islandgirl Posted April 6, 2009 Share Posted April 6, 2009 Check your mail for the newest letter from Bank of America regarding your credit cards. Millions are getting an across the board increase as of May 1st. I got a 6% increase.I tried talking them down on the % amount. I have perfect credit and never been late on a payment. They could Not offer me a better rate. They said that they need to do this to stay in business.. I asked them why didn't they get any of the stimulus money being handed out to bail them out!!! LOL But they do give you the option to opt out of the increase and continue to pay off your Credit Card with your current rate. (You can't use your card after that or it will go to the higher rate)I opted out for now... Gotta go CC shopping for a lower rate. So keep your eyes open if you use BOA... Quote Link to comment Share on other sites More sharing options...
islandgirl Posted April 7, 2009 Author Share Posted April 7, 2009 Ok.. Now that I have opted out of the credit increase with BOA, I can payoff that Credit card at the 6.99% that I have on it now..Not much on it, but I hate when my APR goes up for no reason, especially when a company offers a 0% interest rate to new customers!!!So I pulled out my little drawer of CC out, and found that one of my Chase Cards is at a 7.99% rate... Now I will make all my purchases with that card..BOA - you lose...I love talking to myself... yep... That's what I am gonna do....:laugh2:blah blah blah and blah!!! Quote Link to comment Share on other sites More sharing options...
FireStarter Posted April 7, 2009 Share Posted April 7, 2009 Ok..BOA - you lose...I love talking to myself... yep... That's what I am gonna do....:laugh2:blah blah blah and blah!!!LMAO... don't worry I talk to myself allllll the time.. sometimes answer too!!! I agree with you on the CCs.. I don't own any at all right now though so it doesn't really pertain to me.. but it's ridiculous what these banks are doing now.. DH read on another forum that they aren't even lending auto loans to anyone with less than a 700 for credit score. Why do we have to suffer for their ineptness and spending habits? Quote Link to comment Share on other sites More sharing options...
Vicky_CO Posted April 7, 2009 Share Posted April 7, 2009 I avoid CC for that reason I have 2 emergency ones one for me and one for hubby both I have request that they not raise my limit on them. They both have very small limits. Quote Link to comment Share on other sites More sharing options...
bthouse Posted April 7, 2009 Share Posted April 7, 2009 They did that to me a few months ago on 2 BOA cards. Actually doubled my rate! I opted out and will continue paying at the old rate then they can stick their cards where the sun dont shine!Just wait till I am finally out of debt, the economy recovers, and they are looking for customers again.....I hope we all tell them where to go and we stick with the banks who have stuck with us through this. Quote Link to comment Share on other sites More sharing options...
sockmonkey Posted April 7, 2009 Share Posted April 7, 2009 Ok..So I pulled out my little drawer of CC out, and found that one of my Chase Cards is at a 7.99% rate... Now I will make all my purchases with that card..BOA - you lose...I love talking to myself... yep... That's what I am gonna do....Sorry to break the news to you, but it's only a matter of time until Chase does the same thing. They are all doing it, and it's nothing but complete BS for them to say they need to do it to stay in business. What will inevitably happen is that everyone will start doing as you are--not using the cards and paying their balances off, so then they will really start to whine that they are losing money. They are writing off more and more accounts because people can't repay the money they owe, thanks to them doubling their rates in some instances. See how it works? The credit card companies are key players in the mortgage crisis. They didn't need to raise rates on all of their customers--even the ones who were behind on their mortgages, but since they did, there was no way in hell some people could afford to pay their mortgage AND the higher rate on their credit cards, even though their customer might not have ever been a day late with their account.Sorry about the rant--it's a sore spot with me, living in an area where the foreclosure rate and job loss has been very high. Quote Link to comment Share on other sites More sharing options...
