Jump to content

Can they do this?!?!

Recommended Posts

Not sure if anyone over here can help, but....

OK so I got a letter form my lovely GM card saying that they are raising my APR from 16.9% to 23.99%. I have not had any late payments, and made the min payment or more each month. So basically I have no defaulted on my terms. There is nothing in the letter like in most change in terms things to not accept the changes by writing a witten letter to them with in so many days. They said the reason for the change is they re-reviewed my account and

1.)Payments are low compared to balance owed

2.) Available credit on my account

I still have 300+ available and I am making the min. payment so WTF!?!?

Anyone know if I can do anything?

Link to comment
Share on other sites

Pay the card of or, BT to another card with a lower rate.

Utilization ratios are a big part of creditors internal scoring. If they see you near the limit on a card and just making minimal payments, red flags go up. Are you running large balances on your other cards?

[Edit by bingo on Friday, April 11, 2003 @ 07:50 PM]

Link to comment
Share on other sites

This topic is now closed to further replies.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.