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New Contributor
Want2BDebtFreeNow
Posts: 73
Registered: ‎10-15-2007
0

Rate Jacked by Amex

Well I get an email this AM with notification that my rate has increased from 6.74% to 6.99%  plus prime (10.24%) effective my August billing statement. I've had the card since for almost 10 years now and this is my oldest credit card. I am to the point that I don't really care and I am thinking of closing it just because its not worth the hassle. I've had my credit slashed by more than half (Went from 20k to less than 5k) and they were chasing the balance for a while (which they stoped). I know that as soon as I pay the balance off they are going to close it for me so might as well be proactive.

 

The sad part about it is that had this happened a year ago I probably wouldn't have cared because I knew I was a huge risk, about 10-12 Inq, Fico was down to 630's, I got a new car and my util ratio was out of control. But in the last year I have had no new inq's, brought down my util about 50% and my FICO score just reported 690 on the 23rd.

 

I attempted to call amex and of course got the scripted "due to current economic crisis" line. I asked if they were thinking of the "long term business relationship". I asked if I could close my account to freeze the rate and she said they don't do that.

 

*END OF RANT* LOL Thank you for hearing me out.

As of 11/14/2012 EQ: 672

5 inqs in the last year - October 25, 2012, July 05, 2012, July 03, 2012, June 18, 2012, February 16, 2012

(Report reads them as 3) Your applications for credit in the past year
3 inquiries

Last account opened June 2012

Average age of your accounts
6 years

Number of your accounts with a missed payment
0 accounts

Ratio of your revolving balances to your credit limits
82% (Ouch)
Established Contributor
Watchmann
Posts: 987
Registered: ‎05-14-2008
0

Re: Rate Jacked by Amex

I don't see any rate jack here.  A 0.25% increase in your rate is not a rate jack.  A 10.24% APR these days is very competitive.  You admit you were a credit risk and that is what FICO measures, it doesn't look forward.  It can only analyze what happened in the past and project that to the future.  I don't see the issue here.
Senior Contributor
score_building
Posts: 3,560
Registered: ‎01-10-2008
0

Re: Rate Jacked by Amex

she said, 'we don't do that' really?  i am pretty sure you would have an option to opt out and close the account at the current rate.
FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Valued Contributor
usmc58555
Posts: 1,668
Registered: ‎02-18-2009
0

Re: Rate Jacked by Amex


Watchmann wrote:
I don't see any rate jack here.  A 0.25% increase in your rate is not a rate jack.  A 10.24% APR these days is very competitive.  You admit you were a credit risk and that is what FICO measures, it doesn't look forward.  It can only analyze what happened in the past and project that to the future.  I don't see the issue here.

 

Went from 6.74 to 6.99 plus prime...yeah thats a little higher.

 

I still think any rate increase less then 15% is reasonable.

 

We are in a recession and a credit market meltdown.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Frequent Contributor
74king
Posts: 403
Registered: ‎04-08-2009
0

Re: Rate Jacked by Amex

[ Edited ]

Want2BDebtFreeNow wrote:

Well I get an email this AM with notification that my rate has increased from 6.74% to 6.99%  plus prime (10.24%) effective my August billing statement. I've had the card since for almost 10 years now and this is my oldest credit card. I am to the point that I don't really care and I am thinking of closing it just because its not worth the hassle. I've had my credit slashed by more than half (Went from 20k to less than 5k) and they were chasing the balance for a while (which they stoped). I know that as soon as I pay the balance off they are going to close it for me so might as well be proactive.

 

The sad part about it is that had this happened a year ago I probably wouldn't have cared because I knew I was a huge risk, about 10-12 Inq, Fico was down to 630's, I got a new car and my util ratio was out of control. But in the last year I have had no new inq's, brought down my util about 50% and my FICO score just reported 690 on the 23rd.

 

I attempted to call amex and of course got the scripted "due to current economic crisis" line. I asked if they were thinking of the "long term business relationship". I asked if I could close my account to freeze the rate and she said they don't do that.

 

*END OF RANT* LOL Thank you for hearing me out.


