Interest Rate Up = No Reason

Last night I get my bill for my MasterCard and go to pay it. In the process I notice that they raised the interest rate from 9.9% to 17.9%. If you are wondering, I always pay my bill on time, I always pay more then the minimum due, and I use the card quite a bit so I do normally have a balance. I’ve had the card for years and have always been a good customer.

I call in this morning to ask them why they raised the rate, on my third attempt (the first two calls, I was disconnected by the automated system) I finally managed to speak to someone. I explained everything and she transferred me to someone else. I then of course had to repeat all my verification information with her and wait exactly 7 minutes for her to leave me on hold and review my account. I know this from the timer on my phone. Anyway, she came back and told me she could reduce it to 15.9%. My response being of course, “no, I want it back to where it was.” She then agrees to go down to 13.9%. She then explains that they did notify me back on August that it was going up. I don’t recall the mail, so if I did receive it (don’t get me started on the postal service) I must have just assumed it was junk mail. Anyway, the reason my rate went up, is apparently there is something that came up on my credit report. Does this mean they randomly run my credit without notifying me? And it’s also going up because I have to high of a balance. Which is true, even though I’ve never exceeded my limit, I did charge a few large items this summer that I have been slowly paying off.

First, it’s fucked up that they will raise my rate, even though I have been a good customer with them, just because I have a high yet never exceeded balance. You would think that would be a good thing, since it is more money they make each month off me. Second, it’s Fucked up that they would use something on my credit as an excuse even though I have been a customer. Third, they have crappy customers service. Finally and most importantly, now I have to deal with contacting Equifax and finding out what the delinquency is and dispute it. Knowing my luck, and anyone who has read this blog knows what my luck is like, someone has probably stolen my information and now I have to deal with the hassle of fraud and disputing stuff on my credit report.