George-Rejection of APR Increase

Discussion in 'Credit Talk' started by Reshod, May 1, 2001.

  1. Reshod

    Reshod Well-Known Member

    I have had a Discover Card for about 8 months and recently I received a letter stating that my APR would increases from 17.9% to 19.99%. I have never been late with my payments or over the limit.

    I used it mostly for the 3.9% balance transfers that ended this month.

    I received a letter stating why there has been a change in my APR which states:

    Serious delinquency, and public records or collection filed
    Level of deliquency on accounts
    Length of time accounts have been established

    What suprises me if that the paid collection occurred in 1995,
    The length of time accounts have been established has not changed since I applied for the card.

    And my level of delinquency on accounts in NULL. I have never been late on any of my accounts!

    I have already sent a letter to Discover via and they have yet to respond.

    What do you think I should do next?

    My limit is $1000 (lowest limit)

    My balance is $300


    GEORGE Well-Known Member


    "CASH BACK" is only LOGICAL when you pay NO interest.

    Stop paying interest.

    If they raised it to 48.99% and you paid in full, they wouldn't get anything except their cut of sales.

    If you MUST pay interest pay NO MORE THAN 9.99%.

    F.Y.I. MINE IS 17.49%...I THINK newer PEOPLE HAVE ~14.99%
  3. Pat

    Pat Well-Known Member

    George, you're right on the "newer PEOPLE".
    My wife just got a Discover at 14.99% with 1.90% on balance transfers for 6 months.

    GEORGE Well-Known Member

    I have NEVER had an "automatic" credit line increase on my DISCOVERCARD...

    They have offered me a BALANCE TRANSFER RATE OF 9.90% for just a few months (4-5)...

    You can't assume they will give you anything, but a lot of other people have gotten offers...I PAY IN FULL EVERY MONTH...$30,000/yr min.
  5. lbrown59

    lbrown59 Well-Known Member

  6. lbrown59

    lbrown59 Well-Known Member

    Tha D/A(s) don't know the difference between rejecting and disputing a rate increase!

    As I said before - become a plastic surgeon!!
  7. creditwork

    creditwork Well-Known Member

    My Discover Platinum has an APR of 19.99%, but I only use it when they send me teaser rate offers, even if it is for only 5-6 months, it is worth it as long as you can pay it off before it expires. My limit is up to $9000, it started at $5000, you want line increases, you have to exercise your credit.

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