Citibank Confusing Me

[beebold]

One day I finally came to my senses and said that I can't let a man (or the one hurting me) affect other things in my life.

I'm a lurker here, but I had to come out of lurkdom to give you a cyber-hug! You sound so much like me in that part above. Hang in there!

 

[T. Lynn]

I'm a lurker here, but I had to come out of lurkdom to give you a cyber-hug! You sound so much like me in that part above. Hang in there!

Thank you so much. That means a lot. I still have my bad days and want to stay in bed & cry. Then I think about how much I love my new job and love feeling wanted...I feel at peace when I'm there and right now I think I really need that (more than words can say).

God seemed to have brought it into my life when I needed it the most, that's for sure!

This Citibank issue just adds to the stress that still lurks within, especially when I'm trying to get back on track & fix my wrongs.

 

[mamalle]

yes I received the letter in dec that its bank of america in march but no change in apr and I just received my latest statement..

 

[T. Lynn]

The new rate doesn't take affect yet. I was told I had till jan 31 to opt out. Anyway, I did just that...oh well...

 

[mamalle]

I think it just all depends personally. I doubled checked mine after this post was started and nothing has changed. Doesnt mean it wont sometime in the future but I have 3 other accounts with bank of america also..

 

[minnie1928]

T. Lynn - I remember your challenges from 2008 and it certainly sounds like 2009 will be a better year for you!

If I'm reading your posts above correctly, are you saying that you had 1 missed payment in the past 6 months but previously you had excellent credit? If so, pull your credit report...It may be much better than you realize (score wise).

One thing I've learned is to never assume things.

 

[T. Lynn]

On my credit cards, I wasn't late at all.

For house & car, I was late for 6 months. On my mortgage, I've applied for the modification. Still waiting on that approval but I submitted all the paperwork. I'll probably still show as majorly pass due on these payments until it's approved or whatever they decide.

 

[Free4Life11]

I got a letter, but I tossed it. Does anyone know what number you call to opt-out? My rates are going up to 18.99 and 17.99 I believe.

 

[Tink-n-MrIncredible]

I would love to do that but I only work PT. I was in Real Estate and that speaks for itself.

I've had a really tough 6 months (due to things increasing, no sales & high real estate fees to pay). In my 13 years of owning a home, it was the first time I was late but I got back on track this month. I was also late on auto payment within those 6 months...credit cards were on time due to fees they tack on. I'm sure that will hinder me getting another card.

Guess I will not bother with it. Since I decided to opt out, my rate will be 9.24 until paid off. This new part-time job has helped me get things caught back up and will allow me to put my checks towards my other card so I can still have it for emergencies and then paying down the one with Citibank.

I'm just so frustrated because since I was 18, I maintained EXCELLENT credit and had a good score. Within the past 6 months, I'm sure seeing my FICO score will make me cry. My marriage being on the rocks didn't help either. I put things on the back burner as well, due to depression. One day I finally came to my senses and said that I can't let a man (or the one hurting me) affect other things in my life. I went out and got a "paying" job to help correct the things I let get destroyed...along with my self esteem. 2008 was the worse year of my life, even lost my dog after the holidays so I was just an emotional wreck and want to be whole again. I just feel like everything I worked so hard for was ruined in 6 months. It was my fault because I let things get in the way but it still hurts. 15 years of good/excellent credit to be ruined by a 6 month mistake.

Thanks for listening! Sorry to vent...

Vent away Things are going to get better.

 

[McKelly]

On my credit cards, I wasn't late at all.

For house & car, I was late for 6 months. On my mortgage, I've applied for the modification. Still waiting on that approval but I submitted all the paperwork. I'll probably still show as majorly pass due on these payments until it's approved or whatever they decide.

Isn't there are a "universal" clause or something like that, that says if you pay something else late (not the credit card), that credit card companies can use that to raise the interest rate? I can't think of the exact wording right now, but I think it is universal something................that might be why - but it still is wrong ethically. Talk about kicking someone when they are down!!

 

[JonS99]

Seems to be a lot of this going on, they have the nerve to head to Washinton and ask for a bailout on the back of the taxpayers and then they turn around and pull crap like this....

 

[Chicago526]

I got the letter too, mine was going to go up to 14.99% (minimum, it could have been higher) which is over double the current rate. I opted out, the account stays open until the expiration date on the card, which for me is another two years. We plan on having it paid off by then anyway, so why pay double (or more) interest.

