About time. Maybe now we will get some sensible credit policies. I fear it may be too late.
Citi sucks but at least they are doing people a favor by closing their cards.
This might make sense if I had any confidence that they were closing down the right accounts. But frankly, I doubt it.
Mine just sent a notice that the rate was now 30%
(I owe nothing and don’t carry a balance, and have stellar credit).
Sometimes, I really wish they’d close my wife’s.
What? No more egregious fees? Well then we are taking our CC’s and going home!
Of course banks have the right to close credit card accounts, why wouldn’t they?
‘Play with snakes and you get bit’ ping!
I received my notice yesterday that if I wanted to continue to use my Citi Mastercard, my rate would be moved from 5.99% to 29% on any purchases after November 1st unless I “opted out”. No skin off my nose. I don’t use the darned thing.
I called the 800 number and spoke to the friendly foreigner and within 3 minutes it was closed.
Their loss.
Aren’t they giving warning before they shut down the accounts?
Chase just gave me another 2500 on my credit line. I have a balance and I pay well over the minimum every month. I travel so I use it in hotels and for food and gas.
I think they are raising rates through the roof on good accounts to beat the new bill limiting such rate raises = so, thanks a lot, government - all you did was hang us out to dry.
I called this week to see about lowering the rate, pointing out that they may have noticed I haven't been using the card since the hike - but they wouldn't budge. They cited the economy as to unstable - yada yada. This is unusual. Card outfits were always amenable to lowering rates with good customers = I have always paid well above minimum payment and always well before due date.
Just walk away.
The debt is no recourse, they’ll have to sue you in Civil court to get any money back, a proposition that most likely will end up costing them more than you owe. Don’t bother filing for bankruptcy either, it just gives the banks (through the courts) access to your paycheck.
Your debt will be sold over and over for pennies on the dollar, till eventually, it will be worthless to any collection agency, and it will simply sit on your credit report.
The Federal government (YOU) has already covered your outstanding balance anyway, so why pay for it twice?
As to your credit score, as you’ve probably already read here and other places, your score is going to be affected no matter what you do. Even those that stay current will have their scored lowered due to actions of the banks.
Oh..and for those that feel that walking away is wrong morally. Total up the amount of purchases on your cards over the years, then the payments, then look at your outstanding balances, chances are you’ve already paid for that which you purchased.
When you signed the card agreement, did you agree to pay 30% interest on previous interest? When they sent you that 0% card, would you have accepted it if you knew that they were going to skyrocket your rate regardless of your payment history? At any moment?
Let them have it, live on cash and just walk away.
Citi and others should have been giving credit cards to everyone who fills out an application in order to get a foam cup holder
Debtors are slaves to the lendors....
Thanks Hoosier for the ping.
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Drive by poster. Where are the 300 words?