How Your Credit Report Can Affect Your Credit Card Interest Rate
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Posted: Tue Aug 17, 2004 2:14 pm
Post subject: How Your Credit Report Can Affect Your Credit Card Interest Rate
Bill Cooper
Date: 6/5/2001 2:59 pm CDT
My balance on my Peoples Bank card is high, but I have never missed a payment. They notified me telling me they are increasing my interest rate from 12.99 to 19.99 because of their review of my credit history. They said they obtained a credit report from Equifax. Equifax says they did not. No late payments, but still increasing my rate. Another great American rip off.
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Posted: Tue Aug 17, 2004 2:14 pm
Post subject: How Your Credit Report Can Affect Your Credit Card Interest Rate
Dani
Date: 6/6/2001 9:55 am CDT
Bill,
Fleet tried the same tactic on my husband and I. I would suggest calling the bank and getting the address for their Credit Department. Send a copy of your Equifax credit report to them explaining that your report was not pulled and to adjust the interest rate back to its original 12.99%. I did this with Fleet and three weeks later I had a letter from them stating that the computer had processed our information wrong (yeah, right) and they would reduce our rate back to its original interest rate. They also credited our account for the additional finance charges that accrued. Best of luck.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Tue Aug 17, 2004 2:15 pm
Post subject: How Your Credit Report Can Affect Your Credit Card Interest Rate
Mist
Date: 6/11/2001 1:20 am CDT
People's has just done the same thing to me, only in my case they have raised it from 13.99% to a loansharking 27.99%. Now, however, I've got enough evidence on them with respect to their filing false information with credit bureus to take them to court and I absolutely intend to if I can't get satisfaction from them by July 15. The first time they reported erroneously I let them get away with it. At that time I filed a dispute with Experian and the offending account was removed after investigation. Stupid me, I guess but after having had the account closed for quite awhile I had received a call from their marketing department wanting to do business with me and offering a reasonable rate. I bite on the offer. Now, after using this new card and having an absolutely positively perfect record of payment I get a letter stating based "in part" on a Equifax report they are raising my rate and decreasing my credit limit. Well, I pull my credit reports to find that they have completely misreported the new account, citing a late payment in the year BEFORE THAT CARD HAD EVER BEEN ISSUED and reporting the old account as open and with a credit line available which, of course, made my rating go down. They report THE SAME late payment on the first closed account and then AGAIN on the new one, making it duplicitous on top of it all. I kept records of everything and have quite a solid case. Nothing like rigging a credit report so they can justify raising an interest rate! They picked on the WRONG person. With my legal contacts and media contacts they are in for a big time war. Anyone care to join me in the battle?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Aug 17, 2004 2:14 pm
Post subject: How Your Credit Report Can Affect Your Credit Card Interest Rate
Bill Cooper
Date: 6/5/2001 2:59 pm CDT
My balance on my Peoples Bank card is high, but I have never missed a payment. They notified me telling me they are increasing my interest rate from 12.99 to 19.99 because of their review of my credit history. They said they obtained a credit report from Equifax. Equifax says they did not. No late payments, but still increasing my rate. Another great American rip off.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Tue Aug 17, 2004 2:14 pm
Post subject: How Your Credit Report Can Affect Your Credit Card Interest Rate
Dani
Date: 6/6/2001 9:55 am CDT
Bill,
Fleet tried the same tactic on my husband and I. I would suggest calling the bank and getting the address for their Credit Department. Send a copy of your Equifax credit report to them explaining that your report was not pulled and to adjust the interest rate back to its original 12.99%. I did this with Fleet and three weeks later I had a letter from them stating that the computer had processed our information wrong (yeah, right) and they would reduce our rate back to its original interest rate. They also credited our account for the additional finance charges that accrued. Best of luck.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Tue Aug 17, 2004 2:15 pm
Post subject: How Your Credit Report Can Affect Your Credit Card Interest Rate
Mist
Date: 6/11/2001 1:20 am CDT
People's has just done the same thing to me, only in my case they have raised it from 13.99% to a loansharking 27.99%. Now, however, I've got enough evidence on them with respect to their filing false information with credit bureus to take them to court and I absolutely intend to if I can't get satisfaction from them by July 15. The first time they reported erroneously I let them get away with it. At that time I filed a dispute with Experian and the offending account was removed after investigation. Stupid me, I guess but after having had the account closed for quite awhile I had received a call from their marketing department wanting to do business with me and offering a reasonable rate. I bite on the offer. Now, after using this new card and having an absolutely positively perfect record of payment I get a letter stating based "in part" on a Equifax report they are raising my rate and decreasing my credit limit. Well, I pull my credit reports to find that they have completely misreported the new account, citing a late payment in the year BEFORE THAT CARD HAD EVER BEEN ISSUED and reporting the old account as open and with a credit line available which, of course, made my rating go down. They report THE SAME late payment on the first closed account and then AGAIN on the new one, making it duplicitous on top of it all. I kept records of everything and have quite a solid case. Nothing like rigging a credit report so they can justify raising an interest rate! They picked on the WRONG person. With my legal contacts and media contacts they are in for a big time war. Anyone care to join me in the battle?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:44 PM
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