TORO
Yard & Garden
Home What-Why-Who Membership Advertising Suppliers Safety Legislation-Legal Job Bank Contact Us Help
Chainsaws
 

Go Back   Professional Power Equipment Congress > THE DEALER'S FLOOR: > Stolen Equipment, Bad Checks & Fraud
Register FAQ Members List Calendar Search Today's Posts Mark Forums Read

Reply
Thread Tools Display Modes
  #1  
Unread 09-10-2008, 01:01 AM
GWB2006 GWB2006 is offline
Grand Master PPEC Member
 
Join Date: Nov 2006
Location: nowhere
Posts: 1,483
Default Attention Advanta Credit Card Users!

Just wanted to pass on some information that some people carrying a credit card issued through Advanta may have overlooked in one of their many mails from this company. We frequently receive in the mail the conv. checks that can be written to places that don't take credit cards, so when I received another same looking envelope from them and it didn't say "Statement", I guess I pretty much overlooked it until it was too late.

Summary:

Our Advanta Mastercard credit card which we have had for a couple years now, went from a 7.99% APR to a drastic, heart stopping jump of 25.08% in one month!

So I called them thinking surely there was some mistake since I have never defaulted on the card by not making a payment or something, and I was informed that they had sent out a notice of changes and that we were now past the "Opt-Out" period where we could have closed to account for future usage and continued to make payments with the 7.99% rate. I was told they did a re-evaluation on the account and that something in my dad's credit report caused him to calculate as a higher credit risk. The house is paid off, any vehicles we own are paid off. The only thing that could be doing this is the various vendors that we have signed up with recently that are pulling credit checks in order to set us up with open accounts.

What I do not fully understand, is how, if our business is incorporated, how can they base a business credit card on such moronic variables when a business has to have open accounts with their suppliers?

So, if you are an Advanta customer, check your recent mailings. We will be getting money from elsewhere to pay off those SOBs this month before they can hit us again for another $500 monthly finance charge, and then they can stick that company where the sun don't shine. Effective today we will also begin declining cards from customers that are issued through Advanta.
Reply With Quote
  #2  
Unread 09-10-2008, 11:18 AM
tb8100's Avatar
tb8100 tb8100 is offline
Moderator
 
Join Date: Dec 2007
Location: Granbury, TX
Posts: 2,674
Default

Oh come on, Greg, I understand not wanting to do business with them, but decline customers using their cards? I don't know about you, but I couldn't afford to turn away business like that and build up such a reputation for my business. It's your business, so not to tell you how to run it, but there's my $.02, take it or leave it.

For anybody reading this thread, before you run and close your Advanta account, keep in mind that when you close it, you lose the account history, which, depending on the length of the account and how many older accounts you have, could dramatically affect your credit. If the account doesn't have a ridiculous maintenance fee and you have a limited credit history, I would hang on to it at least. Who knows, maybe you'll need it in an emergency.
Reply With Quote
  #3  
Unread 09-10-2008, 12:00 PM
GWB2006 GWB2006 is offline
Grand Master PPEC Member
 
Join Date: Nov 2006
Location: nowhere
Posts: 1,483
Default

Quote:
Originally Posted by tb8100 View Post
For anybody reading this thread, before you run and close your Advanta account, keep in mind that when you close it, you lose the account history, which, depending on the length of the account and how many older accounts you have, could dramatically affect your credit. If the account doesn't have a ridiculous maintenance fee and you have a limited credit history, I would hang on to it at least. Who knows, maybe you'll need it in an emergency.
I'M NOT SAYING FOR EVERYBODY TO CLOSE THEIR ACCOUNTS, I'M SAYING TO MAKE DANG SURE YOU CHECK YOUR NEXT FEW STATEMENTS AND SEE IF THEY JACKED YOUR APR UP FOR NO REASON.

