What’s your horror story? Do you have praise for a company?
Here is your opportunity to
vent or to sing praises.Perhaps
something happened to you that you want to tell the world about so others can
learn from your experience.Maybe you’ve
read something on this site that makes you hot with anger.Maybe a company has been excellent, and you
want to thank them publicly?Whatever
your situation, we’d love to hear it. The only rule is that you tell the truth,
your story without embellishments and unnecessary self-righteousness. =)
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Have any of you considered a credit union for your credit card needs? They are far more ethical in their treatment of customers and on the whole, have not changed their card programs as a result of the new rules. And....they did not take a cent in taxpayer bailout money!
To clarify, I was worth 3 million with no debt, earning 6 figures and productive, tax paying, educated and yet I did not do anything but move 15 miles, buy some furnture, and was a renter. No flashy rolex, a honda not a hummer, and the money I had and lost was for trading and safety. I have needed medication since age 8, so this also affects my health in ways I that may or may not kill me from lack of money. And post chapt 7 can not (with no job) bother to get to a hospital if this happens.
Thanks. Wanted to make clear that net worth and earnings high...I was not offered a bail out. Not even a hand out. And its difficult enough repairing credit, need a place to live, clothes and as career of 30 years gone now, have no place to go. This was not my fault (the loss was, but would have been easy to handle had I the old credit lines and they had not been cut). Banks seem to be running the country rather than the other way around.
Douglas Temple
After making over 3 million as a financial futures and options trader on the floor as a pit trader, broker and member of CME and CBOT, I was divorced. But still had money. That was for 17 years, and the next 13 I spent trading from computer. My FICO scores I and credit lines as well. It was always noted that for 35 years I never missed nor was late nor paid less than the minimum. A traders tool is credit and cash. In October 2008, AMEX, without notification cut my credit on a Delta sky miles card by 50%. As I was moving, and put the costs on it, my credit fell from a limit of 28,600 to 14,300. Coincidentally I was within 300 of that causing a drop in credit scores due to lowered credit to available credit that was quickly picked up on by Bank of America, and others,
From 500000 in credit lines and credit cards, my FICO dropped and the amount earned did as well. This NOT due to my bad credit, but AMEX and B of A....oh, and had a gold AMEX card as well for 35 years. This led to lowered earnings, until on March 27th, 2009 the most volatile day in 30 year bond trading in history I lost more than I had as could no longe borrow enough to hold the position. I could not pay beginning on April 11th, 2009 and began receiving 40 to 60 calls a day immediately. Legally an institutional derivatives (futures) trader must declare chapter 7 which I felt the repsonsible thing to do. Filed quickly on July 31st. Approved officially due to lack of funds Nov 5, 2009.
I am homeless, can not find a job nor work and friends have disappeared. I live in a leased honda I continue to pay for, with a computer and wireless card, and mobile cell phone. But will be out of money entirely very soon, as have borrowed too much from friends left. Future is very scary. No idea what to do, how to find work (at age 59) or where to turn. Self employed means no unemployment. borrowed money in checking account means have too much for welfare or medical help. I legally can not go back EVER to trading, my biochemistry degree too old to be of use.
I dont know what to do. No where to go and no help.
Very depressed and anxious as always been privileged but now feel there is no hope. And it must come soon.
Sincerely, and scared to death.
Douglas Temple
OK... U THink Amex is bad? how about Citibank & BOA? The just slash your credit limit or close your card without any Prior Notice....
Just today I found out that my Citibank card limit was slashed by 500 and putting me close to go over limit.... this is horrible... This is the third time happened to me from Citibank since 2008 just that I have onenegative information on my credit report (From My Mortage Company that I have been working for Modification for over a year).
Beside by Troubled Mortage, I never missed payments and I have made a bit higher payments than the minimum balance...
Why can't they provide us a notice before they acctually putting their shcemes into work?
Advice for someone who has fallen behind on nearly all of his payments would be helpful, particularly when creditors are behaving in a near harassing way. Today alone I've been called by Chase seven (7) times between 5:02p and 7:53p, with the shortest interval currently at 5 minutes. I am not versed or educated in credit law so I cannot say for certain what restrictions, if any, are placed on the creditors and how they can make collection calls beyond calling too early or too late, but this frequency of calls and the intervals has got to be improper. This amounts to psychological torture all day long and even on weekends. I've tried to get a consolidation loan and the answers are always NO, so it would seem that no one is really interested in helping, only harassing. I don't dispute the validity of the debts, but I can only stretch a paycheck so far and these days it isn't nearly as far as I would prefer.
"When i asked why my old account was canceled they told me they had sent me out a statement in July of 09 and it had came back to them. I have been on paperless billing for years."
I am glad that the new law, The Credit CARD Act, will help to prohibit this practice by credit card companies.
