Author: Guest Posted: Wed Sep 10, 2003 7:30 pm Post subject: xx
I know that MBNA will not close an open account (one with no balance) no matter if it isnt being used..does the card have a penalty for non use? Inactivity fee? Which card is it?
Author: Gee Posted: Fri Sep 12, 2003 7:11 am Post subject: How Often and How Much Should You Charge On Your Credit Card?
Anonymous wrote: once every six months
Most credit card company, will not close out, your account, untill at lease one year of none activity
How Long Does it Take to Close a Credit Card Account?
Author: Angel Posted: Thu Sep 11, 2003 12:29 am Post subject: OMG 2 months to close account.
okay i called capital one tonight to close my account with them. the guy really seemed dumb but i was friendly. i asked him if it would take 30 days to cycle the account out and then report closed to credit bureau. he said no that it will take 2 months and will be reported closed by december. i was like okay. why does it take so long? does anyone have an idea?
Auhtor: Eugene Posted: Thu Sep 11, 2003 2:33 am Post subject: How Long Does it Take to Close a Credit Card Account?
Closing the account will be done sooner, but it will be reported closed to credit bureaus by when he said. That makes sense to me. Some credit issuers do not even report every month (although most majors do).
Author: Guest Posted: Mon Sep 08, 2003 1:52 pm Post subject: A new card you may want to check out..
MBNA is now offering a Platinum Mastercard that comes with a FREE credit monitoring sytem. Its called E-Lert.
How it works is when you or someone else applies for something that requires a pull of your credit report,you will be notified within 2 days of the inquiry by email. If no activity is noticed on your account, at the end of the month you are sent an email letting you know all is well.This helps you catch fraud early.
The only catch is you have to make a purchase once every 90 days to keep the service active. But the purchase can be as simple as a pack of gum or a candy bar
No Annual fee 0% promo until June 2004 for BT's and all cash transactions %9.9 fixed rate for EVERYTHING. Not just purchases.
Just wanted to let you know.I havent checked their website so I don't know if its up yet.
Can you post the link because MBNA website don't list every credit card it issues?
Author: Guest Posted: Tue Sep 09, 2003 6:15 pm Post subject: xx HJM wrote: Can you post the link because MBNA website don't list every credit card it issues?
Thanks.
Call the MBNA 800 number. Tell them a telemarketer offered you one and that youre interested. Its not up on the website yet. Its brand new. Just started being offered last week.
Author: Joe Posted: Fri Aug 29, 2003 12:23 pm Post subject: Card Rates
I have an American Express "Blue" card (since early July) with a 7.99% fixed rate after the intro rate expires. I have an offer for a Capital One credit card with a 4.99% fixed rate (no annual fee on either one). How come your web site doesn't have anything this low (nor have other web sites so far); am I unique in the world for being offered rates this low via "snail mail"? Or is the net this slow? Or are my interests not being served? Reckon I'll stick with the "snail mail".
Author: Guest Posted: Fri Aug 29, 2003 3:01 pm Post subject:
The Cap one 4.99% is by invitation only and the blue card rates vary from 7.99 to 12.99, just depends on your overall credit.
Author: Guest Posted: Mon Sep 01, 2003 7:20 am Post subject:
**** 1 will not report credit limits so 4.99 2.99 whatever it is bound to kill your score so **** 1 goes in the round file, if you have good credit such as I these are the best deals out there now amex blue 6.99 fixed citi plat prime + 1.99 chase plat 5.99 fixed citi plat dividend prime + 3.99 mbna quantum 7.99 fixed national city plat 7.99 fixed union plus 8.99 v if you have questions on other cards post them I will try to answer, I post at a lot of boards
Are Credit Card Accounts With Zero Balance Good on Credit Report?
Author: Shaky Posted: Wed Aug 27, 2003 3:33 am Post subject: Accounts with ZERO balance---Negative---
hi all
i recently applied for citi bank card . I have almost 2 years of clean history one macy's credit card with 1500 limit and other orchard bank card with 800 limit. last inquiry was 13 months ago from orchard bank.
Citi bank shocked me with their denial letter. telling me reason
** Accounts with zero balance**
which is true i paid my accounts off 4 months ago and didnt use it after that. and before i applied i checked my score with Transunion and Equifax. TU 706 and EQ 740. And citi bank checked my TU report.
Author: rubyjean Posted: Thu Aug 28, 2003 8:28 pm Post subject: Re: Accounts with ZERO balance---Negative---
Shaky wrote: hi all
i recently applied for citi bank card . I have almost 2 years of clean history one macy's credit card with 1500 limit and other orchard bank card with 800 limit. last inquiry was 13 months ago from orchard bank.
Citi bank shocked me with their denial letter. telling me reason
** Accounts with zero balance**
which is true i paid my accounts off 4 months ago and didnt use it after that. and before i applied i checked my score with Transunion and Equifax. TU 706 and EQ 740. And citi bank checked my TU report.
I just cant belive it.
You could have a score of 810 and if the only Established Credit that you had were one store card and a sub prime Post BKO type of credit card , You will not get a credit card with a major player such as Citi , MBNA, ect.. You can get a score in the high 700's after BKO, but you will still be declined..
Will a Credit Card Company Approve Me if I Already Have a High Balance?
Author: jbtrader23 Posted: Mon Aug 25, 2003 5:32 am Post subject: How to get extra credit with high balances
Are there any cards that I could get (even with high interest) considering I have about 90% debt to limit currently? I know anything over 75% of so is trouble, but otherwise I have a very clean record. Only 2 cards and a gas card. Always paid on time. A 688 FICO last time I checked.
An extra $1,000- $2,000 in credit would be nice.
Author: Guest Posted: Tue Aug 26, 2003 12:46 pm Post subject: Despite your decent score and lack of derogs, you can expect a denial from most companies for using such a high percentage of your available credit. I would pay the cards down below 50% before applying for any new credit unless you find a company that is purely score-driven. I understand from posts I've seen that some people think the Household GM card which is approved online instantly is based on credit score alone. I have no idea if this is true. You could try and see what happens. Report back so others can benefit from your experience.
Most credit gurus say that you should only apply for credit when you need it. I'm not one of them but I follow the opposite rule. I only apply for credit when I don't need it. It is when you need credit that banks are the least likely to extend it.
Author: Guest Posted: Tue Aug 26, 2003 10:31 pm Post subject:
I agree with your rule. Apply for credit when you don't need it. Last year, having virtually no balance, I had a FICO above 700 and could have easily added a few more cards to get extra credit. Now that I'm in this precarious spot, credit is much tougher, even though I pay my bills on time and only have a few cards.
I'll check out the GM Household card.
My advice for others in tough credit situations. You've got to plan!! I didn't plan and was just hoping for something. Hoping things would get better. I've got a plan now to pay it off by at least the end of the year if not sooner.
Author: Judy Posted: Tue Aug 19, 2003 5:28 pm Post subject: Interest Rate Gripe-Citibank!
I am so upset. I have a credit card with Citibank. They are deducting my credit card payment directly from my checking account. For the last year my payments have been on time. I found out that they pulled my credit report. On my report I have been late a couple of times with other creditors. A representative from Citibank told me that even though I was not late with them they increased my interest rate to 28% because there was something negative on my credit report and because there is a possibility I will be late with them.
I asked a Citibank representative what did you find that was negative - they would not tell me. Now They deducted 198.00 from my bank account and the finance charge was 197.00.
1 dollar went to pay my 8,000.00 credit card bill.
Author: Asia Posted: Thu Aug 21, 2003 7:51 pm Post subject: reading the fine print
O.K. here's how it works, When you apply and accept credit from practically all banks nowadays they have a clause that allow them to decrease your line of credit and raise your interest rate if they find out you are late paying your other creditors, your use of credit, or maxing or nearing your credit limit. It is desirable to keep all payments on time and at least pay the minimum to all of your creditors instead of chosing one over the other (how is a bank to know that oneday you might not like them anymore and stop paying them on time?). It is not a good idea to have your amount of debt that you owe spread out on having too many credit cards. Read some of the other post on this site the guys like [b]Verne, Ira and Eugene are very well knowledged in this and have given some very valuable information that has helped me and others in this area. Good luck!
Author: maximus909 Posted: Mon Jul 14, 2003 3:23 pm Post subject: need advice to transfer large balance
Dear All - After a wedding and honeymoon, I find myself with $32K of debt on my FirstUSA United card. I need out from under the APR and want to transfer.
Please provide your best recommendations for a new card with a 0% APR for transfers, for as long as possible and as much as possible; or any other credit advice is welcome.
Author: rasca13173 Posted: Mon Jul 14, 2003 7:04 pm Post subject: i got a discoverplatinum card with no annual fee 0% apr for life. no balance transfer fee the catch if you can call it that is that you have to make 2 transactions a month. keep in mind that there is no minimum on the transactions, so if u can buy 2 cups a coffee a month and put it on the card you are set to go.....they figure that they can make money on the finance charge for the new charges, but if you don't charge that much you don't have to worry about it... the minimum finance charge fee is fifty cents, i can live with that when i have a 17000 dollar balance... you must be diciplined enough to keep on top of this since there are no second chances....in other words pay your minimum payments and make your 2 transactions a month...how they offered me this is beyond me since i don't use the card for anything......so if you can get this you can enjoy 0% for life on balance transfer......good luck
Author: Noel Joly Posted: Tue Aug 12, 2003 6:20 am Post subject: Transfering a Large Credit Card Balance
Dear Rascal Seeking advice please. Messaging from Australia. I was surfing the internet tonight looking for a cheap CC, and came across "Discover", but I'm having difficulty locating a contact address for enquiries for a CC, perhaps a card like yours, or one with an introductory 0% APR. But then, I don't even know whether Discover" do business with overseas clients. Can you advise please. Cheers Noel
Author: Ted Posted: Wed Aug 13, 2003 2:41 pm Post subject: Enough to Keep High FICO Score?
I have two bank cards, a Sears card, and a home equity loan. I use the two bank cards all the time, and the Sears card occasionally, when there are sales. The home equity loan gets paid at least $1000 every month ($130,000 limit with about $80,000 balance currently). I am never late on anything.
Are the two bank cards (Mastercard and AMEX), the Sears card, and the home equity loan enough to keep my credit history clean and my FICO score high, or do I need more cards?
Author: Verne Posted: Fri Aug 15, 2003 12:27 am Post subject: Ted,
Equifax considers 3 or 4 bank cards optimal. Having only 1 or 2 cards suggests too little credit experience and much over 6 cards, debt juggling.
