all they know, I've been out of the country and haven't gotten a statement. Or maybe even THEY made a mistake in mailing it to me. For these reasons, I went home and closed my account and gave them a big **** you. Link to comment Share on other sites More sharing options...
Dictator Posted February 24, 2009 Share Posted February 24, 2009 I get your point. I am just one of those livid people. Freezing my account 10 - 14 days after it was due is ridiculous. For all they know, I've been out of the country and haven't gotten a statement. Or maybe even THEY made a mistake in mailing it to me. For these reasons, I went home and closed my account and gave them a big **** you. this is something worth highlighting. Tell them you didn't get your statement. They'll grant you a payment holiday typically and remove the fees. You can only do this once or twice over the life of the account though. It's also difficult to get away with if you pay online. Link to comment Share on other sites More sharing options...
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