Anonymous Posted February 12, 2003 Report Share Posted February 12, 2003 Today I was told that one of my credit cards were closed because I was now ``A RISK'. According to a credit report from the credit bureau. I have had this card for over ten years and it is in good standing(No late fee, etc.). Recently, am having trouble paying for one of the credit cards I have the past two months. I have made payments, but not the minimum. I have spoke with the creditor and told them that in a couple of months(July) I will have a full time position thus allowing me to make the payments to pay out the card. Can they place a ``At Risk'' status on my credit report? Even though I have just only heard from them late last week asking about my payments and no attack of my credit report was even mention. Link to comment Share on other sites More sharing options...
LadynRed Posted February 12, 2003 Report Share Posted February 12, 2003 Unfortunately nowadays, creditors are looking for problems you have with ANY OTHER creditor, even if you've got a spotless record wtih them. They see ANY sign of trouble on your credit report and they will nail you with higher interest rates, lower your credit limit and make notes on your CR. There's not much you can do about it really. Even once you get on your feet again, the 'trouble' will still show on your credit report. Watch your interest rates.. they'll probably now go UP ! Link to comment Share on other sites More sharing options...
bw4444 Posted February 13, 2003 Report Share Posted February 13, 2003 Lady is right. The whole thing is spelled out in 4-point type on the back of the credit card app. The new APR that kicks into effect is called the Default APR, meaning it isn't the ordinary APR, but it is the APR that you will get saddled with if your account falls into default status. I have seen other contract clauses regarding defaults on other cards affecting your standing. Also, don't think of suing them. They probably also saddled you with an arbitration agreement. This means you have to use their arbitrators exclusively to settle disputes. You have no recourse in the courts. Link to comment Share on other sites More sharing options...
sleety_girl Posted February 25, 2003 Report Share Posted February 25, 2003 I'm so tired of hearing all of this arbitration nonsense. How can it be fair to consumers when its a given that the arbitrator is hired by the creditor and therefore will almost ALWAYS rule in their favor, and against the consumer?Why even bother with any of this if this is the ultimate outcome? And now they are telling me that I've given up my right to sue? I've also been told, by the by, that a lot of these law firm collection agencies will totally bypass any validation request that you make to them and just go straight to arbitration. If that's not screwed up, I don't know what is! It makes me want to punch a nun!I'm done with my rant. Sorry, I'm usually not this out of control. Link to comment Share on other sites More sharing options...
calawyer Posted February 26, 2003 Report Share Posted February 26, 2003 I've done a lot of posting here about unfair arbitration provisions. I view them as the single largest threat to consumers today. With one swipe of the pen, a consumer's right to a trial by jury is eliminated. Many consumer advocates are challenging these provisions with some success:http://www.tlpj.org/key_current_cases.htm#Mandatory%20Arbitration%20Abuse%20Prevention%20ProjectConsumers can also fight them by refusing to do business with companies who insist upon inserting unfair arbitration provisions in their form contracts. And tell them why! Link to comment Share on other sites More sharing options...
IronMan Posted February 26, 2003 Report Share Posted February 26, 2003 I would just cross out the arbitration language/section on the back of the form, write a 'NO' next to it, initial it, photocopy it for my records, then sign and send. Who says you can't modify those terms? It is a contract isn't it? Just cause they print it up doesn't mean you have to accept it. Contract has to be acceptable to both parties.Yes, they can refuse to grant card, and if so, t'hell with them! :mad: Cheers![Edit by IronMan on Wednesday, February 26, 2003 @ 12:08 PM] Link to comment Share on other sites More sharing options...
IronMan Posted February 26, 2003 Report Share Posted February 26, 2003 The FTC is accepting public commnet on the FCRA!http://www.ftc.gov/os/2003/01/16cfr1frn.htm Link to comment Share on other sites More sharing options...
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