Fico likes the happy medium closest to how the average cardholder behaves. Credit Usage of 25% to 37.5%, 3-4 bank cards, a mix of types of loans, a medium hard chair, a medium hard bed, and a medium-warm bowl of porridge.
Author: ted Posted: Fri Aug 15, 2003 9:27 am Post subject: Keeping FICO Score Up
Thanks, Verne! So I guess that means that I can get rid of one of the two other credit cards (Citibank Mastercard), and cut the bank cards down to three. How many times a year should I use the third bank card (Visa)? It has a $14,500 limit. Is twice a year for large purchases enough, and other than that, the sock drawer?
Author: Ted Posted: Fri Aug 15, 2003 9:47 am Post subject: Keeping FICO Score Up
Verne, I meant to mention that I have a third bank card (Visa), but I wanted to get rid of it. I have a fourth card (Citibank) that I also want to get rid of. If I keep the Visa, how often do I need to use it? If that is my third card, can I then get rid of the Citibank?
Sorry for the confusion, and I appreciate your avice.
Author: rogrow Posted: Thu Aug 07, 2003 5:30 pm Post subject: orchard bank
the bank that helps people that are struggling,,,right... im not struggling now but i bankrupted a business 8 yrs. ago.and about 2yrs ago houshold bank and orchard bank bombarded us with offers and sorry to say we bit .. the problem was the're fees ..i just tried to close one account because they(orchard bank) just added 59.00 membership fee..I called on the're NON 800 number(what does that tell you) to cancel accnt. and was told, sure if i pay the accnt. off in full:and they also charged me 29.00 overlimit fee because the membership fee put me overlimit its been only 15 days. so, no refund of any fees, 59, 29, wait.. there is more. I told rep. to close accnt.anyway because of their fees. At that point I was told about thier 3.50 closed accnt. monthly service fee until its payed off...and plus intrest each month. This was just one more reason to close it and the other two accnts, one other at orchard and one with household bank, (same phone number)...the rep just couldnt understand why I would pay 3.50 service fee...All I had to do was keep accnt. open...no thanks does anybody got any ideas or a good class action lawyerevil:
Author: Verne Posted: Thu Aug 07, 2003 10:14 pm Post subject: Orchard Bank Credit Card Review
rogrow,
The membership fee or other fees putting a card over the limit is illegal in most states. Contact your State Attorney General. I know Illinois (next door) won't tolerate this sort of thing.
Also contact the banking regulators. The FTC is one. (there's a list in an earlier post by Ira in the ancient archives)
Household has a crappy reputation and is no stranger to complaints. They are semi-reputable if you can sleep with one eye open.
Keep a paper trail with them. Just keep citing the law or telling them who you'll contact next. Check out Strong's book on "What Every Credit Card User Needs to Know" for some form letters.
Author: T. J. Posted: Fri May 09, 2003 7:26 pm Post subject: Chase Freedom Card
Is anyone familiar with the initial credit lines Chase grants? I have no other accounts of any type with Chase.
I just applied for the above card. I have FICO in the middle 700s. I have four major credit cards, as follows:
Sears Mastercard $2600 limit no balance AMEX $15000 limit balance under $500 Citibank Mastercard $11,500 limit $2000 balance Bank One Visa $14500 limit no balance
I am never late. Combined income about $115,000 inc. wife.
What kind of initial limits does Chase grant, based on info. like above?
Author: Verne Posted: Sat May 10, 2003 7:33 am Post subject:
T.J.
You are ""never late"" but you are impatient. You have little debt and high scores yet you are concerned about what credit limit Chase may give you. Curious.
Your question is so deeply moot, my mind reels.
Author: Ira Posted: Sat May 10, 2003 7:35 am Post subject:
Well it won't help you at all, but I have a freedom card (the old Chase Shell MasterCard) with a $13,000.00 limit. I just received a Chase Platinum card with a $5,000.00 limit. This is the card with 0% balance transfer fees and 0% interest on balance transfers for 18 months.
Stay with me on this. I transfered the credit line from the Freedom Card to the Platinum Card giving me a combined limit of $18,000.00. I will take out a balance transfer of $17,000.00 to a 1-year CD. Over the course of the year I will pay back the minimum each month. When the 0% rate expires I will cash in the CD and repay the entire principal. Interest rates aren't great these days, but I will make about $400.00 by investing Chase's money at no risk to myself.
Isn't this a great country?
With regard to your question, the formulas & algorithms are both complex & secret so you won't know what your limit is until you get your card. If I had to guess based on my own experience I'd say that $5,000.00 sounds reasonable
Author: Peaches Posted: Sun May 11, 2003 1:49 pm Post subject: Chase Freedom Credit Card Review Ira,
Do you have an actual balance to transfer? this sounds like a 'cash advance' to me. If this is the case you might be charged a 3% fee. No maximum.
Author: Florence E Posted: Sun Jun 08, 2003 9:05 am Post subject: Purchase 10.24%
The credit card application said 1% return on all purchases. The information sent with the Dividend Platium Select Card shows Purchase 10.24%... This is very puzzling...
Author: Ira Posted: Sun Jun 08, 2003 12:22 pm Post subject:
Both are correct. You're confusing two different things. First of all the application did not say 1% RETURN on purchases, it probably promised a 1% CASH REBATE on purchases. Second, every card has a finance rate which applies if you do not pay the entire balance in full every month. One has nothing to do with the other. Yoyu'll get your 1% rebate, but if you don't pay off the balance, you'll be charged an APR of 10.24%, usually on the average daily balance on the card.
Author: ananias Posted: Mon Jul 21, 2003 11:47 am Post subject: Profit sources for credit card companies
Consider the two places where credit card companies hold debt:
1) Lent through purchases that are paid off in one to four weeks it earns the fees merchants pay (1 to 4 points) for an APR gross yield beween 20% to 60%
2) Locked up in expensive consumer debt that both alienates their customers and has drastically lower yields between 7% and 30%
Overhead costs are the same regardless of where their money gets held. Am I missing something? Because the popular notion that credit card companies profit most from the people carrying debt doesn't seem to add up when you do the math. Unless I'm missing something.
If it's the card I'm thinking of there is something neat you can do with it. Many merchants offer a "cash back" feature when using that card. Oddly enough, it just adds that cash to the purchase amount. So, you get 1% back, plus anything you can earn with it until the next billing cycle. I get $50 (the limit) each time I go to the market and what little doesn't get spent when only cash will do ends up in the bank earning a pittance until it goes back.
I reckon the market know's it's losing money on the deal but does it to get me to shop there. But I'd shop there anyway because the next closest market is just too darn far. The only downside is that the credit card people think I'm a fat slob and have sold my address to countless fancy food catalog companies.
Author: ae2198 Posted: Fri Jun 27, 2003 9:54 pm Post subject: Going to get first C.C. NEED HELP!
hi, i'm 21 yrs. old and i've never had a credit card before. i have no idea about basics, or what is good for me. i just want to establish some credit because i want to buy a house in 5 yrs. i have no debt. i have paid off my car and the only reoccuring bills i have is rent, phone bill and car insurance. can someone give me some advice on what is a good credit card for me, what kind of useage with the card, and what are the things i need to do to get very good credit report.
Author: Ira Posted: Mon Jun 30, 2003 9:13 pm Post subject:
Going from back to front, getting and maintaining a very good credit report is real simple for someone like yourself. All you have to do is pay your bills on time. NEVER be late by even an hour. A good starter credit card would be a department store card. They're fairly easy to get. When you get thee card, make a few purchases that are within your means, and pay off the balance within the grace period. The grace period is the number of days between the date of your statement and the "pay by" date which appears on the statement. Be sure to leave enough time (usually at least 5 days) for them to receive & process your payment. After a few months apply for another.
Then apply for a Visa/MasterCard. By this time you'll probably be getting a few "preapproved" offers in the mail. The best advice is to get what is known as a "rewards" card which gives you either merchandise, free gas, airline miles, cash rebates, etc. In other words the card issuer pays you for usiing their card. Not bad, eh?
Author: ae2198 Posted: Mon Jun 30, 2003 9:29 pm Post subject: thanks for the reply Ira!
Is a secured visa/mastercard a good option? Also, would i be able to use a dept. store c.c. anywhere else? i'm a big hater of credit cards and i just want to be safe because i need to build the credit for a home. i dont want to get in over my head with credit cards and end up in trouble.
Author: Ira Posted: Wed Jul 02, 2003 2:56 am Post subject:
I don't want to write a lengthy discourse on the merits of credit cards, but you cn use them as if they were cash, and you can also look at using a credit card as a means of getting interest on $$$ you have already spent. Example: make a purchase for $100.00 on your credit card. Now deposit $100.00 in an interest bearing account. In about 30 days you'll get your statement which will have a 25 day grace period. 5 or 6 days before the expiration of the grace period you withdraw the $100.00 and pay your credit card company IN FULL. The interest you made on the $100.00 stays in the bank. Ok, these days you won't make much that way, but you won't have to carry cash, your record keeping is easier, and if you have a rewards card you're making even more $$$ simply by using credit cards. Personally I charge as much as I possibly can and pay off the balances during the grace period. I eard several hundred dollars each year in rebates, and I haven't calculated what I earn in interest. There are other tricks, but the point is if used correctly credit cards are your friend, not your enemy.
Author: Sai Posted: Fri Jul 18, 2003 7:19 pm Post subject: Anyone know about Fleet and GM cards?
Fleet send me pre approved platinum offer with 0% APR on purchases until 2004 October then 8.99% APR. But I am skeptical about their offers because their variable rate is based on LIBOR. Anyone know about Fleet? And GM send me pre approved offer. Anybody know about GM card too? But my desirable cards are Capital One No Hassle Platinum and American Express Gold cards. I am still waitng until AMEX and Capital One send their pre-approved offers. Thank you everyone.
Author: Verne Posted: Sat Jul 19, 2003 2:32 am Post subject:
Sai,
Household Bank handles the GM card and has a poor reputation although I've had no complaints. They've given me several periodic credit limit increases and no-nonsense balance transfer offers. Unlike some cards, they usually waive the balance transfer fees and give good rates for the life of the loan*. But beware, GM will change the rate if they find a derog on the credit report - and they check every month.
My experience with Fleet was brief. After the intro period my rate went to 14% and I bailed out. But I had no trouble with them and, like GM, they were liberal with the credit limit.
