Topic 'Re: Being bullied by WaMu about credit card... anybody else?' in forum 'Open Forum'

Topic 'Re: Being bullied by WaMu about credit card... anybody else?' in forum 'Open Forum' - dslreports.com http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20292629 en Thu, 24 Mar 2022 20:13:03 EDT Thu, 24 Mar 2022 20:13:03 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20309955 http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20309955 Wed, 09 Apr 2008 18:19:12 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20309236 said by likitysplit:

Time to wake up and join the new ~~millenia~~ militia. :D
Fixed it for you. :p

;)
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A is A]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20309236 Wed, 09 Apr 2008 16:11:15 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20308749 said by Shamu :

Quick question: does that "20% rule" apply only if you end up carrying a given balance into the next month?

The reason I ask is that I'm prolly close to that 20% figure myself right now. The thing is, I will be paying my last statement balance in full (as usual).

I guess I'm curious as to just how closely they monitor that sort of thing (i.e. if you happen to use more than 20% of your credit line even for a day [or two] will they still bust you?).

Granted, it's very easy to flag changes in an individual's financial status with computers, but I'm wondering if the CC companies/other creditors are that anal about nailing people.
Credit card companies only report peridodically. One can assume it can take as long as 3 months for the updated information to hit your account. This included pay-offs. However, inquries, opening credit lines and so forth only take up to a month to show. Comical how that works huh?
--
The cleaning and scrubbing will wait till tomorrow, For children grow up, as I've learned to my sorrow.
So quiet down, cobwebs. Dust go to sleep. I'm rocking my baby and babies don't keep.

]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20308749 Wed, 09 Apr 2008 14:43:47 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20306890 said by B A:

You have to be savvy and on their game to be a smart consumer.
As Jefferson said, an educated person knows the ways of the human heart so well that he's tough to cheat or fool.

If you'll pardon my saying so ma'am, based on what you've posted here, it sounds like you are such a person.

I just wish that there were more people like you. Because there sure aren't enough to go around right now.

said by B A:

Otherwise, it kicks you in the butt. Its sad they are allowed to take advantage of so many people.

The saddest thing of all is that so many people set themselves up to be taken advantage of.

Don't get me wrong: sometimes you have to break out the credit card in order to replace things like Grandpa's glasses. It's too bad they happened to slip off his face and break as he was bending over to retrieve Grandma's dentures. Which had, somehow, fallen out of Grandma's mouth as she was getting into the car and, by the worst possible luck, happened to hit her leg and fall behind the right front tire.

Of course, it was prolly just as well that Grandpa was a bit slow trying to retrieve the dentures, seeing as how Grandma heaving herself into the front seat caused those brakes we'd been meaning to get fixed to give out at that very moment. Which led to the car rolling backwards, narrowly missing Grandpa's feet, but succeeding completely in running over Grandma's dentures and crushing them into powder; time for the credit card again.

I only wish Grandpa hadn't been so anxious to retrieve the dentures that he forgot all about his bad back, which means we'll have to break out the credit card again in order to....well, you get the idea: sometimes you're not left with a choice, and have to use the credit card in order to meet an emergency (or two).

But near as I can tell, families who get into debt by plain bad luck are in the relative minority. It seems to me that for every family like the unfortunates described above, there are 10 families who are now heavily in debt solely as a result of their buying things they didn't need with money they didn't have.

I was raised Old School and just don't have much sympathy for people who now have to lie down in the beds that they themselves helped to make. I know how harsh that sounds, and I'm no fan of the banks, but neither is it fair to say that the banks made people buy new cars, big houses, and plasma TVs they couldn't afford at gunpoint.

It's funny how the richer we try to make ourselves appear, the poorer we actually are. And I can't help but feel that the attitudes and sense of entitlement that our society has developed (and that have gotten us to where we are now) have sown the seeds for the decline of our place in the world.

Sometimes, I wish I could shut my eyes tightly and pretend things were otherwise, but there it is.

]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20306890 Wed, 09 Apr 2008 08:42:00 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20306655 said by sailor:

By using these tactics ( raising your rates to crazy, unbearable levels) they are trying to squeeze every dime out of everyone before people get so fed up getting squeezed that they just stop paying.
Bingo.

