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Wondering | Credit Card interest rate went through the roof, why? |
Can someone help me? I got my 2 credit card bills the other day one is HSBC Bank and the other is CITICards, both showed an interest rate 19.99%. I paid both balances off in full and am considering closing these credit cards and finding another credit card company. Within the past three months they both placed my available credit from 7k to about 9k, which I never even came close to that balance on either card.
I'm not credit "conscience" so I went online to pay to get my credit score which I have never done before and it says it is '891' which I thought was good so I don't understand why they both bumped up my interest rate?
Just FYI, nothing has changed w/me. No late payments EVER, no new open credit or loans, etc.
I hope I've provided enough info for someone to maybe explain to me why this happened and what I should do.
Thank you in advanced! |
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Pojo
|
First you DO NOT have a score of 891 basically many cc's are cutting limits and hiking rates. When one hikes your rate the others follow suit for whatever reason.
IF these are perfect history cards DO NOT cancel them as you will hurt your scores even more. |
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cosmaximum
 |
Unfortunately, it's the so-called credit crunch. I don't think it reflects anything you have or have not done.
891 is a good score [Note: UK Experian scores go up to 1000 for those in the USA ;) ], and you seem to be doing all the right things.
There are other cards available in the UK that have rates much lower so I'd look around. If you always pay off in full, and don't take these nasty cash advances, look for a card that gives other benefits. The interest rate is unimportant. |
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bdancer222
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Did you purchase that credit score from Experian or TransUnion? You were sold a Vantage score. Vantage goes to 990 vs FICO's 850. The best place to get your real, up-to-date FICO score is MyFico.com.
The two banks you mentioned have been reviewing customer accounts and reassessing risk, resulting in lower limits and higher interest rates. In some cases, they have closed accounts completely.
Since you have already paid off the balances, keep the accounts open. Closing them would lose the history and could hurt your score. Go ahead and open another credit card or you could use these accounts and just pay them in full every month -- interest rate won't matter then. |
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sethreber
 |
The credit card companies are sh*tting their pants right now. This will be one of the next crashes, most likely right after the commercial real estate crash. Almost all credit card holders have seen huge increases in their interest rates. They need to raise the interest on their good customers, to cover the losses on their bad customers. I would suggest cancelling all of your cards. GOOD LUCK! |
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daeve930
|
If you paid your minimum payment late, your rate will increase.
If you paid a different account late, your payment may increase.
Many people's credit lines have been reduced because of the bad economy. Not only credit cards, but HELOCs have been affected too.
Your credit score is not 891. The highest score is 850 and in 12 years of processing real estate loans I've seldom seen over 820. That statement makes me doubt the veracity of the rest of your claims.
Call the creditor and ask them, if this really happened as you say it did. Since you have no balances on either card, don't use those anymore and get a new one with a better rate. |
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jormungandr17
|
Here's a stories about people like you who had the same experience.
Card companies jacking up rates
Blame the economy, and some proposed regs that would limit hikes going forward
http://money.cnn.com/2008/09/26/news/economy/creditcards_kimes.fortune/index.htm?postversion=2008092612
Also, later in November 2008:
Why banks are boosting credit card interest rates and fees
http://www.usatoday.com/money/industries/banking/2008-11-09-bank-credit-card-interest-rates_N.htm |
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efflandt
|
If you are in USA get one or more of your free credit reports from https://www.annualcreditreport.com/ (or you can get there from www.ftc.gov) and see if anything unknown shows up.
With a credit score that good, it sounds like a cash advance interest rate (did you use a credit card as a debit card using PIN instead of signature?). You might take a look at Chase or US Bank which are in better financial shape than some other banks and should be less than 10%. But that may depend upon length of credit history and types of credit you have had. |
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Don Draper
 |
Have you been late on any other payment, i.e car or electric bill etc..?
If so, this may effect your credit card interest rate, it is called Universal Credit. The credit company's are all tied in together. For example, if you are one day late on making your car payment, your credit card rate can go up. This started in about 4 years ago and not many people know about it. Call your credit card company ask for a supervisor and demand that they lower your rate, many times they will negotiate.
Otherwise, apply for other cards. |
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E-ROCK
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One thing BIG BANKS
When you sign the credit agreement your pretty much saying #$&^$#%^ ME. The other thing is with a pretty good credit score " big bank" knows that you will do pretty much anything to keep it that way. The Government has nothing to do with corporate America. There are loopholes of wich they can get around ( Easily).
Also I heard that CITI is kinda going under. |
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