Angelox, your a classic victim here. You know what they do right. You get this great APR for a set amount of time "Fixed APR" they call it. Well, what they fail to put out in the open is the amount of time that APR is in effect. Once it goes, they jack it up to a un-said amount at the time of the credit contract signing. They say something like it will be "Prime + 16.99" or something similar so it throws you off guard if you are one to read the fine print. Well, "Prime" is actually like 8.25 right now and has been since July of last year so your actually looking at a 25% intrest rate right there. Now there are these other undisclosed things like credit reviewals. Well they are disclosed, but they dont tell you what may happen after they are done. Credit granters like HSBC Bank and Dell Financial will review your credit from time to time and if your not up to par with what they "want" (which could be a beacon score of 800+) they will consider you "High Risk" and add a certain percentage to your APR. Some even goes as far as denying you credit from now on, and raising your APR so you continue to pay them out the ass if you make minimum, and they will still never let you have credit again, although your always on time and always current.
I have that problem with a Capital One card right now. They took my APR from 0 to 29.99 after one bill cause of some stupid Hospital Bills. They shut my card off and said even though I had a available balance , I would not be able to use that card ever again and had to sign up and get approved for another due to "Credit Review and Denial" which means that they suck and should be shot. $500 balance on that card, its down to like $326 right now and I have payed over $1100 to them since I got the card. $50 per month adds up real fast when they find ways of dropping the late fee bomb on you from time to time cause of "Server Malfunction" since my payments auto withdraw from my checking. I am hitting them hard as you can see to square them away and I am going to take a picture of my ass and attatch it to the card and mail it to them once the account is paid off, along with a big fat "STFU and close my account Post-It note".
Screw Credit from Card Companies. I am eyeing a nice Dell Laptop and I am going to pay straight out for it when I can afford it. No one else will get my business anymore as far as credit goes, unless its a house. Cars can be bought straight out in most cases cause im not picky and a $1000 car where I live can be a great car for about 40k miles.
EDIT: Oh, and forgot to mention. You know how most Financial Serives make thier Millions right? It is proven that there prime source of income is though screwing people over. I seen a article on MSN a couple years ago thay had it all layed out. The percentage of Profit for these companies relied heavily on High APR's, Late Fees, and OTL Fees. Bull shit I know, but thats how they survive...
Last edited by techguy84; 09-25-2007 at 04:12 AM..
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