My discover card also is raising my rate, but only by 3% (10% to 13%). That's more resonable, and I'll be keeping that open. I'm not happy about it, but I've got no place to transfer it to that would be any better.

 

[Chicago526]

Isn't there are a "universal" clause or something like that, that says if you pay something else late (not the credit card), that credit card companies can use that to raise the interest rate? I can't think of the exact wording right now, but I think it is universal something................that might be why - but it still is wrong ethically. Talk about kicking someone when they are down!!

Universal default. It's evil!

 

[Kit'smommy]

I really like my Citicard, but am furious over this rate increase. My rate will nearly double with the change in terms.

I do not usually carry a balance on this account (actually we have no debt other than a tiny mortgage and small car loan, both of which should be paid off in less than 16 months), but I will probably look around for a new card on general principle. DH and I have gold-plated credit, so there is no reason for the increase.

Great strategy Citigroup - alienate all your good customers with an unjustified and huge rate increase. I wouldn't be ticked at small increase, but 7.99% to 14.99%?

 

[eliza61]

They said a letter went out but I don't remember seeing it in the mail. Here is a thing to calculate payments. I've been on the phone with them for over an hour just making sure I heard right, new rate would be 24.99. That's more than double for me!!!

http://www.citibank.com/uae/gcb/ccards/mpd_calc.htm

Unfortunately I can't transfer the balance over. I have only one other card open that I keep for emergencies. Guess I'll just bite the bullet and say "oh well". I'm sure I won't be the only one going thru this. It will probably only be getting worse.

Where did you guys see, hear, or read this? I have them as well and would be interested in finding out whats going on

I've been posting about this for months. Bank of America did the same thing to me. The thing that is galling is that I have a decent credit score (702) and I payed more than minimum ever month and they more than doubled my rates.

Congress has put the clamps on banks doing this but unfortunately it does not go into effect until 2010. In the mean time stop crying and GET MAD!!
I want you to write a few letters.
1) Write the BBB. they can't do any thing but you can warn other consumers of this practice. believe me banks don't want bad press.
2) Write the issurer of the credit card company. Let them know that not only will you not be using the card anymore, you plan on not using any of their other services again in life. I have 2 college age kids, I let them know I will not be using them for college loans, car loans, mortgages Nothing.
3)Last write a letter to the Office of the Comptroller of currency.

Customer Assistance Unit
1301 McKinney Street
Suite 3710
Houston, TX 77010

Phone: (800) 613-6743
Fax: (713) 336-4301

They supervise national banks. Personally I think these banks are doing this to recoup their losses in this mortgage mess. I have no intentions of being some greedy banks cash cow.

 

[eliza61]

Seems to be a lot of this going on, they have the nerve to head to Washinton and ask for a bailout on the back of the taxpayers and then they turn around and pull crap like this....

I know we don't see eye to eye on a lot of issues Jon, but I always think you are one smart cookie.

 

[JonS99]

Not to mention the fed rate dropping to .5%, CC interest rates should be falling, not jacked up....

 

[lilrooster]

On my credit cards, I wasn't late at all.

For house & car, I was late for 6 months. On my mortgage, I've applied for the modification. Still waiting on that approval but I submitted all the paperwork. I'll probably still show as majorly pass due on these payments until it's approved or whatever they decide.

Here in lies your problem...cc companies have the right to increase your rates based on repayment of their cc, other cc and installment loans(house, car, boat). They can change the rate on you because of this. They can change rates for any reason, as long as they give you and opt out. If you DEFAULT on their cc however they can increase your rates without notice or an opt out.

 

[eliza61]

Here in lies your problem...cc companies have the right to increase your rates based on repayment of their cc, other cc and installment loans(house, car, boat). They can change the rate on you because of this. They can change rates for any reason, as long as they give you and opt out. If you DEFAULT on their cc however they can increase your rates without notice or an opt out.

You're absolutely right. Every one should check their agreement to see if this "universal" policy is on their cards. Chase removed mine when I complained. Beginning in 2010 they will no longer be allowed to do this.

 

[minnie1928]

On my credit cards, I wasn't late at all.

For house & car, I was late for 6 months. On my mortgage, I've applied for the modification. Still waiting on that approval but I submitted all the paperwork. I'll probably still show as majorly pass due on these payments until it's approved or whatever they decide.

I've never done this, but it might be worthwhile in your case...why don't you look into having a "note" inserted into your credit file to explain the circumstances of this 6 mos period.