I used to think Household and Fleet were second-class cards but after reading all the complaints about the respectable cards, they don't look so bad. Like any credit card, just use it to your advantage for as long as possible. That Fleet deal looks good.
Author: Sai Posted: Sat Jul 19, 2003 4:02 am Post subject: High end credit cards
Thank you for your quick response, Verne. Can you suggest me some high end cards? I don't want many accounts appear on my credit report. And I don't want to open and close the accounts. What do you think Capital One Platinum card and AMEX Gold charge card? My credit history is pretty short__ about two years. But I don't carry the balances. I pay off every month and I think that's why my score is getting higher. Thanks.
Author: Verne Posted: Fri Jul 11, 2003 12:44 pm Post subject: Bank of America Offer
At first glance the LARGE print, offered 4.00% APR for the life of the balance transfer. And it said I'm eligible to increase my credit limit (from $1,000 to 3,000). Sounded good until I looked at the footnotes.
*For each balance transfer and check used there is a Cash Advance Fee of $50.00.
**This fee will post to your account as a cash advance fee and receive a cash advance rate. (19.9%)
***I need to call and do a transfer to get the credit limit increase.
In other words, even if it were worth it after the $50.00 fee to transfer say $1,000 from an account with 7.9% to get 4.0%, how much will it cost me to have the $50.00 fee buried (paid off last) at 19.9% beneath the balance at 4.0%?
Author: Eugene Posted: Sun Jul 13, 2003 7:53 am Post subject: Bank Of America Credit Card Offer
Verne, I see one very GOOD thing in this offer, and that is that they admit they can increase your credit line, most probably without pulling credit report. You know how credit to limit ratio is important, so even if you are not going to use this BT offer, or even the card in general, I'd get them to increase credit line.
You can call them and ask what maximum credit line they can give you without pulling credit. Expected reply would be $3,000. If they ask you whether you wanted to do a balance transfer, say yes. (Yes, I know it's a lie, but nobody is gonna suffer from it, so that's OK in my moral rules book). They first increase your credit limit, then do the balance transfer, so you can back out in the middle, but higher credit stays.
"Oh, I forgot my other credit card in the office, I'll call you back to do the BT", or "Oh, there is a $50 fee that posts at higher APR? Is it possible to waive the fee, or post it at the same interest or lower? Hmmm... Well, too bad, but thanks anyway" - choose your favorite line. By the way, you may actually try to negotiate the fee or its APR, and maybe it will become an attractive offer?
Doesn't hurt to try. Please tell us how it plays out.
Author: alohatx Posted: Wed Jul 09, 2003 7:46 pm Post subject: How do I get 1,000 Visa or Mastercard cards?
Aloha,
Please let me know if you think it is possible to get 1,000 visa or mastercard bankcards at the same time from different banks, if you submit that many applications, if you make enough money and have great credit.
If you "make enough money and have great credit", then this should not be a problem, but something tells me you don't. It may be the fact that you are looking for $1,000 only, or that you are looking to apply for multiple cards at the same time. This just doesn't fit the profile.
If you don't have great credit, do this at your own risk, as multiple inquiries hurt your credit much more than they do for a person with great credit, no matter whether you apply at the same time or over time. Their effect fades with time, though.
Author: Ira Posted: Thu Jul 10, 2003 9:49 am Post subject:
If you're a major league player in any sport you'd probably qualify. So would Bill Gates. However, what's the point? How could you possibly use even 100 cards at a time, let alone 1,000?
Author: Cathy Posted: Tue Jul 08, 2003 10:07 am Post subject: At&T universal Cash Rewards Card/Citibank Credit Cards
Anybody else get a notice in their most recent statement saying their apr will increase?
Author: ldh Posted: Wed Jul 09, 2003 11:51 am Post subject: yes
I got it also. It was being raised to 13%. Funny how they raised my credit limit $6000, give me 3.9% balance transfer for the life of the transfer and then raise my APR. Still not to bad. Guess they were not making any money off me at 10%. Chase did the same thing, AmSouth stayed at 10%. Household stayed at 13%.
Author: Harold Posted: Sun Jul 06, 2003 3:54 pm Post subject: Bank One Free Cash Rewards Visa
Has anyone used this card yet? It pays 1%, either in cash or gift certificate, anytime you charge $2500. You have to call them to get the check, when you reach the $2500. Any good or bad experiences?
I hear Bank One (First USA) has cleaned up their act, at least as respects customer service. This seems to be one of a new line of rewards credit cards Bank One is coming out with.
Author: Eugene Posted: Sun Jul 06, 2003 11:02 pm Post subject: Bank One Free Cash Rewards Visa
I also hear First USA / Bank One is much better in customer service than they used to be, and my own experience with them, although short, was pretty good.
What I like is that when you do the autopay thing like I normally do (allow them to take the money out of your account on the due date - it allows you to hold on to your money the longest possible time), they actually START the ACH transaction on the due date, but the money does not leave my bank account until two days after that. Other banks and utility companies initiate the transaction two days before, so it clears the bank right on the due date. With the interest we are being paid two days is less than nothing now, but hey, it's nice when a credit card company can give you a little something good once in a while that you do not expect.
But it's not a new card, it's been around a while.
Author: lholton2 Posted: Wed Jul 02, 2003 9:49 pm Post subject: Is this possible?
Can you abtain a CC if someone you know with really good credit is willing to cosign?
Author: Ira Posted: Fri Jul 04, 2003 6:11 am Post subject:
Yes, but that person had better love & trust you a lot, because if you don't pay your bill on time, they will be responsible. An easy way to look at it is that it will be their card with your name on it.
Author: Harry Posted: Tue Jul 01, 2003 3:57 pm Post subject: Priority Rewards Worldwide Platinum Visa from Bank One
Does anyone have this card? It offers one point for each dollar charged, good for free nights at any Six Continents Hotel, plus other merchandise, etc.
A free night at a Holiday Inn Express is usually 10,000 points, while "special destination" Holiday Inn Express locations are 20,000 points.
Is this a good card to have, or is it a waste of time? It would be used as a second backup card, behind two others.
Author: Ira Posted: Wed Jul 02, 2003 2:37 am Post subject:
You figure it out. How long would it take you to charge $10,000.00? $20,000.00? How often do you stay at Holiday Inns, or how often would you? What does a typical night at a Holiday In cost? Now compare this card to those which offer you an instant 1% cash rebate or a 5% rebate on all the gas you buy. Which is better for YOUR life style? That's how I would decide which card is better for me. ]=
Author: Harry Posted: Wed Jul 02, 2003 1:37 pm Post subject: Priority Rewards Worldwide Visa Credit Card
I guess if you're into gas . . .
Author: Ira Posted: Fri Jul 04, 2003 6:17 am Post subject: Priority Rewards Worldwide Visa Credit Card
......or cash rebates, or airline miles, or points towards a new car, or any other of the myriad kinds of reward cards that are out there. Or to paraphrase an airline commercial, "What do you want to spend towards today?"
Author: Angie Posted: Fri May 09, 2003 7:28 pm Post subject: Is More Better?
Is it better to carry a wide selection of cards (AMEX, Mastercard, Visa,Discover, gas cards,dept.cards, etc.) to be prepared for any situation, or only a couple?
I have about ten cards, including AMEX, Mastercard, and Visa, but only use two on a regular basis.
Should I only carry those two (Mastercard and American Express), or more?
Author: Ira Posted: Sat May 10, 2003 7:37 am Post subject:
There's no one answer to the question. I use a number of targeted cards. For instance, I use a Shell MasterCard fro Citibank to get a 5% rebate on all my Shell purchases. I use a AAA MasterCard from First USA to get a 5% rebate on any other brand of gas where I can pay at the pump. I have various and sundry other cards which offer rebates of one sort or another. Careful usage of the right card in the right situation can maximize your benefits. How many cards should you carry? You'll have to figure that one out based on your credit standing and life style.
Author: munster Posted: Sat May 10, 2003 8:07 pm Post subject: cards
I have 21 prime cards and 5or6 store cards and don't have a problem plus my utilization looks good
Author: Eugene Posted: Wed May 14, 2003 1:02 am Post subject: Re: cards
Munster, your credit-to-balance ratios look good (if you're not maxed out on all the cards), but you get a bunch of other problems.
You probably need to make sure you use each card at least once every six months or so, or you risk that the issuer will close the card as incative, and that's not good for your report. On the other hand, spreading the use of cards means getting less or no rebates/rewards for your spending.
Kepping track of such number of cards is a nightmare. If you move, you have to call them all, change the address and then make sure that it is changed. If your card expires, you should expect a new one, and if it does not come, it's easy to miss that, and that may mean missing fraud.
Paying all these bills instead of just a couple is more difficult, there is more potential for error, and it may be more expensive (more stamps or more expensive electronic bill pays).
I bet your average credit line is much lower than what it would have been if you had fewer cards. Issuers see you have a lot of credit already available to you and keep you at a relatively low credit line for each of their cards. It's much nicer to have three cards with $10,000 credit line each than 10 cards with $3k limits each if you ask me.
I would close most of them if I were you. Why do you even NEED so many cards?
Author: SuzieQ Posted: Fri Jun 27, 2003 12:22 pm Post subject: Suddenly bad credit
I am old - for past 30+ years I have never failed to pay bills and pay on time. 3 years ago I allowed my daughter to use 3 of my credit cards and cosigned a loan with her at a credit union. She made payments for 2 years, then the economy went sour and she got laid off, had problems paying. I stepped in and caught up 3 credit cards but by the time I realized they were late, it was too late and the late payments (30 days late) were reported to Credit bureau. I advised her to renegotiate the credit union debt as it was a large monthly payment, and she did. When she refinanced, I was not a cosignor. During this time the credit union never contacted me, even though I have a substantial savings/checking acct with them.
I then got notice from 2 credit cards of mine that they are raising my interest rate from 6.9 to 30%. Got copy of credit reort and credit union has listed this debt as 120+ days overdue with balance of 0. My daughter called credit union and asked to pay off completely (my $) in exchange for taking this off my credit report - they refused.
In view of the fact that I was never contacted by them do I have any leverage?
I understand these late payments will stay on my credit report for 7 years. In view of the impact this will have on my life, why not just go bankrupt and not pay them at all - same impact for 7 years??
