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Author: arthur23221 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Funny thing happened in the drive thru Date: 12/18/2000 12:47 PM
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One of my credit card balances is with FirstUnion Bank. I recently got a mailing saying that they were increasing my APR unles I reply in writing that I reject it. I, of course, rejected it. Typical story I see here all the time.

The funny thing is that I was making a payment in the drive thru line today and a they were processing my payment, the teller said "I see that you currently have a 15.9% APR, why don't you give us a call here at the local branch, I'm sure we can do a lot better than that".

WHAT?!!? They unilaterally offer to lower my APR after trying to sneak one of those increase statement inserts past me not two weeks earlier?

How schitzophrenic is that?
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Author: TamarianG Big red star, 1000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51794 of 308881
Subject: Re: Funny thing happened in the drive thru Date: 12/18/2000 1:50 PM
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Sounds real familiar. My First USA shot up from somewhere around 12% to almost 23% (no lie). I called and pitched a fit about it and was told, "Too bad. Your payment was late twice, we don't care why, and that's the deal. Late twice, up it goes." (It was late, BTW, because they didn't even start to process the danged check for about a week after they got it!)

So, I closed the account and began sending massive payments designed to pay it off in three months (it was a $7,000 balance).

After the first payment was received on the closed account, I got a very, VERY friendly call. "Oh, you're such a MARVELOUS customer, we're beside ourselves with GRIEF because you closed your account, please-please-please reconsider! We'll give you the 12% back! No? OK, how about 11%? Oooh, c'mon, PLEASE? How about 9.9%? With a one point bonus for six months, just because you're such a nice person?"

I've also got accounts where they continue to send me 'convenience' checks even though the account is closed. One of them for almost two years. And as a valued member of the Discover card family (closed for almost five years) we are STILL entitled (via a telemarketer) to all kinds of FABULOUS deals, absolutely FREE for just three easy payments of $49.95, charged to our (nonexistent) Discover card...

Onward!
Tamarian

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Author: lanshark Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51796 of 308881
Subject: Re: Funny thing happened in the drive thru Date: 12/18/2000 2:06 PM
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WHAT?!!? They unilaterally offer to lower my APR after trying to sneak one of those increase statement inserts past me not two weeks earlier?

Could mean two things:
a. one hand does not know what the other is doing. Perhaps there is some promotion running through the branch, and if you consolidate other balances they can lower your APR on the whole thing.

b. They could be offering you a consolidation loan, or home equity loan. Home Equity loans are usually offered at much lower APRs because the loan is secured by your equity in the house.

Worth a shot. What do you have to lose besides interest payments just for asking about it?

- Lan

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Author: arthur23221 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51797 of 308881
Subject: Re: Funny thing happened in the drive thru Date: 12/18/2000 2:10 PM
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Well, the balance is about 3200 right now. I have been making 250 payments since June (the acct. was at around 6000 at the beginning of the year).

So, I assume they have me pegged as 'good payer' as the minimum payment has been zero for the past.

By the way, since I've really started paying, they've increased the credit limit from 6000 to 15,000?!

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Author: xtn Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51809 of 308881
Subject: Re: Funny thing happened in the drive thru Date: 12/18/2000 5:50 PM
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I think you should write them a letter saying that you expect them to change your interest rate to ZERO unless they write back rejecting the idea.

xtn


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Author: xtn Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51810 of 308881
Subject: Re: Funny thing happened in the drive thru Date: 12/18/2000 5:53 PM
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Tamarian -

Are you absolutely SURE those accounts are closed? Do you have a written confirmation that references the specific account numbers stating that they are closed as per your request?

If you don't, get them.

xtn


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Author: TamarianG Big red star, 1000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51927 of 308881
Subject: Re: Funny thing happened in the drive thru Date: 12/19/2000 5:57 PM
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Are you absolutely SURE those accounts are closed? Do you have a written confirmation that references the specific account numbers stating that they are closed as per your request?

That's what makes it all the more humorous - YES! We do! And they even show up on the credit report (the last place any such change ever seems to go) as closed by customer request. But they still keep sending me the dumb checks...and their telemarketing "partners" keep on calling...

Onward!
Tamarian

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Author: TamarianG Big red star, 1000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51928 of 308881
Subject: Re: Funny thing happened in the drive thru Date: 12/19/2000 5:59 PM
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Although, MBNA is on my "short list" at the moment because they allowed an online vendor to charge to my closed account...and upped my interest rate per a 'write us or we'll assume you accept this' letter sent some months previous. Even after I refused the charge, I had a dickins of a time convincing them that it was not at all kosher to re-open an account merely because somebody got a hold of the account number and charged to it...

Onward again!
Tamarian

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Author: CherryCAS Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 52077 of 308881
Subject: Re: Funny thing happened in the drive thru Date: 12/21/2000 1:42 PM
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<< the teller said "I see that you currently have a 15.9% APR, why don't you give us a call here at the local branch, I'm sure we can do a lot better than that". >>

She must be new at the bank. ;-)

Cherry


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