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Old 10-27-2009, 04:47 PM
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Jeanfromfillmore Jeanfromfillmore is offline
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Quote:
Originally Posted by Rim05 View Post
Pretty soon we will be working of the State and Federal governments.
I got a notice from my credit union that my credit amount has been lowered. They said it had nothing to do with my credit rating so I am wondering what is happening. I have a Penny's credit card that I never use but I got a notice that the interest charges are going up and there will be a shorter time period to pay. There was some other stuff so I am cutting it up. I just wonder what is starting to happen.
Remo, what is happening is everyone is tightening up on credit, and it is as you wrote, it doesn't have anything to do with your credit rating. All my credit card limits were reduced and I have a great credit rating. The real kicker is that banks like Chase are really screwing their cardholders. If you used or transferred money to get those low interest rates, around 2.9 to 5.9 on a fixed rate till the balance is paid off, you will now be required to pay 5% of the principle each month instead of the usual 2%. This will more than double your monthly payment. And if you ask the bank to lower your monthly payment, they will tell you they will do it if you agree to a higher interest rate. Mind you this is the same bank that received all our tax dollar money in the bailout. There's a new law that takes affect in January that requires banks to use your payments to pay off the higher interest charges on your card first and not allow them to be pushed to the back as they've been doing. It also doesn't allow them to up your interest without giving you a much longer notice. There's probably other new requirements that I don't know about, but those are two that I do. The banks and credit lenders are scrambling to beat the deadline and screw their customers before the deadline.
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