just got statement and noticed that nextcard increased my rate to 22.9%! called up and cancelled card! who needs that!! I was at 12.9.they actually could of card less! oh well
Zip, You might have been better off disputing the rise in the APR. Have you been paying late? If not they probably raised it by doing an account review on your credit bureau reports. If you get your reports (which you can get free because of this) and there are any errors, you can USE those errors as leverage in having your APR returned to it's previous state. Also, did NextCard give you a 15 day notice of raising the rate? You could have hurt your balance to credit limit ratios and thus your credit score by closing the account. You might want to think about calling them and having them cancel the cancellation. Also, do you have a balance on the card which you cannot pay right away? That may figure in your decisions here, too. Let us know and maybe we can help you.
I have never been late on any payments and my credit report is clean-no lates no collections. they sent a letter a few months ago stating the rates were going up, I just didnt pay any attention to it I guess. So I should call and cancel the cancelllation and just pay it off and leave it and just not use it?? Would help my ratios-you are right! Thanx!
I called and they said card had already been cancelled and they would submit my request to someone there and they would decide if it can be re-opened. I do have a 300.00 balance on the card so maybe they will.She said everyones rate was increased.
I would complain via planetfeedback about the rate increase. Did they give you a reason in the letter? Are you sure your credit reports are "clean" as you say? One thing a lot of people don't understand is that even though one has no or very few late pays or other negs on their reports it doesn't necessarily mean they have a high score. This is particularly true for people who only have and use one or two credit cards and have high balances on those. I was almost nailed on this issue because I had lost a card once, it spooked me, so I closed all but one. I did open another with a relatively low cl later but I had high balance to cl because those were the only cards I used. Other than that I had few negs (coupla 30day lates). People's bank tried to jack my rate to 27.99% from 13.99%. I used an error on my credit report as leverage and they reduced it back to 13.99%. Check your reports and try to get the scores. There may be something you don't know about on them and this would be a good reason to have a very good look at it. Make sure all your balances are updated, too. You could be the victim, like so many, of some creditors not updating your balances monthly even though they've been paid down. Again, this is another thing that could be hurting your ratios.
She told you everyone's rate was increased? TO 22.9%!!!! I don't THINK so. They may have adjusted a lot of rates but certainly not all to 22.9%! I'd start writing a lot of letters. Write to the Consumer Affairs division of your state. Write to your State's Attorney General, senator and reps, the state banking commission, the FTC, the BBB and everyone else you can think of as well as PlanetFeedback and Epinions.
wow talk a bout a junk card. I'm glad i never followed through with them. They prolly losing a lot of business to citibank.
NEXT CARD LOST $1,000,000+++ LAST YEAR...THEY HAVE TO RIPPOFF SOMEBODY TO GET IT BACK... MINE 9.99% NO BT FEE...F.I.C.O. 685-704 WIFE'S 18.99% WAS 9.99% FOR 3 MONTHS WITH A $50.00 BT FEE...F.I.C.O. 725-741
****WARNING...NEXT CARD HAS A CLAUSE THAT THE INTEREST RATE GOES UP WHEN CLOSED BY YOU!!!!!!!!****(FLEET HAS THE SAME THING)...SO PAY IN FULL BEFORE YOU CLOSE THE ACCOUNT...UNLESS IT IS ONE OF THOSE "CHANGE OF TERMS" WHERE YOU OPT-OUT OF THE INCREASE AND THEY CLOSE IT...
