Advanta Bank suddenly sent me a statement with a raised interest rate of 32.18% on purchases and 37.18% on cash advances! I was a good paying customer, never late, never going over limit, no reason at all for this to happen.
When I called them to see what the problem was, I was told that they decided to take a look at my credit record and because I was more in debt than they liked and therefore "MIGHT" default in my payments, they decided to raise my rates.
This was so unreasonable. They don't know how much money I have in the bank, or stocks that I might not want to liquidate, nothing at all about me except that I paid on time, did not go over limit, and had a GOOD credit rating when they looked.
And here they have been given BILLIONS of our tax dollars to bail out the banks! They decided that wasn't enough. They said they checked everyone's credit reports and if they decided THEY didn't like them, they just juiced up their rates to an ungodly, usurious rate. If it's not usury, I don't know what else you could call it except GREED.
Is this happening to anyone else out there? Any way we could tell Washington on them?
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