Posted on 04/19/2009 4:17:44 PM PDT by zaphod3000
I’m not defending the messiah but some of these crooked bas*ards need some regulations. My son who is 21 got involved with Dell Computers and purchased a computer and monitor over the phone.The purchase price was $1,967.00 and of course they issued him instant credit even though he was only 19 years old,going to school and working part time at McDonalds and had zero credit history.Our good friends at Dell Computers shipped his computer within just a few days. He has been making every payment on time and he didn’t have the knowledge and experience to know that paying just the minimum payment will never get the computer payed for.
Day before yesterday he decided he wanted a new car and I suggested that even though he has a good job now he should check his credit before going to the car dealership. We paid Experian $5.95 for his credit score and his credit record.
As I looked at his credit record on the print out it showed that his original purchase price from Dell was $1967.00 on 09/2007 and that he still owes $1,989.00 as of 02/2009.He has made 19 payments so far of 79.00 and owes more today than he did to begin with.
Our good friends at DELL COMPUTERS never told him that his computer would really be financed by Citi Bank. I have to give Citi Bank their dues though because they did report to Experian that he had made all payments on time.
Anybody that doesn’t think these scummy bas*ards take advantage of inexperienced young people must work in the banking industry.
At 9 AM today we mailed a check to our good friends at CITIBANK for $1,989.00 and I wrote a letter which I also mailed at our good friends at DELL COMPUTERS (attention Michael Dell) and thanked them for screwing my son out of over $1500.00. He has learned a valuable lesson from all of this and that is never trust DELL COMPUTERS or CITI-BANK.
Yep I’m pis*ed off and mad and will never do any business with DELL COMPUTERS and I will till the day I die tell everybody what they did. They are well aware of the sorry way they allow CITI-Bank to take advantage of people barely out of their teens.
I know that part of the problem was my son’s responsibilty but I also remember when I was that age and had no experience in matters like this and was at the mercy of unscrupulous companies like CITI-BANK.
The credit card companies, by and large, are thieves.
Right now, to cover defaults from illegal aliens and the like (who should have never gotten a credit account in the first place), the credit card companies are screwing their long-existing customers hard.
My wife got caught in a situation back in October, in which her business credit account (in excellent standing) with the crooked Advanta company jumped from 7.99% to 37% overnight with no explanation except "the current state of the economy," and nothing else.
When she called to complain and see if a mistake had been made, she was rudely treated and told that she was out of luck, even though her FICO score was stellar.
Needless to say, we transferred her balance and killed that account, but if you do a google search, you will see that all the other big credit card companies are engaging in this kind of behavior too, which amounts to pure usury.
Personally, I would like to see legislation that would ban those unilateral "important amendments" to credit card accounts, and allow changes in the original contract and interest rate only when both parties agree upon them.
LOL... Aren’t you the star. Pat yourself on the back, uh, ZERO.
If you pay off your balance in full every single month, then this is NOT an issue.
Completely impractical when you have a business account.
People who met the terms of their accounts FOR YEARS, including those who paid off their balance in full each cycle, are being canceled for spurious reasons. American Express was redlining based on number of foreclosures in your zip code and what lender your mortgage was with, among other things. (They claim to have recently stopped doing this.) Many of the canceled accounts were those with high numbers of airline miles or other reward points.
Not long ago I received a notice of increase on a credit card (I pay it off every month) from 9% to 15%. The reason was simply stated: "To maintain profitability on your account". Don't think that the banks are just targeting deadbeats or that it cannot happen to you. It is not true. Not anymore.
Hey, the banks got their bailout money. Who needs customers?
This bastard is a text-book fascist.
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
Henry Ford
That said, I'm sure the Obamaoists are going to do something far worse that will only wind up tightening credit so the people they think they are helping can't get credit at all.
Credit card companies now engage in practices that the Soprano’s would envy. They can change a rate or due date on a whim, and most people don’t realize that they receive 3-5% of the purchase amount UP FRONT from the merchant.
For those that use threads like this to brag about your own financial acumen, try not to be angry at that smug attitude from others if you lose a job or business, or suffer a severe, and expensive medical situation.
Yeah, that's a problem. They no that if you don't finance they don't make any money so they don't want to budge on the price.
All these "deals" they are throwing around aren't real deals when you read the details.
I agree. Credit card fees to business can be around 3%. Right now it is against the credit card agreement (with a business) for that business to offer a discount for cash. The only way around that provision is for the business to post notices that their prices are cash prices and there is a 3% (or whatever) charge for credit cards. Right now a business actually makes MORE on a cash customer because of the fee. But of course then they have to deal with all that cash in their tills. You have to weigh the cost of dealing with all that cash (loss due to theft) and the fee banks charge for depositing cash, along with the time and cost of getting it to the bank each and every day.
I'm glad they have not gotten to you yet. I thought I was doing good with my CC company because they upped my credit limit out of the blue at the beginning of the year. I have read about many people getting their limits slashed. Any way I check my rate last week and found that it had gone up, that is why I called them and they dropped it almost a whole percentage, but not quite!
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