Wow This is crazy i read through this and its a Horror story but its like they are digging so deep to make money that they forget who is paying them to stay afloat. HBSC a card that i have had for years with a 9% rate canceled me. When i called to find out what was going on they told me that they couldnt reopen my old account because it was sealed but they could open me a new account at 21% with the same credit limit. WTF When i asked why my old account was canceled they told me they had sent me out a statement in July of 09 and it had came back to them. I have been on paperless billing for years. Always payed it off in full. I know they have the right to cancel at any time but This is for the birds. Then they had the nerve to ask for my Work # because my account was still showing it needed it for their records.
Kevin,
Add me to the list of those who have had their credit slashed, and in one case a zero balance account closed, by Bank of America. I found out about a week ago when I tried to use one of my three B of A credit cards to make a purchase at Home Depot. The card, which had a limit of $5,000 and a balance of $1,760, was denied. I found out about the limit reduction (to $1,800) when I returned home and logged onto my account online. Another B of A card, with a limit of $9,000, had been reduced to $5,200, about $140 above the balance. The third card, with a $1,100 limit and zero balance, was not affected at the time, but yesterday I received a letter in the mail telling me that account had been closed. On the same day, B of A also sent a letter with three counter-checks, urging me to use my card on the account they closed. Suffice it to say that efficiency and Bank of America have seldom collided in the same sentence. My payment history with B of A was perfect and I always paid more than the minimum. My credit score? ......709, but I'm sure it will go down when this fiasco is reported. I have drafted a letter and will mail it tomorrow to several congressmen, the CEO of B of A, someone on the Board of Directors, news agencies, and Better Business Bureaus. I am furious, but my original anger has now been tempered and is being used in an appropriate manner to reinforce what thousands already know about credit card companies, especially Bank of America. Keep up the fight and let me know if I can help.
I tried to order Dell all in one v313 printer online on December 31st. The original price was 99 dollars, there was 30 dollars off due to holiday. I was charged additional for a black cable because it is not wireless when I tried to customerize it, but anyway I got additional 25 dollars off because I didn't want one year warranty. I thought it was a great deal. then I received acknowledge email from dell saying we have received your order and estimated delivery date is january 8th. I didn't received my order, then I called dell on january 9th. They told me I need to have order number in order to look up their system about my order, but I nerve received order number from dell and I only received purchase ID from the acknowlege email, but they told me purchase ID won't work, they asked my name and phone number, but my order record still wasn't showed up. (I think they found my record, but pretend not able to find my record because I somehow got 25 dollars off from elimination of 1 year warranty), anyway the person who answered the phone told me she can't do anything about it if I want the original price, therefore she said she would transfer me to electronic department, after that I was transfered three more times, they kept telling me they can't do anything about it and I talked to wrong department, the last person who answered the phone told me to hold and she hang up after five minutes. I was regret I didn't wirte down their names, then I called again, the first person who answered named Nigel, he told me he would transfer me to electronic department, the person named hussein (at least that is what him told me) told he was not the right person I need to talk to right after I did my explanation, then he said to me he would transfer me to right person, anyways the last person I talked to named Daphne. I gave a five minutes explanation, she told me she was not the right person to talk to. She told me she would transfer me to customer care center. I explained to her that I have spent almost one and half hours to get a printer at a price that I try to get form the first time, but she still told me she was the one I suppose to talk to, then she put me on hold, I decided to wait for my last chance, at last Daphne hanged up after I have spent 20 minutes waiting. I decided to call again to make a complain to someone who is in charge. As soon as I required to speak to a manager, the guy who answer the phone put me on hold first, then hanged up again. The reason I post it is because I want wo find out how many people who have same experience as me in Dell. ANd I want Dell to improve their customer service, not just lower their products' price to attract customers. POst your experience in dell, it doesn't matter if it is good or bad, you do this for all of dell customers
Welcome back, Kevin. If I lived in Georgia, I would have voted for you!
It's true, the banks are getting worse than ever. Even credit unions are picking up some of their nasty tricks. Mine raised my credit card rate from 10% to 18% in December, despite perfect payment history. I had paid off and closed all my other cards, and I had hoped to keep this one, because I have always had a good experience with CUs.
Kevin: Feels like the circle never ends on these credit cards. I had a business account opened in 01 with Chase. Was never reported on my personal bureau.
Now , since I closed my business and have been in arrears, they are now reporting it . This is against all truth in lending laws--but they dont care. I tried to settle from the start , and they were the only company that wouldnt be reasonable. Guess they were too busy counting their bailout money.
The Credit Card bill is a total joke. All it did was give the banks months to raise our interest rates before it takes effect. I refuse to be blackmailed by this huge interest rates, so I have closed all my accounts, but one, and will pay them off at the old rate. The one I still have open only has a credit limit of $250, so I can use that and pay it off at the end of the month.
I was glad to see Suze Orman giving it to the banks again on last Saturday's show.
I am surprised at how many people she is telling to declare bankruptcy. We should all get together and declare bankruptcy, and then watch the banks go under. I refuse to even deal with a bank anymore. I joined my local credit union and that is where I am staying. Enough is enough!
