Raised APR based on credit report

chandra · #1 (**permalink**) 01-28-2008, 03:51 PM

My credit card company raised my APR significantly because they received a notice on my credit report that my debt to open credit ration was higher than 40%. they said there was nothing they could do unless I paid off balance or opened more credit. Is that even legal?

AMJ21 · #2 (**permalink**) 01-28-2008, 05:26 PM

YES. If you read the T&Cs of your cardholder agreement it says "we can change the terms at any time for any reason". This is the same for Chase, Amex, Citi, Discover and others.

Jeanie · #3 (**permalink**) 01-28-2008, 10:43 PM

I am afraid they can..

Bahamut · #4 (**permalink**) 01-29-2008, 07:00 AM

Yep... we all are doomed for that... if a bank looses money in the stocks... they will increase our APRs for the stupidest excuse.

formercap1agent · #5 (**permalink**) 01-30-2008, 04:19 PM

Perfectly legal. The terms can be changed at any time; if you don't agree with the changes you are free to pay the loan off. Remember, he who loans the money sets the terms...