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Fuck credit card companies


Casper

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We had a card at 8.99%. They raised it to 14%. That sucks, it's bullshit, whatever. Today we get a letter saying they're raising it to 29.99%!!! What the fuck are these companies thinking? Needless to say, it's been paid in full, closed, and they were basically told to fuck off. Seriously guys, watch your interest rates. The letter was just a plain white envelope, the kind I usually throw away because it's junk mail.
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They are raising them because of the billions they are losing come 2010 thanks to all of the new Card Act Laws going live.

 

Not saying it's right, but that's how it is. Pres / Congress tell them they can't charge for X, Y, and Z, so they increase the Hell out of A, B, and C. Maybe the gov't should just have stayed out of it, and let people read their credit card agreements, and decide for themselves if they have the ability to repay their debts.?.?

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Not saying it's right, but that's how it is. Pres / Congress tell them they can't charge for X, Y, and Z, so they increase the Hell out of A, B, and C. Maybe the gov't should just have stayed out of it, and let people read their credit card agreements, and decide for themselves if they have the ability to repay their debts.?.?

 

 

+10000000

 

The government doesn't f**king get it.

 

And now that Bernanke said no fed funds rate increase for a long time (and prime is closely linked to fed rate) there is no need to raise interest rates

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They are raising them because of the billions they are losing come 2010 thanks to all of the new Card Act Laws going live.

 

Not saying it's right, but that's how it is. Pres / Congress tell them they can't charge for X, Y, and Z, so they increase the Hell out of A, B, and C. Maybe the gov't should just have stayed out of it, and let people read their credit card agreements, and decide for themselves if they have the ability to repay their debts.?.?

 

How DARE you suggest people have some personal responsibility?! I'm so offended, I'm going to sue Microsoft, Samsung, CR, Road Runner, and my grade school English teachers for making me able to read that!

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Why close them? As long as there is no annual fee and no balance, why get rid of that credit history by closing the account?

 

Because open credit is bad for your report. Though, if the account is old enough, the open credit could be offset by the length of time the card has been open. Both are items off of which your credit score may be based.

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Why close them? As long as there is no annual fee and no balance, why get rid of that credit history by closing the account?

 

Thanks, I was thinking the same exact thing. As long as there's no annual fee why lose the credit history you have with that particular companyJust dont use the card.

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Ben, last I checked the state of Ohio has a cap of 24.99%. Double check that. If it is still 24.99%, cantact the attorney generals office and file a complant. To do business in Ohio, you have to go by state rules, unless a fed law trumps it. No fed law is out on rates that I'm aware of.
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Because open credit is bad for your report. Though, if the account is old enough, the open credit could be offset by the length of time the card has been open. Both are items off of which your credit score may be based.

 

Open credit isn't BAD for your report, it just doesn't help very much if you don't carry any balances. If you do carry a small balance, it is helpful. Let's say you have 2 credit cards at $5,000 limit each. You carry $2500 on one of them. If you close one of the cards, you go from using 25% of your available credit to 50% of your available credit.

 

I know guys who have $200,000 credit limits and have credit scores in the 800;s.

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First off, If you're smart and do not carry balances, interest rates don't matter. PERIOD.

 

I use my CC's to make purchasing things easier, as well as the rewards.

 

Second, carrying a balance DOES NOTHING for your credit, it just simply costs you money in interest.

 

Third, having OPEN/UNUSED credit does NOT negatively affect your score as long as you have proven responsibility in the past.

 

I speak from personal experience as well as knowing many in the related fields. I have PLENTY of available credit, have NEVER carried a balance, and have a nearly perfect credit score. I had no problem obtaining multiple car loans and two mortgages due to my amount of unused credit.

 

I agree the rate hikes suck, but there is no point in closing an older card and losing all that history just because you want to "stick them" with losing you as an account holder. They could give two shits less, they have millions of other minions to earn money from and if anything, without you they have one less liability on their hands.

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