Tuesday, April 7, 2009

Read your Mail carefully

I brought a whole stack of old mail and papers to the office to try and purge. I saw this letter from capital one saying important information about your account. I almost tore it and threw it away because I get a lot of those and they are usually purchase checks. Thank God I didn't. Apparently due to "extraordinary changes in the economic environment" they are increasing my purchase rate to 17.9%. from 9.89%. This is effective April 17.
I am so annoyed, scared and hopeless. What is wrong with these people? In my entire life, I have never had a late payment or anything that indicates high risk? I just moved over a ton of money from the BOA line of credit because the APR was so much lower. They said that this rate will affect balances transferred at the purchase rate but not affect any special transfer rates. WTF? That means my whole $12,000 balance is going to be charges 17.9% Back at square one. This was the situation I was in with the line of credit in December and I aggressively paid down and moved that balance down! I don't even know what to do. I don't want to pay fees to move my money again but this APR is ridiculous. Come on, capital one has never been that high for me. When I got the card the APR was 14%.

If you have any suggestions let me know. I'm all out of 'em. :(

1 comment:

  1. Depending on how much money you make, I'd say it's time to put the student loans on hardship and let them sit for a while. You might get a better rate on a personal loan at the credit union, if you qualify.

    Thinking bigger, 10% vs. 18% is not your problem, it's just a wake-up call. You've got to get this monkey off your back.


Hit me with some tough love