• Report: #41353

Complaint Review: Fleet Credit Card Services

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  • Submitted: Tue, January 14, 2003
  • Updated: Sun, February 09, 2003

  • Reported By:Everett Washington
Fleet Credit Card Services
www.fleet.com Nationwide U.S.A.
  • Phone: 800-833-6980.
  • Web:
  • Category: Banks

Fleet Credit Card Services ripoff deceptive company false promises Fixed Rates are not FIXED RATES! Wilmington Delaware

*Consumer Suggestion: Fleet Bank is a predatory lender

*Consumer Suggestion: APR Changes ....I am quite cc savvy

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I recently opened by credit card statement and found that my interest rate had just doubled. I have a FIXED rate card and thought it was a billing error.

I notified them and requested my interest rate be corrected. They said they could not correct my interest rate and stated they had sent a letter of my rate increase. I never recieved such a letter. I requested they return my rate to the prior fixed rate while they re-send this letter of rate change.

They could not, and went on to say that they had pulled a credit report and my rate was changed based on information this report contained. I then requested that they include all credit reports they used with there letter of rate increase, so I could see this information for myself.

They said that I would have to request my own credit reports. The interesting point is they increased my limit by $3,000.00. An increase of that amount tells me I must have a positive credit report. I stated this fact back to them, and agian request my rate corrected to its original FIXED rate and they refused. Now I am left with two increases, a increased credit line and a higher interet rate. I never wanted an increased credit line or an increased interest rate.

I am still working on resolving this issue.

David
Everett, Washington
U.S.A.

This report was posted on Ripoff Report on 01/14/2003 01:26 AM and is a permanent record located here: http://www.ripoffreport.com/r/Fleet-Credit-Card-Services/nationwide/Fleet-Credit-Card-Services-ripoff-deceptive-company-false-promises-Fixed-Rates-are-not-FI-41353. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Fleet Bank is a predatory lender

AUTHOR: Anon - (U.S.A.)

Fleet bank is a predatory lender.

Unfortunately, it isn't uncommon for credit card companies to check their customers credit reports 2-3 times a year. Any changes are usually used to justify an increase in interest. It probably was buried in the disclosure agreements, in microscopic print. There is some legislation pending on the topic. Credit card companies bump up your rates also when you are carrying a balance, with some lame justification that you are now a less worthy credit risk. The reality is they have a fish on the line, and they are now figuring out ways to maximize profit any way they can.

Citibank got dinged for doing this--maybe Fleet will also get dinged. Fleet lost a huge case for being a predatory mortgage lender a few years ago.

You might want to do some research on the internet on the Fair Credit Reporting Act, Predatory lending, Fleet, and Truth in Lending.
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#2 Consumer Suggestion

APR Changes ....I am quite cc savvy

AUTHOR: Anonymous - (U.S.A.)

Hello..I am quite cc savvy, and understand all that you are upset about. I previosly worked for several credit card companies, and the rules are fairly the same throughout. CC companies are governed by many govt, standards, one is called the Truth in Lending Act--all of the things that have happened to you were and are disclosed in your and any cardholder agreement.

A cc company may change terms at any time. Most cc companies pull a bureau report monthly on customers, and monitor their score. While it is true to receive a credit line increase, your score is probably minimally 690 or so, this is not a score high enough to guarantee you a great rate.

Further, if your credit score is 800, and you do not use the cc, ((thus lowering that companies profitabilty)) then you may not get a good score either. Someone who pays their balance in full every month and never pays a dime in interest and spends 20,000.00 a year ((not hard to do if you buy groceries, gas, etc)) is a much better customer and deserves a better rate than someone who pays minimum payments on a "dead" account, with say, an 8000.00 balance.

Always keep 3 cc accounts open at any given time, and educate yourself!! You may call any cc company at any time and request a better rate. It can't hurt!! Good Luck!

p.s.--this company may give you a better rate as well--keep your account open and begin to use it!
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