Submitted:
Monday, March 03, 2003
Posted: Monday, March 03, 2003
Richardson,
TX
People's Bank is one lender that you need to avoid at any cost. After many pushy phone calls by this lender, I moved an existing balance to them on a low 'fixed' interest rate. Payments are made on time, I have very good credit, homeowner, cars paid off, no 'high risk' here. One day I get a letter from People's letting me know that they have raised my interest rate... to over 27%!
At this time I did have a higher (about $4k) balance but no late payments, not over my limit, no reason for concern. They had changed their tone completely, apparently they pull credit reports on you VERY often (marks up your credit) and will look for anything that could possibly justify raising our interest rate. They decided that I had 'high debt to limit ratio' (even though my total debt was lower than ever) and moved me into a 'high risk' category ... along with the 27.49% interest rate that accompanies it.
They refused to lower my rate. I applied for a lower interest rate card but this was declined... apparently I had too many hits on my credit. I requested my credit report and guess who it was... People's. Honestly, at least two full hits per month on my credit by People's bank. Over a year of this, no credit granted..just hits and that looks bad. They entice you with a fair credit rate, then hold you and your credit prisioner with insane interest rates that they won't lower and they prevent you from moving. These people should be lined up and shot, the world would be a better place.
Michael
Richardson, Texas