What you see happening is just a reflecting of the banks acknowledging that the days of using your home as an ATM (which itself was a bad idea) are now over.

So now it's all about squeezing as many people for as much as they can...for as long as they can.

There's an old Chinese curse, "May you live in an interesting time." And I have a bad feeling that times are about to get very interesting indeed.

(I hope I'm wrong.)]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20306655 Wed, 09 Apr 2008 06:08:24 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20306611 said by B A:

Open up or even apply for accounts (aka too many credit inquiries) your FICO score drops dramatically, hence higher interest rates.
That's something that not many people seem to understand: even a company inquiring about your credit (likely at your behest) drops your score.

In fact, I didn't know this myself until recently. [blushes]

Granted, it only drops it by a few points, but people who apply for lots of credit cards they don't need in the interests of "improving" their credit score may end up doing just the opposite if they're not careful about what they're doing.

said by B A:

Use 20% of your credit line, your rates will increase and your considered a credit risk.

I wanted to thank you for educating me on this "magic number."

Frankly, I've always wondered at what point creditors start looking askance at you (i.e. just how much of your credit line can you use before the alarm bells start goin' off).

And now I know.

Quick question: does that "20% rule" apply only if you end up carrying a given balance into the next month?

The reason I ask is that I'm prolly close to that 20% figure myself right now. The thing is, I will be paying my last statement balance in full (as usual).

I guess I'm curious as to just how closely they monitor that sort of thing (i.e. if you happen to use more than 20% of your credit line even for a day [or two] will they still bust you?).

Granted, it's very easy to flag changes in an individual's financial status with computers, but I'm wondering if the CC companies/other creditors are that anal about nailing people.]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20306611 Wed, 09 Apr 2008 05:26:14 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20305609 said by Warzau:

Do you have a balance? That is another trick, they lower your % then you think hey I have a low APR, rack up a balance and then they raise your rate. Nice, huh?
Citibank pulled this crap with me. gave me a $20 credit which i had to use by oct 15.
so i start using it on the 2nd[like 3 or 4 small purchases]
I get my bill only to find they held all my charges til oct 16!
so i paid the $37 i owed them, called them and cancelled the card.
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You can never be too rich, too thin or have too much Bandwidth]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20305609 Tue, 08 Apr 2008 22:33:20 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20305563 said by Warzau:

Get a Amex Blue Credit Card, it allows you to carry a balance.
I think their optima card does also or did blue replace the optima? I have an optima i never use.
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You can never be too rich, too thin or have too much Bandwidth]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20305563 Tue, 08 Apr 2008 22:27:51 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303538
Anyhow, the implications of not paying your credit card debt, or any other for all that matters.

Want a phone in your name when you move? Hefty down payment needed. Want a new car or even a used car? Higher interest rates. Want a cell phone? Well they check your credit for that too. Utilities like water and electricity? Same game, you have bad credit, you don't get it without an exuberant down payment. Anywhere from 200.00-400.00 just to get it turned on. Even medical...god forbid something occurred and you have to have something major done. Alot of your doctors and dentists don't provide a payment plan anymore but will refer you to a company that will let you finance it. If you have bad credit your turned down. Cable? Satellite? Same flavor.
Don't even think about financing a house. Especially right now when they have cracked down and are even turning people away with good credit. Getting a new job? Maybe not...especially if they see you just decided not to pay your debt. Alot of companies do pull your credit record.
So, yes...your method would work as a last result, but its not favorable especially seeing that so much now is based on your credit.

Unpaid debts or R-9's are the WORST you can have on your credit record. Worse than bankruptcy.

If anyones interested this is how they compose those FICO scores and how your credit is broken down.
»www.investopedia.com/art ··· 1800.asp

--
The cleaning and scrubbing will wait till tomorrow, For children grow up, as I've learned to my sorrow.
So quiet down, cobwebs. Dust go to sleep. I'm rocking my baby and babies don't keep.

]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303538 Tue, 08 Apr 2008 15:58:47 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303510 said by B A:

said by Warzau:

Do you have a balance? That is another trick, they lower your % then you think hey I have a low APR, rack up a balance and then they raise your rate. Nice, huh?

