Author: jamric Posted: Wed Jul 05, 2006 9:47 pm Post subject: When to ditch a high interest "starter" card
I have a Merrick Bank card that I just opened on my way back into the prime card market. I don't expect service to be good (I've read many horror stories about the company on the Internet), and the interest rate is loan shark territory. I know that Equifax reports back 81 months . . . should I keep it that long, or longer?
Author: mouse Posted: Thu Jul 06, 2006 12:23 am Post subject: Re: When to ditch a high interest "starter" card Quote:
"jamric" I have a Merrick Bank card that I just opened on my way back into the prime card market. I don't expect service to be good (I've read many horror stories about the company on the Internet), and the interest rate is loan shark territory. I know that Equifax reports back 81 months . . . should I keep it that long, or longer?
Thank you.
What does it COST you to keep it per year???
Do you have other BETTER PRIME CARDS???
Is it a small amount of limit compared to all other cards???
Author: stevejk Posted: Thu Jul 06, 2006 7:05 am Post subject: I concur with mouse. If there is no annual fee, then it's doing no harm. If it is your oldest good account, then it is helping your score by showing a long(er) credit history. If it is a small CL, it may not help your overall CL utilization.
The trick would be to pay in full so you don't pay the loan shark rates, but use the card for a small purchase every so often so it stays active on your credit report.
Author: purdue Posted: Thu Jul 06, 2006 2:50 am Post subject: Old Chase Flexable Rewards?
I just seen the ad saying 3% on grossary and gas for flexable rewards card. Does anyone know if "old" flexable rewards card (I got mine in february/06) will be switched to the new policy? or just stays in 1%?
Author: stevejk Posted: Thu Jul 06, 2006 6:57 am Post subject:
According to the Chase website, it looks like a variation of the Free Cash Rewards card, i.e., 1% rebate on all purchases. The difference is that you can earn points for non-cash rewards. The promotion is 3% rebate on gas, groceries and at drug stores and quick service restaurants for the first 12 months.
Author: jamric Posted: Wed Jul 05, 2006 6:32 pm Post subject: Are rejections always final?
I once applied for a Neiman Marcus card, and was rejected but when I complained, they reconsidered an issued me a card. Is it possible/likely that a credit card company, a department store in particular, will reverse their decision if it is challenged . . . perhaps ask for a lower credit line?
Author: mouse Posted: Wed Jul 05, 2006 9:00 pm Post subject: Re: Are rejections always final?
Quote:
"jamric" I once applied for a Neiman Marcus card, and was rejected but when I complained, they reconsidered an issued me a card. Is it possible/likely that a credit card company, a department store in particular, will reverse their decision if it is challenged . . . perhaps ask for a lower credit line?
Has this happened to anyone else?
Some complain and get the card...I JUST MOVE ON
Author: jamric Posted: Wed Jul 05, 2006 9:20 pm Post subject: Are Credit Card Rejections Always Final?
Thanks mouse.
Does anyone know if when you challenge a decline, if a credit check is done a second time, and the report is pulled a second time.
Author: mouse Posted: Thu Jul 06, 2006 12:19 am Post subject: Are Credit Card Rejections Always Final?
Quote:
"jamric" Thanks mouse.
Does anyone know if when you challenge a decline, if a credit check is done a second time, and the report is pulled a second time.
Thank you.
HARD #2
MAYBE...MAYBE NOT
No LAW says they must pull another HARD
Author: hdporter Posted: Thu Jul 06, 2006 1:44 am Post subject: Are Credit Card Rejections Always Final?
It's been my experience that if a request for reconsideration has received any scrutiny at all (and not just another "Sorry" letter), a hard pull was done.
btw, these days I expect unless you have significant credit info to offer up that isn't reflected in your credit report, no one will give you serious reconsideration.
Author: Board Monitor Posted: Wed Jul 05, 2006 5:59 pm Post subject: Best Credit Card for Me?
This message posted by e-mail request from one of the visitors to our site:
I need a credit card that will allow regularly scheduled direct deposit, a positive balance the majority of the time, email/text messages to inform me of a minimal balance...etc. _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews
Author: mouse Posted: Wed Jul 05, 2006 8:55 pm Post subject: Re: Best Credit Card for Me?
