Anon
Miami,#2Consumer Suggestion
Sun, February 09, 2003
Fleet bank is a predatory lender. Unfortunately, it isn't uncommon for credit card companies to check their customers credit reports 2-3 times a year. Any changes are usually used to justify an increase in interest. It probably was buried in the disclosure agreements, in microscopic print. There is some legislation pending on the topic. Credit card companies bump up your rates also when you are carrying a balance, with some lame justification that you are now a less worthy credit risk. The reality is they have a fish on the line, and they are now figuring out ways to maximize profit any way they can. Citibank got dinged for doing this--maybe Fleet will also get dinged. Fleet lost a huge case for being a predatory mortgage lender a few years ago. You might want to do some research on the internet on the Fair Credit Reporting Act, Predatory lending, Fleet, and Truth in Lending.
Anonymous
Anutown,#3Consumer Suggestion
Sun, February 09, 2003
Hello..I am quite cc savvy, and understand all that you are upset about. I previosly worked for several credit card companies, and the rules are fairly the same throughout. CC companies are governed by many govt, standards, one is called the Truth in Lending Act--all of the things that have happened to you were and are disclosed in your and any cardholder agreement. A cc company may change terms at any time. Most cc companies pull a bureau report monthly on customers, and monitor their score. While it is true to receive a credit line increase, your score is probably minimally 690 or so, this is not a score high enough to guarantee you a great rate. Further, if your credit score is 800, and you do not use the cc, ((thus lowering that companies profitabilty)) then you may not get a good score either. Someone who pays their balance in full every month and never pays a dime in interest and spends 20,000.00 a year ((not hard to do if you buy groceries, gas, etc)) is a much better customer and deserves a better rate than someone who pays minimum payments on a "dead" account, with say, an 8000.00 balance. Always keep 3 cc accounts open at any given time, and educate yourself!! You may call any cc company at any time and request a better rate. It can't hurt!! Good Luck! p.s.--this company may give you a better rate as well--keep your account open and begin to use it!