You hit the nail on the head with that one. Another tatic is to increase your credit line in hopes that you will fully use it to the limit. Citi did that to me I had 5k credit which I would use then payoff. Then all of a sudden I get 20k limit, WHA!? I called them saying thanks but I would rather have a lower %. I told them matter of fact if they want me to spend. Lower the apr and I will spend, but I will pay it off, raise my limit and no way am I going to touch the card.]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303510 Tue, 08 Apr 2008 15:51:06 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303455 said by Warzau:

Do you have a balance? That is another trick, they lower your % then you think hey I have a low APR, rack up a balance and then they raise your rate. Nice, huh?
You hit the nail on the head with that one. Another tatic is to increase your credit line in hopes that you will fully use it to the limit. Then out of the blue, higher interest rates.

I just adore their weasel tatics. :huh: You have to be savvy and on their game to be a smart consumer. Otherwise, it kicks you in the butt. Its sad they are allowed to take advantage of so many people.
--
The cleaning and scrubbing will wait till tomorrow, For children grow up, as I've learned to my sorrow.
So quiet down, cobwebs. Dust go to sleep. I'm rocking my baby and babies don't keep.

]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303455 Tue, 08 Apr 2008 15:40:09 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303324 http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303324 Tue, 08 Apr 2008 15:17:08 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303306 http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303306 Tue, 08 Apr 2008 15:14:48 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303185
Once people realize that their credit card debt is UNSECURED debt, many will just stop paying and take the hits and the collectors phone calls....They can't repo anything like a loan you have on your vehicle where they have a lien on it.

The credit card companies fear many will just walk away from their credit card debt since it is unsecured. So they now resort to these kind of tactics to get as much blood from you as they can before many just say they can't pay anymore payments and default..Hell, people are walking away from their homes because they can no longer afford the morgage payments and that is secured debt...Credit card debt, for most people, is not secured..

Sure, individuals want to do the right thing and pay and be responsible but it is getting much more difficult for many to continue to be responsible when the damn credit card companies are not being responsible TO YOU....This raising rates from say 14% overnight to say 23% is insane so again, why should you continue to be a sucker when all they are doing is trying to bleed you to death on UN-secured credit...

If it gets to the point of putting food on the table or keeping a dry roof over your head or milk for the baby, then tell them that if they don't lower your rate that you will just stop paying all together and default and they will have to eat it. And that is exactly what they will have to do..Eat It!!..Hound you and ruin your credit for years but eventually it will all go away. After all, they are the ones who took a gamble and gave you UN-secured credit and you are doing your best to hold your end up by paying it off with interest but now they are trying to get blood from you with these tactics of raising your interest rate to 30% or so....Crazy!!! Whose not playing fair?

Consider what debt you have is secured debt and UN-secured debt ( like most credit card purchases ) and then act accordingly. ]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303185 Tue, 08 Apr 2008 14:52:10 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303113 http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303113 Tue, 08 Apr 2008 14:38:44 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303102 »moneyhelps.blogs.money.c ··· tripled/

First it has nothing to do with Providian or WAMU, this is a practice done across the board and at major banks as well too. Granted some are a bit more flexible than others.

Although unfair, this is the way it goes. Your debt ratio is too high, hence your higher interest rates. And once your 0% cards get wind of this too, they do pull random credit inquiries on you, they will jack up their interest too, usually as soon as the contract allows.

Open up or even apply for accounts (aka too many credit inquiries) your FICO score drops dramatically, hence higher interest rates.

Use 20% of your credit line, your rates will increase and your considered a credit risk.

Have too many credit lines opened, your rates will go up because your considered a credit risk.

Cancel too many open credit lines, and it lowers your score too. Especially if they carry balances.

Being late on any bill, even your utilities.....and its on your credit report, they will raise your rates.

»www.marketwatch.com/News ··· t=google

You might find these articles helpful, and your only solution is to pay them off and leave your credit alone for a few months until everyone has time to report. Also I would check your credit records too, you wouldn't believe some of the clerical errors that take place on them and it greatly decreases your FICO score.

Since your in debt with this card to the point your paying $2000.00 a month, you might want to consider taking out a unsecured loan or some other method that you can rectify this in a shorter amount of time. But if you are a slave to credit cards don't even consider this, because you will slowly drown in debt once you charge up the cards and have outstanding loans.

As far as complaining and them working with you...its not going to happen. They are allowed to get away with this, they serve millions of people. Cancel the card, and another jo-blow takes your place. Meanwhile due to the agreement you signed, your locked in until your credit score improves.

