topic BMW seems confused in Credit Cards

BMW seems confused

Anonymous — Fri, 03 Jan 2014 14:02:42 GMT

Last month they kept sending me letters urging me to use my card again and a convenience check for balance transfers. Yesterday they sent me a letter saying they are raising my APR to 22.68% because of my Experian report: (700 score, serious delinquency, inquiries, and balance of loans compared to original amounts). Seeing how I just consolidated student loans a few months ago, I can see the last one. The delinquencies have been there for 4 years now so I don't see what spooked them all of a sudden.

In the past I probably would've cancelled it for feeling insulted, but due to maturing and knowledge I've gained at places like this I really don't care. I never carry balances so the APR doesn't concern me and I'm certainly not going to kill an old TL for no reason. Just struck me as kind of odd that they decide to do this now, when frankly my overall finances have improved dramatically over the past 2 years. Whatever.

Re: BMW seems confused

Kenny — Fri, 03 Jan 2014 21:23:58 GMT

lol, banks are odd! It's probably because their computer algorithm got spooked by your consolidated student loan.

Re: BMW seems confused

Anonymous — Fri, 03 Jan 2014 22:08:43 GMT

Not alone bro, not alone. haha... I also received a letter from them few days ago stating that they were raising my APR by one point due to a bunch of

things just like yours, except mine had a claim that my accounts were too high...(few of them, overall low debt ratio).

I called them up and after I was put on hold for 23 minutes I hung up and went just like you: "whatever"

BTW: my score used was 718

Re: BMW seems confused

Anonymous — Mon, 06 Jan 2014 15:42:26 GMT

My CK score went up 14 points today so, I still don't know what spooked them. That cards only saving grace is no annual fee and the fact I've had it for a while. Remains relegated to Netflix duty.

Re: BMW seems confused

Irisa — Mon, 06 Jan 2014 16:35:06 GMT

@Anonymous wrote:
Last month they kept sending me letters urging me to use my card again and a convenience check for balance transfers. Yesterday they sent me a letter saying they are raising my APR to 22.68% because of my Experian report: (700 score, serious delinquency, inquiries, and balance of loans compared to original amounts). Seeing how I just consolidated student loans a few months ago, I can see the last one. The delinquencies have been there for 4 years now so I don't see what spooked them all of a sudden.

In the past I probably would've cancelled it for feeling insulted, but due to maturing and knowledge I've gained at places like this I really don't care. I never carry balances so the APR doesn't concern me and I'm certainly not going to kill an old TL for no reason. Just struck me as kind of odd that they decide to do this now, when frankly my overall finances have improved dramatically over the past 2 years. Whatever.

Sorry about the APR increase, Navyox. You're right, it's not ideal, but thankfully won't affect you if you keep PIF. WTG on handling it so maturely

The good news: Looks like you've earned yourself a gardening silver spade.. Congrats!

(Now I feel like an insurance commercial lol)