I am hoping. I was given notice yesterday via mail that my Capital One card was going to be raising my rate by 4 percent in July. All I can do is opt out of this change if I don't like it which means ruining my credit score, by making me look like more of a risk or I can go along with the rate change and just pay down my card as I have been anyway but now having a higer rate and payments. Doesn't really seem fair when GOOD CUSTOMERS are getting these greed fees tacked on their accounts when all they have been doing is paying their card as agreed. I pay on time and over my minimums every month and still get rewarded with a 4 percent increase in my interest rates. NICE! NOT!!!!
I know Congress is trying to help but once again.. They are not helping the people that are good customers and didn't mess up their credit or not pay their bills. They are helping those who have defaulted and don't seem to care that the folks who have been paying their bills on time every month and haven't ever gone over their limits or defaulted in any way are getting screwed paying higher interest rates and any tacked on fees they might throw at us in a particular month.
I am not opting out because that hurts me. I could keep the interest rate I have and would pay down my card at that rate but the account would be closed and my credit score would shoot down 100 pts just like that through no fault of my own. IS THIS FAIR? I think not!
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As in nearly every other field, since obama took over, everything is upside down, ie: credit card rates. I learned a long time ago to always keep a very small amount on your cc accounts, rather than pay them off every month, as they reflect a period of the card's being idle, or closed, for all intensive purposes. This is not a good thing, if someone is checking your credit, say for a car, or house, and find you have nothing active on credit accounts, they have no way of knowing your risk factor, for their loaning you money. Even if your home is paid off and you own everything you own outright, always keep a very small balance open on at least a MAJOR credit card.
when has congress EVER done anything helpful for the common man? If something doesnt benefit those in the house or senate, they are not going to fight for the little guy. If they(those in the house and senate) benefit from it, it will end up with obama's signature on it, if not, it wont.Wake UP America!!! can you spell PELOSI?
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