Credit Card companies are screwing us

**JHayesLS1** · 10-07-2009, 12:50 PM

Figures, we the people bail them out and then this happens. This is my personal experience too. I have a few lines of credit. Cap 1, chase, BofA, Zales, and a dell account. I have always kept my balances below my limit and my credit as a 21 year old was good. It was in the low 7's. I found a sweet silver WS6 that I decided I was going to get and I went to apply for the loan and the loan officer says to me, you have maxed 4 out of 5 of your credit lines. How the hell did I do that I didn't spend anything on them. I told her and she showed me the list. My limits have been lowered to almost what I owe on most of my cards. I haven't missed a payment and I just payed off a loan. So my good score is now in the low 6's because of my balances. Everything else is in the green, but the debt to income is at 90%. So thank you banks, thank you for screwing me over. Here I thought I was in good shape until I checked my credit report. So the chances of me sitting back in a WS6 has been axed until I can save up the cash or pay off my debt entirely. But even then, who is to say they wont just close them and make it show that I have no history what-so-ever. After just hanging up with Chase bank, the most evil of them all they said they lowered my limit because they deemed it not necessary for me to have the $3k limit because I didn't use it. And they were going to do one of two things. Either, raise my interest and leave me at my current minimum or keep my interest the same and almost triple my minimum payment. If I declined both then my account would be closed and the balance would be due in full. Since this is my longest running card I of course kept it open. So there you have it. I got fucked hard by the long cock of the credit card companies. This is what I get for working since I was 16, paying my bills on time every month, paying off two cars, and rarely asking for credit. Now I'm gonna go cry because I probably wont get my T/A anymore..

**third_shift|studios** · 10-07-2009, 12:52 PM

HOLY SHIT!!! that's terrible.

**FORD RECOVERY EXPERT** · 10-07-2009, 12:54 PM

**JHayesLS1** · 10-07-2009, 12:54 PM

The lady at my bank that I've done alot with said that its because I'm young and they are taking away a lot of younger peoples high limits because we are more likely to default.

**JHayesLS1** · 10-07-2009, 12:57 PM

Originally Posted by FORD RECOVERY EXPERT

haha yeah it does but oh well. I keep getting pissed but at least its not something that takes 7 years to fix.

**FORD RECOVERY EXPERT** · 10-07-2009, 12:57 PM

I have 1 300limit card.... never charge more on a CC than you can pay off with 1 paycheck

**JHayesLS1** · 10-07-2009, 12:58 PM

CC companies can't tell what you have in assets can they? I have enough cash to pay everything off, I just dont understand their logic, they absolutely ruined my credit score. Thank god I didn't want to get a house or anything.

**0rion** · 10-07-2009, 01:08 PM

so why not pay them off? Credit card companies are just like utility and insurance companies. They're shitty companies to do business with. Keep in mind that you're using their money to buy things. Use your own if at all possible and leave them out completely. Any lending institution ( banks included) suck to deal with. Banks you have no choice a lot of times and have to do business with...cc companies you don't. Chase is the worst of them all too. I read horror stories from chase customers. They're the worst of the worst.

**JHayesLS1** · 10-07-2009, 01:52 PM

Yeah I talked with my folks and they said its best to do what you just said. I always wanted to keep a little part of it on there so it shows a good usage to limit ratio. Oh well, at least I wont have to make any payments to anything anymore. I'm still upset about my trans am though

**67CamaroRSSS** · 10-07-2009, 02:02 PM

Most of my CC's have a $10-30K limit and I only use them sparingly. I do use all of them at least once every 1 or 2 years just so they know I'm alive. I generally pay off the balance when it comes due. Then again, I'm older and own a house so they cut me slack cuz I'm considered a good customer. I have seen that they've raised interest rates quite a bit lately. The best I've got now is 9.95%. That one used to be 6.9%.

And I <3 having a credit score over 800.....

**chiller2484** · 10-07-2009, 02:22 PM

welcome to my world. between my wife and i, we had 8 total credit cards. Dillards had a $1200 limit, and I owed about $860. All of a sudden, I have an $865 limit. Totally out of the blue. Been on time with payments, etc. I have paid off 4 of the 8 cards over the past few months. Hopefully by the end of next month we will have all 8 paid off. I closed my Chase account a while back and I'm still working on getting it paid off. I figured it'd be good to close it and not have to deal with the horror stories like everyone else has. Too bad I did that before I realized having a closed account sucks for your credit rating...

**redls1** · 10-07-2009, 02:26 PM

I didint read everything but I have no bad marks and nothing has changed with my credit. One credit card dropped my limit by $5000 and changed my interest rate from a 9.99% fixed to a 14 % variable. The other one raised my limit but also up my interest rate a little. There is no credit card out there that is a fixed rate anymore.

