Comments on: 3 Steps to Take When Credit Card Companies Raise Your Rates

By: Roundups and Interesting Posts on the PF blog world | Credit Repair Information

Sun, 10 Feb 2008 23:31:10 +0000

[...] Micah wrote a post on what to do when credit card companies raise your rate. that post came on the back of Debt Free Revolution’s post on Bank of America taking rate [...]

By: Roundups and Interesting Posts on the PF blog world (Ask Mr Credit Card’s Blog)

Sun, 10 Feb 2008 23:06:54 +0000

[...] Micah wrote a post on what to do when credit card companies raise your rate. This post came on the back of Debt Free Revolution’s post on Bank of America taking rate [...]

By: Mr Credit Card

Mr Credit Card — Sat, 09 Feb 2008 21:07:35 +0000

For me, I always pay my bill fully and on time (with a couple of exceptions). This way, what cc companies do with interest rates and all that nonsense does not bother me.

But with the sub prime and credit crisis, banks are simply going to be more stringent going forward. Is America going to start saving?

By: Simple Tam

Simple Tam — Sat, 09 Feb 2008 19:51:38 +0000

That is an interesting point. I am wondering if it is possible to ask a credit card company you have been with for a couple of years to to lower your rate to 0% for say the next 6 months and try and repay other high interest loans using that money. Of course, this is subject to the fact that you are confident of paying off the balance in six months or the duration for which you have received 0% interest.

By: Fiscal Musings

Fiscal Musings — Sat, 09 Feb 2008 07:22:31 +0000

When dealing with credit card companies, it’s never good to let them have the stronger position or upper hand. If you accumulate a balance, then you’re more or less forced to do business with them or try and find another card. By not carrying a balance, you never have any further obligation to the company and you have a much stronger postion.

By: Dad

Dad — Sat, 09 Feb 2008 06:32:23 +0000

RacerX is quite right about the cost of acquiring a new customer. You also need to remember that to the CC company there are two types of good customers: ones who spend a lot and pay it off or ones who keep a balance. I don’t recommend the second way because that is expensive and a credit trap. But spending and paying off is useful if you are disciplined. If you have trouble making it work you are better off cutting the card up but as was said, don’t close it.

By: RacerX

RacerX — Sat, 09 Feb 2008 05:46:57 +0000

I isn’t said directly, but Do Not cancel the card. Just chop it up. If you kill the card it can affect your FICO score. The two ways are from credit utilization and also from length of credit history.

Also don’t forget that you are a catch! They want you, especially if you are a good customer. Say NO!

Call and talk to the manager!

It cost over $100 to acquire a new CC customer right now. Use your leverage.