Cardratings.com Monthly Newsletter November 2003
November 1, 2003
Fixed Rate Cards are Never Truly Fixed
Consumer alert: Tempted by a fixed APR offer? Don't let such offers fool you. The interest rates on fixed rate credit cards can and do change.
Which Credit Cards Are Better for your Credit Report?
Do certain credit cards look better on your credit report and thus improve your credit score? Scott Bilker, the author of the best-selling book "Credit Card and Debt Management", discusses this engaging topic. Includes tips on paying off credit cards.
Free Credit Related Articles:
You are welcome to print a copy of any of the articles listed below and distribute them freely for educational purposes. We only ask that you reference our website (as being the source for the articles) when you distribute the articles. If you are a webmaster, you are also welcome to post any of the articles listed below on your site provided that you include a link to our site between the title and the body of the article (stating that CardRatings.com produced the article). If you would prefer to have the articles in MS Word format, then please contact us and we will e-mail you any article that you are interested in as an attachment.
Dealing with Christmas Credit Card Debt
America's Love Affair with Card Rewards/ Rebates
Don't Let "Spring Break" Expenditures "Break" You!
Is it Wise to Make Your Tax Payment with a Credit Card?
Fixed Rate vs. Variable Rate Cards
Demystifying the Credit Scoring/ Rating Process
Credit Card Cash Advance Pitfalls
Teens and Credit - A Recipe for Disaster?
Credit Lessons for Retirees
Debit or Credit? Which do you Vote for?
Card Registration Services
Credit Insurance
Disposable Credit Card Numbers
California Legislation Helps Curb Card Fraud
Credit Cards can Help Reduce your Rental Car Bill
Credit Cards for the Rich and Famous
The New Travelocity Credit Card
Forum topics...
Guest, GuEsT, asks, "I posted here a few weeks ago. I'm 125,000 in credit card debt. YES, credit card debt. Its over about 7 cards or so. One of which is 50K all by itself. I can NEVER pay this back and I really don't care about my credit rating if I can wipe this debt off my back. Will they grant me bankruptcy? I was NEVER late on any payment but I can't deal with it anymore. Will they grant me Bankruptcy. I make 50,000 a year from my job. Like I said, I do not want pay this back and I don't care about my credit rating if I can get rid of this debt. How easy is Bankruptcy to obtain??"
Reply from NightStar, Credit Expert, "First we really need to know what state you live in, since bankruptcy laws differ from state to state. It is not going to be an easy thing which you ask here, and there are a few options that you may try, and there just won't be any guarentee as to the results in the end."
Member, Randysbarb, asks, "Ok gang, today, I get a sweet CMRRR letter from Uncle Sammy. It's an intent to levy, etc. My question is: It's a small amount and I have sent them something previously (back in Aug) to try to set up payments on this and never heard back. I know, I know, I should have notified them again but anywho regarding my love letter: So I am going to send them a personal check for the full amount tomorrow. The letter says they may get a lien against me. Do you think they will if I get the full payment in the mail tomorrow? I just really don't know what to do, all joking aside. Thanks for the help."
Reply from NightStar, Credit Expert, "I suggest calling them on the matter, and asking if they would give consideration on this. The IRS is totally an unknown ball game with them always best to work as nice and efficient as possble with them."
Reply from member, Pale Rider, "If you pay in full, they will have no reason to go for a lien. You may want to call them and let them know you are sending payment. This should put them on hold for any other action against you."
Sisflomi, Credit Expert, advises "Depending on what it is, might be able to send payment through their website. Good Luck on this one."
Member, Aisha, asks, "How about an improving you're credit score forum? People are always looking for ways to improve fico and to stay ahead of the problems associated with their credit reports."
Sisflomi, Credit Expert, replies,"Thats a very good suggestion!!"
Reply from Eugene, Senior Member, "General Credit" board doesn't get a lot of traffic. Why not use that one? I bookmark "View posts since last visit" page which shows me all the new messages, no matter in which forum they appear, so creation of a new group would not make any difference to me personally."
