Credit card interest rates going up?

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This topic contains 16 replies, has 6 voices, and was last updated by  Anonymous 7 years, 8 months ago.

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  • #210113

    Anonymous

    I am getting notices on all my cards that the interest rate on them are going up. Everytime I contact someone they also say it has nothing to do with my credit score, its just their policy to reprice the rate. Is this happening to anyone else? Its getting really annoying espically since I am trying to pay all my debt down and now its just going to take longer with higher rates.

  • #280901

    Anonymous

    mine went from 8% to 15 for no reason other than greed. I always pay on time.

    another good reason to stop using them. pay them off. thats what im working on.

  • #284813

    Anonymous

    What this tells me, is that you are close to or over the credit cards debt to income ratio. They are raising your rates to protect themselves if you can not in the near future continue to pay them. The first thing that you need to do, is to go over your in coming funds versus your out going spending to see where you can save money to put extra to your credit cards to pay them off. I would also recommend not using them until all are paid off.

    I have lived on a mainly cash only system since I filed for bankruptcy in 2002 so I know how hard it can be.

  • #286942

    Anonymous

    i hope not i am struggling as it is to pay the minimum and i don’t even use the cards so i hope they don’t raise them things are bad enough without that

  • #288825

    Anonymous

    It has absolutely nothing to do with you, your credit history or your credit card usage. It looks like some people haven’t heard about this yet.

    Credit card companies are jacking everybody’s rates to try to make up for the increase in bad debt they’re getting from people that aren’t paying their debts. (Think about your higher rate next time you read the question about what happens if I don’t pay my credit card/car loan/ etc. . . Those people are taking money directly out of your pocket.) The credit card companies also making up for the extremely low “prime” rate. What they’re doing is absolutely ridiculous and is a huge hindrance to the economy. The prime has been lowered because the government wants credit to be cheaper so you spend more money. These credit cards are actively offsetting the governments actions to fix the economy. It should be outlawed. My rate went from a fantastic 8.9% to a not so fantastic 11.9%. The best part was that the notice came on the same day as a notice telling me because of my excellent credit they are increasing my credit line.

  • #324402

    Anonymous

    no. credit repair firms are usually fraudulent and/or scams. They ask for a ton of money up front and either never do anything, or create new information which is illegal. A 680 score will pretty much get you anything you want anyway

  • #445546

    Anonymous

    no. credit repair firms are usually fraudulent and/or scams. They ask for a ton of money up front and either never do anything, or create new information which is illegal. A 680 score will pretty much get you anything you want anyway

  • #324403

    Anonymous

    Credit repair bureaus can’t really do anything for you that you can’t do for yourself. Assuming you have paid the late debts, really the only thing you can do is ask the credit bureaus to remove the late payment notices from your credit record, which they will probably refuse to do. Eventually they will go away by themselves. And you can talk to the creditors and ask them to inform the credit bureaus that there are no late payments now, which they will also probably decline to do. Credit repair bureaus have no power at all to do anything with your credit history. They can just send the same requests you can.

  • #445547

    Anonymous

    Credit repair bureaus can’t really do anything for you that you can’t do for yourself. Assuming you have paid the late debts, really the only thing you can do is ask the credit bureaus to remove the late payment notices from your credit record, which they will probably refuse to do. Eventually they will go away by themselves. And you can talk to the creditors and ask them to inform the credit bureaus that there are no late payments now, which they will also probably decline to do. Credit repair bureaus have no power at all to do anything with your credit history. They can just send the same requests you can.

  • #324404

    Anonymous

    The prime score that consumers should be at is between 700-800. If you have this score you are pretty much golden. Although it also depends on what you have late payments on. Just make sure that if you do go to a credit repair service. Make sure they are registered and bonded by the Federal Trade commision.

  • #445548

    Anonymous

    The prime score that consumers should be at is between 700-800. If you have this score you are pretty much golden. Although it also depends on what you have late payments on. Just make sure that if you do go to a credit repair service. Make sure they are registered and bonded by the Federal Trade commision.

  • #324405

    Anonymous

    No. That’s a decent score especially having lates on your history. Just keeping moving forward and DON’T BE LATE AGAIN! The further behind the ding, the better for you.

  • #445549

    Anonymous

    No. That’s a decent score especially having lates on your history. Just keeping moving forward and DON’T BE LATE AGAIN! The further behind the ding, the better for you.

  • #324406

    Anonymous

    680 is a decent score. Don’t ever use a credit repair company! If you are willing to put in a little work, I promise you, you can do just as much as them and you can probably do better. If having a couple of late payments on your report is the only thing bad on your credit reports, you are in good shape. Go to the site http://www.planetfeedback.com and file a complaint against the company you have lates with. Write a letter explaining why you were late, suck up to them in the late, and ask for them to remove the lates on your credit report. I have had much success doing this and you can too. Good Luck!

  • #445550

    Anonymous

    680 is a decent score. Don’t ever use a credit repair company! If you are willing to put in a little work, I promise you, you can do just as much as them and you can probably do better. If having a couple of late payments on your report is the only thing bad on your credit reports, you are in good shape. Go to the site http://www.planetfeedback.com and file a complaint against the company you have lates with. Write a letter explaining why you were late, suck up to them in the late, and ask for them to remove the lates on your credit report. I have had much success doing this and you can too. Good Luck!

  • #324407

    Anonymous

    680 score is good:

    Step-by-Step Credit Repair Guide

  • #445551

    Anonymous

    680 score is good:

    Step-by-Step Credit Repair Guide

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