»www.pbs.org/wgbh/pages/f ··· t/eight/

»abcnews.go.com/wnt/finan ··· 4&page=1

»www.usatoday.com/money/p ··· es_N.htm
--
The cleaning and scrubbing will wait till tomorrow, For children grow up, as I've learned to my sorrow.
So quiet down, cobwebs. Dust go to sleep. I'm rocking my baby and babies don't keep.

]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20303102 Tue, 08 Apr 2008 14:35:22 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20302359 http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20302359 Tue, 08 Apr 2008 12:28:33 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20301203 said by phriday613:

In this time of hardships for many people, it seems like these companies are doing the wrong thing by charging ridiculous rates and risking losing customers, just to jack up some charges.
AMEN to that!]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20301203 Tue, 08 Apr 2008 08:41:46 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20301197 said by Jtmo:

Get a loan shark it might be cheaper than Wamu ;)
I had a Mattress Giant (provided by Wells Fargo) account nearly 2 years ago for one of their no-interest promos and I got a call a few months ago stating that they were interested in helping me pay off debts by providing a loan. When I asked them to give me some numbers they wanted me to consolidate my debt to an account at 23.75%, which was absurd. Apparently this taught me that people do this on a regular basis or there wouldn't be a market for 23.75% debt consolidation loans. WTF is anybody consolidating their debt and paying over 20% more than the street value over 1 year?!?]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20301197 Tue, 08 Apr 2008 08:39:53 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20301190 said by Warzau:

I'll tell you this Amex is the only CC that hasn't budged their APR for me. While others have gone up I transfered to Amex and paid it off, and rinse and repeat. I only have a couple hundred dollars on Amex and it's still the same APR.
I do have an AMEX that was acquired through Dillards (as stated above) but I am scared to carry a balance on it since AMEX is supposed to be paid in full each month. I know it has interest rates associated with it, but I am just not that familiar with AMEX practices. Their interest rate isn't the best, according to the paperwork I last received, but it sure is better than 23.99%.]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20301190 Tue, 08 Apr 2008 08:37:45 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20301180 said by craig70130:

Very very common these days for banks to up interest rates even if they 'think' you may be a risk which is why they constantly monitor your credit reports. Start carrying higher than normal balances on other cards, or be late on another card, and pop.

You probably set it off by carrying a larger than normal balance (wedding, honeymoon) and recently opening up new charge accounts (Dillards AMEX, Citibank Rewards, etc.).
I will admit that the thought has crossed my mind that since I opened those accounts my credit score dropped nearly 70 points (I have no idea how that happened) and that would cause the credit card companies to see it as a higher risk. At the same time you would think that is a policy across the industry and all cards would have their interest rates rise into oblivion.

What hurts me, though, is that how can they tell you when you call to cancel a card that has only been open for a few months that it will hurt your credit score more? Their excuse is because the account was closed with no history. I see it like it should be similar to a loan, you get it, pay it off, and then it's gone and done.]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20301180 Tue, 08 Apr 2008 08:35:54 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20301167 said by 61999674:

Well Chase did that to me years ago, interest went from 6% to 18% in one month when they purchased the CC accounts from another bank.

Isn't(well wasn't) Providian a "sub-prime" CC company?
That must have been when Chase bought the accounts that had come from FirstUSA/BankOne. I was never impressed by my interest rates with them to begin with, but that's why I stopped using that card forever ago.

Yes, Providian was a sub-prime CC company.]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20301167 Tue, 08 Apr 2008 08:32:49 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20301160 said by PrntRhd:

...If you disagreed, you had to notify them in writing and they froze the rate on the balance but you had to pay the balance with no new purchases on the account...
It sucks that when I called them this was what they offered to me, but to freeze it at the already higher 23.99%. Ugh.]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20301160 Tue, 08 Apr 2008 08:31:10 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20300927
I now have a classic Mastercard and a platinum Visa from two different local credit unions. I haven't carried an interest chargeable balance in years, but if I had to the rates aren't too bad (11.9 fixed and 12.99 fixed). That rate also applies to cash advances with NO cash advance fee. FWIW I use an American Express Blue Cash for everyday purchases (5% cash back on gas and groceries after $6500 in annual charges); the rate is variable and currently 10.99% BUT I pay that one off every month as well. edit: these CU cards also have an unadvertised five day grace period for late payments!

