CITI is ripping us off

My Amex was canceled in March of this year after their annual review they considered me a “high risk” without any other explanation.
I have been with them for 11 years never missed a payment.

In April I purchased new refrigerator from Sears using their 12 months interest free offer. Sears was using CITI for their financing services and CITI sent me a CC for $9,000 when cost of the fridge on sale was $1,600. That tells you how “high risk” I am.

 

Couldn't agree more.
Manage your finances first and who cares if your FICO takes a dive for a few months. The only time when you need it is when you are actively shopping for a car or a house or looking for a loan.

 

He's obviously got it figured out. I'd like the hear what he did.

 

Join a credit union. They typically have fixed credit card rates. The good ones feature platinum cards that have annual APRs under 9 percent with a credit limit of $50,000.

Of course, if you have bad credit, or owe a bank (or financial institution) any money, a credit union won't want anything to do with you. Sorry Fractals R' Us.

 

Sounds like he just stopped paying his CC debt and walked away. That will work but it doesn't come without consequences. I really don't blame anyone for doing that. I actually applaud them. Screw the banks. But the consequences of doing that are pretty steep.

 

A FICO score of 0 is just as good as a FICO score of 850. In the middle sucks!

Race to zero!

 

Thats pure bullshit !! I have credit score of 815 as of August and the bastards at BFA still raised my rate from 9 1/4% to 24% !

The banks just figure that since others around you are suffering the same fate, that you wont mind as much.

Well I mind and and I transfered my balance to a credit card thru a bank i found on bankrate .com. New rate is 11 % with Pulaski Bank. Im a lot happier now that BFA is not getting business anymore. They can kiss my ass day after day from now on.....

 

A similar thing happened to me. I had 6k on BAC at 1.9%. I have a FICO of 845 and they raised the rate to 13.99% so I paid it off. I couldn't be bothered looking for another card with a lower rate. I'm done with the CC's unless there's no way around using one.

I think most people are so disgusted with the banks that everyone on the planet would love to have a balance of zero but that's gonna take a long time for most folks. The banks know they have these people where they want them and they are trying to squeeze every last penny from them they can. They are going to be ruining people's lives. The banks don't get all of the blame though. No one forced people to build up a mountain of debt.

 

Thats so true, if those ppl had been more financially responsible instead of using their credit card for practically every type of purchase, then they wounldnt be in the shithole they're in now.

learn from the japanese spending culture.. If a jap consumer doesnt have at least 50-75 % of purchase price to pay in cash, then they dont buy it !! They save money (as long as it takes!) till they have more CASH.

Problem here is that the consumer culture is charge it, charge it, charge it! Of course the banks are going to take advantage of this !!

 

^^this. Just wait until an employer runs your credit report.