A friend of mine back home (PA) has had 2 cards up her rates dramtically, she has perfect history with both accounts. She resides in PA and most all have pulled TU and occasionally Experian for her approvals , her EQ is the only one to have her tax lein. She thought she was free and clear. But it appears her creditors pulled EQ for an "AR" and saw that and jacked up her rates, she is very upset of course and I guess never thought this could happen, but it did and I am sure it does happen. I know Citi peeks at EQ and TU roughly every 4 months, my others also use a variety of reports as well. I guess this is why I try to keep on top of ALL my reports, these AR can be very costly. I know how important we stress what reports the pull for approvals, but just remember they can pull any other one anytime for an AR and if you have something on the one they decide to use that month , it could cost you.
TELL ME ABOUT IT!!!!!!!!!!!!!! MY FIRST USA (now gone) JACKED up to 22.49%... I have NO negatives!!!! They gave a reason of too much available credit lines and although there is NO history to PROVE IT...I COULD MAX OUT ALL MY CARDS, and never pay!!! YEAH, I COULD ALSO WALK AWAY ON MY PAID IN FULL HOUSE TOO...BUT IT WOULD NEVER HAPPEN!!!
I have seen AR's on my credit report,and the creditors that are doing it.I have no complaints on them doing it because i am very responsible with my credit cards.AR's are very good for me because this is how i get my low rate BT's offered to me,and they are very,very low rates.Also they do AR's to see if they can increase a persons credit limit.The only thing that a person dosn't want to do is to be late with any credit card account or any other credit obligation nor does a person want to rack up a bunch of debt,and pay minimum due only.If a person is doing this and all of a sudden any of their creditors does a AR they could be in for a big suprise.Who wants to pay high interest rates or worse yet get their credit limits cut very huge?I am sure they don't want to catch anyone out of line but they do catch them,and then people complains why their interest rates are going up,etc.Being irresponsible with credit is the wrong thing to do for anyone.So just as long that a person is being responsible with their credit then the AR's won't have any effect on them.
I understand your point exactly ble, the only point I was trying to show is that MANY people have one report, sometimes 2 reports that are clean of negatives and still have that one report that may have something bad on it. They get approval from one of their clean reports and then a few months down the line the creditor runs an "AR" on that one report and bamn the get nailed, that's all I was trying to point out. I keep my accounts in perfect standing, however last month I had something put on my report that was completely inaccurate and thank goodness I had that corrected before anyone did an "AR" on that report
If the lender doesn't review the credit report with the lien-- and the lien was there on the date of the application-- isn't that the lender's problem (not the borrower's) and shouldn't the lender honor the terms of any amount borrowed until the account review (unless the borrower fails to perform)? It sounds illegal. What is your friend doing to fight their action?
=========== It should always be illegal to jack up your rate when you haven.t failed to perform. ============ (unless the borrower fails to perform)? /B][/QUOTE]
Hi Mom - hope you all have a barBQ in YOUR YARD this labor day. I will sneak down and maybe work some on Sun and some Monday then will be caught up for Tues. I believe this happened to me with Providian. Remember my older post about getting new terms on my Providian up to ...I think it was 22% - I could go back but - it was not due to any new negative info on any report. My FICO is 660. BUT, I believe Providian AR'd me and saw AMEX, Nextcard, Cap One and 5K FCNB, Target. I believe they wanted to lose me because I did not carry a balance - and obviously had better PRIME cards than their dog card - a shiny plat looking classic that had plat benefits ..... and any credit plan they could stick on you. They were't making anything on me. BUT,, I have been solicited from the Clear division. screw em! LOL! c ya - fondly - dogman
Hi George My Nextcard statement came today and I looked at the rate specifically after reading your posts. Mine is 19.47%. BUT I only have $2500 limit. First USA and Fleet and many others are quickly raking in cash with this new "FISCAL RESPONSIBILITY" method. I am sure the coming violations will be ASPIRE complaints when all the 17%- if any - get jacked to the awful - notorious - 41%! c ya dogman
Re: Hi George MINE IS STILL 9.99%...HER'S 18.99%...HER F.I.C.O. IS 43 POINTS HIGHER! Her card is in the sock drawer with DISCOVERCARD...
Re: Hi George What is this "FISCAL RESPONSIBILITY" method? Does that mean that even though you have paid on time for 23+ years, they think (NO PROOF) that you will be UNREASONABLE???
Hey Dog Yes we have the old grill and will be firing it up this weekend, you of course can come ANYTIME, BYOB
Hey breeze, you are not that far I was thinking I would give Dogman the new miles citi just gave me to fly over here LOL
OH yeah, I forgot about that. I know I am not that far... you are ummmmmm west of Charlottesville? Mebbe 4 hours. I don't speed.
Re: Hi George ===================================== ======I think that's what they want you to think they think,but I think they think it's a great way for them to rip you off!====== =================================
