I finally got the answer from FIRST USA...ABOUT MY 22.49% INTEREST RATE. Thank you for contacting us regarding the recent change in terms notification you received for the above referenced account. You received the change in terms notification for the following reasons: excessive amount owed too many bank card accts too many inquiries EXPERIAN...BLAH BLAH FIRST USA CARD HOLDERS THIS CAN HAPPEN TO YOU ALSO. The reason I'm TICKED...is I have NEVER been late, no BK, no collections, no over limit... ON ANY CARD, EVER!!!!!!!!!!!!!!!
George, is this the way of the future for these cc? I just keep thinking that the line between the so-called sub primes (Cap 1 and Providian) and the primers (Fleet and First USA) are getting narrower and narrower. The APR that First USA is invoking on you is higher than my sub-prime APRs. Not rubbing it in, just my thoughts on how ruthless these cc can be, espcecially with a customer like you (no lates, no bks, etc etc.) What difference does it makes if you have high balances, inquires? Best regards, Sam
Interesting thoughts. Another example of how the line between prime and subprime can be blurry. Is George's First USA card still considered prime?
I have 2 cards with First USA. Both of them are at 9.99%APR at the moment. Any card can go to 19%+ at anytime. Protect yourself with lots of cards. Always have a card available or the means to pay off a balance that goes above 10%. Exercise your credit, so you can deal from strength. www.creditsense.com
All you can do is try to bring down balances, new balance transfers cards will be much harder to qualify for regardless of no lates, perfect pay, etc.
The line between prime and subprime is fairly clear; First USA never were prime to begin with. Doris K was right to assert that they're a subprime bank that requires prime credit - http://fusa1.tripod.com . But First USA's practices are questionable even compared to most subprime bank; And same goes for Fleet. I believe the best credit card issuers are Amex and Citi (in that order), and the best charge card issuers are Diners and Amex (in that order). Saar
I believe he meant that if there were divisions in forums between the prime and subprime, where would this type of post fit? George is a prime credit risk (I believe), yet his first USA card switched his terms to (what DaveLV was saying is) clearly a sub-prime rate. I think one could argue the line between prime and subprime is somewhat nebulous also. Is it a 9.9% credit card, is it no fees, a 20,000 limit. is it a 6 and 3/4% mortgage? is it a score of 700 or above or is it 685? Am I prime on Equifax and TU but subprime on Experian? You get what I am saying. I understand what you are saying though about First USA though and it certainly shows with the way they are treating George. -Dave
BTW Saar, where do you find all those "wall of shame" type sites? The ones you posted like ccb, fleet, and now this firstusa site. I love sifting through the information on those sites you have posted. Thanks.
