Thank God they didn't try to jack the rate on the third card. That would be my older Classic MasterCard, 9 years old, with a variable rate of 14.24%. I got the statement today, and was actually surprised that they didn't notify me about another "change of terms." After all, the Equifax report supposedly justifies anything, with no further explanation required. And Equifax reports for the same individual would tend to be similar, if not identical. They did raise the rate on my two platinum cards, from 10.24% and 12.24% to 19.99%. Or at least, they NOTIFIED me about a change. I figured out exactly how to avoid it.
Interesting they just raised my limit 1800 and gave me a 6.9% for a year, my line is now up to 18,000. www.credtisense.com
I have a 6.9% balance transfer rate good for the life of the balance. On the older card, the one they didn't try to reprice. I've tried to get limit increases for the last 3 years, since they gave me the balance transfer, but without success. I would guess that's a warning sign that you may get repriced--when you get turned down for limit increases. They've told me the biggest reason for that, too: "low recent paybal." Meaning a low ratio of payments to balances.
As always, my payment schedule calls for 10% of the balance, unless the rate is less than 3%, then I pay the minimum plus 500. This is the method that I have used to get unsolicited line increases and lower rate offers. Exercising our credit has allowed me and the other partners in the company to build our lines to six figures without ever making a request for an increase. www.creditsense.com
I have definitely noticed that the CCs are much more generous with Unsolicited increases when you carry debt. Back when I carried debt on my Citi card they kept increasing and increasing my limit without my asking. Now that I keep it (nearly) paid off-- NADA. My suspicion is that they really hope you'll goof up after they have you stuck with a big balance. They don't really have any incentive to loan money to the people they don't make a profit on. On the other hand, other companies (like BofA) are awesome when I call them and ask for an increase. No problem! How about 10K higher?
Citi was going to jack my rate from 9.24% to 28.24%. I wrote them a complaint via PFB and today I got a letter from them saying that my rate will stay at 9.24% since I had perfect history with them. They said it was somekind of misunderstanding.
Definitely looks like I'd better keep that Citibank PFB info handy...EXP is showing my Cap 1 account as being $18 "over limit" (high balance =$2865 recent balance =$2883). Since it looks like Citibank pulls ARs from them (nothing ever shows up on either EQ or TU), I'd better keep watch for the "rate jack letter" pretty soon.
citi jacked my rate because i moved all my balances off their cards to several other cards. Reason: HIGH BALANCES to card limits soft a/r They said it was bad in their eyes to have such high balances, much worse than having that single balance on their cards. basically, i think they are pissed that a BT'd to 0% all my balances away from them. they do have a method to track your incoming payments to see if they are BT's or not, btw. They have annotations somewhere secret on payments i guess, or can determine the difference between an ACH billpay and a BT ACH. damn the man.
That's why I try to get BT offers where they send the check to you (Citibank usually does this, but I just got an offer that looks like you have to send the check to a creditor--maybe they're getting smart). I then put the money in my checking account. I never write them a big check right away--maybe wait a month or so. But eventually I can pay it back with their money, but coming from my checking account. How do they know how it got in my checking account? Maybe I needed the BT for something and then got reimbursed and paid it back! Or maybe I won the lottery or inherited some money or something. How can they know if you do it that way?
They have never raised my rate and all I do is BTs, that is all I do. Back and forth, from Citi to Chase to MBNA to First Union to AT&T and on and on. I have never had my rate raised. Teasers expire and they get covered by another teaser. www.creditsense.com