Do as suggested by others already; get a decent balance transfer offer, pay off WaMu and close that account.
--
Don't pay ME back, pay it forward.]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20300927 Tue, 08 Apr 2008 06:33:33 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20300892 http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20300892 Tue, 08 Apr 2008 05:58:23 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20300766
i have to admit, however, some of my cards have raised their rates seemingly with no ryme or reason (these all have no balances), while some have stayed at the same 7-9% they have been at forever (even though some claim to be variable)]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20300766 Tue, 08 Apr 2008 03:44:09 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20300061
I called to complain on one of them, and they did nothing.. I warned them that I was going to pay it off and hung up.

Ended up paying that one down.

I have 1 @ 28% and 1 @ 29%. Total BS if you ask me.
It doesnt make any sense, being that interest rates have decreased over time, but as a good standing credit customer, my rates have increased on my high balances? Unfortunately, I see no way around it other then paying down the balances.

In this time of hardships for many people, it seems like these companies are doing the wrong thing by charging ridiculous rates and risking losing customers, just to jack up some charges.

Worst part is once you pay it down, you'll still get a bill the next month. Turns out part of the deal is that they charge you on last months balance.. if your last month had a balance, they still charge you!

Good luck.. only way around it is to just pay it down as soon as possible
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"Forewarned is forearmed..." -gwion]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20300061 Mon, 07 Apr 2008 23:01:58 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20299636 said by mr_slick:

Like others have said, you must have done something to trigger the default rate, which could include paying late (even by one day) on this account or any other account with another creditor.
Having your rate suddenly hiked is not reliant upon having any late payments on anything. It can be, but that is not necessary to trigger the rate increase. It can be down to debt ratio, percentage usage of the card's limit, or even carrying a large balance for too long. I also suspect that the waves rolling through the credit markets are also in play here - it is a prime opportunity for banks and lenders to take advantage of the situation in the name of minimizing risk.
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Ha ha haaaaaaa....ever get the feeling you've been cheated?

- John Lydon, last Sex Pistols show]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20299636 Mon, 07 Apr 2008 21:41:28 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20299308
Like others have said, you must have done something to trigger the default rate, which could include paying late (even by one day) on this account or any other account with another creditor.

I would suggest moving the balance to another card assuming that any fees outweigh keeping it where it is. Once you do this, do not cancel the card however-- this will usually make your credit risk increase (FICO goes up).

FWIW-- I do not really like or use my providian card much (mostly use the free credit monitoring on their site and pay one low recurring bill per month).

Good luck with it!]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20299308 Mon, 07 Apr 2008 20:37:59 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20299142 said by 61999674:

Isn't(well wasn't) Providian a "sub-prime" CC company?Providian marketed to those with poor/bad credit ratings.
After my ID was stolen, i was getting offers from them at low low signup fee of $59.99 plus $4.95 monthly maintenance fee.
I didn't bite.
--
You can never be too rich, too thin or have too much Bandwidth]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20299142 Mon, 07 Apr 2008 20:06:16 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20298674 Yes, and unfortunately nothing will be done till after January 2009 about this.
Transfer that debt to the other cards. Tell WAMU you are doing it and that you will never bank with them and will tell everyone how you were treated.
Get a personal loan?]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20298674 Mon, 07 Apr 2008 18:38:12 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20298667 http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20298667 Mon, 07 Apr 2008 18:37:01 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20298590
I had this happen a few months ago on a Bank Of America CC, carrying several thousand in a balance following a cross country move. We were paying well above the minimum. They told me we were carrying too much debt, so they'd be raising our interest rate from 9.99% to 23.99%. It's bullshit, but perfectly legal. We found a different CC at 0% for two years plus 0% on transfers, transferred the BOA balance and closed the card. They had offered to keep our lower rate if we did not use the card again, but I'd rather give someone else the business. We had the card for five years before this occurred, and never a late payment to any credit company, utility, etc.

They've got us all by the short ones. :)
--
Ha ha haaaaaaa....ever get the feeling you've been cheated?

