Credit card -- Fees or interest -- Complaint #9574475
Complaint Overview
Complaint ID: 9574475
Company: Clgf Holdco 1, LLC
Product: Credit card
Sub-Product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-Issue: Unexpected increase in interest rate
State: Michigan
ZIP Code: 48080
Date Received: 2024-07-21T12:00:00-05:00
Date Sent to Company: 2024-07-21T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Concora Credit, which recently acquired XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX recently sent me XXXX letters, XXXX for each of my respective cards. Both letters are relatively the same in its verbiage, but in differing amounts. These letters notified that not only is Concora going to increase the interest rates of XXXX of my cards to XXXX XXXX but both of my cards are now subject to monthly maintenance fees. The Indigo card will be reviving a fee of XXXX XXXX, whereas the XXXX XXXX will be receiving a fee of $ XXXX. These letters also state that I have the right to reject these changes. However, it also states that should I choose to do so, my account will subsequently be closed, and Ill need to pay the account in full. It should be noted that these cards already had hefty annual fees in place upon signing up for them. The second provision states that by choosing to continue keeping these accounts active, I am subject to these changes no matter what occurs with my account, including transferring the balance and closing it. Along with this, by essentially taking no action, I wont be able to participate in a class action lawsuit, nor have any legal bearing to file an individual claim against Concora under any circumstance, including the validity of these changes, and breach of contract. This is predatory in nature. This company knows that the vast majority of its card holders have a lower credit score, and probably dont have the means to file a lawsuit if they wanted to. Furthermore, if this isnt a textbook example of breach of contract, Im not sure what is. I am an existing customer who agreed to certain and specific terms upon application. To change these terms with no recourse other than to cause immediate damage to my credit score is far from ethical and surely can not be legal.
Frequently Asked Questions
What is Complaint #9574475 about?
Complaint #9574475 was filed against Clgf Holdco 1, LLC regarding Credit card specifically about Fees or interest. It was received by the CFPB on 2024-07-21T12:00:00-05:00.
How did Clgf Holdco 1, LLC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Credit card) and describe your issue in detail.
Can I see other complaints against Clgf Holdco 1, LLC?
Yes, visit the Clgf Holdco 1, LLC company profile at readthecomplaint.com/company/clgf-holdco-1-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.