creditors & interest rates
Date: Wed, 04/21/2010 - 06:37
unfortunately its the way of the credit card world. they don't s
unfortunately its the way of the credit card world. they don't seem to care how long you have had the card, paid on time and never late or never used the card. all you can do is call and ask them to lower the % rate. i wish you all the best with that adventure :)
Good luck with that, I called all my creditors back in jan 2009
Good luck with that, I called all my creditors back in jan 2009 after noticing my rates were jacked up to 22- 29.99, never late and they said NO the economys too bad, I decided to pay them all off but everytime I'd make a large payment they'd respond by decreasing my credit line to at or near my balance. I hadda line with Chase for 22K bal was 14K, I made a payment of 10K to bring my balance down to 4K and they then sent me a letter saying that after careful review and in order to maintain profitability they had decided to decrease my credit line to 4,600, other creditors followed suit even though I was never late in my life...Then I found out my buddy settled with Chase 40K for 8K...I thought wth, I'd just paid 20K to 2 creditors and they respond by cutting my credit lines...?? Once I missed my first payments, now all of a sudden everyone's calling me wanting to know how they can help me, offering 0% interest? I told them NO the economys too bad and with my recent hit to my business, there's not much left...Woulda been nice had they lowered it for me when I asked back in Jan 2009, maybe shoulda called me back then and said Ya know what, the economys bad, and we know it, so we're gonna lower your interest rate for a year because we value your business and as a good customer we can offer that to you, instead of jacking it to 29.99 and tripling the min payment due...During the settlement process, a few of my creditors during phone calls actually said Sir I see you made a payment in April 2009 for 10K, why didn't you try to settle at that time? I told her because I didn't know anything about it and obviously I had the money to make my payments and then some. I went through the same discussion with CITI, I'd made a payment of 8500, and the one girl actually said well that was a bad idea???? I said I guess so because had I known my business was gonna dry up and I'd run outta $ maybe I wouldn't have done that...And these people demand 45+% for settlements? Good Grief..