Author: Guest osted: Fri Jun 27, 2003 2:35 pm Post subject:
Sorry to hear this, cosigning can be a dangerous thing:(
However why in the world would you consider NOT paying YOUR current bills and declaring BK??
Author: suzie-Q Posted: Fri Jun 27, 2003 2:48 pm Post subject: suddenly bad credit
Actually bankruptcy would not be considered, but I am very frustrated at the idea of every creditor I have or may ever have being allowed to charge an exorbitant rate. I am trying hard to pay off everything, including my home so that I can retire before I reach 90, but if every creditor raises my interest rate accordingly retirement will not be a possibility.
Being in the medical field, I see the insurance companies making and changing rules to rip off their insureds, and it seems that creditors can do the same. I would like to see the American people rise up and revolt.
Author: guest Posted: Sat Jun 28, 2003 5:43 pm Post subject: using cards at casinos, ect.
Banks who issue debit cards will not let you use it online to deposit funds to an online casino or sports betting. Does anybody know of a secured card that will let you do this?
Author: Ira Posted: Mon Jun 30, 2003 8:59 pm Post subject: Credit Cards to Use at Casinos
Are you saying that you can only get a secured credit card and you STILL want to gamble? Do what you want, but this does not seem like a great way to run a life.
Author: tou Posted: Wed Jun 25, 2003 9:33 pm Post subject: CApital One Milseone card vs Mbna world points
I have offers for a reward credit card. One is for a miles one business card from capital one The other is a Platinum World points card from Mbna Can anybody recommend which card is better? And why?
Author: daveberk Posted: Thu Jun 26, 2003 4:06 am Post subject:
I looked at both programs at the websites.
The Capital One miles card is only good for air travel. With the MBNA program, you can redeem your points for air travel, merchandise or cash. Also, the MBNA program seems to have a better award structure. For example, it takes 35,000 miles to earn a transcontinental flight with Cap. 1 but only 25,000 miles with MBNA.
The MBNA APR is 2 points higher than Cap. 1 (11.9 vs. 9.9) but that only matters if you carry a balance. Also, MBNA is good about lowering rates on request once you're established with them. It is more likely that MBNA will give you a high credit line and frequent increases. Capital One's credit lines run on the low side. Increases may be small and sporadic.
Capital One does not report your credit limit. This can hurt your score because your reports will show that you are using a higher percentage of your available credit than you actually use.
MBNA has much better customer service. The phones are answered quickly and they usually handle things on the spot. Sometimes it's hard to get things done with Capital One.
If you're interested in miles, you might be better off walking away from both programs and opting for an airline affiinity card. Even though you pay an annual fee, the miles will accumulate much faster because miles earned on the card are combined with miles earned from other sources such as paid airfares, rental cars, telephone companies, hotels, dining, and even bonus miles for booking at the airline's website. Also, some cards will allow you to fly to specified places in the US for less than 25K miles.
I accumulated 110K miles with American Airlines of which only 60K were earned from the card. I think this is a good trade off for a total of $100 in annual fees I paid over the past two years.
Author: Tou Posted: Thu Jun 26, 2003 9:37 am Post subject: Affintity cards
Thanks for the reply! There is one thing that bothers me. I am currently A Usairways dividend miles member. It seems like everytime I want to use my miles I can't At least not for 25 or even 35 thousand miles. I went to Vegas recently and couldn't use my miles for a return trip nad it would have cost me 50 thousand miles for the one way.
With the CApital one as well as the MBNA they claim no blackouts periods . You just have to give them 21 days notice
Author: BAIL Posted: Thu Jun 26, 2003 2:59 pm Post subject: ABOUT BALANCE TRANSFER
HI ALL. DOES ANYONE HAVE Any SUGGESTION. please, I HAVE A $4000 CAR LOAN PREPAID (NOTHING DUE UNTIL 2004) of 6% APR. i have received an offer for a balnce transefer of 4.2% APR to my BOA credit card. i have also a preapproval offer from Discover for a 0% APR balance transfer untill 2004, i am not sure if i am going to be approved for short of credit history. what do you think is more favorable in this situartion;? try to transfer the auto loan to BOA or apply for the discover? how easy is to get approved by discover compared to AMEX? does saving less than $100 worth the hassle of balnce transfer? sorry, i am new to credit. thanks in advance
Author: Verne Posted: Thu Jun 26, 2003 11:48 pm Post subject: Balance Transfer Credit Card Tips Bail,
The BOA offer sounds good if it doesn't have a time limit. But, alas, credit card companies renege on agreements all the time so I'm left wondering whether a car loan is safer.
Check your scores. With good scores and this BOA offer you may qualify for a Discover card. But if you have much of a debt or low scores be careful. Credit card companies set you up and go in for the kill with a month's notice.
BOA must think you are creditworthy, Discover may think so too. The auto loan sounds like a decent deal too. I would juggle all three and save where I could.
If you don't have credit or score trouble, take every opportunity to save money. Bit of a paradox or reverse oxymoron or wide load but true. Once you start to spin out of control - or downward to darkness if it's Sunday morning in New York - you see that saving a little on a balance transfer could hurt you in the long run.
Getting a Citibank Credit Card After Claiming Them on Bankruptcy
Author: Susan Posted: Tue Jun 24, 2003 10:12 am Post subject: Citibank Credit after BK of 10+yrs
I claimed Citibank on my bankruptcy over 11 years ago. They still have me on their computer. Will they deny me a card because I claimed them on bk? I want to apply for a card with them now.
Author: KP Posted: Wed Jun 25, 2003 7:30 pm Post subject:
Why don't you just apply for a card with them That is the only way you'll ever find out.
Author: Peachkiwi Posted: Thu Jun 26, 2003 2:29 am Post subject: Getting a Citibank Credit Card After Claiming Them on Bankruptcy
Quote: I claimed Citibank on my bankruptcy over 11 years ago. They still have me on their computer. Will they deny me a card because I claimed them on bk? I want to apply for a card with them now.
Based on personal experiences Citibank will probably deny you credit! I also filed bankruptcy which included a Citibank credit card-a little over 10 years ago. I've re-established credit and even applied on two separate occasions for a Citibank credit card and was undoubtedly denied! Reason: one of Citibank's credit card was included in the bankruptcy. How long they main their 'blacklist'? [/color]I have no idea! But truthfully, you are not going to know for sure unless you apply. Perhaps, you're one of the lucky ones that's not on their 'blacklist'! Good luck!
Author: Eugene Posted: Thu Jun 26, 2003 4:14 am Post subject: Getting a Citibank Credit Card After Claiming Them on Bankruptcy
They might actually be able to tell you if you ask this question even without applying. It costs nothing to ask them.
Author: calloway Posted: Fri Jun 20, 2003 10:00 am Post subject: Indiscriminate cancelling of cards
Has anyone ever had the experience of trying to use a card whose "number" is invalid? I have recently. When I contacted the credit card company that day, they informed me they had cancelled the card 2 days earlier for lack of activity!! This they did without any prior notification to me of their intention. It was embarrassing, to say the least, and their email back to me didn't even offer an apology but they did take the opportunity to promote their "customer service." This was First USA. I used the card last November. Is that an extremely long period of inactivity? Any thoughts or similar experiences out there?
Author: Johnny 50 Posted: Fri Jun 20, 2003 10:24 am Post subject: Indiscriminate Cancelling of Cards
They should have notified you in writing.
Normally, it takes more than a few months for a company to cancel for nonuse, but every company is different. I have a Visa that I have not used in five years, from Chase, and I just received a renewal card in the mail last week.
Normally, if you use a card once a year, this will keep it active. Of course, why would you want a card you use so seldom?
Author: calloway Posted: Fri Jun 20, 2003 10:30 am Post subject: Indiscriminate cancelling of credit cards
I have several cards open and unused for various purposes. I tried to use this one for a large car repair bill to get airline miles. So I missed out on those too. It's not a good idea to cancel your cards; better to keep them for the good of your credit. I guess I have no recourse but to tell them to stuff their new card. Don't think I want to do business with them. Thanks for the reply.
Author: Ira Posted: Tue Jun 10, 2003 10:22 pm Post subject:
There used to be a difference. These days it's much the same as having a blue suit and a brown suit. Do you need both? Depends on your life style. As for carrying multiple credit cards, that's a life style decision also, but it has nothing to do with carrying Visa or MC. No difference between them, and most banks offer both.
Author: Damaeus Posted: Thu Jun 19, 2003 3:08 pm Post subject:
I can't remember where, but I've seen some merchants who only accept VISA, but not Mastercard, or vice versa. And then there's Sam's Club which only accepts Discover, and neither Visa nor Mastercard. I don't have a Discover yet. I have three Mastercards and one VISA. I'm waiting to get three paid off and one down by about 50% before even trying to get a Discover. Reputable, decent banks won't touch me. I've currently got Capital One (which is the best of the four I'm mentioning, and which I do consider respectable) and Direct Merchants (Metris) (also pretty good), Providian, and Household Bank. I just got Household Bank and I've heard horror stories about them, but I got one anyway just a few weeks ago. So far, so good.
The only one that's screwed me so far is Providian, who raised my interest rate even though I've made all payments on time and never went over the limit.
Author: Harry Posted: Thu Jun 19, 2003 11:54 am Post subject: Credit Card Usage Ratio
If you have a major credit card with a $13,500 limit, and you are only charging $40-60 monthly on it, does this look good or bad to the three credit bureaus, or does it even matter at all? I charge higher amounts on other cards, but I buy only gas on one card, to keep it active; hence, the low monthly charges.
Author: Aisha Posted: Thu Jun 19, 2003 12:59 pm Post subject:
To the credit bureaus, I don't think that it matters, but some creditors such as chase seem to think you don't need that much credit and will decrease your credit amount. It is also dependent on how much you pay on the other cards that you charge a lot more on.
Author: Verne Posted: Thu Jun 19, 2003 1:48 pm Post subject:
A High Limit with a Low Balance always looks good. $13,500 is a relatively high limit and shows you can handle credit. Your credit usage is a huge factor in the scoring.
I've heard of people with BK's still on their reports with scores in the high 600's. I've never had a derog in over 17 years and my score dropped into the high 600's when my credit usage was over 80%. A high debt ratio may cancel out or outweigh positive factors.
But more importantly, a high limit card with little or no balance demonstrates creditworthiness to other card companies and let's them know you can move your debt (if you ever have any) elsewhere. This will usually generate better offers to keep you.
