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What was the average APR rate in 1998-2000!


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Can anyone tell me what was the APR rate for CC during 1998, 1999 and 2000? I'm the plaintiff in litigation in an identity theft case. With God's help I found some old credit reports dating back to 1994 and they shows a legit acct. open in 1994 but some show an unrelated bank "A" acct that showed up on a 1998 report that has a different acct. # but with the same open date and on a 1999 report there's another bank "B" with same account number as bank A lastly on a 2000 report another bank "C" is now reporting the same information only this time the account is "Closed."

There has been a increase of the balance by only $25.00 from bank A to B and only $50.00 from B to C. It is my understanding that credit accounts are not stagnant that interest is still accurding just by sitting there so how can these different banks that obvious mergered at some point within a year from each other have such a low increase in their balances. The credit report status is R1 which mean paid as agreed, however no payment was ever made by me to any of them.

During discovery bank C does not attempt to connect the legitimate account but waits until its rebuttal of my opposition to attempt to make that connection when I'm unable to respond. The bank is trying to use the strategy after the close of discovery to use the same open date of the legitimate account to connect it with the same open date of the ill-legitimate on by inference to the date and not materially to the account number which is totally different and never during discovery did it attempt to show that connection.

It is my stradegy to block that attempt by showing public records of bank A's merger history that does not reveal any connection between the legit bank and bank A as well as public records of the bank A's merger history that also shows no connection.

As a plaintiff it is on me to prove ID Theft which why i asked for the APR during that time period to closely estimate what the finance charges would be if these were indeed legitimate account. Please share your thoughts and be blessed! S.A.

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The interest rate for credit cards is pursuant to 12 USC 85, the National Bank Act of 1864. National banks use the interest rate law of their home state. That's why they all moved to states with favorable interest rate laws. They can charge any interest rate which is legal in their home state. You would have to research each bank by name and location. Even then, you probably won't find a violation. They all moved at times when it was most advantageous, circa 1981 when they were paying 15% to borrow from the Fed and lending it out at 12%. Jimmy Carter era, all that. Great for a CD buyer, bad for a lender hampered by state usury laws. That's why Citibank moved to SD from NYC. Sure wasn't for the hot women or the snappy night life, or the mild winters. They even wrote the legislation.

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The interest rate for credit cards is pursuant to 12 USC 85, the National Bank Act of 1864. National banks use the interest rate law of their home state. That's why they all moved to states with favorable interest rate laws. They can charge any interest rate which is legal in their home state. You would have to research each bank by name and location. Even then, you probably won't find a violation. They all moved at times when it was most advantageous, circa 1981 when they were paying 15% to borrow from the Fed and lending it out at 12%. Jimmy Carter era, all that. Great for a CD buyer, bad for a lender hampered by state usury laws. That's why Citibank moved to SD from NYC. Sure wasn't for the hot women or the snappy night life, or the mild winters. They even wrote the legislation.

Thanks for your reply I'll make that a part of my research, either way every account no matter what the status may be accuring interest just by sitting there except if it was closed. S.A.

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Even if it is closed they are allowed by law to continue to apply interest. I don't think they can use the full 29% rate, just whatever the states allow for pre and post judgment, which is 8-9 percent as a rule. You can ask for this in discovery and compare it to the state interest rate statutes.

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Even if it is closed they are allowed by law to continue to apply interest. I don't think they can use the full 29% rate, just whatever the states allow for pre and post judgment, which is 8-9 percent as a rule. You can ask for this in discovery and compare it to the state interest rate statutes.

Discovery is closed waiting now on the judge's dicision to grant or deny their sj motion. I believe it will be denied and therefore I'm preparing now for trial. Bank C has provided fraudulent billing statements starting in 2001 to 2004. i never recieved these statements and the very first statement as a balance that is exactly to the penny when the account was closed two years prior. The only way I think that an account can remain at the same balance is if it was permanently closed and interest is no longer being accrude. Bank A claims the account being closed does not mean closed but that available credit is at $0. However, the credit report shows a credit limit of $2,000 with a balance when closed at $1,550.00 so that can't possibly be the correct reason but that the alledged account is actually closed hinse the same balance two years later. S.A.

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