I have a big problem with your credit reporting system.
I have many many pages of accounts on my credit report. Of the 30+ accounts, all but ONE read NEVER LATE. One of those accounts, City Bank Mastercard, canceled my card. I have never paid them late!!!
This was done because your agency sent them derogatory information. You should have some duty to check out your information before you do this, and City Bank should have some obligation to its customer to warn of a pending closure.
The one derogatory account is National City Bank. They have a 2nd loan on a way over financed rental unit I have. I was advised that in order to reach an agreement, or to qualify for the new “Obama” loan, I had to be delinquent. So...as advised, I let it go delinquent. Some time thereafter we were able to settle the account.
Since then, due to Experian and other credit agencies, my whole life and ability to make a living has deteriorated to the point that I will likely loose my house and everything else.
Firstly, City Bank closed my master card account. They did this with no warning, no notice. Just a few weeks prior, I paid that account down by $9000!. I did this because I was going to China for a business trip, and wanted to be sure I had plenty of room to use the card. Once in China, I discovered that the account had been closed!!!!
So, being in China for business, I was left with no cash, no way to get any and no way to even buy food. Imaging how well I did with my new business contacts, with my first having to borrow money from them!!! A disaster!!!. This kind of thing should NEVER happen!!!
From the closing of the City bank card, (which lowers my credit score,as does each other closure) others now see my score going down and either raise my interest rates, and minimum payments to the point that I cant afford them or canceled yet another account, thus lowering my score even more. Now my insurance co wants to raise my rates. My business insurance rate went up 700%. YES A SEVEN HUNDRED PERCENT INCREASE IN MY BUSINESS LIABILITY INSURANCE BECAUSE OF YOUR REPORTING METHODS. The domino effect is devastating!! THE MOST DISTURBING THING HERE IS THAT ALL THE CLOSURES AND SUBSEQUENT LOWERING OF MY SCORE, HAS ABSOLUTELY NOTHING TO DO WITH MY ABILITY TO PAY THE BILLS AND ABSOLUTELY NOTING TO DO WITH ANY ACTUAL CREDIT WORTHINESS. I cant afford to pay the insurance, so now I go out of business.
Credit companies should not be able to use negative info that is a result of the government caused decline in home values. This has nothing what so ever to do with my credit ability, yet this is destroying my life.
Now I am forced to consult other companies who in turn make inquiries and further lower my score, as is what happens with each inquiry.
I was about to get a new loan on my house, which in now not possible. This has nothing to do with my credit ability, but solely to do with a very screwed up system. Eventually, I could loose my house, my business etc, all due to the downward trend of my score that happened due to your system.
I dont see anything but a class action suit to remedy this situation. Banks , credit card companies, and credit bureaus should not be able to do this to anyone!!! Personally, I have damages in the tens of thousands of dollars already.
I have spent hours on the phone trying to talk to someone at Experian. Never did any one answer any call. I cant even find their address so I can serve them with a summons and complaint. I want to visit the company!!! Where are they??? I hear they are based in Scotland and are behind the scam “free credit report.com”
I hate them, I hate them, I hate them. How do I find out where their physical offices are??? or how to get someone to answer the phone???
Please advise to what address I would serve a complaint and law suit.
I had over 50,000 on my credit cards.2 companys gave me each a 20,000 credit limit. I made only 36,000 a yr. Go figure, now after losing my job for 4 months i entered a program. It helped alot but i missed 2 payments and now im back with these cards paying much more.I called HSBC and told them i needed help. They gave me 0% intrest at 250.00 a month.My Visa gave me 1% intreste. Because of all this crap with missed payments my credit is wasted.So, now i have to deal with my last card that has a balance of 12,000.CHASE.The company says they can give me 9.9% intrest.You know what? F THEM! I havent made a payment on that card for 5 months now. They dont want to work with me big F-n deal.My credit it gone so why should i care? You took the stupid chance on giving somebody a credit limit of 20,000 when the person only makes 36,000 a yr? Go right ahead.Everybody else worked with me but you just wanna keep calling my place 3-4 times a day. Send me a letter saying you will work with me like the others did.Call blocking works great so dont think your calls reach me. Only when i look at would was blocked on my phone do i see who called.The balls in my playing field now your crooks and im taking some bases with me.The cant work with me then use some of that goverment money Obama gave you and bail this guy out cause unless your giving me 0% intrest then your not getting shit from me......enjoy!
I have been an excellent credit risk for AMEX.
Never late, EVER!
Paid my debt every month -in fact, over paid the account to use as a "debit-type card" and get the benefit of money back(%).
First AMEX reduced my credit limit six mos ago...(Why reduce it, as I always have a credit on the card of thousands of $$$ because I over pay my bill) -really makes sense huh?
Then they canceled me yesterday w/no warning, telephone call, email, nothing. which I considered totally unprofessional.
I still have a credit on my card (crazy huh)? So i guess I can expect a refund check from them.
