patrick.net

"they said it was also a business decision and can choose to increase the rate at any time even if the customer didn’t do anything wrong and regardless of what the contract says."

Meh why not, they get paid back on the same principal.
We can stop paying anytime, due to a business decision, like you lost your job, or you feel the bank is screwing you over, "Regardless what the contract says."

Two things,
You're renting in the area you want to buy in? That seems counter productive. You can't buy right now or before now at least, because the price is probably to high in that neighborhood. But you're helping existing home owners stay in their over priced homes by paying their mortgage in rent.

You're a hopeful buyer renting in the neighborhood where you want to buy, and you Max out your cards?

You want the world and you want it now.

Sorry to hear what happened to your hubby's credit card. And welcome to the club.
That crap already happened to other people happened to your hubby at this time. They can do whatever they think is right, fair or not, corret or not. Get over it and realize that you are not immune to BS like that. Maybe this is the time for him to give himself a second thought on his credit strategy. Just pay it off, and cut it off. Take all your deposit out of Capital One related banks, and put it in somewhere else.

Regarding to security deposit, LLs often do crap like that. Keep all the documents from them, collect evidence etc, and show them to your attoney to see what he think. Tennat's letter won't do anything, but a letter from your attoney often settles things down quite fast.

I think credit card companies can pretty much adjust your max limit at will. Not sure about the APR increase though...you can complain and maybe get that cut, but that may not help your credit score.

Credit scores and credit card limits are far from perfect and they use a ton of variables to avoid doing a thorough/old daze look at a person's income and making a judgement about credit, so it leads to stupid shit like this.

Only way to have a guaranteed high credit score imo is to pretty much pay off all your credit card debt and pay it off monthly. Otherwise, you're always at the will of the finance companies.

Also, not sure jumping into the housing market right now is best anyways. Mortgage rates are up like 1% in the past 2 months? That adds a ton to housing cost over time. This will be compensated with lower housing prices...so you know, nothign wrong with letting that happen.

It is legal, it is incredibly inconvenient and (at least to me morally wrong), but it is legal.

You realistically should consider paying off ALL debt before borrowing to buy a house. Otherwise you may end like millions of others.... underwater and filing for bankruptcy, regretting last X number of years of your life due to poor financial decisions.

From personal experience:
My wife had a ~10,000 on a credit card at some point (we paid off house repairs with it). When we charged it, interest rate was very low somewhere around 6%. Than one night it went to 24%. Since CC company did refuse to lower the interest rate, we just paid the balance off the same day in full. Now we have 0 balance, a good credit score, and a CC company begging us to use the credit card which just collects dust... they even lowered our interest rate now.

Little history lesson:
I think in 1930's (I may have dates a bit wrong) a bank could call in entire balance of a loan on a house that you borrowed at any point. And if you didn't have the money to pay it off in full they took the house. Of course houses were dirt cheap back then compared to what they cost now.

Take everything out of your bank, make it clear why you're doing it, move it to a local credit union. Start a card through them with a different company.

Pay off your credit card asap. Borrow money from friends or family if you have to. Close your credit card and make it clear why you're doing it. I suppose try negotiating with the card company before you do so but be prepared to leave.

Write a letter to your local representative outlining the issue, the rate shifts etc. It might seem like waste of time but it does make a little bit of difference, and send the letter to all relevant people in congress who are dealing with credit card issues. These will be panaceas and mostly will serve to make you feel better but at least it'll be something. The last thing you want to have happen is to go through this and be left feeling completely helpless. But sadly the final word is probably indeed "get over it" if you're looking for a concrete resolution... Basically, the entire US system is set up as a money leaching system and you're the engine. Ever see that movie "The Matrix"? Ever wonder why it resonated so well with people? ...it was the faint glimmer of recognition.

Also, it sounds like you kind of view the use of credit cards as a kind of lifestyle choice - part of your Standard Operating Procedure, though I'm making an assumption and I may be wrong. If you are then I'd suggest shifting the viewpoint toward using credit cards purely as a rarity or for short term purchases.

