Verizon Visa Credit Card Interest Rate Hike

---

CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

---

Post subject: High Interest Rate Visa Card

Jody Hootl
Date: 2/5/2001 11:30 am CDT

I have a Verizon Visa for about four years now. Within the last two months my APR went up to 22% and it's now at 28.9%. This is downright ridiculous.

I have a high balance and am working on a consolidation plan with a local
> > bank. I called them about this rate and was told to call back in 30 days
>to
> > see if a new rate was available. I also asked about working something
>out
> > with payments - my finance charges are almost as much as my minimum, and
> > that's all I can pay right now. They would not give a payoff option
>either,
> > when I asked about one, the girl replied the only payoff is what's on
>your
> > bill. I am really disgusted and confused at the service I received. I've
> > have had friends who were in similiar situations and have worked
>something
> > out with their creditors. I am going a personal loan to clean up my
> > accounts, but I want this taken care of as well. That rate is off the
> > charts. I want to close the account, but I will still get charged
>interest,
> > which is what is killing me, but I need to do something in the mean time
> > before I get my loan. If you could help me, I'd greatly appreciate it.

---

CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

---

Ira Stoller
Date: 2/5/2001 3:21 pm CDT

I would suggest that you visit the Debt Relief section of this board. Many different directions you can take and a few very helpful links. If your credit is good, you might consider applying for a card with at lease a low introductory interest rate. Rates are not as low as they once were, but there are still some real good deals out there, if you qualify. I personally was in the same boat as you are about ten years ago with some $40,000.00 in card debt. By transferring balances to low interest cards I saved a small fortune and got out of debt much faster than I would have, had I stayed with the 20+% cards. If you need more help from here, just post another msg. Take care & good luck.

---

CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

---

credit smart
Date: 2/5/2001 4:14 pm CDT

You are a victim of alternate pricing with CHASE MANHATTEN BANK.Can you tell the reasons why they have raised your rates to 28.9%?Have you been late recently with any creditor?Are you maxed out on all credit accounts"carrying very high revolving debt"?Creditors don't like for anyone to have a high debt load on credit cards in relation to a person income.Also about all creditors has the wording by ethier a amended cc agreement or their cc agreement that comes with their cc.It goes like this,You will be in default if anyone of these occur,You fail to make a min-due payment on time when due to us,or any other loans you may have with us,or any other creditor when due,you file for bankruptcy,you are deemed insolvent,unable to meet your obligations as agreed,you made false or misleading statements on your application for credit.See the first one?If this has happened,you are going to have problems on getting lower interest rates.If you are having extreme financial trouble,you will need to sign-up for a debt management program,or your local CCCS for reduced payments,and get your interest rates lowered also.There is only one bad thing about using a DMP,or CCCS program that is department stores will not lower their interest rates on their cards, but will lower your payments some.You must have some kind of black mark on your credit file for CHASE to charge you a very high interest rate.Creditors won't raise your interest rates just for the ***** of it,you had to do somthing wrong to cause this kind of action.So i can't think of anything else that would cause this kind of action.Their are others on this board that may offer additional advice on your troubles.

---

CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

---

Jody Hootl
Date: 2/6/2001 10:21 am CDT

I don't have any black marks on my report. I have obtained a copy of my credit report and I have a good rating and number. This card is close to the max, but I have always made my payments on time and have used this card to make balance transfers in the past because of the low APR they were giving me. It's bull@#$&! for them to put a 28.9% APR on me when I have done nothing but continually pay my bill and on time. As soon as I get my consolidation loan, that card account will be closed and Verizon or Chase for that matter will hear about it. If I can make minimum payments on the income that I had, which was significantly lower than where I am now, why wont they work with me ?

---

CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

---

Linda in VA
Date: 2/5/2001 11:18 pm CDT

Hi Jody,

You might find this site interesting.....

chasebanksucks.com/creditcardssuck1.html

Apparently you are not alone.

Linda
chesapeakeassociates.cjb.net

---

CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

---