Comments on: When Credit Card Companies Can no longer quickly raise your rate? http://raiseyourcreditnow.com/when-credit-card-companies-can-no-longer-quickly-raise-your-rate/ Wed, 17 Aug 2011 05:23:38 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Given2Fly http://raiseyourcreditnow.com/when-credit-card-companies-can-no-longer-quickly-raise-your-rate/comment-page-1/#comment-2041 Given2Fly Tue, 24 Nov 2009 14:00:17 +0000 http://raiseyourcreditnow.com/when-credit-card-companies-can-no-longer-quickly-raise-your-rate/#comment-2041 Can you imagine if your home loan or car loan interest rate jumped 20% if you missed a payment? I don't see how it is legal for credit card companies to change an established rate to begin with, and then have the new rate attached to your balance retroactively. Credit cards are one of the US's last legal rackets. Can you imagine if your home loan or car loan interest rate jumped 20% if you missed a payment?
I don’t see how it is legal for credit card companies to change an established rate to begin with, and then have the new rate attached to your balance retroactively.
Credit cards are one of the US’s last legal rackets.

]]> By: Poohcat1 http://raiseyourcreditnow.com/when-credit-card-companies-can-no-longer-quickly-raise-your-rate/comment-page-1/#comment-2040 Poohcat1 Sat, 21 Nov 2009 22:09:42 +0000 http://raiseyourcreditnow.com/when-credit-card-companies-can-no-longer-quickly-raise-your-rate/#comment-2040 My understanding of the bill is that card companies will still be able to charge you a late fee when you don't pay your bill on time and if it goes two months in a row, they are still going to be entitled to raise your rates and lower your credit limit. When you combine this with the fact that they will no doubt go to charging you for just having the card, in the end, the average person will not save much of anything. The bill is designed to prevent card companies from UNFAIRLY raising someones rate or lowering their credit allotment for arbitrary reasons such as your credit agency score etc. I defaulted on one card (out of ten) but within three months, every card I had took a giant leap in the interest rate...and just about every one of them lowered my available credit....and this was all based on my credit report from the three primary credit reporting agencies. It is this unfair action that the bill is designed to stop. From now on, if you default on one card, the other cards you hold will no longer be able to raise your rate or lower your available credit. At least, that is my understanding of it. My understanding of the bill is that card companies will still be able to charge you a late fee when you don’t pay your bill on time and if it goes two months in a row, they are still going to be entitled to raise your rates and lower your credit limit. When you combine this with the fact that they will no doubt go to charging you for just having the card, in the end, the average person will not save much of anything.

The bill is designed to prevent card companies from UNFAIRLY raising someones rate or lowering their credit allotment for arbitrary reasons such as your credit agency score etc. I defaulted on one card (out of ten) but within three months, every card I had took a giant leap in the interest rate…and just about every one of them lowered my available credit….and this was all based on my credit report from the three primary credit reporting agencies. It is this unfair action that the bill is designed to stop. From now on, if you default on one card, the other cards you hold will no longer be able to raise your rate or lower your available credit. At least, that is my understanding of it.

]]> By: Peace through blinding force http://raiseyourcreditnow.com/when-credit-card-companies-can-no-longer-quickly-raise-your-rate/comment-page-1/#comment-2039 Peace through blinding force Thu, 19 Nov 2009 13:38:37 +0000 http://raiseyourcreditnow.com/when-credit-card-companies-can-no-longer-quickly-raise-your-rate/#comment-2039 By legislating a cap on the "price" of credit, we have guaranteed with 100% certainty there will be a credit "shortage;" the very thing these same legislators told us largely CAUSED our recession. By legislating a cap on the “price” of credit, we have guaranteed with 100% certainty there will be a credit “shortage;” the very thing these same legislators told us largely CAUSED our recession.

]]> By: Charli http://raiseyourcreditnow.com/when-credit-card-companies-can-no-longer-quickly-raise-your-rate/comment-page-1/#comment-2038 Charli Mon, 16 Nov 2009 14:53:14 +0000 http://raiseyourcreditnow.com/when-credit-card-companies-can-no-longer-quickly-raise-your-rate/#comment-2038 people still dont get it. the problem with our economic crisis is people do not live within their means. remember the day when you had to actually save up and buy something? this new deal with the credit cards only encourages more americans to spend more money they do not have...just what the government is doing. it is a joke, and the banking cartel is laughing at us. people still dont get it. the problem with our economic crisis is people do not live within their means. remember the day when you had to actually save up and buy something? this new deal with the credit cards only encourages more americans to spend more money they do not have…just what the government is doing. it is a joke, and the banking cartel is laughing at us.

]]>