Re: PeoplesBank - Bad News

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Posted by ConnieMel on October 17, 2000 at 16:00:24:

In Reply to: PeoplesBank - Bad News 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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: : 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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