After reading this new stuff, I may apply for the GM card instead of macy as I had planned. First, I have to get my disputes back and hopefully some of these darned inquiries will disapear.
I have GM Card for a year and never been late. They haven't increased my credit limit or lowered the rate.Some other banks would have increase credit limit or lowered my rate for appreciate my business. Avoid Household Bank, go to get Citibank, Bank Of America, MBNA credit cards. Ron.
I had the GM card for over 2.5 years now and they just increased by APR to 27% from 12%. I have called them to reverse it but they sent a letter declining it. If i remember, i didn't sign up for a variable APR, so why will they jack me up at this time. Also, any suggestion on what i can do about this. I am not in a position to pay off the $4000 bal now
If they have increased your interest rates, or done other actions to reduce or deny credit based on information in your credit reports, they must sent you a written adverse action notice. Ask for it. Their notice that they were increasing your rates should have either included this information, or notified you that you could ask for it. It will tell you what reports they pulled that resulted in their action. You can also use it to obtain a free credit report from that CRA, to assist in correcting any erroneous entries. What negative information do you have showing on your reports, what is your total credit limit, and how high are your current total balances?
I have a 30K HEL maxed but total limits of 50K. GM card and other cards have avg. 70% util. My Scores have dropped as a result of this to 620 range. I have no derogs at all. Any suggestions on how I can talk them out of this APR increase. I hate to pay them more than double the current APR. I am afraid other lenders will follow suit if I let GMCARD get away with this one.
What total available CC credit lines do you have, and what are your total CC balances? I think you want your total CC debt to credit line totals lower, at least below 50% especially if the actual CC debt is significant. I am not sure how HELOCs are counted in FICO, but it might be more toward CC debt than first mortgage debt since terms are more similar to CC debt, and people can run it up as easily. What CC offers are you getting? Are they competitive, or are you getting sub-prime "sucker" offers? Are you getting competitive balance transfer offers on existing accounts? The time to open accounts on the best terms, and not use them, is when you don't need them. The amount of credit you actually choose to use must be based on your available remaining cash flow, and the opportunity value of spending now vs. later, not on whether someone will offer you credit.
