04-18-2007 04:41 PM
04-18-2007 05:04 PM
04-18-2007 05:36 PM
Forward wrote:Dear Forum Members:A number of my credit cards are sending notifications of increses in my APR (drastic). After conversing with the cc companies I have been told that it's because my credit to debt ratio is too high.I have never been late with a payment and have always paid more than the minimum. Additionally, I have had great credit for a number of years now (amex plat etc)Is there anything I can do to stop this snowball effect? Other than paying down the cards that is as I do not currently have enough cash.I can't believe they can do this!!!!!!!!!!!!!!Any help or insight would be greatly appreciated.Best regards,ForwardAre your cards maxed or close to their limits? This doesn't sound like UD to me it like a case of your lenders reducing their exposure. If you carry high balances on any card for any length of time you will eventually get that notice. I hate to hear that's happening to you though. It happened to me but luckily I had enough money in the bank to tell them where to put the card. I didn't understand how that worked and just assumedthat as logn as I didn't go over my limit and paid on time everything was hunky dory. They really should have more specific reasons in those T&CsAnyway, If you can't pay the cards off and it looks like, from the recactions of your creditors its been a longterm thing, naybe 6 mos, you might try and get a loan from your bank. I don't know about BTing it to another card as they will see the same thing on your report that you creditors are reacting to. If they see a particular time frame with no noticible reduction in the amount owed they will turn you down for the same reasons your current creditors are rate jacking you.That being said, time to cut back and buckle down on getting that debt under control. even if it means paaying minimum plus five and freezing the cards to keep from using the, DO NOT ADD ANYMORE TO YOUR BALAMCES!!!!
04-18-2007 05:42 PM
04-18-2007 09:11 PM
04-18-2007 10:28 PM
04-19-2007 08:53 AM - edited 04-19-2007 08:55 AM
04-19-2007 08:53 AM - edited 04-19-2007 09:07 AM
04-19-2007 09:00 AM
Forward wrote:Thanks for the help.Get readt to hold on to your seat!B of A 26895/29000 APR 13.9B of A 8856/9500 APR 22.9 (just went up from 7.9)Amex Blue 8708/10000 APR 3.99Yep High utilization is a reason for issuers to freak.
04-19-2007 01:15 PM