Re: PeoplesBank - Bad News
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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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