It's a minor increase but NOT a rate jack.:smileywink: But hey every one can see it differently. Maybe they AR'd you and saw that your FICO scores changed 630-690 is ahhhhhh a tad bit shabby. That may have been the reason.:smileywink:

 

King

Message Edited by 74king on 06-26-2009 09:47 AM
Equifax 787, TransUnion 793, Experian ? FAKO--> Who Cares
Senior Contributor
score_building
Posts: 3,560
Registered: ‎01-10-2008
0

Re: Rate Jacked by Amex


74king wrote:

:smileysad:

It's a minor increase but NOT a rate jack.:smileywink: But hey every one can see it differently. Maybe they AR'd you and saw that your FICO scores changed 630-690 is ahhhhhh a tad bit shabby. That may have been the reason.:smileywink:

 

King


King i think you don't realize it but when you say that someone's score is a ahhhh a tad bit shabby (which you do with some frequency) it can come off as a bit crass and condescending.  not all of us have have nose bleed level scores like you King.  there are certainly more supportive ways to convey your msg. 

 

why not put a sock in the i think your score is shabby references?  that isn't particularly helpful.  as you know, it is sometimes not what you say but how you say it that makes a world of difference. 

 

OP-  i too got a 4 percentage point increase on one of my amexes, i don't carry a balance on it to try to steer clear of trouble.  imo amex products in general can be a good vehicle for pif only at this time.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Rate Jacked by Amex

2B I would keep the card open for now.
Valued Contributor
usmc58555
Posts: 1,668
Registered: ‎02-18-2009
0

Re: Rate Jacked by Amex


score_building wrote:

 

 not all of us have have nose bleed level scores like you King. 


One thing 7 years in the USMC taught me was....when people are given the ability to assert what their reality was it frequently did no match the truth, the whole truth and nothing but the truth. I was stationed with more General's sons, guys who drove Ferraris, and guys who had Prom Queen/Porn Star high school girlfrends then I think were just normal people.

 

Any self reported fact has to be looked at with some suspicion.

 

Heck I could for all reality not even have ever been in the USMC

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Frequent Contributor
74king
Posts: 403
Registered: ‎04-08-2009
0

Re: Rate Jacked by Amex

[ Edited ]

score_building wrote:

74king wrote:

:smileysad:

It's a minor increase but NOT a rate jack.:smileywink: But hey every one can see it differently. Maybe they AR'd you and saw that your FICO scores changed 630-690 is ahhhhhh a tad bit shabby. That may have been the reason.:smileywink:

 

King


King i think you don't realize it but when you say that someone's score is a ahhhh a tad bit shabby (which you do with some frequency) it can come off as a bit crass and condescending.  not all of us have have nose bleed level scores like you King.  there are certainly more supportive ways to convey your msg. 

 

why not put a sock in the i think your score is shabby references?  that isn't particularly helpful.  as you know, it is sometimes not what you say but how you say it that makes a world of difference. 

 

OP-  i too got a 4 percentage point increase on one of my amexes, i don't carry a balance on it to try to steer clear of trouble.  imo amex products in general can be a good vehicle for pif only at this time.


Sorry if anyone was offended but I have been using that term for years and that is the way I speak. Furthermore If this has offended you on other occasions my using this term or speaking in this manner, why are you just now speaking about this. 

 

I don't particularly like this putting a sock in it term that you have used, and for the record I have used this term maybe once or twice. I stated I was sorry if anyone was offended. And 99.9% of all of my commentary has been helpful in this forum so move on.....

 

King 

Message Edited by 74king on 06-26-2009 01:32 PM
Equifax 787, TransUnion 793, Experian ? FAKO--> Who Cares
Senior Contributor
score_building
Posts: 3,560
Registered: ‎01-10-2008
0

Re: Rate Jacked by Amex

74king wrote:  'If this has offended you on other occasions my using this term or speaking in this manner, why are you just now speaking about this. '

 

i think the hope was that it wouldn't become a pattern.  would you have rather i reported your posts instead of trying to be somewhat neighborly and approach you directly in a thread when it happened (again) and it became more clear that you either didn't realize or didn't care that some of your comments were somewhat offensive?

 

for eg. when you recently referred to someone as 'mental' and the post had to be removed due to its offensive nature?  hmmm, but as you admit yourself it is a pattern, or as you say 'the way you speak'.  sorry king, that doesn't make it OK.  but you don't have to take my word for it, if you'd rather be spouting off to a mod.

 

i generally don't have time to be offended by the questionable behaviour of others, so no worries there.  just kinda trying to look out for others, especially newcomers that may be slightly intimidated by your approach and those comments that you sometimes make that don't fall under your self assessed 99.9 helpful comment bucket :smileywink:

 

ps. kinda of surprised that you even blinked at any of my comments.  guess you're one who can dish them out but not take 'em?  do what you will with it but i aint mad atcha king just some food for thought from a fellow member.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)

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