I was a stellar account holder for this company, paying them $250 per month when the minimum payment was only $20 bucks. Today is Feb. 28, 2009. Two days ago, my credit limit was $4,300. My balance is $900. I went to the pharmacy to buy a few things for $40, and my card was denied 5 times.
Came home & called them and found out that since my last payment the day before (which was $100 this time), they had reduced my available credit from $4,300 down to $890. This is a $3,410 reduction in my credit line (funny number, eh?). I guess they had to lower it just a WEE bit beyond my balance (hence the $10) so they could claim that I was now OVER THE LIMIT. They did all this behind my back, and had I not tried to use the card, I never would've known until my statement arrived.
They claimed it happened to me on February 18th, but I assure you that nothing suspicious ever turned up on my online account. They also raised my interest rate to 19.99 percent for being an outstanding customer. When I told them to close my account immediately, the guy on the other end of the phone expressed his regret to see a "good customer" leaving. I said you are full of s**t because if you cared to begin with, your company wouldn't do something like this to anyone.
Beware of this bank. I've never been so shocked in my entire life and I am 50 years old. And think of how it now looks on my credit report (I'm afraid to find out). Instead of having a lot of unused credit (which I hear is great for your credit score), I am now likely being reported as over the limit. Ain't that just great? How can these banks keep getting away with heinous practices like this and keep being rewarded by the federal government with huge sums of taxpayer bailouts??? Why must the American public continue to take such abuse from failing companies and the political system in this country???
This company has RUINED MY STELLAR CREDIT and it will take a long time to recover from this. I have never been SO ANGRY IN MY ENTIRE LIFE. I just can't stop being mad as h*ll. And there's nothing I can do about it, right? Businesses and banks all need to succeed while the rest of us spiral downward until we're living under an overpass? I'm sick of American Greed. And it runs this country, which is why we are where we are now.
I guess they might've been pissed off because I would never max out my card, despite the number of times they RAISED my credit limit (which started out at $1,500). In a years' time, they raised it to $4,300. Sorry I didn't spend it all, but that's another reason we're all in trouble because NOBODY PAYS CASH FOR ANYTHING ANY MORE IN THIS STUPID MORONIC NATION. If you don't have the cash to back it up, DON'T BUY IT.