Stella1952 Posted April 7, 2009 Share Posted April 7, 2009 2 words:They SUCK! Quote Link to comment Share on other sites More sharing options...
mparadise Posted April 7, 2009 Share Posted April 7, 2009 Yep, Citibank did the same thing to us recently too, despite the fact that we have had the card for 15 yrs and never been late on a payment. The other new trick that has been making me nuts is that they have started emailing me DAILY for the 10 days prior to my payment due date DESPITE the fact that I had already set up the payment online to come out once my paycheck hits (due 22nd, I get paid 2x month so it was set up on the 10th to come out on the 16th to give it a day to ensure my check was creditted before all the payments started coming out). Umm...I don't think so!! The icing on the cake was that when I called to find out why they were emailing me over & over I got hung up on after being on hold for 1/2 hr. NOT amused! Quote Link to comment Share on other sites More sharing options...
sockmonkey Posted April 7, 2009 Share Posted April 7, 2009 I guarantee you that far more people are being affected by these credit card/loan sharking policies than there are who are losing their homes. There are a lot more people who have credit cards than there are people who have mortgages, so where is the government intervention to stop this consumer theft?Don't even mention the supposed consumer bill of rights congress passed, that doesn't take effect any time soon, and offers no real protection anyway. Quote Link to comment Share on other sites More sharing options...
islandgirl Posted April 7, 2009 Author Share Posted April 7, 2009 Sorry to break the news to you, but it's only a matter of time until Chase does the same thing. They are all doing it, and it's nothing but complete BS for them to say they need to do it to stay in business. I know they will raise it.. But I am only using this one to make purchases that I can pay off month at month end and for emergency's only..Over the past year, we have quit using our cards and trying to use cash only..We have paid down all our CC's and the BOA was the last one we were working on since it had the lowest APR on it.. I agree that there needs to be some kind of laws set up for this. We are lucky that we can pay down on our CC.. Their are more people that get hit with these increases and can't pay down their cards, which puts most Americans in even more debt.. Then the ugly cycle of them not paying at all starts because they can't afford their monthly payment due and the higher interest rates!! Quote Link to comment Share on other sites More sharing options...
Maven Phillips Posted April 8, 2009 Share Posted April 8, 2009 I have a BOA card with a 6% APR on it. Just got the letter. Knew it couldn't last forever! Quote Link to comment Share on other sites More sharing options...
Wildcrafter Posted April 8, 2009 Share Posted April 8, 2009 I bought a truck on Monday and the loan is 11.9% interest! phhhhht!It's a five year loan that I'm going to pay off in record time. So, no big bucks for the bank! That's what they get! I think there will be all kinds of ways around the big corporations' money grabbing from little people like us. We'll just have to be creative.Big banks - Be afraid.....be very afraid! Quote Link to comment Share on other sites More sharing options...
CareBear Posted April 8, 2009 Share Posted April 8, 2009 well I've been fortunate so far, the car I bought a year ago I got during a 0% financing period (go Toyota!) and I pay off my credit card each month. when citibank did that to me a few months ago it didn't impact me, really - but still I could see it was going to be a trend.anyone have a credit card through a credit union? those might be lower. Quote Link to comment Share on other sites More sharing options...
FireStarter Posted April 8, 2009 Share Posted April 8, 2009 I know they will raise it.. But I am only using this one to make purchases that I can pay off month at month end and for emergency's only..Over the past year, we have quit using our cards and trying to use cash only..We have paid down all our CC's and the BOA was the last one we were working on since it had the lowest APR on it.. I agree that there needs to be some kind of laws set up for this. We are lucky that we can pay down on our CC.. Their are more people that get hit with these increases and can't pay down their cards, which puts most Americans in even more debt.. Then the ugly cycle of them not paying at all starts because they can't afford their monthly payment due and the higher interest rates!!Unfortunately I am one of those whose credit has gone to SH** becuase of this economy. Things were fine, then hubby got laid off last May.. hasn't been able to find work since!! We have had to stop paying on quite a few things.. luckily credit cards weren't one of them due to us not having any, but other finaced things were affected.. not to mention that my son was attacked by a dog in September of '07, and the bastards sent the bill to collections, without sending it to us first, and the whole thing was in litigation!! My lawyer said that it will show paid off on my credit, but it doesn't make it go away, and it dropped my score by about 50 points.. no kidding. BIG problem !! No I'm stuck in a car loan with 14.8% interest because the car we had before that was stolen, and the bank reported us as not making payments, even though the darn thing was paid off by the insurance. So between those two things, and our not being able to make payments on Citi.. our credit has dropped about 100 points in teh last year.. and now the car lenders aren't financing anyone who has less than 700 for a credit score.. Thank God I don't have a mortgage.. Quote Link to comment Share on other sites More sharing options...