If you need to eke out a little better score, I know that TransUnion likes zero balances. The most important negative factor impacting my TU score has always been: too many accounts "with balances". Once I had a couple cards with small recurring charges on them like $19.95 and this made no difference as far as the negative impact of accounts with balances.
Equifax, as I've said before, penalizes for too many card accounts, open or closed, with balance or not, and Experian doesn't care about the number of accounts and tends to reward low credit usage quickly. My Experian score jumps all over the place as my debt goes up or down.
Author: Brian Posted: Wed Jun 18, 2003 5:26 pm Post subject: Convenience checks to pay off home equity loan
Does anyone know if convenience checks are ever lower in interest rates than a home equity loan (4% annual)? I was thinking of using one to pay off my home equity loan, but only if the interest rates are lower than the 4% I currently pay to the bank. I know that balance transfer offers are often low, but they are not the same as convenience checks. Is there a difference in interest rates?
Author: Ira Posted: Wed Jun 18, 2003 7:27 pm Post subject:
Convenience checks can be balance transfers. It depends on the bank and what offers are currently in force. You really have to call yourcard issuer and find out what type of balance transfer offer they in effect. They may have a temporary low interest or evey zero interest rate on balance transfers. Most balance transfers also take a transfer fee of 3%, caping out at $50.00 per transaction. It really depends on how much you owe, what the interest rate is and for how long.
Author: Guest Posted: Thu Jun 19, 2003 12:03 am Post subject: Re: Convenience checks to pay off home equity loan
Brian wrote: Does anyone know if convenience checks are ever lower in interest rates than a home equity loan (4% annual)? I was thinking of using one to pay off my home equity loan, but only if the interest rates are lower than the 4% I currently pay to the bank. I know that balance transfer offers are often low, but they are not the same as convenience checks. Is there a difference in interest rates?
A couple of points to remember... #1. Most home equity loans are tax deductible..#2, The promo APR usually ends after a period of time and then it will go up to the Reg APR..#3. If you are late with a payment, the promo rate could end and you could have an extremely high APR... On the other hand if it is a balance that you can pay before the promo rate runs out and you do not need it for a tax deduction, then it would probaly be a wise idea
Author: hm2swife Posted: Thu Jun 12, 2003 5:50 pm Post subject: What to do (if anything) about charged off card
Hi, okay - first post here & am hoping you all will help me. I'm a bright person but the ins & outs of credit is a mystery to me! This year was a hideous one...divorce, Grandma died, Mom diagnosed with cancer & passed away in less than 6 mos.! anyway, not looking for sympathy --- the reason I'm here is that my credit went in the toilet this year. A few cards I had got charged off.... I made "settlements" with the smaller ones, some as much as 50% of the debt. I'm wiped out though and I have one more "biggie" that is $4400!! I don't even think more than 1800 was actually charged on that card & the rest is interest & some kind of bogus fees etc. I asked a friend about this & she said if it's charged off then even if I pay it - my credit is still %$#@!!!ed for the next 7 yrs. So, if she's right - bummer that I even bothered to pay the other ones. However I want to find out what the REAL situation is. Should I take this companies "generous offer of a settlement for 80% of the debt" (like $3500) or should I just let it ride & not kill myself paying it? if I'm hosed either way - I'll just let it go. Thanks for any assistance you can give!!!
Author: Aisha Posted: Sat Jun 14, 2003 2:39 pm Post subject: How to Handle a Charged Off Credit Card
If you pay this bill it will still be listed with the creditor as being charged off and/or settled by the collection agency. Some creditors will still say it is charged off or not paid agreed because most charge offs are sold to another company or credit collections group; hence some creditors will not receive any money from the collection agency that is trying to collect from you. This is another reason that fees are tacked on because the collection agency want to make money too. Try to talk to your original creditor and see if you can work it up to some ageement with them, but get everything in writing and see to it that they agree to remove the charge off on your credit report. Generally these bills are removed from your credit report after 7 years from the date you last made a payment so it is up to you if you want to pay the collections agency or not. I think if you make any payments to the collection agency you are acknowledging the debt and they can then sue you if you do not abide by their rules. I hope this helps.
Author: capital1guru Posted: Wed Jun 18, 2003 5:32 pm Post subject: charged off acct
im sorry to hear of the bad events which happened to you leading to your charge offs. aisha is right in recommending you contact the original creditor. depending upon the age of the acct, the original creditor may/may not be willing to work with you. as far as a settlement goes, my experience with chase, citi, comerica & c1-settlements will show as an r8 on your bureaus instead of a R9 (how charge offs are rated). as far as having chargeoffs deleted - unless it is identity theft or someone else's acct - you are out of luck! those have been the only two instances i have seen charge offs reversed. if you settle, most likely your original creditor will report the tradeline as "settled for less than the balance". now realize, you have two strikes on your bureaus. the R9 from the original creditor & the collection account from the collection agency. most items fall off after 6.5yrs (all old lines must be gone by yr -unless bankruptcy). remember, the date of fall off is from the date of last activity with tthat agency. an acct sold in 1997 will stay on a file until 2004 even though the original "charge off" was in 1995/1996. you are able to provide a 100 word written statement to the bureaus epxlaining the reason for your chargeoffs. your good payment history is shown on the bureaus along with the deliquent. best of luck concerning your situation. it isn't hopeless; just be patient and you'll make the right decision. i wouldnt pay an 80% settlement, offer to pay your most current usage/interest/modest fees. :-) most creditors would be happy to recover the actual monies "spent" concerning your acct.
Author: Ted Posted: Tue Jun 17, 2003 2:04 pm Post subject: Leave or Cancel Unused Account
I have a Citibank Mastercard that will soon give me a rebate I have earned. After that, I have no more use for the card (I have three other rebate cards besides this one). I have had it since March of 1991. They just raised my credit limit from $11,500 to $13,300 without me asking.
If I know that I am not going to use it, would it be better (for my FICO) to
a) Put it in the sock drawer, not use it, do nothing, and let the company eventually cancel it for non-use in a year or two.
b) Actually cancel the card.
c) Convert it to something like the Shell Mastercard, and only use it nine times a year for gas? (None of their other cards apeal to me). I use all kinds of gas, depending on who is cheapest, so I am not a Shell die-hard.
Author: Ted Posted: Tue Jun 17, 2003 2:53 pm Post subject: Leave or Cancel Unused Account
My correction. I have had this account since March of 2001, not 1991
Author: Eugene Posted: Tue Jun 17, 2003 10:48 pm Post subject:
I like the (c) option, especially if buying Shell gas on it will give you most benefits, especially if your other cards are younger, especially if you use a lot of your available credit.
Author: rasca13173 Posted: Wed Jun 18, 2003 7:27 am Post subject:
what happens when you cancel a credit card? is it bad for your credit rating?..does it really makes a difference?
Author: Verne Posted: Wed Jun 18, 2003 9:30 am Post subject:
Cancelling or closing a credit card account will hurt your credit score if you have much existing debt. You will lose whatever available credit came with that account. When you lose available credit your overall debt to limit ratio or credit utilization percentage will increase. And if a change in terms comes your way you have less manuvering room if you want to move your debt elsewhere.
Example: If you owed $15,000 spread out over several cards with an overall credit limit of say $30,000 and closed a card account with say a $10,000 limit, you will lose that available credit. Your total available credit will go down from $30,000 to $20,000 while your $15,000 debt remains the same. While before your debt ratio (or maxed-outness) was 50% it is now a troublesomely high - 75%! This will drop your score in a hurry.
Another consideration is that the Equifax FICO score won't reward you for closing an account since all accounts, open or closed, still on the credit report, are factored into the scoring. In other words, if you have too many card accounts, closing a few makes no difference in the fico scoring. Of course, a zero balance is better than a debt, but by itself, closing an account won't help you there.
Experian and Transunion are a different story and closing an account does seem to help the score a little. Experian states that the number of cards has no impact on the score - none. Transunion sees a closed account with a zero balance as a positive factor and doesn't seem hung-up on old closed accounts. But Equifax-Fico will never let you forget all those years of debt juggling and balance transfers. They consider all accounts until they drop off the report and anything over 5 is considered "too many".
In summary, I would say, keep accounts open if you have much debt or low scores. Once you are out of debt, you may want to close some accounts and lean towards reward cards. (but I wouldn't know about them since I'm still in my circus debt-juggling days)
Author: LindaGZ Posted: Tue Jun 10, 2003 11:40 am Post subject: How to find out which credit bureau is used
Does anyone know how I could find out which credit bureau each of the top credit card issuers (Discover, Citibank, Fleet, First USA etc...) will be accessing. I'm planning some balance transfers and my Equifax score is always lower than the others and it is always behind in updating new information.
Author: Mark Posted: Tue Jun 10, 2003 11:52 am Post subject: What rates are you getting?
The banks charge different rates to different people, as we all know, so I'm wondering what rates everyone else is getting, particularly if you are getting better rates from some of these holdouts, like MBNA and Citibank, who claim they don't go below 10% for anyone. Permanent rates, not time limited offers or bt's. So here are the rates I'm getting:
Chase: 5.24% Capital One 7.1 MBNA 9.9 Citibank 10.24
Author: Ira Posted: Tue Jun 10, 2003 10:42 pm Post subject:
Personally I couldn't care less about finance rates. I always pay off my balances during the grace period. I also use nothing but rewards cards. It's amazing how much less expensive everything becomes when the credit card companies pay you for being their customer rather than you paying them!
Author: willgator Posted: Sun Jun 15, 2003 8:07 pm Post subject:
MBNA AND CITI WILL GO LOWER MBNA 7.9 ON QUANTUM AND CITI CAN DO MUCH BETTER....... 8.24 FOR EXAMPLE
Author: KristinNichole Posted: Mon Jun 02, 2003 1:30 pm Post subject: I need to establish credit!
I simply don't know what to do. I'm renting my apartment. I pay my bills. I have a checking account and have had a savings account since I can remember. And NO ONE will give me credit. Anyone have any ideas?!
Author: Kitten Posted: Mon Jun 02, 2003 2:17 pm Post subject:
First off, you may want to get a copy of your credit report to see if there are any errors on it. If there are, make sure you get any mistakes corrected or removed. If you still don't get any credit after you do that, then you may have to look into getting a secured credit card. I suggest that you get one from a local bank or credit union. They are usually more willing to work with you and charge less fees.
