Why are my credit card interest rates rising?
I have good credit,never been late or missed a payment,never gone over my credit limits and besides raising my interest to LOAN SHARK rates, my credit limits are being lowered! Isn’t there some kind of law against this? I realize alot of people have defaulted,but I haven’t so why am I paying for that.Is there anything I can do??
What you can do is call your card issuer and ask why your interest rates are going up and your limits down.
Do you have a copy of your latest credit report? https://www.annualcreditreport.com
The Credit Card companies hold all the cards (so to speak). If your credit score has fallen – for any reason – they feel justified in yanking you around. Have paid late for any loan (including mortgage, car, etc.). Has your landlord reported you late on your rent? All of these could be factor.
What is your current credit usage? Credit usage of 30% or less of what is available demonstrates a responsible use of credit. To determine your credit usage add all the credit limits for your cards, and all the current balances.
Credit Usage = current balances / credit limits.
A credit usage of .25 would be 25%.
Go to the “Credit Score Estimator” on the creditcards credit-card-tools site listed in sources. Be totally honest – this will be seen by no one but you. Use your credit report to answer the questions. If you have a low score – that could be A reason for yanking you around.