**redls1** · 10-07-2009, 02:27 PM

Originally Posted by chiller2484

welcome to my world. between my wife and i, we had 8 total credit cards. Dillards had a $1200 limit, and I owed about $860. All of a sudden, I have an $865 limit. Totally out of the blue. Been on time with payments, etc. I have paid off 4 of the 8 cards over the past few months. Hopefully by the end of next month we will have all 8 paid off. I closed my Chase account a while back and I'm still working on getting it paid off. I figured it'd be good to close it and not have to deal with the horror stories like everyone else has. Too bad I did that before I realized having a closed account sucks for your credit rating...

Its not a good idea to close cards. I did that and it affected my credit score. You pay them off and dont use them but about once every 6 months.

**Smittro** · 10-07-2009, 02:42 PM

Wife and I never had this problem with ours. We use them quite frequently too, for the business, and recreation. We destroyed the others years ago with no adverse affects to our credit report either. We also make double payments on a regular basis. We use "City" and were sweating it when they got the bail out too. But nothing has happened yet in the years we've had their line of credit. Score is above excellent aswell. I dunno maybe because we own 2 properties and a business? Our Assets far exceed our line of credit. Only use the card to make large purchases, (never in small stores or discount places like China Mart) because we NEVER carry cash. Our bank card is mastercard, but never have used the credit side of it, just debit. Sucks to hear about folks getting the shaft..

**BIG GUNS** · 10-07-2009, 02:45 PM

I don't have any credit cards any longer. Those that I did have are in charge off and I pay them what I can to get them paid.

I do have a rainbow vacuum cleaner payment but, it is fixed at a 15% interest but, I'll power pay on that one and get it paid off this fall just before christmas. That was necessary due to one of my girls having terrible allergies and since I got the machine, no more allergies or stuffy nose.

On the other hand, I do have a car payment but, that is current and any new money in bulk that I need, I get a payday loan which is paid off on the next pay check. Interest on those ends up to be nothing if paid off within two weeks. if not, it jumps and ends up being somewhere around 30%. Wise to pay them off soon I guess.

Since my divorce, I had a shitty credit rating and the only way I could buy my T/A was through Capital one or Wachovia. They both competed for my business and ended up going with Wachovia. They financed it but, got stuck with 15% interest.

These times suck and getting divorced doesn't help much. I do what I can and don't bite off more than I can chew.

I don't recommend anyone getting a credit card at all anymore.

Just a sign of the times and I wish all of us the best of luck. Things can turn for the worst real easy.

Good luck with your search but, give Captial One a shot or Wachovia.

**Smittro** · 10-07-2009, 02:53 PM

Capital One was the first card to get the axe! After 4 years of being a card holder in excellent status, and never carrying a balance. They refused to raise our limit even with excellent credit and low debt. Now they won't leave us alone! We paid off the second house @ the end of July, and get a chuckle @ the piss poor limit they now are trying to offer us (about 5 times lower than our city card)..

**BIG GUNS** · 10-07-2009, 03:03 PM

I'm not a huge advocate of any type credit. The credit card companies and banks for that matter make way too much money off all of us in the form of interest.

One movie that I like watching was the Zeitgeist movie. It explains the monetary system pretty good and how things work with money in our society.

Sucks but, true.

Watch it if you want. Pretty good: [ame]http://www.youtube.com/watch?v=5r6-o1lpJHU[/ame]

**Smittro** · 10-07-2009, 04:36 PM

Originally Posted by BIG GUNS

I'm not a huge advocate of any type credit. The credit card companies and banks for that matter make way too much money off all of us in the form of interest.

One movie that I like watching was the Zeitgeist movie. It explains the monetary system pretty good and how things work with money in our society.

Sucks but, true.

Watch it if you want. Pretty good:

I started watching it and found the first 2 parts troubling. I could'nt bring myself to buy into it. The first part was entirely against my belief in God, and the second part was IMHO full of BS conspiracy theory..

**BIG GUNS** · 10-07-2009, 04:45 PM

That's okay, I found it difficult too at first and then I started thinking about it. I just kept an open mind to it but, everyone is different.

I believe what I want to believe and so do you. Can't watch CNN or Fox and expect to get the whole truth on everything anyways.

Thanks for your opinion though. That's what a forum is all about.

**ztrouble** · 10-07-2009, 05:27 PM

Originally Posted by BIG GUNS

That's okay, I found it difficult too at first and then I started thinking about it. I just kept an open mind to it but, everyone is different.

I believe what I want to believe and so do you. Can't watch CNN or Fox and expect to get the whole truth on everything anyways.

Thanks for your opinion though. That's what a forum is all about.

FINALLY someone understands this!!!!

I'll keep my little $300 Limit credit card for emergencies and such and that's it... I've decided that all vehicles from now on will be paid cash... might take out a couple small lones just to keep active lines open until I can afford a house