Author: Eugene Posted: Tue Jun 03, 2003 2:23 pm Post subject:
None of the things you mentioned build you credit. Only credit builds credit. What are the reasons why nobody gives you credit? They have to send you a letter with explanations every time they reject your applications. Look at those reasons and eliminate them. We can help here if you are more specific.
Author; Verne Posted: Tue Jun 03, 2003 3:35 pm Post subject: Help With Establishing Credit
I echo what Kitten and Eugene said.
If you have no credit history you need to establish credit. Buy something over time, perhaps, with a store card. Stores (especially big department stores like Penneys) often extend credit to those without a credit history.
A local credit union is a good idea too - especially if you have an account and direct deposit (when possible) with them.
Have you ever bought anything on credit? Otherwise, you may have no credit report.
The real catch22 is getting credit for the first time. Like Eugene said, "only credit builds credit". Or, to quote the Credit Bible's genealogy, "Credit begets credit".
Author: Doug Posted: Mon Jun 09, 2003 4:12 am Post subject: Reducing My Limit
Board Monitor, I have an authorized credit limit of over $22,000 on an MBNA card and I fear that it may keep going up. The balance I owe is zero. I don't feel that I need such a high authorized limit, but I am concerned that if I request a reduction that either MBNA and/or the Credit agencies, i.e. Equifax, Transunion, (I forgot the other one), will see that as a negative. Do you have an opinion? Thanks.
Doug (Yes, the same Doug of a few months ago)
BTW, I am curious. How much of a cash back, in American Cash Greenbacks called dollars (remember those?), did you get by buying that minvan on your credit card?
Author: Eugene Posted: Mon Jun 09, 2003 4:26 am Post subject:
Doug, why are you afraid the limit will keep going up?
Unless you get a direct indication from credit industry that this credit limit is too high for you (for example, if you are going to take out a mortgage and the banker tells you your credit limits are too high, or if "too much available credit" is one of your most important reasons why your score is not higher), I would NOT ask to reduce this credit line. You are very likely to do more hard than good to your score.
If you do not want this credit line to increase further (I don't see why), you can ask MBNA to stop increasing it automatically. At least that's better than reducing it.
Author: Doug Posted: Mon Jun 09, 2003 4:39 am Post subject: Reducing My Limit
Thanks Eugene, that is what I concluded also, but wanted some other peoples' opinions to reinforce my thinking. What I was concerned about was losing my card or having it stolen. And if I didn't notice it being gone immediately, that some thieve might run up a big bill. Of course I know that I have 30 days grace to report the loss or thief, and if I did so my liability would be only $50. But I absolutely hate thieves. And I wouldn't want even the credit card companies to be ripped off (although they are doing the same thing legally in many instances, but that is another story we don't have to go into over and over). Anyway, thanks for your opinion Eugene.
Author: Guest Posted: Tue Jun 10, 2003 1:30 pm Post subject: HELP!!!!!! HELP!!!!!!!! I NEED SOME CREDIT !!!!!!!!!!!!!!!!
this has all been a nightmare. I need some credit and no one is willing to put me under their wing!!! Does anyone have any advice on how to start building some credit? I wont mess it up, Iam very responsible, it just needs to be established and i dont know what to do. I keep getting offers for "secured cards" but I dont know about sending them 200.00 first. I dont know the best way to secure good credit, any advice?????? how did you A+ credit holders start out??????????????????????????????????????
Author: Ira Posted: Tue Jun 10, 2003 10:33 pm Post subject:
Go to the CardRatings.com home page. Click on Credit Information and scroll down the the bullet list. Click on "Establishing Credit" and you'll get some good advice. If you need more, feel free to post again. _________________ Do not let what you cannot do interfere with what you can do.
Are American Express and Mastercard Credit Cards Accepted In Most Places?
Author: Alex Posted: Tue Jun 10, 2003 10:51 am Post subject: Two Cards Enough for Acceptance??
Aside from the rebate issue, is two major credit cards, AMEX and Mastercard (as a backup where AMEX is not accepted), enough to cover myself for acceptance everywhere?
I know there are places like Sam's Club that only take Discover, but since I don't belong there, it is not an issue.
Can I get by on the above two cards, with high credit limits, from the issue of being able to charge almost everywhere??
author: rasca13173 Posted: Tue Jun 10, 2003 2:37 pm Post subject:
Absolutely alex all you need is amex, plus a visa or master card. My wife belongs to a shopping price club that only uses discover, but recently they started to accept visa or master card. Iam sure that in due time sam's club will start doing the same. I have several cards that i use for my own benefit (example one year, 0 % interest on purchases) I payed my van saving abot 2 thousand in interest just playing the credit card game.If you like to travel get a delta amex credit card so you can accumulate miles. I have the delta amex and have 120 thousand miles on it. A trip to hawaii from ny needs 30 thousand miles so this card is really worth it if you like to travel.
Why Did Chase Cancel My Credit Card For No Reason?
Author: marzboy Posted: Tue May 27, 2003 9:44 pm Post subject: Chase cancelled my credit card for no good reason
Hi I am new to this forum. I have/had a Chase crerdit card. Today I recieved a letter today that says they have cancelled my card due to inactivity and information found on my credit report. Among the information they state recent delinquency and too many revolving accounts w/ insufficent available credit. The info was based on a report from Experian. I have a credit score of 693. I have purchased Credit Expert form experian which I watch everyday. According to them I have no recent delinquencies. Also as of today I have just finished paying down $10,000 of credit card debt. What is wrong with this picture? Will this adversely affect my credit? Any advice would be apreciated :oops
Author: Ira Posted: Tue May 27, 2003 11:09 pm Post subject:
Define "recent." They may be using a different definition than you. When was your last delinquency? I'd call the number on back of your credit card (customer service) and discuss it with them. Have a copy of your credit report in front of you when you call. You may have to be transferred to someone a bit higher in the food chain than the person who answers the phone, but see how it plays out. If you're right & can prove it, there's a good chance the decision can be reversed.
Author: bill Posted: Wed May 28, 2003 12:30 pm Post subject: sure it is experian?
i was declined by chase for card becuse of high balance i had just prchased a car. but they pulled my credit report from transunion not experian. i have just got my file from experian thre is nothing on it about chase. are u sur it's experian
Author: marzboy Posted: Thu May 29, 2003 12:18 am Post subject:
Ira & Bail Thanks for the imput. By recent I believe it means just that. As far as recent delinquencies I have none. The very last one according to my credit report (5/12/2003) was a car payment on 5/00. Since then no major issues. Experian is the only agency that they give as the reason for their decision. Besides, I have the other 3 agency reports. They all say the same thing. Actually I don't really need this card but I am pissed for 3 reasons 1) I don't want this to hurt my fico score. 2) I want to know where they are getting this negitive info from. And 3) If I'm paying Experian $80 per year for Credit Expert why is my info different from my creditors!!! I will call them and see what is up. Thanks and I'll let you know.
Author: Ira Posted: Fri May 30, 2003 11:06 pm Post subject:
It depends entirely on usage and how fat or lean you want your wallet to be. For instance, I currently carry four cards: an AAA Visa which I use only for the 5% pay-at-the-pump gas rebate, a Shell Mastercard from Citibank for Shell gas and the 1% rebate for all other purchases, a BP Visa which gives a 3% rebate on BP/Amoco + a 1% rebate on other purchases, and my Citibank ATM/Mastercard. I'll be phasing out the BP card since they only send out $20.00 "free" BP gas cards when the accumulated rebates reach $20.00. All my other cards give instant cash rebates. I have other "specialty" cards which I carry only when I'm going to speciific merchants. I have other cards which are only used for 0% balance transfers, so there's never any reason to leave home with the card itself. Hope this helps
Author: Kitten Posted: Tue Jun 03, 2003 9:32 pm Post subject: How Many Credit Cards to Carry on a Daily Basis
Ira is right. Personally, I have 3 mastercards and 2 visas. All serve a different purpose. Some give rewards, some have a very low rate, and one is issued through my local bank only for overdraft protection. What you have is fine. It is all in how you use your cards.
Author: Michael Posted: Wed May 14, 2003 6:53 pm Post subject: Limit
Is $8000 on a platinum Visa considered a low, middle, or high limit?
Author: ironhead Posted: Sat May 17, 2003 6:54 pm Post subject: limit
I guess a little low my limits are from 10000 to 25000 and I have over 20 prime cards.
Author: daveberk Posted: Wed May 28, 2003 11:43 am Post subject:
I read some statistics on this which said that in 1990, the average initial credit limit was $1600. By 2000, the average initial limit was $3500. These averages exclude subprime card offerings of $300 from the likes of Orchard, Capital One, First Premier, etc.
As to platinum cards from banks issuing them with 5K or higher limits, the average initial limit is $6500. After three years, the average is $9000.
In this hierarchy, an $8000 limit card is a fairly high especially if the account is recent.
How to Stop a Credit Card Application From Processing
Author: jonesee3 Posted: Tue May 20, 2003 1:10 pm Post subject: HELP! What do I do?
Ok, so I am new here, so HI to all! Please forgive me for all the questions I am about to ask!
I just applied for (and was approved) a new Visa Platinum last night and then when my hubby arrived home, he pointed out the fact that what I had thought was 0% on balance transfers---was actually 8.9%! I already put in all the balance transfer info, well I called the bank this morning and they said it would take 48 hours for my info to be in their computer, but I want to completely STOP the process! Is there a way to do that??? Have I totally screwed my credit if I get this then close it immediately? Could I possibly just apply for another 0% card and transfer what I just done? Or since I just applied last night, is there ANY way that another CC company will even think about giving me another one today? By the way, my credit history is excellent.
SO SORRY FOR ALL THE QUESTIONS! Please help an idiot in need
Author: Mr. Ira Posted: Tue May 20, 2003 6:35 pm ost subject: It's not as bad as it seems
First of all, 8.9% is not a bad ANNUAL rate. It's not the lowest, but there are higher rates out there. If it's a fixed rate it's not bad at all. Second, you haven't affected your credit standing at all by making a balance transfer. Third, if you're not happy with the rate, simply find a better one and do another balance transfer. It's not going to cost you that much to leave your money there until you find the 0% intro rate that you're looking for, but be aware that zero % rates are limited time intro rates. Be aware of what the back end rate is and be sure to either pay it off or transfer the balance out before the intro rate expires. Any more questions, just ask & somebody will reply.
Author: jonesee3 Posted: Tue May 20, 2003 6:48 pm
Thanks for your input. I found a couple of other Card Offers at 0% for 15 months! I think that is great! So, I think I am going to go ahead and accept this and 8.9% card (it is a fixed rate) for a month or so, then transfer to the 0% card. Thanks again for your input!