Quote:
"Board Monitor" This message posted by e-mail request from one of the visitors to our site:
I need a credit card that will allow regularly scheduled direct deposit, a positive balance the majority of the time, email/text messages to inform me of a minimal balance...etc.
HUHHH???
Like carry a on a daily basis???
AIN'T GONNA' HAPPEN
AMEX WOULD CLOSE YOUR ACCOUNT "IF" YOU TRIED THAT
You "may" be able to find a credit card that would pay the statement balance (IN FULL) automatically on the due date
Author: QikPass Posted: Wed Jul 05, 2006 9:36 pm Post subject: Try CHASE and MBNA cards
Author: mscatz52 Posted: Tue Jul 04, 2006 11:27 am Post subject: Chase increase apr
Recently noiified of increase of apr from 7.9% to 29.9%- reason given was too many open revolving accounts. Haven't opened any accounts since opened one with them. Haven't charged any more on any, no late payments, perfect payment history. Any answers?
[quote="mscatz52"]Recently noiified of increase of apr from 7.9% to 29.9%- reason given was too many open revolving accounts. Haven't opened any accounts since opened one with them. Haven't charged any more on any, no late payments, perfect payment history. Any answers?[/quote]
I would respond by registered mail and point out the above facts. A lot of companies are tweaking their redlight default software to include things like this. IMHO that's like getting the universal default thing for something that was reporting at the time you opened the account don't see how its fair. If they don't respond to your letter and if you can afford it, I would pay the balance off and let it sit except for a few small occasional purchases. They will get the message in three to six months.
If its your oldest account or among them, you really don't want to close it.
Author: mscatz52 Posted: Tue Jul 04, 2006 2:37 pm Post subject: Sudden Increase in APR on Credit Card
It was a fixed 7.9% apr. No other opened accounts or further purchases. I did send them a message through their site requesting a lower apr. Not sure if I should transfer to a different card, since that would mean 1 more acccount.
Author: hdporter Posted: Tue Jul 04, 2006 3:09 pm Post subject: Sudden Increase in APR on Credit Card
I don't have sufficient background to specifically say what happened here. However, as Prime continues to climb I expect issuers of Fixed rate cards to review their accounts and change the terms of those accounts whose holders aren't absolutely pristine credits. Should rates climb high enough (let's hope not), I'd expect these accounts to be discontinued altogether.
In the case of your account, I fully expect that you have the right to close your account immediately and continue to pay off your balance at the existing 7.9% fixed rate. Does that jive with the notice you received? If so, then this may be your best avenue if you have a reasonably large balance.
If your balance is very modest, you may prefer to transfer it to a new account (under a promotional BT rate) and keep this account open for the sake of maintaining the benefit of an older account in your credit profile.
Author: quiznut1 Posted: Wed Jun 21, 2006 2:12 pm Post subject: The next great credit card....
That my friend is the question, and I am refering to cash back and reward credit cards. Anyone have any inside info on new cards to be released this year? Or if you have a thought about what the credit card issuers will come up with in the future, let's hear it!
Author: hesiden Posted: Wed Jun 21, 2006 2:22 pm Post subject:
IMHO BoA/MBNA needs a 5% reward card to match Citi and Chase's 5% on "everyday purchases" reward cards. Even Discover and Amex have 5% reward cards, just not as good.
Author: BLT Posted: Wed Jun 21, 2006 7:23 pm Post subject:
I actually got a pre-approved offer for BoA Financial Rewards with 5% cash back on gas, groceries, and pharmacies through mid-'07. 1% after that - which makes it almost useless to me.
Author: EasyRhino Posted: Wed Jun 21, 2006 9:38 pm Post subject: Hey, the Financial Rewards card even gives you points for balance transfers, which is ripe for all kinds of abuse I'm seeing how it works right with an Efectiva, which is basically the bilingual Financial Rewards card.
The Discover Business card (which gives cashback on checks) is potentially very exciting, although I don't have the balls to pay my rent with them (which they say is against the terms of the card).
Author: jamric Posted: Tue Jul 04, 2006 12:18 am Post subject: Can I get an Amex Card after bk?
