Re: PeoplesBank - Bad News

Posted by EstherEttinger (66.59.98.50) on January 10, 2004 at 16:34:13:

In Reply to: Re: PeoplesBank - Bad News posted by ConnieMel on October 17, 2000 at 16:00:24:

I had a PeoplesBank Card,
We paid them off in May of 2003, and they still have not recorded it as paid at the credit bureau.
It's still on our credit as a closed loan, but unpaid.

: : 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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