Author: Guest Posted: Fri May 23, 2003 6:58 pm Post subject: How to Stop a Credit Card Application From Processing
Also, be sure to look at balance transfer fees which are often 3% or the transferred balance, usually with a $5.00 minimum and a cap at $50.00. Chase currently has an offer for 0% interest for 15 months with zero balance transfer fee. That's about the best offer out there.
Author: Louis Posted: Mon May 12, 2003 9:49 am Post subject: Chase Freedom Card
I applied for and was accepted for the Chase Freedom card. I have a Citibank card (Dividend Platinum Select, which is no longer attractive since it has a $100 tier) which I was thinking (before I got the Chase Freedom card) of converting to the Shell Mastercard. I use Shell gas sporadically, and only when it is cheaper than other gas.
Is it a good idea to get the Shell Mastercard for Shell gas only, at 5%, and use the Chase card for other 3% gas and other purchases? Or is this too complicated? I also have an AMEX cash back card for all purchases (primary) except gas. Chase will be used for all gas and anywhere AMEX is not accepted. Shell, if I get it, for only Shell gas, and then only when it is cheapest.
Any opinions? Too many cards? Or are these good options to have?
Author: Eugene Posted: Wed May 14, 2003 12:49 am Post subject:
Looks like you have a well thought-out plan. 3 cards is definitely not a lot. And it's a good thing that you will use them all at least sometime. However, there is a risk that you will be spending so little on cards #2 and #3, that you will not get your reward soon enough, or not get it at all. Do the math and see if that's a real risk with your spending levels and the cards' rebate conditions.
Eugene.
Author: HJM Posted: Sat May 17, 2003 12:29 am Post subject: No risk
Quote: However, there is a risk that you will be spending so little on cards #2 and #3, that you will not get your reward soon enough, or not get it at all.
Actually, there is no risk on these gas cards because they will credit the cards on the following month.
Author: Mr. Ira Posted: Tue May 20, 2003 6:44 pm Post subject: Best gas card
Actually there's a better choice out there for general gas purchases than the Chase Freedom Card. It's the AAA MasterCard (or VISA, the offer both) from First USA. This card gives you a 5% rebate on any brand of gas, so long as you can pay at the pump. If the station does not offer pay at the pump, co not use this card since you'll get no rebate at all.
Author: Louis Posted: Mon May 12, 2003 9:49 am Post subject: Chase Freedom Card
I applied for and was accepted for the Chase Freedom card. I have a Citibank card (Dividend Platinum Select, which is no longer attractive since it has a $100 tier) which I was thinking (before I got the Chase Freedom card) of converting to the Shell Mastercard. I use Shell gas sporadically, and only when it is cheaper than other gas.
Is it a good idea to get the Shell Mastercard for Shell gas only, at 5%, and use the Chase card for other 3% gas and other purchases? Or is this too complicated? I also have an AMEX cash back card for all purchases (primary) except gas. Chase will be used for all gas and anywhere AMEX is not accepted. Shell, if I get it, for only Shell gas, and then only when it is cheapest.
Any opinions? Too many cards? Or are these good options to have?
Author: Eugene Posted: Wed May 14, 2003 12:49 am Post subject:
Looks like you have a well thought-out plan. 3 cards is definitely not a lot. And it's a good thing that you will use them all at least sometime. However, there is a risk that you will be spending so little on cards #2 and #3, that you will not get your reward soon enough, or not get it at all. Do the math and see if that's a real risk with your spending levels and the cards' rebate conditions.
Author: HJM Posted: Sat May 17, 2003 12:29 am Post subject: No risk
Quote: However, there is a risk that you will be spending so little on cards #2 and #3, that you will not get your reward soon enough, or not get it at all.
Actually, there is no risk on these gas cards because they will credit the cards on the following month.
Author: Mr. Ira Posted: Tue May 20, 2003 6:44 pm
Actually there's a better choice out there for general gas purchases than the Chase Freedom Card. It's the AAA MasterCard (or VISA, the offer both) from First USA. This card gives you a 5% rebate on any brand of gas, so long as you can pay at the pump. If the station does not offer pay at the pump, co not use this card since you'll get no rebate at all.
Author: Guest Posted: Thu May 22, 2003 11:24 am Post subject: Search for c.c. with high credit line
Hi, I'm new here but I've been a member over at creditnet and creditboards for about a year now. A friend of mine wants to balance transfer about $20,000 worth of credit card debt. Her FICO score is 716 (Experian), 709 (Trans Union) and 696 (Equifax). She lives in NYC. Her highest credit line is about 7k.
Author: Michael Posted: Thu May 22, 2003 2:15 pm Post subject: serach for c.c. with high limits
Your friend will have to do balance transfers with several cards to cover $20,000. Even with her FICO no card company (or at least I think none) is going to increase her limit from $7000 to $20,000. Be careful that the interest rates on the cards she is transferring TO are less (or better, 0%) than the one she is transferring FROM.
Good luck.
Author: Verne Posted: Fri May 23, 2003 5:21 am Post subject: Best Credit Card With High Credit Limits
For high credit limits and good transfer offers, I like GM's (Household Bank) Mastercard. My scores have been in the 695-735 range lately but when they weren't that great (probably lower than 680) I was getting credit limit increases and balance transfer offers (low interest, no fees) at least once a year. $6,000 to $12,000 credit limit in less than 3 years - without asking. This was during a time when other card companies were changing terms and raising my rates.
But watch it with GM or Household Bank. They review the EQ credit report every month looking for negative information and reason to change terms. (although, of course, they don't really need a reason - they're just nice that way)
Author: timmbukk Posted: Mon Jul 31, 2006 4:13 pm Post subject: Amex help
I am a new amex cardholder. I actually have two new accounts green rewards and Delta Skymiles Gold. How long do you think I should wait to request CLI on the Gold Delta and/or apply for a new card from them? Should I just wait for them to send me an offer? I want the Blue card. Thanks
Author: fitz75 Posted: Mon Jul 31, 2006 4:55 pm Post subject: Re: Amex help
timmbukk wrote: I am a new amex cardholder. I actually have two new accounts green rewards and Delta Skymiles Gold. How long do you think I should wait to request CLI on the Gold Delta and/or apply for a new card from them? Should I just wait for them to send me an offer? I want the Blue card. Thanks
Push the luv button and see what you get. If you get the form I would wait a month and try again, unless you want another hard inquiry on your report.
With that said, becareful with the applications to AmEx. I've read about a few people receiving the dreaded F/R (Financial Review). Enjoy the cards you have for a while and develope a relationship with AmEx before you go applying for more cards.
Author: timmbukk Posted: Mon Jul 31, 2006 4:00 pm Post subject: Capital One?? What is up with initial credit limits?
I recently received my new Cap One card with a starting limit of 300.00!!?? That would be fine if I had no previous credit history and I didnt have other cards with 9000.00 and 5000.00 limits. Can anyone help me with this situation? Should I call and ask them to match one of my other credit limits? If so, would they even consider, or should I just close?
Good, this should begin your quest to figure out the inner mind of Capital One! This bank absolutely baffles me, and if you think that your $300 limit has got your goat, wait until you call and ask for a credit line increase. This bank and the CSR's are like the planet Mars with the green people in control, its a whole other animal unto itself
so, its safe to say I should not look forward to a CLI anytime soon?
Author: fitz75 Posted: Mon Jul 31, 2006 4:49 pm Post subject: Re: Capital One?? What is up with initial credit limits?
timmbukk wrote: I recently received my new Cap One card with a starting limit of 300.00!!?? That would be fine if I had no previous credit history and I didnt have other cards with 9000.00 and 5000.00 limits. Can anyone help me with this situation? Should I call and ask them to match one of my other credit limits? If so, would they even consider, or should I just close?
Which card did you apply for? The 300 min limit would lead me to believe it was one of the ones that is for limited credit or needs some improvement categories.
If your credit is good, you could of applied for the Cap1 Platinum Prestige card. The minimum credit limit for the card is 2,000.00 with an interest rate of 6.9%. You may be able to get upgraded to this card.
Cap1 seems to treat the customers with excellent credit well, but the ones with less than stellar credit subpar.
Author: frost Posted: Mon Nov 22, 2004 10:39 pm Post subject: Credit Application- Please Post Your Application Results
i hope this thread will be a sticky one where all can post the specific of their applications and status:
name of institution approved/denied score credit limit cra(s) pulled state of residence interest rate
Please keep it only to the requested info. If someone has a question regarding a specific approval posted here, please start a new thread for that subject so this doesn't get all messed up.
Author: frost Posted: Mon Nov 22, 2004 10:41 pm Post subject:
Name of Institution: Bank Of America Approved/Denied: Approved Score: 711 FICO Credit Limit: $6500 CRA(s) Pulled: EQ State: FL
Author: Curious Posted: Mon Nov 22, 2004 10:59 pm Post subject:
Name: Target Guest Card Approved/Denied: Approved on line Score: 593 - Myfico Credit Limit: $200 CRA's pulled: EQ State: TN
Author: donovansmith Posted: Tue Nov 23, 2004 1:52 am Post subject:
Name of Institution: American Express (Blue) Approved/Denied: Approved Score: 716 (TransUnion according to PrivacyGuard), 720 (TransUnion according to MyFICO) Credit Limit: $2000 CRA(s) Pulled: TU State: CO
Last edited by donovansmith on Thu Nov 25, 2004 1:42 am; edited 1 time in total
Author: Board Monitor Posted: Tue Nov 23, 2004 10:18 am Post subject:
Good idea frost. I will make this thread sticky. Should be interesting. Would also encourage everybody to post reviews of their cards in our popular consumer reviews section here (great place to read card reviews too):
Discover and my Visa debit card... The Visa debit was only incase Discover wasn't taken though I hardly have that problem. My Citi Dividend Platinum Selec t arrives soon and will replace both!
I only carry other card once or twice a year to use on a small purchase to keep current.
Author: sammy262 Posted: Thu Jul 27, 2006 8:40 pm Post subject: What Credit Cards Does the Average Person Carry
I currently have Citi Dividend Platinum Select. I am nearing my yearly $300 cash back rebate. When I get a little closer to the max I will switch to my Chase Rewards Card, also with a $300 limit. I also have the Citi Professional, which I use exclusively for restaurants and office supply purchases (3% back in Thank You points). I have quite a few more in the sock drawer that I pull out for special circumstances (Priority Club Visa if I will be at a Holiday Inn or one of its other chain motels), etc.
