Please help!!
Date: Sun, 04/15/2007 - 16:24
I have a friend that has a credit card problem. The credit card company closed her account without notifying her and then they raised the interest rate. She admittedly said that she missed 1 payment, but that she has been making more than the minimum payment since that 1 missed payment. My question is can a credit card company do this without notifying you in some way? She called them and the customer service rep told her that she should have gotten a letter, but she never did and that the reason it was closed is because of that 1 missed payment. Can she try and get a lower rate so she can get this paid off or should she just transfer this over to a card with a lower rate? Any advice would be helpful.
Thank You
Unfortunately the credit card companies can do this. She can try
Unfortunately the credit card companies can do this. She can try to transfer the balance and try to get a low rate.
If I were her I would apply to another company and kiss their bu
If I were her I would apply to another company and kiss their butts goodbye, that is ashame, 1 payment and that is how they treat her, that is nuts.
It would be worth her while to transfer the ballance to a card w
It would be worth her while to transfer the ballance to a card with a lower rate. I wouldn't give that CC company any more of my business.
It's buried in those agreements that they send with your card. They can even raise inyerest rates at anytime without letting you know.
It is called a universal default agreement.They can jack your in
It is called a universal default agreement.They can jack your interest rate even if you are late on a bill to a company other than them or something pops up on your credit report.Congress is currently holding hearings on this with a few of the majors. It was tried on me 5 years ago,I took out a consolidation loan,pay all of them in full and told all of them to pis* up a rope. My 3 current cards are being very nice to me and usually are very unhappy because I pay in full every month before statement cuts which means free use of their money. :wink:
LOL yes, in the credit card industry, they don't like people lik
LOL yes, in the credit card industry, they don't like people like you cajun. They would rather someone miss a payment than to pay in full every month.
I almost ruined my credit with them practices they have.Five yea
I almost ruined my credit with them practices they have.Five years ago,I was about 20K in credit card debt when they pulled this mess on me. Now I am down to about 12K. My loan has very low interest and we can see the amount going down every month. Since starting my credit history I have run 3 vehicles thru it,about 5 mortgages,and a few signature loans. A little lost on number of mortgages, :roll: My wife and I have bought some investment real estate at tax auctions with those loans.
Update
She contacted the credit card company to see if they would lower the rate. The customer service rep told her that her current rate is the lowest that it could be lowered. She then told the customer service rep that she will be transferring the balance to another card. The rep then tried to get her to change her mind and tried negotiating with her. The rep said that they would lower the rate to 16%. Then my friend laughed and told them to close her account since she would be transferring to another card at 0% for 12 months with no annual fee. First of all the rep lied and said that it couldn't be lowered, but when my friend threatened to transfer the rep tried to negotiate to no avail. At least my friend can get this paid off now before the 12 months is up. :D