Visit our active MESSAGE BOARD! Ask a question, give your opinions. Select questions answered by our board monitor. Our board currently has over 13,500 posts (since May 2000) and new posts are added daily! We are seeking new consumers like you to become involved in our board community.
| Recent Credit Card Reviews by Consumers Like You! |
Following is a very small sample of the newest cardholder reviews that can be found by clicking the "Consumer Reviews" link above. We take pride in the quantity (our site offers 11,500 + reviews of 700 different credit cards) and quality of the consumer reviews that can be find on our site. The cards are rated on a scale from 1 to 5, with 5 being the highest recommended. Credit Card: MBNA Classic Mastercard Review: My credit was not great after running into debt troubles. After applying for this card, it arrived in the mail 3 weeks later with a $5500 credit limit. I called them and had the limit reduced to $1000. They took care of it right away. Customer service is prompt and courteous Review: MBNA will NEVER agree to anything in writing! Just try it.....really! MBNA agreed to stop charging an "over the limit fee" and to not raise my interest rate in an effort to work with me to pay off my credit card after my divorce and custody battle. My wife has been paying $150, $200, and sometimes as much as $300 per month in an attempt to pay down the debt. While reviewing the account over the last 24 months I find that MBNA has been systematically raising the interest rate along the way and now after 24 months I still owe what I originally owed at the beginning of 2001! IF YOU DON'T THINK THESE GUYS ARE CROOKS IN BUSINESS SUITS YOU'RE IN FOR A REAL SURPRISE! First PREMIER Bank Visa®/MasterCard® Review:I couldn't get a credit card to save my life. I have been rebuilding my credit and have all but a few late payments left on my report and still couldn't get a credit card. I didn't like all the fees but researched this card well before applying and if you pay your balance they take care of you. Customer service has called me several times just to see if everything is ok with the card so far. They are very helpful if you get the right person on the phone. If you are trying to rebuild your credit, this card is the way to go. Review: Did you know when you make a payment to First Premier Bank it takes 14 days for the payment to clear! OMG! Yet they yank the cash from my bank account that night I make a payment. I'm always on time, yes I have had my credit demolished due to a business I had fail. I started to rebuild my credit months back and received this card. In the 3 months I have had it, I have used it, and paid it off each month, with no problems. The other day I paid the balance off in full. I was not past due. I called and arranged a payment knowing I will have to use it on a business trip the following week. I have not yet noticed the 14 day waiting period. Well, off on my trip after a dinner, I found my card not working. Emberressing to say the least, with peers around me. Later that night I called and was informed about the waiting period. "That just Bull" I told the lady over the phone, "and compleatly ludicrious." Long story short - Today, after 3 months of having this card, I have cut it up. I have called and cancelled the Credit Card. My Recommendation - Do Not Get this Card. There are many others out there. First National Bank of Marin Visa® Platinum Card Review: I don't actually think that this card can be used for getting credit right now, I rather use it to establish a credit rating with some charges on it and paying it back asap. I got a the minimum 260 $ credit limit (I have no credit record whatsoever) and I pay the complete balance every month. Unfortunatly they hold my funds for 7 days, which is stupid as I use the billpay function of my bank, so they have the money when they get it (2 days after I send it), there is not risk like with a check or a payment from their webpage. But that is the only backdraw here. The webinterface is very good and the only time I had to call customer service (to activate) I was deal with very professional and they explained charges, hold times and the rules again and ensured I understood them. So if you are clear about the fees and you need to rebuild your credit this is a great card for that with modest fees. Review:I was sent an offer for the card and I enrolled. Upon receiving the card I called to ask if I may pay the entire amount of fees in advance rather than monthly. I was informed that I could not. I then declined the card entirely. In my opinion, they are merely attempting to capitalize on future late charges from people who are not given the option of paying monthly maintenance fees in advance and may then forget to send those fees on a monthly basis. I could not bear the thought of possibly being charged a $29 late charge for a $6 fee I was not given the option of paying in advance. I feel this is not an above board way of conducting business. The Cardholder Review section is a unique feature of our site and, to the best of our knowledge, there is no other organization or company that offers more consumer reviews of credit cards. It's all about consumers helping other consumers. As your might expect, this section of our site has been one of the most popular sections of our site since it was introduced in the summer of 2000. New reviews are posted on a daily basis! We hope that you will find this section of our site useful and that you will visit it on a regular basis. |
Important Note! The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we can not guarantee the accuracy of the information in this article. Please verify all terms and conditions of any credit card prior to applying.
You are welcome to print a copy of any of our articles and distribute them for educational purposes. If you are a webmaster, you can post any of our articles on your site provided that you include a link to our site. Please click here for more information about free credit card articles.
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