Does anyone know what's going on?
Posted by:
AMERICAN EXPRESS DROPPING CARDHOLDERS THAT PAY OFF THEIR BALANCES EVERY MONTH! |
October 19, 2009 at 08:29 PM
I have had a horrible experience with AMEX and got the same letter stating that I had done business with a merchant that was slow to pay and that my ability to use my card would be restricted.(I liked using the card for the reward points and was never late or anything). I called and asked several different people with AMEX for an explanation. NONE WAS GIVEN. I dropped the card and they had the nerve to offer me another card called optima with a $1000 limit and several unearned reward points.Also other card companies were writing to tell me that my interest rate would go up or I could close my accounts and pay off the cards at the original interest rates agreed. I had enough and just went through a company to get all my debt cleared up AND WILL STOP USING PLASTIC.
American Express!!!!!!!!!!!
Just to think I was under the impression that they were picking on me. I was a loyal customer of Amex from 1993 until recently. I contacted them to have a new platinum card mailed to me because my card had gotten broken in half. During my call the representative told me they would not send me a new card because my account had been closed! I did not receive an e-mail, a letter, a phone call, a message blog, a smoke signal, or a lightening bolt about this decision. When asked what the heck was going on, the representative advised there was an internal review and the decision was made to close my account without notice. I was not late on my payment, had never been late on a payment with them, had paid off two $10K balances with them over the last eight months and this was the thanks I got for being a loyal customer. That is nothing! Here is the kicker, I had received over 100K points with the card and you guessed it, I could not use them because my account was closed by American Express, after I had paid the $400 fee for the year to use the card.
American Express is down right dirty!!! I know some of the tatics they are using are illegal.
I am looking for an attorney to file a class action law suit against them! They need to go down!
American Express alright, yeah leaving their customers hanging on the Express Train.
I hope everyone stop using their cards.
Cash Rules!
I've been a loyal customer of Bank of America for 9 years, never any late pays and with an excellent credit score. When the banks first announced they were in trouble BOA quickly doubled my interest rates. Then, a few weeks ago I went to use one of my two BOA credit cards ($47,000 total credit lines) and it was declined. I found out that BOA had lowered my available credit from $47k to less than $20k. They would have cut worse than that except I had balances. What's worse is they didn't even have the courtesy to call, email or text me. They continued letting me charge past the *new* limit until I got my letter 2 weeks later and by then I had exceeded my *new* credit limit! Now I'm stuck in a bad situation, over the limit and draining my accounts to try and pay all that was due which made me overdrawn. Since I was overdrawn for 5 consecutive days, BOA slapped me with another $35 "extended overdrawn" fee! Outrageous. I wish somebody would rein these banks in and get control of their thievery.
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About Me
Greetings! I’m Kevin D. Johnson, a business owner who has recently assumed the role of consumer advocate and internet activist. Atlanta, Georgia is my home.
My Story
Upon returning from my wonderful honeymoon in Jamaica in October 2008, I received what I thought was an ordinary American Express bill, but to my surprise it was a disappointing letter informing me that my credit line was reduced by about 65% for a highly suspicious and discriminatory reason. Considering my excellent credit score and pristine payment history, it just didn’t make sense. However, what does make sense are the unfair and insidious policies that I have uncovered when asking why. It is time to change them.
Good Morning America tells my story.
The Goal
I created this web site to document and share my challenging journey to change what is wrong, unfair, and unjust in the credit card industry. The ultimate goal of this web site is to inform consumers of ways to stand up for themselves against treacherous business practices and to educate consumers about how to improve their credit. Finally, I hope to encourage a more open dialogue with credit card companies about their policies–good and bad.
Success
I am proud to say that this blog's unyielding demand for change led to an important amendment in the final Credit CARD Act signed by President Obama on May 22, 2009. Despite this major accomplishment, there is still more work to be done.
Testifying at a bill hearing in Annapolis, Maryland
Speaking Engagements
In an effort to educate as many people as possible about financial management, especially about how to manage the current credit crisis, I have begun to speak around the country at colleges, universities, corporations, chamber of commerce meetings, congressional hearings, trade organization meetings, etc. Having acquired a wealth of information that will help to empower people and to improve their financial future, I feel that sharing this information is the least I can do to make a positive impact. For information on my availability for speaking opportunities, please send an e-mail to Jennifer Silverman at jennifer@silvermanworldwide.com.
Speaking at a university
Disclaimer
All information provided on NewCreditRules.com is provided for information purposes only and does not constitute or substitute for professional financial advice. Information on NewCreditRules.com is subject to change without prior notice. Although every reasonable effort is made to present current and accurate information, NewCreditRules.com makes no guarantees of any kind. This web site may contain information that is created and maintained by a variety of sources both internal and external. These sites are unmoderated forums containing the personal opinions and other expressions of the persons who post the entries. NewCreditRules.com does not control, monitor or guarantee the information contained in these sites or information contained in links to other external web sites, and does not endorse any views expressed or products or services offered therein. In no event shall NewCreditRules.com be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods, or services available on or through any such site or resource.
