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Advice Needed

Discussion in 'Credit Talk' started by ng, Jan 2, 2002.

  1. Jan 2, 2002 #1
    ng

    ng Well-Known Member

    I just received my DMB statement w/ an insert stating they are going to raise my APR from 8.49% to 11.49% due to information received from Equifax

    Cash Advance/BT will go from 13.49% to 20.49%
    I owe 900.00 w/ a 1400.00 limit


    I have 2 medical collections on dispute along w/ inquiries
    my score is
    Eq 576
    Tu 698
    Ex ?


    Any Advice appreciated

    Thanks
     
  3. Jan 2, 2002 #2
    ng

    ng Well-Known Member

    Have I caught them in a lie?

    I just pulled my Equifax Report
    and the only ar for Direct Merchants Bank was back in 8/01

    That was about the time they lowered mr APR to 8.49%
     
  4. Jan 2, 2002 #3
    keepmine

    keepmine Well-Known Member

    My advice is either BT to another card or, pay 'em off as fast as you can.
     
  5. Jan 2, 2002 #4
    matty61184

    matty61184 Well-Known Member

    You could also try calling them and talking about it, although that will likely do little good. Have you been carrying high balances on any of your other cards recently? Any collections, liens? I have a feeling they are just raising the APR so they can get a profit.
     
  6. Jan 2, 2002 #5
    ng

    ng Well-Known Member

    I think I will call.

    Should I tell them I pulled my report and I see no recent inquiry?

    I can balance transfer and close but I have had this account since early 90's

    I know the APR rate raise is not bad

    It just ticks me off!!!!!!!

    My report & balances (dropping) not totally maxed
    are no different than when reviewed in August when they lowered my APR to 8.49 %
     
  7. Jan 2, 2002 #6
    keepmine

    keepmine Well-Known Member

    Just BT and not close it. Let 'em that $900x 8.49% equals so much a year to them but $900x 20% will equal NO money.
     
  8. Jan 2, 2002 #7
    matty61184

    matty61184 Well-Known Member

    If your report hasn't changed since August and your balances have dropped, they should give you a better rate damn them! I would simply call them and be straighforward. You could even tell them you got your FICO score in August and it was "score" and you got it last week, and it went up to "score" and there's no justifiable reason for them to be upping your rate. If they won't budge, I'd transfer the balance out and leave the card open to help your ratios.
     
  9. Jan 2, 2002 #8
    ng

    ng Well-Known Member

    Thanks
    I'm going to make that call.
    Will post up-date

    Thanks
     
  10. Jan 2, 2002 #9
    ng

    ng Well-Known Member

    Well I called

    They can't do anything for me at this time because I am still 8.74%
    The new rate will not go into effect until my next statement date which is 1/20/01

    I was told to call back then.

    The insurance sell was being pushed for only a few $$ a month )for protection ya know).
    I declined it

    If they will not let me keep my current APR it will be a sock drawer card.


    Thanks for the advice
     

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