This letter will be sent to CEO of CompuCredit David Hanna. It is a protest of the $100.00 AF applied to my account and other accounts like mine. Your input is appreciated.
Dear Mr. Hanna,
I want to congratulate you on the success of your corporation, CompuCredit. It is truly a remarkable achievement to develop, market and grow a business such that you have. I would like to introduce myself. My name is XXXXXXXXX, I am a cardholder and I have been a customer of yours since 2005. I have over the years, despite paying what is due, and perhaps more, have failed to get my card balance to zero. To compound my struggle, recently the $100 annual fee has been applied to my account. Over the last three years, your company has made more than $500 at my expense ($300 as annual fees and $6.50 monthly for the account maintenance fee), simply because I am a cardholder. This does not include interest payments. This represents more than 60% of my available credit. This is a staggering amount. I believe the annual fee to be burdensome and a hindrance. If it is designed to keep me in debt, then it is doing a remarkable job. If it the price I must pay for the privilege of being a customer of CompuCredit, then I take umbrage, noting the detriment far outweighs any benefit.
In the beginning, I accepted the annual fee as a penalty of sorts associated with having â€œless than perfect creditâ€ and recognized the annual fee as a necessary evil. Mr. Hanna, my scores have improved, I have maintained my account with you successfully for more than three years, yet I continued to be punished by the annual fee. Before this cost was applied this year, I was successful in inching my balance toward my goal, after the annual fee was applied; I was catapulted up over my credit limit. In one fell swoop, not only had any progress made been obliterated, but my debt increased to a total more than it was before. Something about this doesnâ€™t seem just.
In June, before the fee was to be charged to my account, I contacted members of your â€œcustomer serviceâ€ department. I was told to â€œcall back and speak to a supervisor once the fee was applied,â€ and they would be able to make an adjustment. I didnâ€™t ask for anything outrageous â€“ I asked for a $25.00 reduction. The $100.00 annual fee was applied and as I was told, I called back to speak with a supervisor. I was then informed by another agent that the fee was a little more than an immovable force and that nothing short of an Act of God, would remove it. As I was about to hang up, the representative, condescendingly thanked me â€œfor being a customer since 2005.â€ Thanks for that. I hung up feeling more powerless and more used than ever.
It is my goal to purchase a home at the beginning of 2009. I have put myself on a strict budget designed to eliminate the majority of my credit card debt. As this pertains to your card, I was on track to bring my balance below the 50% mark. By compounding the exorbitant cost of the annual fee onto what I pay in interest, not to mention the maintenance fee, it knocks me further back. Understand that there are thousands of individuals like me, who needed help, have proven to be credit worthy and no longer deserve to continue being punished. I no longer feel as if neither your card nor your services are necessary evils, just evil.
I am asking that you reduce my annual fee, not eliminate it. I am asking for a reasonable reduction of fees. I am asking that you bring it down to or below industry averages. I would like to continue my relationship with CompuCredit, but if not, I will have no choice but to cancel my card and take my business elsewhere. Mr. Hanna, know that I am not silly enough to believe that by threatening to take my business elsewhere, your company will suffer in the least. I do believe however, as I have stated before, there are thousands like me who have rebuilt their credit and will be smart enough to realize that they are being taken advantage of, they will realize that there are other options and further they will realize that the only entity benefiting from this relationship is you and your corporation and we will be wise and strong enough to walk away.
Thank you for your time and consideration. If there are questions or concerns, I can be reached at the address above or by phone at (xxx) xxx-xxxx.