U.S. Bank credit card holders beware

[03CVLX]

I just checked my statement on My U.S. Bank Credit Card and they have raised my interest rate from 7.99% fixed to 19.99% variable. I called them and they told me it has nothing to do with payment history. They have reassessed everyones credit history and even if you made your payments early and have never missed a single payment they may deem you "high risk."
If you have a U.S. Bank card check your statements to be sure everything is what you agreed upon.

[DirtyMax]

All the companies are doing this crap before new credit card laws make it much harder for them do do it.

I've had a few cards cancelled on me recently. I never used them but it was nice to have the buying power in case of emergengy. Others are lowering the credit limits. Any combination of these hurts your credit score.

They're doing it because of the rising # of people maxing them out and defulting.

[Rocket Power]

Yeah I've heard of them lowering limits to under what your balance is on some people.

[03CVLX]

Yep, you guys are exactly right. I just wanted to throw it out there so people don't miss their game and pay huge interest.

[SLOWC5]

Or just pay it off every month. Its free money for a month

[Sprayaway Fox]

Discover did that to me. I paid it off every month also. When I called them on it they didnt have a answer to why it went up.I got it knocked down but look out people.

[HITMAN]

Or just pay it off every month. Its free money for a month

Ain't no such thing as free money. Go ahead and keep using those fucking cards and you'll find out what I mean. Suffer a lay-off or lose your job entirely, and see if you can still pay off that balance. If you can pay off the balance, then you don't need the card. It's that simple. Eliminate debt and you eliminate risk.

[05caddyext]

Too bad the real world doesn't work that way. You have to have credit cards, you have to have loans, or you won't ever be able to buy anything big. I have a few friends my age (30) that have never used credit in their lives and they are now not able to get a home loan. They never built up any credit. Gotta have something whether you want it or not.

[michelle]

Too bad the real world doesn't work that way. You have to have credit cards, you have to have loans, or you won't ever be able to buy anything big. I have a few friends my age (30) that have never used credit in their lives and they are now not able to get a home loan. They never built up any credit. Gotta have something whether you want it or not.

This is the problem I have come across recently. Here I thought not having student loans, car payments, etc. were a good thing. Silly me!

[wrath]

Ain't no such thing as free money. Go ahead and keep using those fucking cards and you'll find out what I mean. Suffer a lay-off or lose your job entirely, and see if you can still pay off that balance. If you can pay off the balance, then you don't need the card. It's that simple. Eliminate debt and you eliminate risk.

There is such a thing as free money. Don't spend it if you don't have it in the bank. And if a layoff or job loss affects your ability to pay off your credit card then you're probably living paycheck to paycheck and then you're living irresponsibly anyway and need to change your spending habits. So, if you're living paycheck to paycheck then not using a credit card is probably good advice.

I get a better return using my goddamn Chase card every month than the $10,000 I have sitting in my money market account sitting at Landmark Douchebaggery Credit Union. Seems like pretty free fscking money to me.

And unless you suck at life it's almost always cheaper as a middle class citizen to borrow another person's money than use your own. It's because the rich people in the world are perfectly happy loaning you money at 4% to buy a car while a bank will spew forth 5% on a certificate of deposit.

[Crawlin]

My old Washington Mutual card that was a $5000 limit, when it went to Chase, it got dropped to $500 because I never used it. I asked about it and they just said since I never seemed to need it that they dropped it to have less liability on them for the chance of me getting myself too deep in debt.

All those drops in limits will be affecting those credit scores of the people who do carry balances over from month to month. Could be a 50pt drop if it's dropped far enough.

[Lash]

There is such a thing as free money. Don't spend it if you don't have it in the bank. And if a layoff or job loss affects your ability to pay off your credit card then you're probably living paycheck to paycheck and then you're living irresponsibly anyway and need to change your spending habits. So, if you're living paycheck to paycheck then not using a credit card is probably good advice.

I get a better return using my goddamn Chase card every month than the $10,000 I have sitting in my money market account sitting at Landmark Douchebaggery Credit Union. Seems like pretty free fscking money to me.

And unless you suck at life it's almost always cheaper as a middle class citizen to borrow another person's money than use your own. It's because the rich people in the world are perfectly happy loaning you money at 4% to buy a car while a bank will spew forth 5% on a certificate of deposit.

:rolf
:chair:

[subliminal1284]

I say we just blow up all the major credit card buildings like in Fight Club :)

[VroomPshhTsi]

just checked my rate, still the same

[DirtyMax]

I just got a letter from Midwest Express that they were raising my APR 6%. I've had this card since the beginning of time and tend to favor all purchases towards it because of the miles.

Being a very good customer of theirs whose always paid on time, frequently puts money in their pocket (aka letting balances ride from time to time), etc. I called them and asked what was up with this. The operator was very honest and said in a nutshell that "the good customers are now on the hook for the bad ones who've defaulted".

It seems to be the norm with all card companies lately. Come next year, it's going to be very difficult for these type of practices so they're all doing it now while it's fairly easy.

Cliffnotes: Good people having to bail out the bad ones... I guess this is all part of the change we've been promised... :chair:

[Karps TA]

I dropped HSBC for doing that and actually went to US Bank. They gave me a great offer of 2.9% on balance transfers to 2013, and 0% for 12 months on all purchases for the year.

If you've got good credit, somebody will want your business.

[DirtyMax]

Oh, no doubt. I can play the balance transfer boogie until I'm blue in the face.

It just seems that those 0% offers are becoming less frequent as well, even if you're an 850 with a million bucks in the bank.

The point is we shouldn't have to be dealing with this because they overextended many people in the first place and it has now come around and bit them in the ass.

[03CVLX]

Yes, Karps you are right as long as you have good credit someone will want your business. All U.S. Bank would tell me is I was High Risk and they couldn't adjust my rate. So I called my Credit Union(Educators) and I found out I am such a high risk that within 3hours I had a personal loan at less than half the rate and US Bank is now paid in full and I don't have to worry about their games anymore.