They sneaked in a notice with my statement in april saying they would raise my rates to 24.99apr because of the review of my experian report. I never look at the inserts that are with my statement , they tell me it's to late to opt-out. What should I do to get them to reverse the rates???
They just did the same to me. When i called and asked why the CSR said it was because i showed a 30 day late on my Experian report in the last 48 months(4yrs). I told them I would expect my apr to be lowered since ive gone up over 100 fico points just recently! id like to know as well if there are any techniques to have this lowered. bugman
thry told me , after review of your experian report , your rate got increased. I dont have any lates at all. I am transfering my balances out.
Seems to me that since creditors are required to disclose the reasons for which a consumer was denied credit, they should also be required to disclose reasons for adverse actions such as this! § 615. Requirements on users of consumer reports [15 U.S.C. § 1681m] (a) Duties of users taking adverse actions on the basis of information contained in consumer reports. If any person takes any adverse action with respect to any consumer that is based in whole or in part on any information contained in a consumer report, the person shall (1) provide oral, written, or electronic notice of the adverse action to the consumer; (2) provide to the consumer orally, in writing, or electronically (A) the name, address, and telephone number of the consumer reporting agency (including a toll-free telephone number established by the agency if the agency compiles and maintains files on consumers on a nationwide basis) that furnished the report to the person; and (B) a statement that the consumer reporting agency did not make the decision to take the adverse action and is unable to provide the consumer the specific reasons why the adverse action was taken; and (3) provide to the consumer an oral, written, or electronic notice of the consumer's right (A) to obtain, under section 612 [§ 1681j], a free copy of a consumer report on the consumer from the consumer reporting agency referred to in paragraph (2), which notice shall include an indication of the 60-day period under that section for obtaining such a copy; and (B) to dispute, under section 611 [§ 1681i], with a consumer reporting agency the accuracy or completeness of any information in a consumer report furnished by the agency. (b) Adverse action based on information obtained from third parties other than consumer reporting agencies. (1) In general. Whenever credit for personal, family, or household purposes involving a consumer is denied or the charge for such credit is increased either wholly or partly because of information obtained from a person other than a consumer reporting agency bearing upon the consumer's credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living, the user of such information shall, within a reasonable period of time, upon the consumer's written request for the reasons for such adverse action received within sixty days after learning of such adverse action, disclose the nature of the information to the consumer. The user of such information shall clearly and accurately disclose to the consumer his right to make such written request at the time such adverse action is communicated to the consumer. (2) Duties of person taking certain actions based on information provided by affiliate. (A) Duties, generally. If a person takes an action described in subparagraph (B) with respect to a consumer, based in whole or in part on information described in subparagraph (C), the person shall (i) notify the consumer of the action, including a statement that the consumer may obtain the information in accordance with clause (ii); and (ii) upon a written request from the consumer received within 60 days after transmittal of the notice required by clause (I), disclose to the consumer the nature of the information upon which the action is based by not later than 30 days after receipt of the request. (B) Action described. An action referred to in subparagraph (A) is an adverse action described in section 603(k)(1)(A) [§ 1681a], taken in connection with a transaction initiated by the consumer, or any adverse action described in clause (i) or (ii) of section 603(k)(1)(B) [§ 1681a]. (C) Information described. Information referred to in subparagraph (A) (i) except as provided in clause (ii), is information that (I) is furnished to the person taking the action by a person related by common ownership or affiliated by common corporate control to the person taking the action; and (II) bears on the credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living of the consumer; and (ii) does not include (I) information solely as to transactions or experiences between the consumer and the person furnishing the information; or (II) information in a consumer report. (c) Reasonable procedures to assure compliance. No person shall be held liable for any violation of this section if he shows by a preponderance of the evidence that at the time of the alleged violation he maintained reasonable procedures to assure compliance with the provisions of this section. (d) Duties of users making written credit or insurance solicitations on the basis of information contained in consumer files. (1) In general. Any person who uses a consumer report on any consumer in connection with any credit or insurance transaction that is not initiated by the consumer, that is provided to that person under section 604(c)(1)(B) [§ 1681b], shall provide with each written solicitation made to the consumer regarding the transaction a clear and conspicuous statement that (A) information contained in the consumer's consumer report was used in connection with the transaction; (B) the consumer received the offer of credit or insurance because the consumer satisfied the criteria for credit worthiness or insurability under which the consumer was selected for the offer; (C) if applicable, the credit or insurance may not be extended if, after the consumer responds to the offer, the consumer does not meet the criteria used to select the consumer for the offer or any applicable criteria bearing on credit worthiness or insurability or does not furnish any required collateral; (D) the consumer has a right to prohibit information contained in the consumer's file with any consumer reporting agency from being used in connection with any credit or insurance transaction that is not initiated by the consumer; and (E) the consumer may exercise the right referred to in subparagraph (D) by notifying a notification system established under section 604(e) [§ 1681b]. (2) Disclosure of address and telephone number. A statement under paragraph (1) shall include the address and toll-free telephone number of the appropriate notification system established under section 604(e) [§ 1681b]. (3) Maintaining criteria on file. A person who makes an offer of credit or insurance to a consumer under a credit or insurance transaction described in paragraph (1) shall maintain on file the criteria used to select the consumer to receive the offer, all criteria bearing on credit worthiness or insurability, as applicable, that are the basis for determining whether or not to extend credit or insurance pursuant to the offer, and any requirement for the furnishing of collateral as a condition of the extension of credit or insurance, until the expiration of the 3-year period beginning on the date on which the offer is made to the consumer. (4) Authority of federal agencies regarding unfair or deceptive acts or practices not affected. This section is not intended to affect the authority of any Federal or State agency to enforce a prohibition against unfair or deceptive acts or practices, including the making of false or misleading statements in connection with a credit or insurance transaction that is not initiated by the consumer. Michael
"JACK" THEM BACK IF YOU CAN!!! Pay in FULL and CLOSE it!!! PFB MIGHT WORK FOR LOWERING IT... They MUST have a LOGICAL REASON??? Like you paid off too much??? You have a higher F.I.C.O. than the month before??? You don't have enough late payments??? THEY CAN COME UP WITH SOMETHING!!!
