Holy Cow

Discussion in 'General Discussion' started by 358 winchester, Feb 27, 2009.

  1. 358 winchester

    358 winchester *TFF Admin Staff*

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    I just got a letter from Capital One saying that my interest rate was going to go up.
    At present I have a 11.4% on the unpaid balance, the increase would be determined by adding 26.15% to the prime rate on the 25th of each month. So if you add 3.25% to the 26.15% they would be charging me 29.4% from now until next month. I call the phone number in the letter and they explained to me that with all the delinquent accounts and the current economy they had to have an increase. I explained that I have never been late with a payment and that said
    "That is true Mr. Lee but lots of others have so we are going to increase all the accounts"
    I then and there canceled my credit card and told them I would pay them off at the 11.4% or they could kiss my tail. All of this will effect any charges made after April 17 2009 and we wouldn't billed until January 2010. I still canceled my card.
    If them fools think I am going to pay more because some other guy doesn't pay his bill they have lost their ever loving minds
  2. Marlin T

    Marlin T Active Member

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    That is just plain insane and just as wrong.
  3. pinecone70

    pinecone70 Active Member

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    Bravo for canceling that account, they won't have much business if they do that! Extortionists.
  4. 358 winchester

    358 winchester *TFF Admin Staff*

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    The lady I was talking with said all CC companies will be doing the same thing, we will see. But you can bet I will not be using any credit card. Cash and carry or barter and run!!!!!!!!!!!!!!!!!!!!!!
  5. rosierita

    rosierita Active Member

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    bank of america did that to us in august! the card got cancelled, it took us a while, thanks to the farm, to pay it off... but its a done deal now.
  6. jacksonco

    jacksonco New Member

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    The banks are getting all that free goverment money and at the same time are sticking it to us. You think that it would not be permitted if the govermnt has a stake in the bank.
  7. Mjolnir

    Mjolnir New Member

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    It seems that everything that has occurred economically since Obama's election is aimed at reducing everyone (or at least the majority) down to the level of being impoverished. Sounds like the makings of communism/facism to me.
  8. BobMcG

    BobMcG Well-Known Member Supporting Member

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    Yeah, government money alright.... as in OUR freaking money. That's right, they're being handed OUR money and then sticking it to us!!!!

    Freaking SLIMEBALLS! All of 'em!
  9. cycloneman

    cycloneman Well-Known Member

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    Yes sir. First they took big commissions to sell bad loans. Then they were bailed out by us. Now their using our money to buy our gold. Haven't you seen all the cash for gold commercials on tv. Gold is the hedge aganist inflation. Buddy whlie your off working your tail off to do the right thing there has been a monster out there. hmmmmmm And dont be fooled by the left wing that says the debt will be cut in half by 2010 or 11 whatever. They spent so much so fast there is no way the american worker can ever stop what is going to happen. Wall street guys ain't stupid. The market does not like this administration. If some distaster were to happen, and the people of america all of a sudden become any more gun shy to spend money you might just want to roll over and die. I heard on one the of the shows last night, Hanity I think, that as projected the govt will grow by 54% by the end of 2010. Feel free to correct me if i am wrong. I know this, to devalue the dollar like this so fast is going to cause more problems in the near future.

    I believe that to be a president one should have a masters in economics, have run a sucessful comany, and been in the military. But then again i keep getting told that i am an A$$****.
  10. BobMcG

    BobMcG Well-Known Member Supporting Member

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    What you're getting at is that a person should actually be "qualified" to even run for the office of President, unlike the current occupant of the office?
    Last edited: Feb 27, 2009
  11. icm856

    icm856 New Member

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    I have a Chase Card with a 11.24% APR and I was thinking about calling them up to see if I could get my APR lowered. If I don't get it lowered to 10% or below I'm going to cancel my account with them.

