Category: Credit card

Merrick Bank

My hubby has been calling to get our high interest rate cards reduced.

HSBC was generous in their reduction, but Merrick won’t play. Their response was “Merrick Bank doesn’t lower interest rates.”

What a crappy attitude, don’t you think? We’ll probably have to open another card and try to transfer the account if possible.

Hubby refuses to call them again.

Has anyone else found a way to get Merrick to lower the interest rate?

What about Chase (used to be Providian)?

Huh… Sounds like Barclaycard. They don’t play either. In fact, they will raise it even more.

Chase was the first to use a dirty policy called universal default. They have their greedy hands all over the place in predatory lending, especially to those who can least afford it. Ever hear of loan to own?

I recenly saw on a morning show how the economy in Russia is improving and guess who is setting up credit card operations there ? Chase!

They showed one Russian couple saying how they wanted to get credit cards and redo their kitchen. Oh, I hope they know what they are getting into buying on credit. Not everyone who uses CC’s is going to get into trouble, but it’s not hard to fall in the trap and find oneself in a spiral of debt. Chase is just Citi with another name. Same old predator!

Wow, Chase! To me, they are the Freddie Kruger of financial institutions. We had a 2nd mortgage at one time with them, and they were really trying to screw us. They kept adding all these strange charges even though we paid ahead of the due date each month and they had some really bizarre explanations for what they were doing.

The balance never went down in almost 3 years. We also learned it was a balloon payment loan, which they never told us until after we had signed. There are lots of Citibank foreclosures in our area, so you know they are practicing predatory lending in many cases.

We finally refinanced the 2nd mortgage with a close friend, and we’re paying 7% interest for 15 years (are in 3rd year now) compared to 12% on the 2nd with Chase, which was originally with First Union Bank….I guess the larger banks just swallow up the smaller ones in order to increase their profits.

My husband is in the process of a balance transfer of the Merrick Card and the Chase (who bought Providian, who was the original cardprovider). At that point, we’ll cut up the cards but keep the accounts open to improve our ratio….with a plan to eventually close them.

Thanks for your feedback on this.

What did you have to say/do to get them to lower the interest rate?

I just called up to verify my interest rate. I told them that I thought it was 25% but it seemed awfully high. They said it was based on the prime rate and she checked and it was 23.99. I asked what i could do to lower it, I told her i pay alot a month (like last month i paid $400), and they raised my limit (i didn’t use the limit ) but it just seemed high. I told her none of my other cards are or ever been that high and just wondering what else i can do to help lower it in the future? She then asked what my rates were on my other cards and i told her 0, 6 and 11 i believe. I told her my Home depot was at 19 she asked if i could hold for 2 minutes max and came back and appoligized for my wait (was under 2 min) and said she talked to her supervisor and was told based on the prime rate (funny how my rate was based on the prime rate to start with ha ha) she could lower it to 14.99. My cash advance will still be 23.99. She asked if that was okay and i gave permission to change it.

I called to see if they’d lower it but made it sound like i was concerned about my rate and what else i could do to perhaps get it lowered in the future. I didn’t threaten to close it or anything and the lady i talked to was super nice.

btw this was my Chase card.

Here in Canada, there are some dept stores that charge 29% and they don’t call it interest, they call it service and administrative charges. There are loan companies that can charge up to 40%!! Citibank is one of them. Very scary…….

Ouch! 29% is really bad…40% is outrageous!

I did it :)

I called one of my cards that had an outrageous interest rate (23.99) and i called and got it down to 14.99! i’m not putting anything on the card of course but it helps with the monthly interest rate. I should have this card paid off in 2-3 months.

My working has helped get our balances down a lot. past month i’ve had a lot of vet bills and my paycheck paid those which otherwise i would have had to put on a card until my dh’s next paycheck so i’m very happy with that.

Just wanted to share my good news:) I never did that before!

Applause Applause!!!!!! My card I am fighting with is (Barclaycard) not working with me at all. It is their rigid attitude and no communication that has angered me no end. I an simply socking them down. I’m planning to pay about $120 every payday, that will rid me of them in about 6 months.

I want to just scream at their total disregard for this, and they just don’t care.

Maybe they take lessons from Citi?

Keep that up and you might be able to call these card companies on behalf of others and start a debt service.

thank you! I was actually surprised they didi t so easily ya know! I never did that before but figured the worst they could say is sorry can’t do it, ya know??

Good luck with getting yours piad down. I wish i knew when i turned 18 how evil CCs were. My parents taught me to save and how to balance my checkbook and i started working hwen i was 16, i helped my parents by paying for part of my school clothes/ supplies, paid for my phone and any other extra stuff i had at home (internet if i did), etc. WHen i was 18 i paid my mom rent (not alot but to help out ya know)… but i never really was told. hey be careful… yu can dig a deep hole.

But now i know and i am working on getting out. It’s bbeen a long journey but I see a vague light lolol

I am considering paying my way to long held credit card off

Hello, i am new to this group… only recieved a few emails so far…

BUT!!!!! i am considering paying my way -to – long held credit card off, in one whack, just to get rid of it. i know how much $$ i do owe, but i have heard, that sometimes if you talk to them, and tell them, you want to outright pay it off, they give you a break.

has anyone ever done this?? should i call and ask if they will do it?? who should i ask for? this is for a bank of America CC. we had it forever and all we ever did pay way too much in interest. anyhow, if anybody has any good ideas, i would be thankful. oohh, i will be gone till Tuesday, so i will be unable to respond to any emails.

If you can pay it all off at once… do it, except are you paying with money you’ve actually accumulated/received or are you paying it off with another line of credit or a loan of some sort at a lower interest rate? If the card you have has always had high interest, they may not budge, but you could always try calling them, or going into the bank personally to negotiate for a lower interest rate.

If they won’t work with you, there are literally thousands of creditors with lower interest rates (especially if you have a good credit score). Now if you are in jam with credit, it may be best to pay off any outstanding balances and stop uisng credit for awhile altogether. Learn to live within or lower than your means with a cash out of pocket budget, only. That is what I had to do. My life is so much simpler and free (mentally and emotionally) this way.

If you pay the full amount of a credit card

If you pay the full amount of a credit card, can the credit card company put “account written off” on your credit report and show a “0” balance? Is there anyway to get the “account written off” off your credit report?

I am confused by your statement :-/

If you pay off a debt in full, then it will be reported as “paid if full” and that is a good mark on your credit report, but…

If you are stating that you the debt is paid in full after the debt has been charged off then that is another story indeed…

Once a creditor has charged off, then they report this to the CRAs as a “charge off”. Then a CA will collect on this debt (or try). If the debtor pays the debt in full, then the CA can and should report it as “paid in full”, but the “charge off” will still remain.

That notation can only be taken off by the OC (original creditor) that reported it.

It would be best to deal with the OC rather than the CA if you want a “paid in full” and the “charge off” taken off.

Is that what you were looking for and does this help?

But the answer is Absolutely not.

“Charge-offs” can and should be removed from ones credit file. But to do that you have to get the creditor that put it there to take it off. So if the debt is very old then it can be very difficult to get it removed… but not impossible. This is like with cash advance loans – you only should opt to trusted and reputable websites like BigOnCash, OppLoans, LendingTree and a few others.