Al Rozz
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Pay your card off and shop around for better deal. You can shop for credit cards from any bank in the U.S not just in your State.
try Idaho and see what interest rates they offer or Minnisota.
Shop around at all the banks and finance all over the USA.
keep in mind that just because you pay more than the minimum payment doesn not make your crdit score climb it acutally drops your score down and the reason for this is very simple. No math needed. ITS CALLED REVOLVING CREDIT....it sucks and it hurts your credit.
Six months later your still paying on your card???? Revolving credit...that's what that is called.
It's best to only charge what you can pay off within two months or three months tops. |
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musicman47
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They do it because they can and wil! I know that I have had the same thing happen to me too. Now did you use any of your available credot for cash advances? The reason I ask this is because they charge a higher rate if you do the cash advances on your credit card! I am trying myself to stay as far away from them has you can! |
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Ferazhin
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Credit Card companies are nothing but glorified loansharks! They want you to be in debt. That's how they make their money. Set yourself free and pay off everything as soon as possible, that's the only way you can save yourself. |
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Kourtnie D
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Have you ever been late on any debt that reports to your credit report?
Have you bought a house or a car or any big ticket item?
All of that can and does often change your interest as the creditors find you more of a risk.
Kourtnie
Prosperity Financial |
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Solo Man
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Get a virgin card 15 months o% interest on balance transfers |
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roginad
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That is the way it works and how the credit companies are making their money. This have nothing to do with your payments or balances. I saw a few junk offers (from Citi, for example) where vendors guaranteed the rate for the life of the card. The best way to deal with this situation is to built a habit to use the credit card up to the level where you can afford to pay it in full every month.
P.S. By the way, it is right, you can negotiate for better rate for certain period. |
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K
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try picking a card with a fixed apr.
a lot of times they have introductory rates to suck you in...and in the fine print they screw you over...Be careful. |
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CHRIS V
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My first question would be...Have you ever been delinquent with anything else? There is a term in the banking industry called universal pricing. They will place you at delinquency or default pricing if you've been late to another creditor. Get a copy of your credit reports and make sure there is no inaccuracies on there. Also...Your score can go down if you are using too much credit because your utilization is too high (Balances compared to available credit). |
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Brandon M
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cut it up, and get another 0% card, thats what i do |
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married2nalien
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It is either an introductory rate or you were late with a payment. If you are even just one day late the computer automatically raises the interest rate. BUT the good news is-if you have been a customer for a while and do pay every month you can call customer service and they will generally lower the rate back down and explain to you when and why it went up so that you can avoid that situation in the future. If they won't lower it, switch to a different financial house. But don't start bouncing around to different credit cards to get lower interest rates as that will ruin your credit rating (even if you pay them all on time. Your credit rating will show a bunch of open credit lines-even if you have stopped using/canceled a card). Most people don't know you just need to call your credit card company's customer service department. |
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d b
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same boat here. however my credit score hasnt went down. I think we all need to get back to basics and pay cash for things so this doesnt happen. If i cant afford it i darn sure shouldnt charge it |
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jas
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its called a variable rate they can change it whenever they want they also do that with the interest rate on mortgage payments thats y u never want to let anyone give u a variabloe rate on ur home or u will be paying out the *ss be careful and just switch ur card company ditch em for a lower rate and hopefully u'll have better luck |
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JustJenn
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you had an intro rate that just tripled read the fine print.... |
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j-man
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It depends.
Some credit cards will change your terms based on your creedit. Even though you paid this account on time then your rate can still go up if you have been at least 30 days late on another account. If you had an acocunt that was turned over to a collection agency, that could hurt your credit, and thus raise your rate. Get a copy of your credit report and see if everything is correct (www.annualcreditreport.com)
Even with fixed rate credit cards, they can change your rate (or any other terms) if they notify you ahead of time. You may have gotten a small letter in your statement with lots of very tiny print explaining this new rate to you. You may have thrown it out with the other fluff in with your statement.
The best thing for you to do is to call your credit card company and ask why your rate changed. If they will not change it back, it is time to find a new credit card. I am sure you can find one with a better rate than 24.99%. |
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John
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Yes they can. Its usually an introduction rate, and its stated in your terms and conditions. |
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stephenweinstein
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They can change the terms at any time. However, if they are changing the terms of the contract (not merely invoking a provision in the existing contract that says your rate can be increased), then they have to tell you and give you the option to refuse to accept the change, close the account, and pay under the old terms (9.99%). If you elect this option by the deadline that they (or the law) specify(ies), then the change does not take effect unless you use the card again. |
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wareagle30
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call them and tell them you want your rate lowered or or transferring the balance and closing the account. the market is so competitive that they wont want to lose your business and will most likely lower the rate. if not... there are a ton of 0% APR on transfers offers out there, just open a account and transfer the balance.
theres a million reasons the rate could of gone up. |
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bud68
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Even with "Fixed Rate" cards, the language of the contracts are that they can change it whenever they want as long as they notify you (and the notifications are frequently hidden in the "throw-away" enclosures with your bill).
About the only thing you can do is cease using it unless you can pay off the full balance every month. |
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n5554t
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Unfortunately, credit card companies have a license to steal. Read the fine print....There is probably NO fixed rate. These companies publicizes "Fixed Rate" but in teeny tiny print it says "for the first X months then is based on 18% over the Prime rate, etc, etc".
If you are late on ANYTHING, they will probably bump your rate.
Sue for disclosure issues....joking because it's not worth the cost. |
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MARY N
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Credit card companies can charge whatever rate they want and do not have to take your credit rating into account.
Lesser known or store-brand cards are most likely to do this.
If you have a good credit, transfer your balance to a reputable credit card company. Credit unions are a good place to start looking. Make sure to read the fine print though - make sure the transfer charge is reasonable. And don't get a card with a yearly fee - there are so many cards to choose from, that's just silly.
Good luck. |
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Homeslice
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Some cards offer low introductory rates that will expire after a period of time. After this period they go up to their normal rates.
Also, if you have missed payments, they may have a clause allowing them to increase your rate to the state maximum. |
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bryan l
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THEY ARE CONS!!!!!!!!
you look at the fine print, "no body really dose" that will give them the backing to do what ever they want. Did you miss any payments on any other Loan type things or did something go into collections.
Go and drink a couple of cups of strong coffee call a supervisor and have him ex pain why that went up. If he said that it was from a negative hit on your credit, say OK then. then pull your credit up find out what it is call that company up and plead with them to take that off, if they don't play that card you are going to take every last breath to bash them. most will take that off if that is the first, be ready to pay in full AND get in writ ting. then call your 24.99 percent CON company tell them that your negative is being reversed... After that i would shop for a new card.
2nd choice do what ever it takes to pay those basters off, this is the least headache approach |
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700BILLIONPOORER
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Because your credit rating is going down. |
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Catarina
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coz u picked the wrong credit card |
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Smiley Heart
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Because the Interest Rates have gone up... |
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