Greetings! I’m Kevin D. Johnson, a business owner who has recently assumed the role of consumer advocate and internet activist. Atlanta, Georgia is my home.
Upon returning from my wonderful honeymoon in Jamaica in October 2008, I received what I thought was an ordinary American Express bill, but to my surprise it was a disappointing letter informing me that my credit line was reduced by about 65% for a highly suspicious and discriminatory reason. Considering my excellent credit score and pristine payment history, it just didn’t make sense. However, what does make sense are the unfair and insidious policies that I have uncovered when asking why. It is time to change them.
I created this web site to document and share my challenging journey to change what is wrong, unfair, and unjust in the credit card industry. The ultimate goal of this web site is to inform consumers of ways to stand up for themselves against treacherous business practices and to educate consumers about how to improve their credit. Finally, I hope to encourage a more open dialogue with credit card companies about their policies–good and bad.
I am proud to say that this blog's unyielding demand for change led to an important 
Have any of you considered a credit union for your credit card needs? They are far more ethical in their treatment of customers and on the whole, have not changed their card programs as a result of the new rules. And....they did not take a cent in taxpayer bailout money!
Posted by: Carol | July 13, 2011 at 10:21 AM
We are loking for some former customer with Amex Business Capital Line as plaintiffs for a class action. Please contact our offices.
Posted by: Gerd A Zimmermann | August 26, 2010 at 05:47 PM
To clarify, I was worth 3 million with no debt, earning 6 figures and productive, tax paying, educated and yet I did not do anything but move 15 miles, buy some furnture, and was a renter. No flashy rolex, a honda not a hummer, and the money I had and lost was for trading and safety. I have needed medication since age 8, so this also affects my health in ways I that may or may not kill me from lack of money. And post chapt 7 can not (with no job) bother to get to a hospital if this happens.
Thanks. Wanted to make clear that net worth and earnings high...I was not offered a bail out. Not even a hand out. And its difficult enough repairing credit, need a place to live, clothes and as career of 30 years gone now, have no place to go. This was not my fault (the loss was, but would have been easy to handle had I the old credit lines and they had not been cut). Banks seem to be running the country rather than the other way around.
Douglas Temple
Posted by: Douglas Temple | April 21, 2010 at 12:27 PM
After making over 3 million as a financial futures and options trader on the floor as a pit trader, broker and member of CME and CBOT, I was divorced. But still had money. That was for 17 years, and the next 13 I spent trading from computer. My FICO scores I and credit lines as well. It was always noted that for 35 years I never missed nor was late nor paid less than the minimum. A traders tool is credit and cash. In October 2008, AMEX, without notification cut my credit on a Delta sky miles card by 50%. As I was moving, and put the costs on it, my credit fell from a limit of 28,600 to 14,300. Coincidentally I was within 300 of that causing a drop in credit scores due to lowered credit to available credit that was quickly picked up on by Bank of America, and others,
From 500000 in credit lines and credit cards, my FICO dropped and the amount earned did as well. This NOT due to my bad credit, but AMEX and B of A....oh, and had a gold AMEX card as well for 35 years. This led to lowered earnings, until on March 27th, 2009 the most volatile day in 30 year bond trading in history I lost more than I had as could no longe borrow enough to hold the position. I could not pay beginning on April 11th, 2009 and began receiving 40 to 60 calls a day immediately. Legally an institutional derivatives (futures) trader must declare chapter 7 which I felt the repsonsible thing to do. Filed quickly on July 31st. Approved officially due to lack of funds Nov 5, 2009.
I am homeless, can not find a job nor work and friends have disappeared. I live in a leased honda I continue to pay for, with a computer and wireless card, and mobile cell phone. But will be out of money entirely very soon, as have borrowed too much from friends left. Future is very scary. No idea what to do, how to find work (at age 59) or where to turn. Self employed means no unemployment. borrowed money in checking account means have too much for welfare or medical help. I legally can not go back EVER to trading, my biochemistry degree too old to be of use.
I dont know what to do. No where to go and no help.
Very depressed and anxious as always been privileged but now feel there is no hope. And it must come soon.
Sincerely, and scared to death.
Douglas Temple
Posted by: Douglas Temple | April 21, 2010 at 12:17 PM
OK... U THink Amex is bad? how about Citibank & BOA? The just slash your credit limit or close your card without any Prior Notice....
Just today I found out that my Citibank card limit was slashed by 500 and putting me close to go over limit.... this is horrible... This is the third time happened to me from Citibank since 2008 just that I have onenegative information on my credit report (From My Mortage Company that I have been working for Modification for over a year).
Beside by Troubled Mortage, I never missed payments and I have made a bit higher payments than the minimum balance...
Why can't they provide us a notice before they acctually putting their shcemes into work?
