Citi new APR kicked in..oh my..

[RoadToRiches]

So my "plan" payment went from $33 per month to $101 with $77 of it for interest. Wow.. they are racking cash from me.

I made changes. I consider that this card will be at 29%. I have to account for the worst. I am pretty sure it will change next month to 12-14 range (so I been told). For now, Citi is moved ahead of everything else now. It's ok though. If nothing changes in 3 months, it will be paid off anyways.

Kinda sucks because I was so focused on Amex. I had to go back to my trusty CNN debt payoff calculator and re-enter everything and setup my spreadsheet different. No biggy really. Just the cards swapped places. Still on track though ;D

On a positive note, my Equifax score jumped from 590 in May to 631 this month. So I see lots of movement there. Hopefully, few more months and maybe I will be able to get a nice 0% BL card.

Gotta keep moving though! Every month I am closer to my goal! July 15th is right around the corner! YAY!

[Deleted]

You sound like a guy with a plan. Go for it!

[phil5185]

So my "plan" payment went from $33 per month to $101 with $77 of it for interest. Wow.. they are racking cash from me.

Do you understand that you can close these cards and that will lock in your interest rate and your payment?

[debtheaven]

Indebt, have you tried calling them telling them you want to close the card? Try, if it doesn't work, ask to speak to a supervisor.

Other thought, can you transfer the balance to one of the cards you've paid off? Have you had any balance transfer offers in the mail recently?

You're right, in the scheme of things, it DOESN'T matter! But on principle, it would bug me LOL.

[zibazinski]

They are trying to get their last dime from you because they know you are wising up.

[BeenThere...DoneThat...]

[busymom]

I'd call 'em & try to get them to lower their interest rate. After talking to their supervisor (1st person you reach may say no), if they still say no, I'd look into a transfer, or a local credit union loan to get a lower rate. Even if your credit score is a bit low, you should be able to do better than 29%. Best of luck!

[RoadToRiches]

Phil, I was on a payment plan with them. I called them up long time ago and told them I was going through hard time yada yada yada yada...and they put my card at 0% with $33 a month payment on conditions that account would be "closed" and payments would be automatically withdrew from my checking. I guess I completed the "plan" successfully. So now, they put my account up for review and reopen it. So really, I can't close it. I was told that this rate is only for one month and I should be getting to my old rate to what it was at 12-14% in August. I will make this payment and then call them up.

I can't do any balance transfers to other cards
I am not receiving any BL offers

But that OK. Worst case, if 29% APR sticks (which will not), it will take me 3 months to pay this thing off. It's really no biggy. I have it all mapped out already. Just gotta stick to the plan and keep on going. I got like 6-7 more months to go with my debt payoff plan.

It's just crazy that they can do this. I mean, 29% APR? Really? That is my reward for completing my plan without issues? lol

[midjd]

Like Zib said, they are out for blood because they're losing a great (for them) customer! Keep up the good work.

[RoadToRiches]

Oh believe me I know. lol

The moment I paid 900 bucks on my Amex, they called me asking me if everything was "ok" and how they appreciated my business and value me being long time card holder.

I am the best customer for all Visas, MasterCards, Discovers and Amexs!

[resolution]

Even if they lower the rate back down I would still pay it off first out of spite for raising it to 29%.

[haapai]

You'll be fine. You've got the ability to throw large chunks of cash at whichever card you like, so this change of priorities won't hurt you much. It might even put a bit of extra force behind your throw.

If you only had a couple hundred dollars a month to allocate, this change would be far more painful.

[RoadToRiches]

BOOOOO!!! So I bit a bullet and decided to apply for Discover card that had nice balance transfer offer (0% for 15 months). I applied online and thought I would get approved. It told me to setup online account and all that, then it said that they will need to review my application further.

They called me yesterday and asked bunch of questions about things on my credit report. I have couple lates on my mortgage 2 years ago and one "Settled" listing from 2 years ago for Capital One. Looks like those things dinged me. Also, the debt to credit ratio was in question. I told the lady that I am interested in balance transfers, that's why I applied.

Well, I got denied.

It's allright though. Just gotta pay this stuff off and stop worrying about swapping debt around. 6-7 more months and I will be done anyways.

They pulled TransUnion and Equifax BTW. I have no collections on my report and all my accounts are current.

[zibazinski]

I think CC companies are wising up to the fact that customers are now USING them to pay THEM off faster so their idea of a balance transfer and the hooking you in because you won't be able to pay it off fast enough is not working anymore.

[phil5185]

and one "Settled" listing from 2 years ago for Capital One

That one will take awhile to wear off. To a prospective lender, that means that you borrowed money and then tried to stiff the lender - the lender realized that you probably wouldn't or couldn't pay so they decided that 'settling' for a partial payment was better than nothing.

But future lenders aren't going to lend money to you as long as there are better more reliable borrowers available to place their loans with. Their goal is to put money out at 7%, 10, 15% and earn interest - they want to avoid having to clamor just to get their principal returned (collection agencies are expensive).

[RoadToRiches]

I agree Phil.

It's ok. I will just go with my plan. I thought I would give it a shot anyways. Before I know, all this stuff will be paid off and my credit will be improved.

[Tired Tess]

Debt, any chance of you sharing the 800 number for Citi Bank? I have an issue with them and I WON'T SPEAK with the collection agency.

Thanks and good luck with your repayment plans. You're an inspiration ;D!!

[zibazinski]

Pretty soon, you can tell them ALL to kiss your a** and they'll come begging for you to use their cards.

[busymom]

Rose, I'm PMing you the telephone number I have for Citi.


They're no longer a part of my life. I don't miss 'em either!

[RoadToRiches]

Jul 4, 2011 8:13:53 GMT -5 zibazinski said:

Pretty soon, you can tell them ALL to kiss your a** and they'll come begging for you to use their cards.

They are already starting lol.. I logged on to my account online and see a notice:" Your new card was mailed and should arrive in 2 weeks"

Uhh thanks but no thanks.

[zibazinski]

HEH HEH!!! Isn't that the very best feeling? KISS MY ROSEY RED RECTUM you cc shysters!!!!

[The Walk of the Penguin Mich]

This message has been deleted.

[pig]

What I would do (I have done this before) is call them up and say my credit score is in the 800's as you're well aware of and if you don't lower my rate I'll take my business elsewhere. Most of the time they will lower it. If they don't I tell them right then and there that I'm closing the account.

[RoadToRiches]

Good news. Looks like Citi held to their offer. I just got a letter with a new card (ugghhh - yeah that thing already went through a shredder) and my new rate is 14.25%. What a waste of their time and my time this whole thing was.

Oh well, so back to Amex as my next card to pay off. It's good because I was focused on it before. I have to re-do my spreadsheet now..again.. lol

[zibazinski]

Good things come to those who hold the upper hand!!!

[Gardening Grandma]

That's great news, indebt.
Thanks for the update. We are rooting for you.