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Discussion in 'Credit Talk' started by Stan, Apr 7, 2000.
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Stan, I would contact your state attorney general, and what ever state fleet credit
is in. Then I would send a Letter to the state banking commission where fleet is located. You can can also make a complaint
to the better business bureau, and contact
you local congressional rep. and ask them to check into the practices of fleet with the
congressional banking committee. I would also send a letter to the cra's stating you
dispute any negative reports placed on your
report by fleet. Send it registered and
get a return receipt. Then if your not satisfied take them to court. Credit card
co. hate courts because it tarnishes their
reputation. That's just my opinion on what I would do. But I know nothing about Fleet. Be glad it wasn't CCB or you would still be paying out the rear. Even if your account was closed. Anyway Good Luck.
I would bring the account to a zero balance. Use another account. The only way to deal with this money hungry banks is by pitting them against eachother. CreditWorks has been paying 19.47% APR since May 1996. We help individuals and small businesses create a better payment record. It has worked for everyone that has participated in the program. We make monthly payments on loans of $1000 or more. You make the payments to your creditor and they invariably lower your rates and rasie your limits. Please visit our Web Site or e-mail firstname.lastname@example.org
I believe that Fleet is chartered in Rhode Island. This could have recently changed though as a result of their giant merger with Bank Boston. Fleet has been on an aggressive campaign of buying up banks in the Northeast over the past several year. I believe the new entity is being called "Fleet Boston" so it may now be chatered in Massachusetts. Fleet is now a conglomerate of what used to be Fleet Bank in RI, Shawmut Bank in MA, Baybank throughout New England, and the Bank of Boston.
As a result of all of that several secondary banks set up shop like Citizens, USTrust, and Soveregn Bank. Citizens and USTrust recently merged so there will be another bank setting up shop from the closure of duplicate branches. In addition Citizens recently took over State Street Bank's retail operation, but that was only about 6 branches. State Street is now completely commercial/institutional. You had to either be wealthy or an employee of State Street to get a consumer account there anyhow.
As a result of all of this Fleet has decided to become more of a money center and commercial bank and are trying to cut back on their retail/consumer side except for affluent customers. One of the effects of this has been that they have been jacking up the rates on credit cards in an effort to get people to cancel their accounts as they are viewed as unprofitable. They are not cancelling accounts outright (at the moment) because they don't want to annoy the federal and state banking regulators.
For a while they were offering a 7.99% fixed rate product, but that is all but gone now. Of course the reason they are citing for this is the escalation in the prime rate by the Fed over the past several months.
So unless you are an affluent customer, they really don't care diddly-squat about you and would rather be rid of you.
I would suspect that what happened in they recently pulled an account review credit report on you and your FICO score fell below some magic number and that prompted the interest rate increase. This is why they can't give you a specific reason for the rate increase, as all they are getting is the FICO 'reason codes'. (Revolving Debt too High, Excessive inquiries, etc). None of the reason codes are quantified in any way. There is no definition for 'too high', 'excessive', 'too many', 'too few' etc.
I would suggest that you just give up on them. Pay them off, close the account and move on. It's not worth the aggravation. I would suggest the you officially cancel your account and insist that "Account Closed by Consumer" be included as the notation in your credit files with the CRAs.
Thank you for your insight into this matter. I have closed my account with them. How would I find out my FICO number?
Good advice. Thank you. I did close out my account.
e-loan (www.e-loan.com) was giving them out as a promotion for their website. There are other posts here about Equifax cutting off e-loans access to the information though. Rumor has it though that e-loan has worked a deal with TransUnion to get FICO scores. I'd check their site.