Reply #14: Never missed a pmt, Credit Card Co raised rate to 26.6% because [View All]

[Blackhatjack]

.... they unilaterally determined the person was no longer creditworthy. However, when pressed for a reason they refused to give one over the telephone. A letter arrived in a few days saying the person could write to them in the next 30 days requesting the reason, and that the Credit Card issuer would respond within 60 days after receiving the written request.

So conceivably there is a 90 day period of time that could pass before the credit card holder even learns what the "reason" was the credit card issuer relied upon to support their decision to raise the interest rate --which could be entirely inaccurate information.

At the time the card was issued, and debt incurred, the rate was at least 10% less.

Imagine for a moment this is multiplied by several credit card holders at once, who take this same action based upon this one credit card issuer reacting this way in the first place.