And why should we not want to do business with a crooked company like that? As I said, no late payments, and a card holder for almost 2 years and they can't give me a legitimate reason for making me pay a quarter out of every dollar we put on it?
Reply With Quote
  #4  
Unread 09-10-2008, 12:37 PM
tb8100's Avatar
tb8100 tb8100 is offline
Moderator
 
Join Date: Dec 2007
Location: Granbury, TX
Posts: 2,674
Default

Quote:
Originally Posted by GWB2006 View Post
I'M NOT SAYING FOR EVERYBODY TO CLOSE THEIR ACCOUNTS, I'M SAYING TO MAKE DANG SURE YOU CHECK YOUR NEXT FEW STATEMENTS AND SEE IF THEY JACKED YOUR APR UP FOR NO REASON.

And why should we not want to do business with a crooked company like that? As I said, no late payments, and a card holder for almost 2 years and they can't give me a legitimate reason for making me pay a quarter out of every dollar we put on it?
I understand that and agree that it's not right what they're doing, but I'm just trying to be reasonable about it. From the customer's perspective, they might just go down the road to someone else that doesn't care what label is on the card, since technically, the merchant is only doing business with the card processing company and the customer is actually doing business with the card issuer, Advanta in this case.

Again, I'm not telling you how to run your business, so please don't take this personally.
Reply With Quote
  #5  
Unread 09-10-2008, 01:58 PM
diagnostech diagnostech is offline
Master PPEC Member
 
Join Date: Jul 2007
Location: Central Pa
Posts: 578
Default

Why hang on to it ?
if you close the acct. just make sure to have them mark it,' as closed by customer request.'

Your credit rating will actually increase, by closing unnecessary credit cards.

One of my cards has allowed me to use a balance tranfer :no fee: at only 2.9% untill paid in full,Which i'm takeing as much time as possible, I put $20,000 on it and put the card in desk, so as not to accumulate any high rate purchases on it. I bet they are not happy. My banker can't even get rates like that.

Reminds me banker is coming on friday, we are writing a new loan , as old is paid for, and want to get floor plan co's paid off, they are too high rate.
Reply With Quote
  #6  
Unread 09-10-2008, 04:34 PM
tb8100's Avatar
tb8100 tb8100 is offline
Moderator
 
Join Date: Dec 2007
Location: Granbury, TX
Posts: 2,674
Default

Quote:
Originally Posted by diagnostech View Post
Why hang on to it ?
if you close the acct. just make sure to have them mark it,' as closed by customer request.'

Your credit rating will actually increase, by closing unnecessary credit cards.
I agree, in that sense, too many revolving credit accounts is a bad thing. However, if you have balances on other revolving accounts, your total available revolving credit is reduced, therefore your existing balances take up a higher percent of your available credit, thus lowering your score. If you don't have more than 40% of your revolving credit taken up at any given time, it's not considered near as negative.

When you close a revolving account, though, you do lose the positive marks and the increase in your credit history that you have when the account is open.

So there are alot of factors, and I'm sure both you and Greg are aware of them, but I was more posting this for any others that may go close their account without realizing the consequences.
Reply With Quote
  #7  
Unread 09-10-2008, 06:40 PM
grouch's Avatar
grouch grouch is offline
Grand Master PPEC Member
 
Join Date: Feb 2007
Location: DFW, Texas
Posts: 1,620
Default

All credit card companies are using any excuse, reasonable or otherwise, to jack the rates to the maximum, hoping you have no alternative but to pay. Had a similar situation with Bank of America on our business account and Capital One on our personal account when our payments were a maximum of one day late getting posted. Just paid the stupid things off and cut up the cards. They keep calling. We tell them to fold their offers into six sharp corners and stick them where the sun never shines.
Reply With Quote
  #8  
Unread 09-24-2008, 10:09 AM
lisadocut's Avatar
lisadocut lisadocut is offline
Administrator
 
Join Date: Sep 2006
Location: Cortland, Ohio
Posts: 281
Default

We all better take this advice and read all the fine print from now on. Good Luck! Lisa
__________________
You don't gain experience in life until you don't get what you want...Think about it!
Reply With Quote
Reply


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump


All times are GMT -4. The time now is 02:19 PM.


Powered by vBulletin® Version 3.6.7
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.