    I wish I could get 10% on my investments let alone 11.24%. :mad:
  12. They are Ron. My wife's two card companies did the same thing and she was as furious as you are. She has a perfect payment record and they still raised the rates to ridiculous levels. Makes me glad I refuse to use, or even hold, any credit cards. All credit card companies are parasites in my humble opinion.
  13. armedandsafe

    armedandsafe Guest

    I have never had any credit, except for utilities and one house purchase at foreclosure. First wife stopped paying on that while I was in Alaska and didn't bother to tell me. I have never had a credit card.

    I now have a debit card through the credit union. I do use it online, but carefully, through proxies. I am now thinking that, not having any credit, was one of the best decisions I ever made.

    Pops
  14. hkruss

    hkruss Active Member

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    Here is one other stupid, irrational thing. Did you know that if you close a credit card account, it has a NEGATIVE effect on your credit rating? You would think that it should not affect your rating one way or the other, but it does...negatively!!! This info came from one of the big three credit reporting agencies, and I found it while checking out my once a year free credit report. They recommend you keep all accounts open and if you pay them down or off, to occasionally use them just to keep them active. Also, some credit card companies will close your account if you haven't used them in a long while, again, having an adverse effect on your credit rating! I fully understand your outrage, 358, but if you ever finance something in the future,(house,car etc...), you need to know this.
    Personally, I hope you're filthy rich and you will let me come spend weekends at your seaside mansion! (I'm an hour away!)

    All kidding aside, yeah, credit card companies SUCK,SUCK,SUCK !!!!!! Common sense does not apply. Apparently, we are living in bizarro world!
  15. markfh

    markfh New Member

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    All I gotta say is... Dave Ramsey

    Everybody should have to listen to him until they understand how they're getting ripped off.
  16. markfh

    markfh New Member

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    If you save up to buy things or have a big enough down payment for a home you don't need a credit rating.
  17. pickenup

    pickenup Active Member

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    Get one that pays "cash back."
    Pay it off "in full" every month.
    Enjoy your BONUS. ;)
  18. hkruss

    hkruss Active Member

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    You hit it on the head!! That is the approach Americans should take! Unfortunately, too many people have been in, 'gotta have it NOW mode' for too many years. This heavy reliance on too much credit is why we are where we are as a nation!
  19. ponycar17

    ponycar17 Active Member

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    I had a Capital One card with a Zero balance that I had used in college and it had a 9.9% Fixed APR. One day, after probably 6 years of having the card CO sent me a letter that the rate was going up to 20%+ (don't remember exactly) and I couldn't figure any reason except that my credit limit was high and they wanted me to cancel my card so that they could offer that line to someone else. I had never been late either, and had a great credit score on top of that.

    They didn't seem to care at all that I canceled the account. Of course it didn't bother me either...

    It's a good idea to NOT rely on one source of credit. Numerous available credit lines are a good thing to have if you keep a balance on any one source. The reason is for situations like this. With another free line of credit available, you could simply transfer the balance and flip them the friendly finger. Of course, with many lines open one has to exercise self-control not to run up the balance on each one. That defeats the purpose...

    Another point is that when securing your credit lines, do so with a credit union if at all possible. Right now, credit unions are VERY secure because they don't operate liberally like most private banks. The chance of this sort of thing happening with a credit union is almost non-existent at this point in time. My wife has only worked with credit unions so far in her career and we only bank with them.
    Last edited: Feb 28, 2009
  20. delta13soultaker

    delta13soultaker New Member

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    Depends on Uncle Sam's whim every 3 yrs.
    358 winchester, Sorry to hear you're having to do that. I also decided I'm done with credit. If I can't save or trade in to buy, it's not important enough to own.

    My uncle works for the IRS. He's retired Navy, conservative, a highly successful man, and has a great sense of humor. I love him like a father.

    He's a very savvy guy with the $$.

    I keep running things by him, mostly the economy stuff that's on the news. Today he told me we're going to see a very big rise in inflation. He said we're teetering on the edge right now.

    I asked him are we talking collapse etc down the road or what. He said, "Remember when your grandfather used to compare things to the Great Depression?"
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