Momof3, If you read the cc agreements for most cards nowadays you will see that most of them can do this to you.
Thank you, Roni, for finally seeing my point. I think People's cc business hadn't posted the profits that others were enjoying so they decided to use these tactics to raise their bottom line AND/OR Equifax SOLD them some risk assessment software that did this. Beware! To further elaborate for those of you who don't know my 'case' history... We are blessed with a VERY HIGH INCOME, own two homes, lots of equity, investments, insurance and basically have pretty much of a financial fortress that no ill wind should ever be able to knock down. Why were my balances to credit limits high???? Because I had LOST a credit card once and it spooked me. I did what I thought was responsible and closed all my open lines except one then I added the Peoples later. I was NEVER LATE on the card they jackup up. I very simply had high balance/credit limit ratios for that one month due to prep for vacation. What was my balance in relation to our income??? LESS than .02%!
Mist, Well, I have just one question then? Can I get a loan. Just keeping....I know my score isnt high enough to qualify..lol Girlfriend. If you have all that BANK, you shouldnt let some local bank mess up your credit. Take your big bucks and move on.
I can proudly say my boyfriend's EQ is 813. Wow! Can you believe it? Y have to understand this guy's a commercial pilot and very anal. Particularly about being fiscally responsible. (Hey, opposites attract, what can I tell ya!)
Pilots are one group that have to be anal about their credit reports. Airlines are about as stringent on their character checks as the Bar Associations. Pilots also never know when their airline will be bought out or merge with another or when they'll be furloughed and have to go with someone else. Your boyfriend is wise to be so careful.
I'M JUST FRUSTRATED...CITIBANK 4-5 denials in two years... 2 of them had approval #'s and acceptance #'s... Denied CAPITAL ONE 2 times in 2 years...w/approval #'s... DENIED a second AMEX "PRE-APPROVED" card... PEOPLE with WAY LESS THAN 698 F.I.C.O. CAN GET THEM... ABOUT 10 YEARS AGO...I HAD TWO CITIBANK AND TWO CAPITAL ONE CARDS...BUT BETTER RATES CAME ALONG SO I CLOSED THEM...F.I.C.O. DIDN'T MATTER THEN... I'M STILL PONDERING REFINANCING W/CASH-OUT...(MORTGAGE) BUT I'M AFRAID OF BEING DENIED THAT TOO!!!
George, Do you have a plan to pay down your balances w/o refinancing? Quicken has a very good planning program you might look into. If you do have to refinance, you should probably try at least to put a bit of a dent in those balances beforehand.
I don't know my scores, but I have 5 cards now (cancelled 3) and the oldest account is 1 year and 1 month. All are paid on time, never have been late on credit cards nor auto loan. I had lots of inquiries, but now the most inquiries i have on any of the 3 reports is 4.
Roni, I've already done that but others might not be so lucky or well equipped to move on and I hope that the retelling of my story gives warning to a few people on the board of what can happen when they least expect it. These risk management software programs can nail anyone who doesn't know and play the game. MOTTO: keep those balance to credit limits favorable or you may have to suffer the consequences. Think twice before closing too many lines of credit.
Here's another case in point...even MBNA does this... Below is a complaint filed on PlanetFeedback with a story that echoes the problem I had with Peoples... ---- MBNA Finance Charges -------------------------------------------------------------------------------- I'm writing to alert you to a problem I've had with a credit card issued by you. My problem concerns finance charges. I hope by bringing this to your attention, the problem will be addressed. This incident has made me extremely upset. Here's what happened: I have been a customer of MBNA since 1996. In that time I have never had a late payment. Despite my payment history and customer loyalty, MBNA has seen fit to raise the rate on my Visa card from 16.99% to 22.99% effective on or about August 20. I contacted MBNA's customer service line and was told that this raising of rates had nothing to do with my history with MBNA but had to do with the total amount due on all accounts. After much wrangling I was told that the best MBNA could do was to raise my rate by 3 points to 19.99%. This was after I made clear that I would transfer the entire balance to another credit card at a much lower rate and never carry a balance on this card. I have already completed a balance transfer. This balance transfer lost your company $800 in finance charges. Please be aware that until today, I had nothing but good to say about MBNA. I have found it to be a very reasonable and helpful company. However, to find my rates jacked up as a result of a perception of risk has caused my feelings about this company to plummet. Here's what I want you to do: Keep my account at the 16.99% as an acknowledgement of 5 plus years of customer loyalty with no late payments. I frequently do business with you. Overall, my experiences with your company have left me extremely dissatisfied. The number one reason I do business with you is because you were recommended by someone I trust. In the future, I probably will not do business with you. And I definitely won't recommend you to others. I appreciate your taking the time to listen to my complaint. I hope it can be addressed. From: Deirdre W. Westlake Village, CA ---------------------------------------------------
Mom of 3 Wells Fargo Bank. Lates (Because of CCCS). Increased interest, lowered limit, AND started charging overlimit fees!
Hey Mist, thanks for that explanation. I think he's said that, too, but you actually explained it better. They're driving record has to be spotless as well (no moving violations, that is).
Well, it's official. I was turned down for a $2700 CitiAssist loan for school. They said I have too many new accounts in the last year. 2 Stafford loans (one subs., one unsubs.), a mortgage, and a home improvement loan. oh well.