Posted by: Young J Park | March 27, 2010 at 04:15 PM
Advice for someone who has fallen behind on nearly all of his payments would be helpful, particularly when creditors are behaving in a near harassing way. Today alone I've been called by Chase seven (7) times between 5:02p and 7:53p, with the shortest interval currently at 5 minutes. I am not versed or educated in credit law so I cannot say for certain what restrictions, if any, are placed on the creditors and how they can make collection calls beyond calling too early or too late, but this frequency of calls and the intervals has got to be improper. This amounts to psychological torture all day long and even on weekends. I've tried to get a consolidation loan and the answers are always NO, so it would seem that no one is really interested in helping, only harassing. I don't dispute the validity of the debts, but I can only stretch a paycheck so far and these days it isn't nearly as far as I would prefer.
Posted by: Rob | March 16, 2010 at 04:58 PM
I cannot believe this part:
"When i asked why my old account was canceled they told me they had sent me out a statement in July of 09 and it had came back to them. I have been on paperless billing for years."
I am glad that the new law, The Credit CARD Act, will help to prohibit this practice by credit card companies.
Posted by: Kevin D. Johnson | February 06, 2010 at 09:45 AM
Wow This is crazy i read through this and its a Horror story but its like they are digging so deep to make money that they forget who is paying them to stay afloat. HBSC a card that i have had for years with a 9% rate canceled me. When i called to find out what was going on they told me that they couldnt reopen my old account because it was sealed but they could open me a new account at 21% with the same credit limit. WTF When i asked why my old account was canceled they told me they had sent me out a statement in July of 09 and it had came back to them. I have been on paperless billing for years. Always payed it off in full. I know they have the right to cancel at any time but This is for the birds. Then they had the nerve to ask for my Work # because my account was still showing it needed it for their records.
Posted by: John Delly | February 05, 2010 at 08:56 PM
Kevin,
Add me to the list of those who have had their credit slashed, and in one case a zero balance account closed, by Bank of America. I found out about a week ago when I tried to use one of my three B of A credit cards to make a purchase at Home Depot. The card, which had a limit of $5,000 and a balance of $1,760, was denied. I found out about the limit reduction (to $1,800) when I returned home and logged onto my account online. Another B of A card, with a limit of $9,000, had been reduced to $5,200, about $140 above the balance. The third card, with a $1,100 limit and zero balance, was not affected at the time, but yesterday I received a letter in the mail telling me that account had been closed. On the same day, B of A also sent a letter with three counter-checks, urging me to use my card on the account they closed. Suffice it to say that efficiency and Bank of America have seldom collided in the same sentence. My payment history with B of A was perfect and I always paid more than the minimum. My credit score? ......709, but I'm sure it will go down when this fiasco is reported. I have drafted a letter and will mail it tomorrow to several congressmen, the CEO of B of A, someone on the Board of Directors, news agencies, and Better Business Bureaus. I am furious, but my original anger has now been tempered and is being used in an appropriate manner to reinforce what thousands already know about credit card companies, especially Bank of America. Keep up the fight and let me know if I can help.
Posted by: Daryl | January 20, 2010 at 06:16 AM
I tried to order Dell all in one v313 printer online on December 31st. The original price was 99 dollars, there was 30 dollars off due to holiday. I was charged additional for a black cable because it is not wireless when I tried to customerize it, but anyway I got additional 25 dollars off because I didn't want one year warranty. I thought it was a great deal. then I received acknowledge email from dell saying we have received your order and estimated delivery date is january 8th. I didn't received my order, then I called dell on january 9th. They told me I need to have order number in order to look up their system about my order, but I nerve received order number from dell and I only received purchase ID from the acknowlege email, but they told me purchase ID won't work, they asked my name and phone number, but my order record still wasn't showed up. (I think they found my record, but pretend not able to find my record because I somehow got 25 dollars off from elimination of 1 year warranty), anyway the person who answered the phone told me she can't do anything about it if I want the original price, therefore she said she would transfer me to electronic department, after that I was transfered three more times, they kept telling me they can't do anything about it and I talked to wrong department, the last person who answered the phone told me to hold and she hang up after five minutes. I was regret I didn't wirte down their names, then I called again, the first person who answered named Nigel, he told me he would transfer me to electronic department, the person named hussein (at least that is what him told me) told he was not the right person I need to talk to right after I did my explanation, then he said to me he would transfer me to right person, anyways the last person I talked to named Daphne. I gave a five minutes explanation, she told me she was not the right person to talk to. She told me she would transfer me to customer care center. I explained to her that I have spent almost one and half hours to get a printer at a price that I try to get form the first time, but she still told me she was the one I suppose to talk to, then she put me on hold, I decided to wait for my last chance, at last Daphne hanged up after I have spent 20 minutes waiting. I decided to call again to make a complain to someone who is in charge. As soon as I required to speak to a manager, the guy who answer the phone put me on hold first, then hanged up again. The reason I post it is because I want wo find out how many people who have same experience as me in Dell. ANd I want Dell to improve their customer service, not just lower their products' price to attract customers. POst your experience in dell, it doesn't matter if it is good or bad, you do this for all of dell customers
Posted by: Rob Jonson | January 10, 2010 at 11:07 PM
Welcome back, Kevin. If I lived in Georgia, I would have voted for you!
