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Started By
Message
does capital one raising my cc rate have anything to do with
Posted on 5/21/09 at 9:48 pm
Posted on 5/21/09 at 9:48 pm
whats going on in washington? never missed a payment before, had it about a year and a half. raised from 5.4 to 13.9 effective april 2010.
I thought I had read somewhere that the CC companies would have to recoup losses from not being able to charge fees and higher rates for less responsible customers by raising rates on the rest of us. This have anything to do with that?
I thought I had read somewhere that the CC companies would have to recoup losses from not being able to charge fees and higher rates for less responsible customers by raising rates on the rest of us. This have anything to do with that?
4
Posted on 5/21/09 at 9:56 pm to dranknpurple
Mine cc rate has been at 13.24% since I got it. Never missed a payment and pay it off in full every month. Will it ever go down? Ive had it for about 6 months
Posted on 5/21/09 at 10:00 pm to JmanfromTigerland
it should, mine started at 10.9 and the more I used it they gradually dropped it down. I think it's better if you leave at least a small remaining balance to roll over each month, otherwise they have no opportunity to make money off of you, and not much of an incentive to lower your rate. I would usually leave about 10% of my limit on it each month.
Then again, I doubt they'll be lowering anyone's rate right now while all this shite is still going on.
Then again, I doubt they'll be lowering anyone's rate right now while all this shite is still going on.
Posted on 5/21/09 at 10:02 pm to dranknpurple
quote:
whats going on in washington?
I think right now is dream-time for credit card companies, they may have increases in delinquents, but the number of people who are honestly trying to keep up, and are at 20+%, is probably pretty strong.
<and no Russian, I don't have a link>
Posted on 5/21/09 at 10:56 pm to dranknpurple
quote:
I would usually leave about 10% of my limit on it each month.
On the flip side, I'd venture to say that your investments aren't making nearly the amount of interest that Capital One is charging you.
If you can, pay it off. No need to carry a balance just to get a lower interest rate.
Posted on 5/21/09 at 11:09 pm to Will Cover
quote:
If you can, pay it off. No need to carry a balance just to get a lower interest rate.
there is truth to this, unless you are so underwater that you can never pay it off. Then walk away. Its only credit. Believe it or not you don't have to have it to live.
And lots of people will have black stains on their records, so it won't quite be the stigma it is.
Posted on 5/22/09 at 1:14 am to dranknpurple
quote:
otherwise they have no opportunity to make money off of you,
I pay my Discover off every month, and they are making 3-4% off of every charge I make, on merchant fees.
Posted on 5/22/09 at 1:15 am to ForeLSU
quote:
<and no Russian, I don't have a link>
Posted on 5/22/09 at 1:59 am to MileHigh
I'm not talking about a lot of money here, I'm saying I leave about 10% of what I spend on it per month. And I'm still young, so I'm really just trying to expand my credit limit and lower my rates for if I ever really need it in the future.
ETA: and I just realized no one actually answered the question yet. Does it have anything to do with the policies they're passing, or are the two events unrelated?
ETA: and I just realized no one actually answered the question yet. Does it have anything to do with the policies they're passing, or are the two events unrelated?
This post was edited on 5/22/09 at 2:01 am
Posted on 5/22/09 at 2:38 am to dranknpurple
for whatever reason, Chase issued me 4 C.C thru the 10+ years i've been with them. i have rates of 7.99, 9.99, 13.99, and another i cant remember right now. i've asked them why the different rates and they gave me some bullshite reason i cant remember. 3 of them I have a zero balance on, and 1 i have a promotional 1.99% 7000 balance good til later this yr.
Posted on 5/22/09 at 6:39 am to dranknpurple
quote:
thought I had read somewhere that the CC companies would have to recoup losses from not being able to charge fees and higher rates for less responsible customers by raising rates on the rest of us. This have anything to do with that?
That is it exactly
Posted on 5/22/09 at 7:56 am to amsterdam
quote:
When you make lending to high-risk people less attractive, the result is not worse terms for low-risk people who have been profitable all along. The result is that high-risk people get less credit. They used to be able to get credit despite their credit-unworthiness by paying extra; if the law forbids this, why lend to them?
LINK ][LINK]
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