The most ASSININE responce from a credit card company regarding APR increase!!

[Oyeve]

Recently WAMU raised my APR on my previously named Providian CC (WAMU bought Providian). I was at 10.9% for years, never went over limit, never paid late and usually paid at least 150% minimum due. They suddenly jacked it up to 22% to which I immediately called them. Got India of course, told them WTF is going on, they say they can't tell me why and that the reasons were on a previous statement to which I whip out and go over and tell idiot on phone NO, It's not on any statement. Then idiot says letter is in the mail. I demand a supervisor who basically says the same crap. I rant off at second idiot and close my card and make sure its at the lower 10.9% apr. After thats done I demand a letter be sent with the reasons why WAMU raised my apr 100%. I will skip all the BS forma letter crap and just give y'all the reason:


Reason:

Length of time accounts have been open.


Thats it. They raise me from 10.9% to 22% because I had this account for 8 years?

I know WAMU is all fubared lately and will most likely go under (I pray they do) but I get shafted because I had this account for a long time? There is seriously something wrong. I will copy this letter and write them a long retort as to how retarded this is. I will also send this and other info to the Bureau of Consumer Frauds and Protection
Office of the Attorney General.

 

[spidey07]

That is pretty crappy, but you'd have to review your current card member agreement, because they frequently change it. They like to put all kinds of gotchas in there. One of the common ones is if you pay late on ANYTHING, even a utility bill they jack your rate.

Also closing that card just took a nice juicy ding on your credit score.

 

[Special K]

n/m

 

[Demon-Xanth]

I'd ditch the card in a heartbeat. Would ask why just to find out, then kill it.

 

[Tim]

Ooops

 

[Mo0o]

Originally posted by: Special K
If you pay in full each month, who cares what the rate is? I couldn't even tell you what the rate on my CC is.

He's not paying in full each month

 

[Train]

After 8 years they think you arent going to go anywhere.

Call them and ask to cancel the account, when they ask why, tell them, they might get a manager on the phone and reconsider.

 

[ElFenix]

Originally posted by: theplaidfad

Originally posted by: spidey07
That is pretty crappy, but you'd have to review your current card member agreement, because they frequently change it. They like to put all kinds of gotchas in there. One of the common ones is if you pay late on ANYTHING, even a utility bill they jack your rate.

Also closing that card just took a nice juicy ding on your credit score.

I don't see where he said anything about closing the card.

Originally posted by: theplaidfad
Ooops

i think you figured it out

 

[Special K]

Originally posted by: Mo0o

Originally posted by: Special K
If you pay in full each month, who cares what the rate is? I couldn't even tell you what the rate on my CC is.

He's not paying in full each month

I just saw "never went over limit" and for some reason equated that to paying in full each month. My mistake, I read too fast.

 

[GagHalfrunt]

Credit cards are a buyers market as long as your credit is good. There are thousands of providers fighting for customers. If you can't get the rate or limit you want with one card just take your business to another.

 

[Tim]

Originally posted by: ElFenix

Originally posted by: theplaidfad

Originally posted by: spidey07
That is pretty crappy, but you'd have to review your current card member agreement, because they frequently change it. They like to put all kinds of gotchas in there. One of the common ones is if you pay late on ANYTHING, even a utility bill they jack your rate.

Also closing that card just took a nice juicy ding on your credit score.

I don't see where he said anything about closing the card.

Originally posted by: theplaidfad
Ooops

i think you figured it out

 

[Oyeve]

Originally posted by: spidey07
That is pretty crappy, but you'd have to review your current card member agreement, because they frequently change it. They like to put all kinds of gotchas in there. One of the common ones is if you pay late on ANYTHING, even a utility bill they jack your rate.

Also closing that card just took a nice juicy ding on your credit score.

I always review the agreement, I read every statement every month and not one notice about an increase. I keep all my staements for all my cards. I'm anal that way but with credit you can never bee too safe.

As for my credit score, it actually went up 20 points after I closed the card (I monitor all 3 bureus all the time). My score is over 800 now. Closing a card only hurts if the CC company closes it, if the consumer closes it it has no affect or a positive one, as it had for me. I think it was a big data screwup being WAMU took over a card I had for years. They probably think I just got a WAMU card and rang up all the current balance since the takeover. Anyway, I will call em tomorrow to tell them there is something amiss here.

 

[CoachB]

If you play with snakes, you will get bit.
Credit is one of the biggest, most successful scams ever proffered on the American public.
Cash is king!!

 

[dmcowen674]

Originally posted by: Oyeve
I demand a letter be sent with the reasons why WAMU raised my apr 100%.

I will skip all the BS forma letter crap and just give y'all the reason:

Reason:

Length of time accounts have been open.

Thats it. They raise me from 10.9% to 22% because I had this account for 8 years?

Interesting because credit score is based on the length of time you have a card.

A card that you are good on payments etc for 8 years is supposed to count a whole lot more than one you have say for 8 months.

