Credit Card W/Better Interest

[geekgirldany]

I currently have a Wachovia Visa card that I am paying off. I got a notice in this months statement that I am being moved from 8.5% APR to 14% APR.

 

No reason for the change. Are all the APRs going up?

 

I need a lower rate. If someone could reccomend a card :)

 

Thank you

[RossMAN]

Do you normally carry a balance or pay it off every month?

[geekgirldany]

this one I am carrying a balance. around $1400. I am wanting to pay it off within the next year though. I have another cc at my local bank that I buy things on and then pay off the next month. The Wachovia card is what helped me start my business. So I am finally able to start paying it off. just want a lower rate :)

[geekgirldany]

Let change that interest rate. Going from 8.5% to 17.98%. 13.48 + 4.50%

 

Says they looked at my credit report and made the decision to change the rate. I can call them to get a detailed statemetn of why they changed it.

[fasty]

That's not good. Unless you missed the payment cause for them raise the APR interest rate. DUMP them and get another credit card with lower interest rate.

[geekgirldany]

That's what I can't understand is why they have raised it so much. I was carrying a much larger balance before I sold my car to pay it down. Just wonder if they think they won't get as much interest now that the balance is lower.

 

I've had the card with them for 10 years. My first credit card and the interest has never never been this high. I've missed one maybe two payments in all that time. Pretty crappy that they would do this to me after being so good on my payments.

 

I'm looking into Capital One or getting a cc at my dad's credit union. My parents have offered to pay it off and me pay them back. But don't feel like its their place to do it.

[mugs]

Was the 8.5% an introductory rate?

[geekgirldany]

No it wasn't. Like I said I've had the same card for 10 years. Its been between 7% to 9%. I believe when I first got it the interest was around 12% because that was my first card.

[geekgirldany]

well good news!!

 

I called Wachovia to find out what was happening. After being transferred 3 times I got the interest lowered. Apparently they have a auto system that goes out and checks the credit report every September. But this auto system looked at my credit report and reported a wrong amount due on my other credit card. Made it look like I owed alot. Which I don't I always keep it paid off.

 

So the person I talked to said they could tell I was a excellent customer, been with them since 98, and always pay on time. He apologized for the mistake and immediately changed it back to what it was.

 

Yaay!!! I'm glad I called. He said to always look at the inserts in the cc stmts. I'm glad I did.

[steveh]

Just a note... you said this was the first card you ever had, and you've had it for 10 years... No matter what happens (if it has no annual fee), DON'T CANCEL IT...

 

one of the factors that goes into determining your FICO (credit) score, is how long you've had credit. they like to see accounts of 10 years or longer!!! Closing this account could conceivably LOWER your credit score...

 

just an FYI...

[geekgirldany]

Wow didn't know that! It has no annual fee at all. I was going to leave it open just not use it if I was doing a transfer. Glad I didn't.

 

I should've asked him what they were showing was due on the other credit card.

[fasty]

Congrats, I glad you called and got everything correct in your cc.