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@MarineVietVet wrote:I know that creditwherecreditisdue has posted several times about asking for a retention specialist and bypassing the regular CSR's when trying to reverse an AA. You might try that. It couldn't hurt.
I got the notice today Went from 8.1 to 29.99 apr. The csr stated that they are not even allowed to transfer anyone to retention. It's a "take it or leave it" sort of deal. I felt really bad for her though. She said she has been getting a lot of angry calls since Saturday over this
I really don't get this. What is the common denominator linking the accounts that are getting slammed with the 29.99% APR. There has to be something and I can't contribute. My APR is untouched (6.99%) and they just gave me a fresh 0% APR BT offer good until 21DEC. I don't get it.
I can tell you that I got my DP card last December, I have made very few charges on the card - just enough to show usage, I never reported a balance on the card until I used my 0% BT offer in September and I have gotten two CLI's via the luv button taking me: $4,800 -> $6,050 -> $7.650.
I have no clue as to what makes one good and another bad. Is it a UTIL thing (card/overall)? What I do know is that I have two Providian -> WaMu -> Chase accounts, one closed with a balance at 24.99% and one open at 31.99% (which they will not budge on). These RJ's were an incredibly predatory thing that Providian did to their cardholders and I am very sorry to see Citi going this way. It would seem they are daring the government to act. They had to get their exposure down, but this is one h of way to go about doing it. Very not right!
@creditwherecreditisdue wrote:I really don't get this. What is the common denominator linking the accounts that are getting slammed with the 29.99% APR. There has to be something and I can't contribute. My APR is untouched (6.99%) and they just gave me a fresh 0% APR BT offer good until 21DEC. I don't get it.
I can tell you that I got my DP card last December, I have made very few charges on the card - just enough to show usage, I never reported a balance on the card until I used my 0% BT offer in September and I have gotten two CLI's via the luv button taking me: $4,800 -> $6,050 -> $7.650.
I have no clue as to what makes one good and another bad. Is it a UTIL thing (card/overall)? What I do know is that I have two Providian -> WaMu -> Chase accounts, one closed with a balance at 24.99% and one open at 31.99% (which they will not budge on). These RJ's were an incredibly predatory thing that Providian did to their cardholders and I am very sorry to see Citi going this way. It would seem they are daring the government to act. They had to get their exposure down, but this is one h of way to go about doing it. Very not right!
I'm thinking its partly due to high balances on many other cards. Couple that with paying the minimum only. Those are the cardholders who I suspect card limits getting slashed and APR spiking. The banks simply feel they are overextended, and are considered a high risk for having too much debt.
DI wrote:The banks simply feel they are overextended, and are considered a high risk for having too much debt.
It's not a feeling - it is a reality. CL exposure must be reduced and not on a whim. It is an accounting/regulatory real necessity. This is such a harsh way to go about doing it though. This is the way creeps behave.
my RJ (10.24>>>29.99) letter was waiting for me in the mail today it was bound to happen (and could again) but this is my first significant reportedly non negtioable AA.
the version of the letter that i received included an offer to reduce balances by 10 per cent of amts. paid over the min. or something like that (i've misplaced it already) to help defray cost of this increase. ha!
i am carrying a balance (<20% of CL) on promo currently but more frequently i pif than carry since i got the card in '07. highest balance 35-40% of CL.
Who is overexposed - me or the bank? I might get 15K income one month and nothing the next (try losing 3 home sales in a month to be redone the next month or have closings delayed by a week or two or even two months) - my cards go up and they get paid off when I get paid. I budget 3 months out (and have all the mins and 'living expenses' covered at any one time) and when I get paid everyone get big chunks of money (thousands at a time not a hundred or so)
Whether I can AFFORD to pay them (i.e my income) is what should detertime if I or anyone is overextended not a random we think we can nail you and definately not default rates for people who haven't messed up in any way. I would not be upset by 2 or even 5 points but to more than double my rate is totally assine especially when I have never missed a payment!
It is predatory - it is bad business (why piss off people who have other resources and can tell you pound sand?) - and it will come back to bite them especially with the attitude right now over the bail-out. There will be a lot of people doing a lot of talking (as we are here)
I was in favor of the bailout because I expected the banks to do the 'right thing' and loosen up the credit market - well they didn't and Main Street is not happy. This will be a PR nightmare and cost them more than they will ever gain in interest.
DI wrote:
@creditwherecreditisdue wrote:I really don't get this. What is the common denominator linking the accounts that are getting slammed with the 29.99% APR. There has to be something and I can't contribute. My APR is untouched (6.99%) and they just gave me a fresh 0% APR BT offer good until 21DEC. I don't get it.
I can tell you that I got my DP card last December, I have made very few charges on the card - just enough to show usage, I never reported a balance on the card until I used my 0% BT offer in September and I have gotten two CLI's via the luv button taking me: $4,800 -> $6,050 -> $7.650.
I have no clue as to what makes one good and another bad. Is it a UTIL thing (card/overall)? What I do know is that I have two Providian -> WaMu -> Chase accounts, one closed with a balance at 24.99% and one open at 31.99% (which they will not budge on). These RJ's were an incredibly predatory thing that Providian did to their cardholders and I am very sorry to see Citi going this way. It would seem they are daring the government to act. They had to get their exposure down, but this is one h of way to go about doing it. Very not right!
I'm thinking its partly due to high balances on many other cards. Couple that with paying the minimum only. Those are the cardholders who I suspect card limits getting slashed and APR spiking. The banks simply feel they are overextended, and are considered a high risk for having too much debt.