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Banks have found a way to stick us AGAIN - This time it's PERSONAL!!

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posted on Feb, 13 2009 @ 08:06 PM
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reply to post by Iamonlyhuman
 


I used to get a lot of credit cards in mail unsolicited but I used to cut them in pieces and throw them away. Over the years I was forced to use at least debit card. Now my auto Insurance cannot find my credit ratings, consequently they raised my premium. I always paid cash and never used credit cards. It is unfair to be victim for high premium just because Insurance Company cannot find my credit ratings. Even though I have been living in USA for about 40 years and made purchases such as cars and home etc. What can I do to force my Auto Insurance to lower my premium. They just don't want to listen my orgument. I consider this to be a conspiracy against people like me. Yes, it is establishing class system.




posted on Feb, 13 2009 @ 08:16 PM
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If they ratejack my cards, I will stop payment period. Just to say FU.

If they don't like it, I'll tell them why I have stopped all payments. I'll make sure to call them first, tell them my intention is to simply stop payment until I am restored to my original rate. If they refuse. I refuse to pay.

Have to draw the line and put the foot down, we can't all be doormats to these
jackasses.



posted on Feb, 13 2009 @ 08:17 PM
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Originally posted by charlie0
reply to post by Iamonlyhuman
 


I used to get a lot of credit cards in mail unsolicited but I used to cut them in pieces and throw them away. Over the years I was forced to use at least debit card. Now my auto Insurance cannot find my credit ratings, consequently they raised my premium. I always paid cash and never used credit cards. It is unfair to be victim for high premium just because Insurance Company cannot find my credit ratings. Even though I have been living in USA for about 40 years and made purchases such as cars and home etc. What can I do to force my Auto Insurance to lower my premium. They just don't want to listen my orgument. I consider this to be a conspiracy against people like me. Yes, it is establishing class system.


Insurance is the same as banking in my opinion. They take your money for years and years and as soon as you have a claim they either try to discontinue you or raise your premiums but you've got to have it so you take it. Try shopping around... and good luck to you, maybe you'll find one that wants a customer bad enough.



posted on Feb, 13 2009 @ 08:19 PM
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Originally posted by Iamonlyhuman
Yeah... do they even offer those anymore? For so long, I've just thrown those offers away because my fixed rate was always better than the fixed rate after the introductory period. I wouldn't be surprised if banks didn't even offer those anymore.

Yeah they do offer them.You have to shop around.Maybe not a bank maybe some other kind of credit place.You will defiantly find a better deal that 29 freaking percent!



posted on Feb, 13 2009 @ 08:22 PM
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What you may also find happening as a result of these banks using predatory and downright CRIMINAL lending practices is that they no longer have the money to cover the credit they issue and they are reducing your limits WHILE they raise your rates...

What this equates to for you and I is a lower credit rating, even if we don't miss a single payment...

The entire system is a sham at this point, folks. It is time to get worried.



posted on Feb, 13 2009 @ 08:23 PM
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You know, it just occurred to me that we should be able to deduct all loan and credit card interest from our taxes, not just mortgage interest. After all, we, the taxpayer, are bailing them out.



posted on Feb, 13 2009 @ 08:25 PM
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reply to post by Iamonlyhuman
 


Star for you, that is a great point.


I wonder what kind of message that would send. If everyone were to prepare their own taxes and claim the interest incured through their banks malfeisance...




posted on Feb, 13 2009 @ 08:27 PM
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reply to post by infolurker
 


It's a great idea...that's if your 401k is worth anything anymore. I hate banks.



posted on Feb, 13 2009 @ 08:27 PM
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reply to post by Jay-in-AR
 


Exactly... don't be ashamed to walk away from their prison of debt if they throw all these extreme rates at you. Credit cards are unsecured, all they can do is try to sue and sue... at this rate, the courts won't have any more time to deal with it.

I guarantee, millions are just going to walk away if these dorks keep up with the rate jacking. Mine is at 11.9% it better damn well stay there. I pay religiously, many times in a month as income comes in.

I am just starting to stop all use of my cards and am working to pay them all off completely. My wife and I agree, time to just get rid of them all.



posted on Feb, 13 2009 @ 08:29 PM
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Originally posted by Jay-in-AR
What you may also find happening as a result of these banks using predatory and downright CRIMINAL lending practices is that they no longer have the money to cover the credit they issue and they are reducing your limits WHILE they raise your rates...

What this equates to for you and I is a lower credit rating, even if we don't miss a single payment...

The entire system is a sham at this point, folks. It is time to get worried.


Yes.. I have a friend that this happened to. They lowered his limit to a little over what he had on the card and as soon as he went over it they slapped him with the over-limit fee.

