I had a Visa account the was first providian (my first card)that was bought out by Washington Mutual and they immediately increased my rate to 24%. I left the card in a drawer for 2 years and only had a 1 reoccurring charge on it for my gym... Which I paid off every month. Then When taken over by chase they slammed me again. raising it to 42%. I have for 3 months been battling with them to lower it... Capital on and discover lowered theirs to keep me as a cardholder. I just closed both my accounts with them after they could not give me a good reason for lowering it... Just kept reading a script about them notifying me in one of my bills and I should have closed them out at that time. I just closed both my accounts with both having 10,000 credit limits. I'll take the hit on my FICO score not to be a victim anymore... So much for the bailout!!!
That's a serious slam you took there. I did not think any bank could go over 30%? Am I missing something here? Maybe I need to do some more research about card rate maximums.
I personally don't blame you for what you did. These issuers are treating excellent cardholders like delinquents!
I might have done the same if I couldn't get anywhere with a supervisor or office of president.
Your score will rebound before you know it. Be sure to keep your utilization as low on any other cards as possible, pref under 30%. You just lost a lot of available credit, so just a reminder.
Way to stand up for yourself, as they will soon be begging for the business they chased off to begin with.
Have a great Christmas!
Comment Title: Wait A Minute! From Meyaon 2008-12-23
Are you telling me that if you was to make a purchase, this creditor would charge you nearly HALF if it is not paid before the statement closes? Seems like to me that they are filing a divorce or something. This is a divorcée nightmare. You did right, that is just outrageous, I did not know prime rate can get that high. Jeeeesssuuuuss!
Comment Title: So Sorry! From Charonhon 2008-12-23
I am a Wamu customer and am very pleased thus far. I don't have near the credit lines available that you had. Could you not just keep them open and buy a tank of gas once a month until the economy picks up? Surely they should be able to give you a better explanation as to why they would increase your rate that high. That is a substantial amount of credit you're loosing, but you are correct, your scores will eventually rebound. I personally probably would have thought it over before I closed accounts with limits that high.
When I applied for my mortgage, I was told I needed to close certain credit cards, for the approval to process without a hitches. This was due to me also having too much available credit. I asked for...