I am transferring out one of the accounts. it has $5000 revolving on it. I won't close it, just leave it in the sock drawer for a while. The reason they gave me is that they checked my experian report and saw I had to much usage on my other accounts. They said I was notified via a insert in my may statement, and they sent me a letter. I understand they would like to protect their own self interest but raising it to 24.99 is just crazy, I have sent off a pfb letter. I hope they will reconsider hmpt! leo
This is Bullshit! Similar thing happened to me, because of a 30 day late on one CC, a totally different bank raised the APR on a CC I had with them. This raising of the APR rate is considered an Adverse Action and therefore you are allowed to get a free credit report from each of the major CRA's, just in case you didn't know. FedUp2003
NOW I get it. That was April, this is July... I understand now why they told you it's too late to opt out. I've actually had pretty good results opting out of arbitrary and capricious repricings, as long as I don't need the account any more. I did eat two APR increases from Chase, simply because I needed to keep one of my oldest accounts.
richman, its the same for me. its an old account i got in college and is helping me (i guess, who knows with the RNG that is fico) it just seems to me they have it both ways: Way 1: Jack the rate thereby accumulate more finance money! Way 2: Jack the rate thereby causing customers to pay off their balance and get out! Bad WAy 3: lose paying customers! ok, i just realized they have it 3 ways but if their in a cash crunch i can understand why they did what they did.. bugman
Re: Re: Bankone just raised my apr to 24.99 I didn't look at the april statement so I didn't notice the insert where they stated that my apr was going to increase in july. And I didn't receive the seperate mailing they say they sent.
Re: Re: Bankone just raised my apr to 24.99 $5,000-->SAY AT 12.99%=$54.13/MONTH $0------->SAY AT 24.99%=$0.00/MONTH<---LOOK AT ALL THAT MONEY YOUR GONNA' MAKE I WOULD DRAW THEM A PICTURE LIKE I DO Sometimes they BACK DOWN...sometimes they don't...the ones that don't either get used once per year to fill the lawnmower gas can...then go back in the sockdrawer...or they just get closed... USING CREDIT IS NOT A CRIME!!!
Re: Re: Bankone just raised my apr to 24.99 USING CREDIT WAS NEVER A CRIME IN THE OLDEN' DAYS!!! I GUESS THAT HAS CHANGED NOW...SINCE POOR CREDIT CAUSES ACCIDENTS, TICKETS and CLAIMS!!! AND MAKES NORMALLY "A" STUDENTS GET POOR GRADES...AND "EXCELLENT" EMPLOYEES BECOME POOR EMPLOYEES!!! OR NOT HIRE-ABLE AT ALL
You know, All the talk about the Beast and everyone will have to have a number stamped into their forehead or in the palm of their hand, etc .... this feared "number" that we hear about ... I think it comes from the book of Revelations ... I've even heard that it will be some 3 digit number, or something like that, just as 666 is thought of as the number of the devil, etc .... ... I think the "real" beast, or number we need to worry about is the FICO number ... Maybe this is the evil, soon to be ALL powerful number that will take over the world! All things in life will be controlled and predicated upon your "number!" What kind of employee or potential employee you are, what your driving ability or risk is, should you be allowed to further your education and perhaps put yourself into a position to earn more money, hit some bad times and was 30 days late on a few things - therefore you have crappy credit and pay high rates for 7 LONG Years! ARRGHHH FICO, it's the number of The Beast! FedUp2003
I could just imagine a credit report being pulled to DETERMINE your grade in school... Your credit report being pulled to DETERMINE your raise at work...
Re: Re: Bankone just raised my apr to 24.99 That is so damn scary, and mostly because it is so close to being true and probable/possible. Hell, I don't think I'll be able to get to sleep in the morning when I get home from work. I'm going to have nightmares and see red-horned demons chasing me with my FICO scores impaled on the tips of their pitchforks, and my feet will be stuck in a quicksand slush made of debt, high interest rates, and inflated insurance bills!!! FedUp2003
Re: Re: Bankone just raised my apr to 24.99 Similar thing happened to me, because of a 30 day late on one CC, a totally different bank raised the APR on a CC I had with them. FedUp2003 ================== did you know this kind of thing always used to be illegal? THE END ** *** ** LB 59
Re: Re: Bankone just raised my apr to 24.99 Why wouldn't this apply in those instances? Also, you might check the FCBA - I think there is something in there about these sorts of things as well.