 

[Oyeve]

Originally posted by: dmcowen674

Originally posted by: Oyeve
I demand a letter be sent with the reasons why WAMU raised my apr 100%.

I will skip all the BS forma letter crap and just give y'all the reason:

Reason:

Length of time accounts have been open.

Thats it. They raise me from 10.9% to 22% because I had this account for 8 years?

Interesting because credit score is based on the length of time you have a card.

A card that you are good on payments etc for 8 years is supposed to count a whole lot more than one you have say for 8 months.

I know! Which is why this reeks of WAMU and all their financial woes being passed to the consumer!

 

[Dulanic]

Originally posted by: CoachB
If you play with snakes, you will get bit.
Credit is one of the biggest, most successful scams ever proffered on the American public.
Cash is king!!

Credit has alot of advantages....

Build credit history for buying a home etc... VERY few people have cash to buy a home.

Rewards Cards.... pay them off monthly and it's free money. I earn usually 500 a year CASH in free rewards.

The ability to dispute something if needed, defective items and crap like that. If you want
to pay cash online for something you need to use paypal really.....and good luck ever getting your money back if you never receive the item.

So there are just a few reason's credit > cash.

 

[IceBergSLiM]

22% should be illegal. PERIOD.

Interest should be capped at 10%


http://en.wikipedia.org/wiki/Usury

 

[Ns1]

Originally posted by: IcebergSlim
22% should be illegal. PERIOD.

Interest should be capped at 10%


http://en.wikipedia.org/wiki/Usury

LOL

 

[MisterJackson]

Originally posted by: spidey07
That is pretty crappy, but you'd have to review your current card member agreement, because they frequently change it. They like to put all kinds of gotchas in there. One of the common ones is if you pay late on ANYTHING, even a utility bill they jack your rate.

Also closing that card just took a nice juicy ding on your credit score.

So he keeps it with their fucked up tactics or gets fucked if he leaves em.....isn't America great!

This is why I'm a cash only kinda person. I haven't had a credit card since I was 18 (and had no idea how to manage them then, thus screwing my credit).

There's nothing I don't already have/need, or may need/want in the future that I can't save up for and buy out right. I don't make THAT much, I just try to live within my means.

 

[IceBergSLiM]

Originally posted by: Ns1

Originally posted by: IcebergSlim
22% should be illegal. PERIOD.

Interest should be capped at 10%


http://en.wikipedia.org/wiki/Usury

LOL

LOL!!!1one!!!!1

 

[Ns1]

Originally posted by: IcebergSlim

Originally posted by: Ns1

Originally posted by: IcebergSlim
22% should be illegal. PERIOD.

Interest should be capped at 10%


http://en.wikipedia.org/wiki/Usury

LOL

LOL!!!1one!!!!1

If you can't pay then don't borrow. Simple.

 

[IceBergSLiM]

Originally posted by: Ns1

Originally posted by: IcebergSlim

Originally posted by: Ns1

Originally posted by: IcebergSlim
22% should be illegal. PERIOD.

Interest should be capped at 10%


http://en.wikipedia.org/wiki/Usury

LOL

LOL!!!1one!!!!1

If you can't pay then don't borrow. Simple.

if 10% isn't enough return don't lend. Simple.

 

[Ns1]

Originally posted by: IcebergSlim

Originally posted by: Ns1

Originally posted by: IcebergSlim

Originally posted by: Ns1

Originally posted by: IcebergSlim
22% should be illegal. PERIOD.

Interest should be capped at 10%


http://en.wikipedia.org/wiki/Usury

LOL

LOL!!!1one!!!!1

If you can't pay then don't borrow. Simple.

if 10% isn't enough return don't lend. Simple.

Free markets FTL

 

[IceBergSLiM]

Originally posted by: Ns1

Originally posted by: IcebergSlim

Originally posted by: Ns1

Originally posted by: IcebergSlim

Originally posted by: Ns1

Originally posted by: IcebergSlim
22% should be illegal. PERIOD.

Interest should be capped at 10%


http://en.wikipedia.org/wiki/Usury

LOL

LOL!!!1one!!!!1

If you can't pay then don't borrow. Simple.

if 10% isn't enough return don't lend. Simple.

Free markets FTL

Predatory Lending FTL

 

[Dulanic]

Originally posted by: Ns1

Originally posted by: IcebergSlim
22% should be illegal. PERIOD.

Interest should be capped at 10%


http://en.wikipedia.org/wiki/Usury

LOL

There is a commercial here for some cash advance company, you borrow $2000 and you pay it back over like 10 years. At the bottom it says something like "effective APR: 2973%".....insane.

Anyways I used to commonly get a credit card offer in the mail for a card with 39% interest and a $100 annual fee. I have/had a 5.25% interest card at the time...so they were nuts. They wouldn't stop sending them so finally I collected about 100 of them and mailed back each one in the prepaid envelope blank and not filled out just to waste their time.