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Universal Default Rate!!!

salorj
New Visitor

Universal Default Rate!!!

Beware of the Universal Default rate monster! I have three credit cards, paid on time for 24 months, the cards were opened after I had a Bankruptcy back in 2004. I recently check my credit and one of them has been pulling a Hard Inquiry every month. I called them to ask why, they said it was to offer me an increase/lower rate, needless to say they have not done either. I think this is an attempt to keepmy credit scores low so they can charge me the very high and abusive Universal Default rate. I am wondering how many out there are in my same situation. Any Advise appreciated.
Message 1 of 12
11 REPLIES 11
masdeocho
Moderator Emeritus

Re: Universal Default Rate!!!

If they are one of your current creditors, then their credit pulls are soft inquiries.  They are considered "account reviews" and don't count against you because you didn't initiate them in your quest for additional credit.
 
But you are correct, they probably have a Universal Default motive.  They are monitoring your other accounts, just waiting for you to pay late once so they can rate jack you in an instant.  Although technically, if you read the fine print in your CC agreement, they can raise your rate for any reason (and for no reason) whatsoever.
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Message 2 of 12
Tuscani
Moderator Emeritus

Re: Universal Default Rate!!!

These are soft inquiries and don't count against you. As already stated, you can be rate jacked at any time.
Message 3 of 12
smallfry
Senior Contributor

Re: Universal Default Rate!!!

I read something about that a couple of weeks ago over at Jim Sinclair's site over at www.jsmineset.com. I noticed that Capital One who I have my only remaining credit card with has pulled about 15 inquiries on my Transunion credit report. I make sure that I pay my bills a week early.
Message 4 of 12
salorj
New Visitor

Re: Universal Default Rate!!!

Thanks everyone for input. Im glad to know they are soft inqury, but do they still bring down my score? And I just checked my rate.......drum roll, 35%, yes I am now bending over and bitting on a stick! My goal is to rid myslef of these vermin asap. I had a very good payment history before my BK with Amex, does anyone know what credit score I need to get them to issue me a card.
Message 5 of 12
Tuscani
Moderator Emeritus

Re: Universal Default Rate!!!

Amex is not just score driven. I would be reluctant to apply if you have any recent derogs.
Message 6 of 12
Brammy
Moderator Emeritus

Re: Universal Default Rate!!!



Tuscani wrote:
Amex is not just score driven. I would be reluctant to apply if you have any recent derogs.


 
Give me the magic combo for the BlueCash Tuscani!! 

Message 7 of 12
Tuscani
Moderator Emeritus

Re: Universal Default Rate!!!

850
 
0 BKs.. You should be a shoe in!
Message 8 of 12
Brammy
Moderator Emeritus

Re: Universal Default Rate!!!



Tuscani wrote:
850
 
0 BKs.. You should be a shoe in!


 
Okay I know yuo're joking... but seriouosly.  I'd like one in March of '08

Message 9 of 12
Tuscani
Moderator Emeritus

Re: Universal Default Rate!!!

You should be ok with a 700+
Message 10 of 12
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