- John Lydon, last Sex Pistols show]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20298590 Mon, 07 Apr 2008 18:20:16 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20298575 http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20298575 Mon, 07 Apr 2008 18:18:34 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20298383
You probably set it off by carrying a larger than normal balance (wedding, honeymoon) and recently opening up new charge accounts (Dillards AMEX, Citibank Rewards, etc.). ]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20298383 Mon, 07 Apr 2008 17:40:45 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20297959 heartbeat to a lower rate card.

Wachovia is in town now; I would consider cancelling all of
my WaMu accounts if they did such a thing to me. I've heard
that they treat their customers better.
--
"The trouble with computers, of course, is that they are very sophisticated idiots." - Doctor Who (from Robot)
]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20297959 Mon, 07 Apr 2008 16:30:01 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20295179
Isn't(well wasn't) Providian a "sub-prime" CC company?
--
If you have to ask, you wouldn't understand.]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20295179 Mon, 07 Apr 2008 04:13:57 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20293635 -
course if you are late paying anything those most likely will go to default rates as well.
--
You can never be too rich, too thin or have too much Bandwidth]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20293635 Sun, 06 Apr 2008 20:12:38 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20293422 And yes, they can raise interest rates at any time, for any reason or no reason at all. Some credit cards are up to 30% right now.
It sucks if you carry a balance on credit cards these days, and I do mean all of the major cards.
A few years ago I had a major card that decided to raise the rates claiming the "introductory rate had expired", after 8 years with them. If you disagreed, you had to notify them in writing and they froze the rate on the balance but you had to pay the balance with no new purchases on the account. I paid off the card in less than 2 months, & I will never do any future business with them. They send me applications which I shred. ]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20293422 Sun, 06 Apr 2008 19:26:50 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20293325 http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20293325 Sun, 06 Apr 2008 19:01:59 EDT Re: Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20292725
I think I remember having a card a long time ago that mentioned they could raise my rate if I suddenly became a higher credit risk also ... which is perhaps what they think you are since you recently opened a ton of new credit.

I have a WaMu card and I'm pretty sure they review my credit every month because of that perk where you can see your FICO score for free each month.

Can you not roll the balance over to another card with a 0% interest rate for transfers? Sounds to me like another company would love to have your business.]]> http://www.dslreports.com/forum/Re-Being-bullied-by-WaMu-about-credit-card-anybody-else-20292725 Sun, 06 Apr 2008 16:33:29 EDT Being bullied by WaMu about credit card... anybody else? http://www.dslreports.com/forum/Being-bullied-by-WaMu-about-credit-card-anybody-else-20292629
I have been a customer since Feb 2003 and I have never, not once, not ever, made the minimum payment to the credit card -- it has 100% of the time been over the minimum payment by usually $500 to $1000 per month. I have acquired a large balance over time since I had a wedding and honeymoon that I had to pay for last year, and had everything that comes with it adding up until that point.

So here is the problem. WaMu decided to raise my interest rate in February to 23.99%. In January the interest rate was 14.99%, and before that (in December) was 15.49% and it regularly followed the prime interest rate closely by those numbers. I called in to complain and they said that in my statement from November (which I unfortunately can't locate this piece of literature) there was a document that stated the interest rate would go up to that amount effective 2/2008. What's worse is that I have been working to pay off these debts and it is almost as if they have realized that since my monthly payments to them have started exceeding $2000 per month that they know I am paying off the debts and they are just milking the situation.

So to me it sounds like WaMu is either wanting to lose a good customer, or they have made a mistake somewhere and it has ended up being my problem. My question is, does anybody know who I should complain to in order to get this situation resolved. When I threatened them with cancelling (which I really will do once I get all of my direct-withdrawal items updated (cable bill, XM, pet insurance, tolltag, etc.)) they said that if I cancelled today I would continue at todays interest rate. That's just ridiculous -- most banks who want to keep customers just simply don't act that way -- they will work with you to lower your interest rate.

I will admit that I have a large balance with them (why else would I be paying $2000/month and not getting anywhere) and I feel that because I opened several other credit accounts recently (Dillards AMEX, Citibank Rewards, etc.) for no-interest offers that they are taking advantage of me. I don't even get any rewards offers through them!]]> http://www.dslreports.com/forum/Being-bullied-by-WaMu-about-credit-card-anybody-else-20292629 Sun, 06 Apr 2008 16:09:34 EDT