Chase - Citi - BofA
The grand triumvirate of customer disregard. What they did separately and collectively to their account holders in 2009 was totally appalling. (I'm so glad I avoided the tag in each case!)
I avoided the Chase fiasco (so far, knock on wood) but got hit with the BofA shenanigans. Interestingly enough, I had carried a small (~$600) balance on the bofa and paid it off 3 months prior to getting absolutely slashed, but still carrying a balance on my chase card. I thought BofA was supposed to be good to their customers, thats the only reason I got the card.
My biggest shocker--BAR NONE--is the exorbitant rate increases on my Citi Rewards card. I've had the card for about six years and with an excellent rate of 5.99%. I have a high balance on the card but always make my payments on time and am under my limit. I received the "We-No-Longer-Want-You-So-We're-Going-To-Force-You-To-Leave" letter telling that that effecting January 30, 2010 my APR is going from 5.99% to...29.99%!!! Needless to say...this card will be canceled within the next two weeks. Citi's promise to credit back 80% of finance charges means NOTHING to me as there is no way I can afford $770/month credit cards payments. I think it's absurd that they're pushing me out the door when I'm their dream customer--one with a large balance who makes payments on time!
I'm shocked that I bought a house and a car, closed 2 credit card accounts and opened 3 others and myfico score only dropped 40 points down from 800. The icing on the cake was the 15k Nationwide card and my 401k bouncing back. Despite all the talk about how bad the economy is, 2009 was a good year for me.
My bad. Only a 10 point drop. But I did fire Case and HSBC for rate jacking me.
That nearly every credit card company has raised interest rates on me and my wife, solid long-term customers with long and clean histories. Fortunately for us the only interest we paid in 2009 was on a fixed-rate mortgage (not counting about fifty cents interest when I mistakenly paid a little less than the full balance on one credit card bill, fortunately not the one where a small finance charge would get rounded up to a dollar).
My biggest shocker was most of my credit cards, which I have had for over a decade without problems have all raised their rates to 29.99%, except the CU. NO lates, even though they state they are..I keep proving not lates and they write off late fees but still keep 29% interest and reducing my cl? My FICO was in the 800's until last yr got behind on house payments until home finally sold after 4 yrs on the market and 50% price drop! I made a whopping $6.42 on a house that was appraised in 2007 at 1.2 mill. Now all cl are dropping as I make large payments on them to get them paid off. started with Citi, had cl of 6500, as I pay down, it drops each month with the payment. BS! What can I do?
My shocker was being approved for a Macy's credit card after being blacklisted.
Along those same lines, being approved for Discover after being blacklisted. Still have the letter too after 10 yrs.
My 2009 credit card shocker was receiving two notices from two different credit unions informing me they were changing my credit card interested rate from a fixed rate to a variable rate. I cancelled / closed the one with a balance. I am paying off the existing balance. Based on the FICO notification service I purchase from this site my FICO score went up to the mid 700’s a month after I closed the account.