Let the Big Banks Burn (My credit card offer and how can it possibly be legal?!?)

What gets me is the 79.9%.

I mean the offer is stupid to begin with, but why don't they just put 80% and be done with it!

I guess they figure it must really sound like a deal at 79.9%!!!!!!!!

I closed a card a couple of weeks ago because of the rate and the woman gave me a hard time because it would be a 50 point hit. I told her I could handle a 50 point hit because any lender I deal with would say yeah theyre scum the 50 points don't mean anything. I'm still getting a bill with 0$ owed

reply to post by mikellmikell

You might want to look into that. I wonder if the fact that they are sending out statements means your account is still active/open? Is it possible they could still charge fees on this account? With banks the right hand doesn't know what the left hand is doing. Sounds like you closed your account in one department but the billing office doesn't know about it yet. If it were me I'd stay after them till it stopped. It's a bit like stalking...they refuse to let you go.

Originally posted by mikellmikell
I closed a card a couple of weeks ago because of the rate and the woman gave me a hard time because it would be a 50 point hit. I told her I could handle a 50 point hit because any lender I deal with would say yeah theyre scum the 50 points don't mean anything. I'm still getting a bill with 0$ owed

I kept getting bills from the student loan people while I was enrolled in college during my undergraduate studies with the amount owed $0.00. They were on in school deferment, and it was letting me know how much interest was accumulating. One time I wrote them a check for $0.00 just to see what would happen. For the next couple of years I received a statement with the bottom where you tear it off to send it in torn off so that I couldn't send them anything I reckon. I got a good snicker over it.

reply to post by mikellmikell



These days the average *successful* mortgage application requires a credit score over 750 so that 50 points makes a big difference. My credit is spotless but I only have two cards that date back 20 years which get paid off every month and no recent mortgage so some credit scoring models might not put me above 750.

There are a bunch of free sites to get credit information. The scores are not true FICO scores but at least you get some idea of whats in your credit report. You might find some scam artist has made hard inquiries that are bringing your scores down and putting you on the wrong mailing lists.

Credit Karma (Trans Union)
Credit sesame (Experion)
Quizzle (experion)
Equifax Score card

Hi OP
Am out the door in a sec so just a quick one:
These guys in the link below are all over TV etc peddling their easy loans that you control..... yeah right.

Have a play with their "slidey things" they shout about and see what the repayments are. For all those who the banks now refuse credit or a loan of any kind, these guys are sat quietly in the wings.....

APR typical 4214% YAY GREAT!

www.wonga.com...

Enjoy.

reply to post by David9176

I hear you, we get those little offers too. They like to promise a low, low rate of exchange, that is, until you become one second late with a payment, then it's highway robbery from then on. My wife has a Debit card, we use it sometimes to order things from the Internet. We both have clean credit records, and never use credit for anything. We get paid every month, take the money out in cash, and spend it accordingly. Credit Cards are a Trap, anyway you look at it.

Clicked the credit limit increase button at CITI and they said no within two hours. Banks have been limiting their exposure due to bad loan experience history which is good underwriting practice. You would think that declining customers with plans to buy a new house and credit scores over 800 would be bad underwriting. Maybe its just not time to buy yet...

What you need to do is post this on Facebook and Twitter. Name the bank and give specifics on the offer (APR, credit limit, annual fees etc.). Call them out for being the carrion-eating, low-life scum they are and question their ethics, loyalty to the American worker and mention the bailouts. Make it as negative as possible but with a tone of righteous indignation as opposed to nasty smack. All major companies monitor Facebook, Twitter, etc. and this will cause problems internally and may very well get picked-up by the media. It may not seem like much but it WILL have repercussions.