As far as the lower credit rating, isn't it the higher the amount of available credit the lower your score?



posted on Feb, 13 2009 @ 08:34 PM
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reply to post by Iamonlyhuman
 



I think it's the exact opposite. The more available the credit is the better your score. Just too many cards is bad. If I'm wrong I'm sure some smart ATser will come along shortly and put me in my place.



posted on Feb, 13 2009 @ 08:34 PM
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I have never owned a credit card and I never will. I personally think usury is slavery and I think the bankers should be hung. I have been burned before with student loans and I have learned my lesson. The only reason to ever go into debt is to buy a house, car, or education. I don't know how people can use loans to buy small purchases especially when they pile up later and You end up working for free. As it is my house note, car notes, + home equity loans mean I work for free every year just like taxes.



posted on Feb, 13 2009 @ 08:40 PM
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reply to post by Iamonlyhuman
 


Yes, but what happens is like what happened to your friend. People who would have otherwise had impecable credit are getting slapped with fees going against their credit score. Not only that but their servitude to the company is being drawn out, squeezing even more money out of them...

The credit industry as a whole is about to go down like the housing market. More and more people are going to walk away, like the above poster said.
Next will be the automotive industry and then the credit card industry.

And like the above poster said, the number of debts you have factors into it...
The lower amount of credit you have = more debts you incurr through applying for more cards. Lower score.

The only thing that's worse is having NO credit. At least in the eyes of the system. As it turns out. People with no notes are going to fare the best.


[edit on 13-2-2009 by Jay-in-AR]

[edit on 13-2-2009 by Jay-in-AR]



posted on Feb, 13 2009 @ 09:09 PM
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This is one area Obama wanted to curb. He doesn't want to curtail it completely, but wants to limit and on what conditions these banks can review your account, and raise your rates.

Why can they raise them? They don't really have to give a reason at all. They are allowed to "review" your credit, at the end of a 'contract' year, and then raise your rates. Imo, it's just criminal. But people do sign for these, and don't read the tiny print. Ever wonder WHY the print is purposely so tiny on the agreements? They don't want you to read them, seriously.

I wouldn't suggest not paying to get even though. Your FU to them means not a whole lot to corporations that we the taxpayers are apparently now throwing billions at, but it will screw your credit for life.

My wife and I still have some credit cards, but we closed most of them, and negotiated a low rate (you can possibly do this). If you want an 'out,' do that, instead. It's funny.. they send you to the 'hardships' department. I told one "The only hardship you realize, is your company trying to screw me over."

It's like dealing with the mafia. Organized crime.



posted on Feb, 13 2009 @ 09:21 PM
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reply to post by projectvxn
 





I am so sorry. I think people should start canceling their credit cards,


In the interest of presenting all the facts to people, the above action could LOWER your FICO score. This, in turn, may mean rejection of mortgage application, or at best, higher interest rates. Everyone's situation is different, but in most cases, it's better to pay off the balance, then put the credit card in a safe place, rather than canceling it.
www.fool.com...

Closing accounts might hurt your FICO score. Lenders take a hard look at the ratio between the balances on your revolving accounts and your total available credit. If you do have debt, try to keep it to less than 30% of your available credit. (The ideal number here is, of course, 0%.) Go ahead and keep those lines of credit open, but don't be tempted by untouched lines. When you close out open accounts, those credit lines are no longer factored into your ratio. Thus, your debt as a percentage of available credit will increase. Ouch.



posted on Feb, 13 2009 @ 09:25 PM
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This is interesting because during the hirings in congress the bank of America directly was asked by one of the panel members to give back something to the people and lower their interest rates.

Interesting.



posted on Feb, 13 2009 @ 09:51 PM
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It is called indentured servitude. Welcome to the Bank of USA.



posted on Feb, 13 2009 @ 10:14 PM
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reply to post by charlie0
 


Have you looked into adding your car to you home insurance? I feel your pain. Unfortunately, almost everything is based on one's credit rating these days.




[edit on 13-2-2009 by mantic]



posted on Feb, 13 2009 @ 10:16 PM
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If you are late for any bill be it telephone lights, gas bill anything that is a monthly bill they have the right ( yes right) to raise rates to maximum levels alowed by Law which is 29.9 %! If your payment isn't in the hands and processed by the ones you owe they report it automaticly by computer to the credit reporting agencies. I just had a discussion with my lawyer on this fact and it seem she's seeing people who have never had a bad debt get popped with this BS. Some had 5-6 % cards for 10 years or more and getting them raised to max with no notification! The money changers are going to keep this up till people just quit paying. I wish that would happen enmasse. Just max them out and stop paying! Screw the bastards, they already have ben payed our balances by the 'Stimulus Package" and the 'Bailout"!!!

Zindo



posted on Feb, 13 2009 @ 10:59 PM
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If they haven't started doing it already, the next step would be to charge the interest on the card as a cash advance to slowly turn the card over to an even higher rate.





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