Wildcrafter Posted April 8, 2009 Share Posted April 8, 2009 I just took out a loan to buy a truck on Monday. Great truck. 11.9% interest rate.Today, my husband came home because he got laid off. This happened since my last post a few hours ago.He immediately went into his cave. He won't talk to me and he has been "napping" for the past 2 1/2 hours. Oh great.Now, I have to go to the bank, take out a grand that's supposed to be part of a down payment for a house and put it into checking so that I can pay bills this month. Already put out 2,300 in the past 2 days.I so f'ing thrilled. Quote Link to comment Share on other sites More sharing options...
FireStarter Posted April 8, 2009 Share Posted April 8, 2009 Sorry to hear that Wildcrafter.. I feel ya.DH got laid off Last May, as I stated previously, and has been doing odd jobs here and there to help as much as possible, we had some in savings but have completely wiped that out.. we are on the verge of collapse.. and to top it off, because we lost the health insurance at that time, i wasn't able to renew my birth control without the annual visit, which I couldn't afford to pay out of pocket, and now we just found out a few days ago that I'm pregnant with our THIRD kid.. *faint* lol. it just keeps getting better!! Like it's not expensive enough with just the two boys!! lol.. Quote Link to comment Share on other sites More sharing options...
CareBear Posted April 8, 2009 Share Posted April 8, 2009 Oh Wildcrafter! That's so horrid. And you others who got laid off (or had sig others laid off). freaking sucks.Fire please tell me you're kidding. Seriously, please tell me that's not how it happened.I live in fear - if layoffs hit my area of the company I'll be on the list as my work load is (theoretically) the lightest and I've been there the least amount of time. Fortunately that makes my salary the lowest - but still I don't think that'll save me. Oh and they just announced no raises this year. I can live with THAT. Quote Link to comment Share on other sites More sharing options...
FireStarter Posted April 8, 2009 Share Posted April 8, 2009 Fire please tell me you're kidding. Seriously, please tell me that's not how it happened.I really wish I could.. but you know.. I honestly feel worse right now for those who haven't been hit as hard yet.. because I worry that its just going to get worse for everyone, and those of you who are still employed have just got to be on the edge of your seats wondering how long you will still have your jobs. I honestly don't know how long my job will last either because digital voice recognition is taking over my field.. but more than likely it is still a few years out from being consumed, and even when it is, my job will just transition from transcriptionist to editor... ickI pray that everyone still working can keep your jobs.. I really really do... We the people aren't the ones who caused this mess.. the majority of it was the big spenders at the top of the food chain, over extending their budgets because they could.. living over lavishly, and now they have to keep borrowing from us little guys to wipe their butts. Quote Link to comment Share on other sites More sharing options...
islandgirl Posted April 9, 2009 Author Share Posted April 9, 2009 Firestarter and Wildcrafter.... {{HUGS}} to both of you..I am so sorry to hear about the issues that you have been given to deal with.It is my fear also that the hubby could get laid off at anytime..You just never know.. Again.. So Sorry... Quote Link to comment Share on other sites More sharing options...
