First of all, thank you to "complaint" and all the other letter writers for letting me know I am not alone.
Advanta has suddenly raised the interest rate on my business credit card to an incredible 37.18%. At the beginning of the year it was 7.99%. Since March, there have been gradual increases. And then all of a sudden in October, 36.31% and now 37.18% in November!
I have never been late with a payment, my FICA score is above 720, and no other bills are outstanding. And no other credit card companies see me as a risk.
I tried to get someone from Advanta to tell me what was going on and what the problem was. And to find out which credit reporting agency had given them a bad report about me.
Their response, which doesn't answer any questions, is below.
"Our assessment is based on a combination of factors that includes your Advanta payment and card usage history as well as information we receive from credit bureaus about your personal credit and your business credit. Our assessment indicated an increased risk of loss in your case. There is normally not one specific reason as we look at multiple factors when making the determination to change rates."
Over a hundred letters just like mine. Advanta is obviously raising interest rates for no reason at all. All across the country. Trying to find out what "you did to cause it" is a waste of time. Don't even bother contacting them.
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