It's true, the banks are getting worse than ever. Even credit unions are picking up some of their nasty tricks. Mine raised my credit card rate from 10% to 18% in December, despite perfect payment history. I had paid off and closed all my other cards, and I had hoped to keep this one, because I have always had a good experience with CUs.
So, we can't even trust credit unions? WOW!
Posted by: Timothy Jones | January 06, 2010 at 04:33 AM
Kevin: Feels like the circle never ends on these credit cards. I had a business account opened in 01 with Chase. Was never reported on my personal bureau.
Now , since I closed my business and have been in arrears, they are now reporting it . This is against all truth in lending laws--but they dont care. I tried to settle from the start , and they were the only company that wouldnt be reasonable. Guess they were too busy counting their bailout money.
Posted by: Teresa | December 17, 2009 at 02:27 PM
The Credit Card bill is a total joke. All it did was give the banks months to raise our interest rates before it takes effect. I refuse to be blackmailed by this huge interest rates, so I have closed all my accounts, but one, and will pay them off at the old rate. The one I still have open only has a credit limit of $250, so I can use that and pay it off at the end of the month.
I was glad to see Suze Orman giving it to the banks again on last Saturday's show.
I am surprised at how many people she is telling to declare bankruptcy. We should all get together and declare bankruptcy, and then watch the banks go under. I refuse to even deal with a bank anymore. I joined my local credit union and that is where I am staying. Enough is enough!
Posted by: Carole May | December 07, 2009 at 12:23 PM
Congressman
Experian, Equifax, Transunion
CityBank,
I have a big problem with your credit reporting system.
I have many many pages of accounts on my credit report. Of the 30+ accounts, all but ONE read NEVER LATE. One of those accounts, City Bank Mastercard, canceled my card. I have never paid them late!!!
This was done because your agency sent them derogatory information. You should have some duty to check out your information before you do this, and City Bank should have some obligation to its customer to warn of a pending closure.
The one derogatory account is National City Bank. They have a 2nd loan on a way over financed rental unit I have. I was advised that in order to reach an agreement, or to qualify for the new “Obama” loan, I had to be delinquent. So...as advised, I let it go delinquent. Some time thereafter we were able to settle the account.
Since then, due to Experian and other credit agencies, my whole life and ability to make a living has deteriorated to the point that I will likely loose my house and everything else.
Firstly, City Bank closed my master card account. They did this with no warning, no notice. Just a few weeks prior, I paid that account down by $9000!. I did this because I was going to China for a business trip, and wanted to be sure I had plenty of room to use the card. Once in China, I discovered that the account had been closed!!!!
So, being in China for business, I was left with no cash, no way to get any and no way to even buy food. Imaging how well I did with my new business contacts, with my first having to borrow money from them!!! A disaster!!!. This kind of thing should NEVER happen!!!
From the closing of the City bank card, (which lowers my credit score,as does each other closure) others now see my score going down and either raise my interest rates, and minimum payments to the point that I cant afford them or canceled yet another account, thus lowering my score even more. Now my insurance co wants to raise my rates. My business insurance rate went up 700%. YES A SEVEN HUNDRED PERCENT INCREASE IN MY BUSINESS LIABILITY INSURANCE BECAUSE OF YOUR REPORTING METHODS. The domino effect is devastating!! THE MOST DISTURBING THING HERE IS THAT ALL THE CLOSURES AND SUBSEQUENT LOWERING OF MY SCORE, HAS ABSOLUTELY NOTHING TO DO WITH MY ABILITY TO PAY THE BILLS AND ABSOLUTELY NOTING TO DO WITH ANY ACTUAL CREDIT WORTHINESS. I cant afford to pay the insurance, so now I go out of business.
Credit companies should not be able to use negative info that is a result of the government caused decline in home values. This has nothing what so ever to do with my credit ability, yet this is destroying my life.
Now I am forced to consult other companies who in turn make inquiries and further lower my score, as is what happens with each inquiry.
I was about to get a new loan on my house, which in now not possible. This has nothing to do with my credit ability, but solely to do with a very screwed up system. Eventually, I could loose my house, my business etc, all due to the downward trend of my score that happened due to your system.
I dont see anything but a class action suit to remedy this situation. Banks , credit card companies, and credit bureaus should not be able to do this to anyone!!! Personally, I have damages in the tens of thousands of dollars already.
I have spent hours on the phone trying to talk to someone at Experian. Never did any one answer any call. I cant even find their address so I can serve them with a summons and complaint. I want to visit the company!!! Where are they??? I hear they are based in Scotland and are behind the scam “free credit report.com”
I hate them, I hate them, I hate them. How do I find out where their physical offices are??? or how to get someone to answer the phone???