Wildcrafter Posted April 9, 2009 Share Posted April 9, 2009 Thanks, y'all. It's just crazy out there right now. Well, I've been stocking up non perishables for a while now. And my husband can hunt and I can butcher. I just wish we owned our house so I could get chickens and dig up this stupid 1/2 acre of lawn and plant gardens and plant fruit and nut trees. The landlord likes his lawn kept a lawn. He doesn't even live here! And we're out in the county, so we could have animals. Well, I can also live up to my name and forage for wild food. We're not big spenders, but we're tightening our belts and really watching where the money is going to go.My DH is an electrician and it's hard to find work right now with the building slump. Quote Link to comment Share on other sites More sharing options...
Stella1952 Posted April 9, 2009 Share Posted April 9, 2009 Firestarter & Wildcrafter - so sorry for your misfortune!!I truly hate what's happening to so many folks!! They tell us to go SPEND, SPEND, SPEND, then lay folks off!! DUH, something is BAD WRONG with that picture!! Right now - oddly enough - LA has one of the lowest unemployment rates in the nation. I know it won't last (especially if the price of oil goes down!), but so long as it does, I'm sockin' away as much money as I can!! Building is starting again here - it had slowed almost to a crawl.One thing about having a skilled trade - even if you don't have a job, you can pick up odd jobs for people who can't afford to hire the company you used to work for!! Electricians can usually find repair jobs to keep themselves "whole" until things ease up...For SURE, go apply for assistance ASAP for Food stamps, WIC, low-cost insurance for kids, and anything you can get to help you and your families!! My partner gets her BC pills & exams at the local health unit - saves her a bundle!! Most of us who have always had a job don't even know about all the programs there are to help folks make ends meet! It's time that some of YOUR hard-earned tax dollars were spent on YOU for a change!!! :undecided BEST of luck in finding new employment and opportunities! Things were so bad here right after Hurricane Katrina, my DH applied for a job he'd NEVER have even looked at before - found something he REALLY liked and makes more money now than he did before the 'cane wiped him out! Sometimes things DO work out for the best... so hang in there and don't get too discouraged!! Quote Link to comment Share on other sites More sharing options...
FireStarter Posted April 10, 2009 Share Posted April 10, 2009 Thanks IslandGirl and Stella.. I believe everything happens for a reason, so something good is bound to come out of all of this someway, somehow. WildCrafter - its good that you know how to live off of the land.. it would definitely come in handy in the event that things don't get better. I was fortunate to have a father who could teach me the same.. I havent practiced alot of it, but in a pinch, I can hunt, and I can clean it, and I can sure as hell cook it!! Lol.. Can't say I have much of a green thumb tho.. lol.. Anyway, thanks for all your support guys and here's to hoping that we don't see too much more change.. unless of course, its for the better! Quote Link to comment Share on other sites More sharing options...
Darbla Posted April 12, 2009 Share Posted April 12, 2009 Has anyone noticed your credit card changing the due date? My Capital One flipped from due the 2nd of the month to the 27th, about a week earlier. I thought I had gotten the next bill awful soon after paying the last one, so I compared. It almost seems like they're trying to trap us into being late, so they can charge a penalty and then up our interest rates. Quote Link to comment Share on other sites More sharing options...
Demenshia Posted April 12, 2009 Share Posted April 12, 2009 I had two change the due date on me. Both of them I ended up paying twice in one month (it was like a week and a half apart). It's crazy that they can pretty much do what they want. Quote Link to comment Share on other sites More sharing options...
Stella1952 Posted April 13, 2009 Share Posted April 13, 2009 It almost seems like they're trying to trap us into being late, so they can charge a penalty and then up our interest rates....which THEN lowers your FICO score upon which your insurance rates are based (in part), loan rates are offered, etc.:rolleyes2 I wonder when our elected representatives are going to realize that FICO scores need to be reviewed...:rolleyes2:rolleyes2 Quote Link to comment Share on other sites More sharing options...
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