Regarding the landlord issue, definitely take it all back through small claims court. I'd possibly even ask for extra $ back, factoring in the time you've spent dealing with this - though you can only claim time lost in wages from work. My advice when moving in to an apartment is take digital photos of everything before your stuff goes in. There's also a 'reasonable wear and tear' assumption to be factored in. Contact your local rent advisory board and chat about it with them.

Good luck.

You asked in this previous thread Is Marin County worth it? Admittedly, you've got a decent amount of cash tied up in security deposits (I hope you nail your former LL in small claims, BTW), but I have to say, if I had to carry a CC balance just to rent in Tiburon, my answer would be no. Well, maybe I'm just jealous of how the other half lives...

You can't force a credit card company to give you credit, they can pretty much adjust the max credit line at will. The only limit is they can't adjust you credit line less then what you owe then charge you for being over your credit limit. As for the interest rate, you have to keep on top of that. Discover tried to pull that crap with me, I wrote them I do NOT agree to there terms and canceled the card. I'm still paying off the card at the old interest rate.

As for the security deposit, I would demand an itemized bill from them. $5,000 seem excessive for binds, carpet and some wall damage. You can take them to small claims court, make them prove the carpet was new when you moved in. Replacing carpeting, blinds and repainting is really something they have to do anyway when a new tenant moves in. I guess they can get you for wall damage, but don't let them charge you for repainting the walls. Sounds like they are getting greedy, $500 would have been a lot more reasonable.

TechGromit says

You can’t force a credit card company to give you credit,

Yeah, key thing to remember: They are allowing you to BORROW their money. Its a loan. Doesn't seem exactly proper to start complaining about their terms once you're in it. Thats why I say get out of debt and shift your thinking toward using the credit cards only for short term purchases.

TechGromit says

but do let them charge you for repainting the walls.

you mean don't :-)

Go find a credit card company that is offering a year at 0%, barclays credit cards are offering that and 0% to do transfers. Otherwise find someone to do it for 3%, almost all do. at 720 you'll easily find that. If you need to, open up 2-3 cards, and then don't hit above the 40% limit on any of them. You'll still be better off.

When you file the claim, do it for 100% of your deposit back. Start from the top, make them work for EVERY dollar in court. Don't give them any freebies.

francophile100 says

Capital One is famous for being a crappy credit card. I bank with a credit union and am totally happy.

Thats the same one that did that to my wife. We just had all cash available to pay the balance off in full when they did it. That credit card is now collecting dust and we made it clear to them we will not do business with them anymore.

We did pay the balance down to 20% of new credit limit. We have 2 other credit cards also used at 20%. Our banker told us it is ideal for your credit score to keep lower balances and pay more than the minimum each month.

I was able to get all 3 credit card interest rates lowered, in one case over 10%. I also got 2 limits increased so our credit line is bigger and the balances are low.

My husband is going to file the small claims tomorrow. They sent us a letter offering an additional $500 if we didn't ask them for any more money. Ha! Not going to happen.

We are previous homeowners and sold our coastal LA home to relocate here for my husbands job. This is why we haven't bought a house yet. We have been trying out different areas the past couple years, and making sure his business would grow, which it has so now we are getting ready to buy a place.

Yes...Tiburon is beyond expensive. People here don't lower their prices. They just let their houses sit and sit. Eventually someone gets so desperate, they buy the house...though I am seeing 15-25% discounts....but even with that discount, the place is STILL overpriced. That discount still keeps the price per sqft at almost $700, which is why its considered a strong buyers market.

We sort of ended up here by accident. Believe me, 3500 is cheap for this area, but it is worth it. This area is very beautiful and clean w/ incredible views and scenery. Its also really close to SF and you can take ferrys too.

We could buy a MUCH MUCH bigger, nicer house in Lamorinda or Alamo, but I cannot breathe in those areas due to my allergies, and I like the culture better in Marin. The people are friendlier and more socially active in the community. There are more transplants in Marin like us as well.

I'm still stunned a cc company can just break their contract and there is nothing you can do because all not paying your bill will do is completely screw up your credit score making it impossible to get a mortgage. Ive never really felt victimized before until these experiences.