Please advise to what address I would serve a complaint and law suit.
Posted by: cliff J | November 10, 2009 at 03:24 PM
I had over 50,000 on my credit cards.2 companys gave me each a 20,000 credit limit. I made only 36,000 a yr. Go figure, now after losing my job for 4 months i entered a program. It helped alot but i missed 2 payments and now im back with these cards paying much more.I called HSBC and told them i needed help. They gave me 0% intrest at 250.00 a month.My Visa gave me 1% intreste. Because of all this crap with missed payments my credit is wasted.So, now i have to deal with my last card that has a balance of 12,000.CHASE.The company says they can give me 9.9% intrest.You know what? F THEM! I havent made a payment on that card for 5 months now. They dont want to work with me big F-n deal.My credit it gone so why should i care? You took the stupid chance on giving somebody a credit limit of 20,000 when the person only makes 36,000 a yr? Go right ahead.Everybody else worked with me but you just wanna keep calling my place 3-4 times a day. Send me a letter saying you will work with me like the others did.Call blocking works great so dont think your calls reach me. Only when i look at would was blocked on my phone do i see who called.The balls in my playing field now your crooks and im taking some bases with me.The cant work with me then use some of that goverment money Obama gave you and bail this guy out cause unless your giving me 0% intrest then your not getting shit from me......enjoy!
Posted by: Holmes | October 27, 2009 at 07:19 PM
hi
Posted by: Holmes | October 27, 2009 at 07:06 PM
I have been an excellent credit risk for AMEX.
Never late, EVER!
Paid my debt every month -in fact, over paid the account to use as a "debit-type card" and get the benefit of money back(%).
First AMEX reduced my credit limit six mos ago...(Why reduce it, as I always have a credit on the card of thousands of $$$ because I over pay my bill) -really makes sense huh?
Then they canceled me yesterday w/no warning, telephone call, email, nothing. which I considered totally unprofessional.
I still have a credit on my card (crazy huh)? So i guess I can expect a refund check from them.
Does anyone know what's going on?
Posted by: AMERICAN EXPRESS DROPPING CARDHOLDERS THAT PAY OFF THEIR BALANCES EVERY MONTH! | October 19, 2009 at 08:29 PM
I have had a horrible experience with AMEX and got the same letter stating that I had done business with a merchant that was slow to pay and that my ability to use my card would be restricted.(I liked using the card for the reward points and was never late or anything). I called and asked several different people with AMEX for an explanation. NONE WAS GIVEN. I dropped the card and they had the nerve to offer me another card called optima with a $1000 limit and several unearned reward points.Also other card companies were writing to tell me that my interest rate would go up or I could close my accounts and pay off the cards at the original interest rates agreed. I had enough and just went through a company to get all my debt cleared up AND WILL STOP USING PLASTIC.
Posted by: david | October 01, 2009 at 11:31 AM
American Express!!!!!!!!!!!
Just to think I was under the impression that they were picking on me. I was a loyal customer of Amex from 1993 until recently. I contacted them to have a new platinum card mailed to me because my card had gotten broken in half. During my call the representative told me they would not send me a new card because my account had been closed! I did not receive an e-mail, a letter, a phone call, a message blog, a smoke signal, or a lightening bolt about this decision. When asked what the heck was going on, the representative advised there was an internal review and the decision was made to close my account without notice. I was not late on my payment, had never been late on a payment with them, had paid off two $10K balances with them over the last eight months and this was the thanks I got for being a loyal customer. That is nothing! Here is the kicker, I had received over 100K points with the card and you guessed it, I could not use them because my account was closed by American Express, after I had paid the $400 fee for the year to use the card.
American Express is down right dirty!!! I know some of the tatics they are using are illegal.
I am looking for an attorney to file a class action law suit against them! They need to go down!
American Express alright, yeah leaving their customers hanging on the Express Train.
I hope everyone stop using their cards.
Cash Rules!
Posted by: LC | September 30, 2009 at 08:19 PM
I've been a loyal customer of Bank of America for 9 years, never any late pays and with an excellent credit score. When the banks first announced they were in trouble BOA quickly doubled my interest rates. Then, a few weeks ago I went to use one of my two BOA credit cards ($47,000 total credit lines) and it was declined. I found out that BOA had lowered my available credit from $47k to less than $20k. They would have cut worse than that except I had balances. What's worse is they didn't even have the courtesy to call, email or text me. They continued letting me charge past the *new* limit until I got my letter 2 weeks later and by then I had exceeded my *new* credit limit! Now I'm stuck in a bad situation, over the limit and draining my accounts to try and pay all that was due which made me overdrawn. Since I was overdrawn for 5 consecutive days, BOA slapped me with another $35 "extended overdrawn" fee! Outrageous. I wish somebody would rein these banks in and get control of their thievery.
Posted by: Darrell | September 28, 2009 at 04:57 PM