Comments on: Your Credit Report Affects Your Cards http://www.consumerismcommentary.com/2005/11/09/your-credit-report-affects-your-cards/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: lily http://www.consumerismcommentary.com/2005/11/09/your-credit-report-affects-your-cards/#comment-66847 lily Mon, 23 Oct 2006 02:15:38 +0000 http://wp.consumerismcommentary.com/?p=615#comment-66847 Can you request a decrease in your interest rate when your credit score starts to go up? How does that work? Or are you forever stuck with a 29% interest rate? Can you request a decrease in your interest rate when your credit score starts to go up? How does that work? Or are you forever stuck with a 29% interest rate?

]]> By: Markam http://www.consumerismcommentary.com/2005/11/09/your-credit-report-affects-your-cards/#comment-1148 Markam Wed, 30 Nov 2005 09:05:30 +0000 http://wp.consumerismcommentary.com/?p=615#comment-1148 I've had this happen before with an MBNA-issued card. A collections company tacked on an account that was not mine on my credit report and a week later I received a letter from MBNA about changes in my APR from 7.9% all the way up to 23.9%. Customer Service said I was in default of the credit terms even if the information is inaccurate but they gave me a stay on the APR change for 90 days to correct everything. Once corrected, MBNA redacted the APR change and all was well. Oddly enough, this only happened with MBNA as my other card issuers (Bank of America, Discover) didn't even so much as flinch when this happened. Most other reports I have read around the web also have been from MBNA cardholders as well. As a word of advice, any bank must inform you of any APR increases in writing (this includes monthly statements) before they can change it. This gives you the opportunity to negotiate with them or cancel the card and pay off at the previous rate so keep a close eye and question it if your rates increase more than just a few points. I’ve had this happen before with an MBNA-issued card. A collections company tacked on an account that was not mine on my credit report and a week later I received a letter from MBNA about changes in my APR from 7.9% all the way up to 23.9%. Customer Service said I was in default of the credit terms even if the information is inaccurate but they gave me a stay on the APR change for 90 days to correct everything. Once corrected, MBNA redacted the APR change and all was well.

Oddly enough, this only happened with MBNA as my other card issuers (Bank of America, Discover) didn’t even so much as flinch when this happened. Most other reports I have read around the web also have been from MBNA cardholders as well. As a word of advice, any bank must inform you of any APR increases in writing (this includes monthly statements) before they can change it. This gives you the opportunity to negotiate with them or cancel the card and pay off at the previous rate so keep a close eye and question it if your rates increase more than just a few points.

]]> By: Caitlin http://www.consumerismcommentary.com/2005/11/09/your-credit-report-affects-your-cards/#comment-1147 Caitlin Thu, 10 Nov 2005 03:07:44 +0000 http://wp.consumerismcommentary.com/?p=615#comment-1147 Ah. Maybe this is why my AAA card (MBNA) suddenly went from a very low promo rate to 21% in a single billing cycle...I think I went over my credit limit on another (BankOne at the time) card - which I *never* do, but I was moving money around and didn't pay close enough attention. I had a sizeable balance sitting on AAA so that rate increase caused a HUGE jump in finance charges and I had NO idea what had caused the rate hike. Needless to say I moved the AAA balance (which I was paying off) to an empty card immediately and MBNA has lost my business for good (I keep the card open but never let them have a red cent). I hated everything about MBNA and that was the last straw for me. So I think you solved my mystery...and it was more than a year ago and I was still wondering. Ah. Maybe this is why my AAA card (MBNA) suddenly went from a very low promo rate to 21% in a single billing cycle…I think I went over my credit limit on another (BankOne at the time) card – which I *never* do, but I was moving money around and didn’t pay close enough attention. I had a sizeable balance sitting on AAA so that rate increase caused a HUGE jump in finance charges and I had NO idea what had caused the rate hike.

Needless to say I moved the AAA balance (which I was paying off) to an empty card immediately and MBNA has lost my business for good (I keep the card open but never let them have a red cent). I hated everything about MBNA and that was the last straw for me.

So I think you solved my mystery…and it was more than a year ago and I was still wondering.

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