First Bank Card Ram Card First Bank Card helping to ruin the good credit of American Consumers Omaha Nebraska
I recently purchased a new 2015 Dodge Ram. The finance department signed me up for a First Bank Ram Card in the amount of $2,000 to help with my down payment. The down payment amount was $1500.00, leaving me with $600 left.
I have made my payments on time every month, aside from one misunderstanding due to the actual due date, which was fixed immediately. I have always made over the minimum payment.
I should have had close to $600.00 avaialble, I checked my account today, and they have decreased my credit limit $500.00, leaving me with just over $100.00. This may not seem like a big deal to some, but for myself a consumer who is desperately working to raise my credit score and history towards the positive, this is going to impace my score negatively.
I called to ask them why they decreased myscore. They told me it was because I was a new cusotmer and I was onlyl making slightly above the minimum payment. I"m sorry, but that is not an excuse for treating a customer in this manner.
I could see if I was making below the minimum payment, and I was late, but I was not. All my other creditors are fine, my credit score is 647, so it's stayed firm, and going up slowly.
After this, thought I'm not sure what wil lhappen and I dont think it's fair that a company can have this type of affect on a consumer without taking responsibility for thier actions.
3 Updates & Rebuttals
Well I guess you told me
#4Author of original report
Thu, November 05, 2015
Glad for the wisdom although it could've been given with a bit less venom I've got thick skin, I can take it. A lesson will learned. But in my ignorant defense, I was already upside down in a loan which was why it made better financial sense to get out of one loan into better one. I just could've went about it in a more financially responsible way. Cheers--Linda Smith
Jim
Florida,USA
Did You READ The Paperwork?
#4Consumer Comment
Thu, November 05, 2015
Said paperwork tells you when YOU use the card, YOU agree to the terms of the card and one of those terms is THEY control the credit limit, not you. Secondly, neither you nor me nor anyone is ENTITLED to a credit card. The credit limit is controlled by our credit reputation.
Ah...but there's more...
Why are you trying to "raise" your score? Bad financial management? Then tell me the wisdom behind you buying a 2015 vehicle when you couldn't even afford the downpayment? Since its a 2015, let me guess, you extended the term of the payments out to some ungodly period in addition to a minimal down payment! Not only will you be making car payments, but also credit card payments in a deal you are grossly upside down in. Also, here comes the full coverage insurance payments too.
Yes sir, financial wisdom at its finest!
Let me save you some effort. Don't bother writing back, "you must work for them", because I don't!
Robert
Irvine,California,
USA
You agreed to it.
#4Consumer Comment
Thu, November 05, 2015
Sorry but you weren't ripped off.
You see when you got this credit card they are allowing you to borrow THEIR money on THEIR terms. As such they have the power to allow you to continue borrowing their money or not. Any "impact" on your credit score or history does not matter. They are under zero obligation to keep allowing you to borrow their money because it "may" affect your credit.
Also, contrary to your thinking that their "excuse" wasn't good enough. Nice try but they don't even need an excuse. That's right they can close your account or decrease your limit for ANY reason.
Oh and yes you agreed to all of this when you signed up for the card.
You can stomp your feet and throw a temper tantrum like a toddler because you don't think it is "fair". But if you didn't like the terms when you got the card you shouldn't have applied for it. If you are trying to build your credit, their is no "quick fix". The only way you can do this is over a period of time of consistant "good" credit habbits. Including making all of your payments on-time and keeping low balances on your credit cards.
But let me give you a bit of an example closer to home for you if you still don't think they should be able to lower your limit.
Say you allowed a friend borrow your car, now this friend was really good to your car. They washed it, even did regular maintenence on the car. Now, this friend uses your car as the sole method for getting to work. Now, after allowing your friend to use the car for 6 months you want it back and tell your friend to give it back. This basically makes it impossible to get to work. So the question...since your friend is now "harmed" by not being able to use the car, should you be forced to continue to allow him to borrow your property?
In the end I will say one thing. If there is any RipOff at all it is the dealer who talked you into financing your down payment on a (probably) high interest credit card. Yes, I am sure he filled your head with terms like "this will help your credit", or "you can even use it for other purchases". When in his mind all he was thinking is "Wow I got a real sucker here".