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PeoplesBank - Bad News
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Posted by ConnieMel
on October 17, 2000 at 15:59:30:
My husband has had this account for several years. In
June we received a letter from People's Bank stating
that they were going to "raise our interest rate to
27.99%." because of our other debts. They listed three
reasons: 1) the total balance of your credit cards and
other lines of credit are high when compared to the
total amount of credit you have available 2) Your
credit bureau reports that in the last 12 months that
you have had a high balances on a high percentage of your
credit accounts & 3) a relatively high number of
inquiries have been made into your credit
bureau account
in the last 12 months.
We got
a copy of our credit report and found there were
some errors on our credit report. We contacted Equifax
and got a lot of things changed on our report. We then contacted People's Bank and told them of the
wrong information on our report and asked that they not
increase our interest rate. We had a credit limit of
$5300 on this account, in July we owed them about $2500.
We have one other credit card that we owed about $4000
on. The others are paid off every month, Texaco, Direct
Merchants, etc. We stated that we had been in touch with
Equifax
and asked them to check our rating again, but
they didn't. We could tell who had checked on the bottom
of the credit report. The last time that People's Bank
checked was APRIL 2000. Since then we had paid off some
things. They replied that "after careful consideration"
they were going to stand by what they had stated.
We decided that we would not stay with People's Bank. We
cut the card up and sent a check to pay them off. We
were able to pay them off, but we are concerned about
the other people that have this card, that may not have
a choice but to pay what ever they say. People's Bank
never rechecked our credit report. We told them that.
Also, they said a high number of inquiries were made
into this account. About 30 of them were the
junk mail
that we all get for "new credit cards". 10 or more were
from our creditors that were periodical reviews and
such. We have a good credit record. We have all 1's. We were
never late on this account or over the limit. We only
owe about $7,000 in total credit cards. We will never
go back to them. We want to every one who has a People's
Bank card to be aware of what might be done to them.
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