Having been faithfully trying to rebuild my credit over the past 8 months with either payment in full, or paying higher than the minimum due... Always well in advance of the due date - I find that I am to be rewarded by a postcard from Orchard/HSBC. This postcard informs me of an upcoming increase in my APR/fees, with the decision based on my performance with Orchard Bank/HSBC...? What? A call to the long distance number listed to provide me with a "detailed explanation" of their decision only resulted in the India CSR asking me if I would like to receive a letter listing the details of my rate increase...? What? Let's recap. I spent extra money trying to build my credit, then I have to spend extra money placing a long distance call - only to be asked if I'd like to receive a letter in 10 business days. Needless to say I will look elsewhere for a credit rebuilder. This will become a sock drawer card.
I wonder what would have happened if I would have made minimum payments for the last 8 months?
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