I declared bankruptcy due to loss of job from severe illness, and even though I had every intention of paying of my Amex bill, my attorney advised me to list the card on the bankruptcy petition anyway. I had perfect credit with Amex until that point. Amex cancelled the account, and unexpectedly for me, the amount owed was dismissed in the bankruptcy.
Amex never sent me a bill, but I took a look online on my account (even though it is closed, I still have access), and it says I owe the amount dismissed in bankruptcy.
My question is, if I pay this off, will this put me in better graces with Amex for a future card? I had two cards with them over the years, and never missed a payment. How long should I wait to apply for a new card. I am assuming at least 10 years.
Author: mouse Posted: Tue Jul 04, 2006 12:30 am Post subject: Re: Can I get an Amex Card after bk?
Quote:
"jamric" I declared bankruptcy due to loss of job from severe illness, and even though I had every intention of paying of my Amex bill, my attorney advised me to list the card on the bankruptcy petition anyway. I had perfect credit with Amex until that point. Amex cancelled the account, and unexpectedly for me, the amount owed was dismissed in the bankruptcy.
Amex never sent me a bill, but I took a look online on my account (even though it is closed, I still have access), and it says I owe the amount dismissed in bankruptcy.
My question is, if I pay this off, will this put me in better graces with Amex for a future card? I had two cards with them over the years, and never missed a payment. How long should I wait to apply for a new card. I am assuming at least 10 years.
Thank you!
OASIS PROGRAM
THEY CALL YOU...YOU DON'T ASK!!!
You are starting off a LITTLE HIGH
Author: mouse Posted: Tue Jul 04, 2006 12:31 am Post subject: American Express Credit Cards After Bankruptcy
There are people who NEVER WENT BK that can't get AMEX
Author: jamric Posted: Tue Jul 04, 2006 12:55 am Post subject: American Express Credit Cards After Bankruptcy
Nothing wrong with aiming high. It's good to plan for the future. And must you YELL?
Author: AJ Posted: Tue Jul 04, 2006 8:37 am Post subject: Two Questions, Two answers please
First question regarding usage, Is it below 50% you should stay under, or 35% I keep hearing different answers. Next question; Who gets paid off first, High balance or High Rate?. I have a mbna with a balance of 6900 with a fixed 5.9 not a promo. My other cards have balances less than 2k with 12%
Author: Brammy Posted: Tue Jul 04, 2006 9:01 am Post subject:
First answer: When I pulled my score power from myfico, it dinged me for being reported at 40% it said the average utilization is below 40% that said I think anything below 40 should keep you pretty safe but the recommendation is 30 from all I've read.
Second answer: I calculate my payments in Microsoft money usually the larger portion of the payment is allocated to high interest accounts first. That being with the understanding that you are not planning to add debt to these accounts. I think what counts is your overall utilization and you'll pay off faster paying down the high interest first before tackling the lower interest cards. That said I have been declined for having a high utlilization reporting on only ONE low limit card. Depends on who's looking I guess.
Hope this helps.
Last edited by Brammy on Tue Jul 04, 2006 9:12 am; edited 2 times in total
Author: Brammy Posted: Tue Jul 04, 2006 9:03 am Post subject: Credit Card Utilization Percentage to Stay Under
oops
Last edited by Brammy on Tue Jul 04, 2006 9:09 am; edited 1 time in total
Author: AJ Posted: Tue Jul 04, 2006 9:07 am Post subject: Credit Card Utilization Percentage to Stay Under
thanks brammy. also failed to mention the mbna card with a 6900 balanve has a 19k limit, so I'm somewhat safe there, I think
Author: Polonius Posted: Tue Jul 04, 2006 10:33 am Post subject:
Both questions have no sensible answers unless you tell us what your motive is in asking them. You talk about a "problem" of using 50% or 35% of your limit. There aren't any problems. You have the limit--you can use 100% of it if you like. Most credit scoring models will ding you if you use more than 90% and more than 70% and more than 50% and more than 30%. If you have a very high credit score, you could even be dinged by 10%. So what? The less credit you use and the more you leave unused, the higher the credit score. What's the surprise about that?
In your second question, you ask what's better. But better for what? If you want to pay the least amount of interest, pay off the highest interest card first (while making minimum payments on the other). Your credit score means little unless you plan to seek more credit. What are your priorities?