Author: EasyRhino Posted: Thu Jul 27, 2006 9:12 pm Post subject: What Credit Cards Does the Average Person Carry
Too many.
Chase Cash Plus for gas/groceries Advanta biz card for computers Citi mtvu for restaurants/movies MBNA Fidelity card for everything else Company card for business trips Debit card used only at ATMs
Author: gsr Posted: Thu Jul 27, 2006 9:42 pm Post subject: What Credit Cards Does the Average Person Carry
citi dividend (gas) citi mtvu (resturants and book stores) hsbc cash back (All the other things) bank of america amex (back up)
Author: jlrdc909 Posted: Mon Jul 31, 2006 12:05 pm Post subject: Juniper 3's the limit
After applying for the US Airways Dividend Miles card from Juniper (I already have another card with them), I received the "we will let you know in 7-10 days" notice, I called today and was approved, when I asked the CSR about what is the maximum number of cards that one can hold from Juniper, I was told "3" is the maximum we will issue to a single individual.
Author: mouse Posted: Mon Jul 31, 2006 1:44 pm Post subject: Re: Juniper 3's the limit Quote:
"jlrdc909" After applying for the US Airways Dividend Miles card from Juniper (I already have another card with them), I received the "we will let you know in 7-10 days" notice, I called today and was approved, when I asked the CSR about what is the maximum number of cards that one can hold from Juniper, I was told "3" is the maximum we will issue to a single individual.
Author: timmbukk Posted: Mon Jul 31, 2006 12:51 pm Post subject: How many credit cards is too much & does it hurt your sc
I have 13 revolving accounts...5 department with lower limits, 2 amex, 6 visa/mastercard. Now, I have 2 lower limit cards, but have had for 4+ years, and my 4 newer cards(have had for less than 2 months) have nice hefty limits. Should I close my lower limits cards out or will that kill my score because they are my oldest cards?
Author: mouse Posted: Mon Jul 31, 2006 1:42 pm Post subject: Re: How many credit cards is too much & does it hurt you
Quote:
"timmbukk" I have 13 revolving accounts...5 department with lower limits, 2 amex, 6 visa/mastercard. Now, I have 2 lower limit cards, but have had for 4+ years, and my 4 newer cards(have had for less than 2 months) have nice hefty limits. Should I close my lower limits cards out or will that kill my score because they are my oldest cards?
Closing positive accounts will usually HURT more than help
13 cards isn't a surplus in my opinion unless keeping track of everything is a problem for you. I would definitely keep the oldest cards for the history length. Even a couple years of history length outweighs the negative points you may receive, if any, for having many cards. I don't know exactly what is considered too many.. You can ask for CLI if you would like higher limits on them. I would try and combine newer cards without any perks into you older cards to keep the oldest timelime while keeping your available limit the same.
IT HAS BEEN DECADES SINCE I HAD THAT FEW CREDIT CARDS
Author: tim Posted: Mon Jul 31, 2006 3:15 pm Post subject: Can a Person Have Too Many Credit Cards
Thanks for the information. Would it be wise to tranfer my balances to my new 0.00% for one year on transfer balances. If so, would having zero balances on my other cards if I do transfer, while probably not using them, hurt my score by not using them and having one large payment on my 0.00% transfer balance card?
Author: freeman Posted: Fri Jul 28, 2006 1:55 am Post subject: Credit Card offer over the phone... read.
I recently registered my new corperation name. Ever since then, I've been getting call from this 1-800 number at my office line just about everyday. I usually don't pick up because I assume its a telemarketing call. But I got curious and picked up this time. Turned out to be AMEX's rep calling with credit card offer. They wanted my info to see if I qualify for it, and they will have a result in two weeks. (shouldn't it be instant?)
First thing that came to my mind was, are they really AMEX? I then asked the rep "How would I know you are AMEX?" She the gave me a 1-800 number to call to verify, she even gave me her badge number. So i called AMEX w/ my cell phone, they said they could not locate that number. The rep heard my conversation w/AMEX over the phone and asked me to hold for her supervisor.
Her supervisor gave me another number for me to verify with AMEX and started explaining to me that they are not AMEX, they are just a third party company that does calling for AMEX, bla bla bla and their company history. I gave the number to the AMEX rep on the other line, she was able to confirm that its one of the company they use for calling. But she was not able to tell me the name of the company. I asked him, can you mail me an application instead? he was like I can email you instead. We hung up after I gave them the email address, he said they would call again tomorrow to make sure everything is ok.
It got me thinking, why claim they are AMEX when they are only a rep? I know it sound better, but it will only make them look unprofessional when someone like me put them on hold and call AMEX.
Have you gotten calls like this and gave them info without verifying them that they are the actual bank not a third party?
Would you have given them your info over the phone without thinking about verifying their identity?
Author: rapjunkie Posted: Fri Jul 28, 2006 3:05 am Post subject: Credit Card Phone Offer Tips
I have heard of that kind of telemarketing for other stuff like the old Staples Business Rewards program, but not for credit cards. Usually, to get around actually misrepresenting who they are, they'll say they're calling "for" or "on behalf of" the company, rather than "from" the company. Since those telemarketer spots are generally independent companies that hire pretty much anyone that can read a script, I wouldn't trust their employees with my personal info like SSN,
Anyone know why discover card is so stingy about not combining credit cards? They give great offers but doesnt make sense not to combine them if both cards are the same offer? Both have a 0% purchase rateDiscover Card with american flag logo - $6250 and Discover card sphere - $8000.00. Why are they like that?
"davensd" Anyone know why discover card is so stingy about not combining credit cards? They give great offers but doesnt make sense not to combine them if both cards are the same offer? Both have a 0% purchase rateDiscover Card with american flag logo - $6250 and Discover card sphere - $8000.00. Why are they like that?
YOU DIDN'T TALK TO THE RIGHT PERSON or DEPARTMENT???
I have had to call 5 or 6 times to do a 2 into 1 and close 1 with AMEX sometimes
Author: mrsbigdog Posted: Thu Jul 27, 2006 12:12 am Post subject: Binding Arbitration Question (Long - Sorry)
Can anyone give me info about what to expect?
My husband is an authorized user on many credit cards. Between himself and the card holder they have run up bills totalling nearly $100k. He and I have both lost our jobs in the past year, I was seriously ill for about six months last year and he suffered a severe injury last fall. The card holder also suffered a major income loss. The result is that none of us have been able to make payments on these accounts since January. My husband and I have kept current with the mortgage, car payment and utilities by borrowing from my parents and picking up odd jobs. We are currently on food stamps and government health care. We have no money to pay on these accounts and neither does the card holder.
We had just recovered from BK discharged in 1999 so we cannot file. Our home has no equity in it currently so selling it is not an option to raise any money. The same is true of the one newer car that we are making payments on.
The card holder is on a fixed income and does not have the ability to make the payments either. The holder's home does have some equity but not enough to satisfy all of the debt even if we were to settle for a lower amount. The holder believes the house will have to be sold to pay what can be paid. The holder could file bankruptcy but would apparently lose the house anyway.
Today we were notified that the first of the credit card companies is requiring legally binding arbitration. The paperwork is being sent to the card holder who is not currently speaking with us so we do not know the contents of the info sent.
My questions: What is involved in binding arbitration? How bad will it be for us and the card holder? What is the best way to handle this now that it has gone this far? How much will fall on the holder and how much on my husband? Much of this is our debt and we would be happy to pay it if we had the funds but right now it is not possible.
Does anyone hear have any answers or helpful suggestions beyond the fact that it should never have gotten this out of hand?
Author: Brammy Posted: Thu Jul 27, 2006 8:59 am Post subject:
Is he the authorized user or the co-applicant, the answer to this question will make a world of difference. As an authorized user, he is NOT liable for the cards in ANY way. As a co-applicant, he sinks or swims in the same boat. The best thing as an authorized user is to have his name removed as AU and dispute them with the credit bureau. Otherwise, the debts are equally his.
Author: jrjdrayer Posted: Thu Jul 27, 2006 9:35 am Post subject: What is Binding Arbitration in Credit Card Terms?
If it turns out he is liable, you can file Ch. 7 bankruptcy again. If your last bankruptcy was 1999. There has to be at least 6 yrs, I believe, in between filings.
Author: CAG Posted: Wed Jul 26, 2006 11:00 am Post subject: Imagine Card
Hi Everyone. I recently saw an add for Imagine mastercard and wondered if anyone has ever had it and if it is a safe care. They deduct payments directly from your checking account. Any advise would be great...thanks
I saw this somewhere on a pop-up recently. I believe they give you an initial line of $ 350.00 and immediately charge a $ 150.00 annual fee, thereby reducing your available to $200.00. Is it really worth it ?
I wonder...they also require automatic payments pulled from your checking account...what is the difference between this and other credit cards who charge a big fee like First Premer? At least with this card your intial credit limit is higher then some others....I hope others that may have this card can give me some input or anyone who has researched this company...
Author: JaneiR36 Posted: Sun Jul 23, 2006 2:37 pm Post subject: Why won't Sears approve me?!?!
I've tried twice now to get their card, because I get work done on my car as well as do a little light shopping there every now and then. Why do they keep declining me?!? I guess I'm a big fan of just keep it moving if one company doesn't approve you," but it must be easier said than done! They keep dangling that $15 off your first purchase if approved in front of me but whenever I apply I get knocked down! I feel kind of stupid continuing to give them my business when they won't give me the card so I can get discounts.
My guess is they can see I don't carry a balance from month to month. I will actually call and ask the next time my rejection letter comes in the mail. WTH?!?!
If that doesn't happen, I'll at least consider having my Mom make me an authorized user of her card so I can get any periodical discounts for current card holders (which I do not see too many of those, mostly that first time discount).
Author: mouse Posted: Sun Jul 23, 2006 4:58 pm Post subject: Re: Why won't Sears approve me?!?!
Quote:
"JaneiR36" I've tried twice now to get their card, because I get work done on my car as well as do a little light shopping there every now and then. Why do they keep declining me?!? I guess I'm a big fan of just keep it moving if one company doesn't approve you," but it must be easier said than done! They keep dangling that $15 off your first purchase if approved in front of me but whenever I apply I get knocked down! I feel kind of stupid continuing to give them my business when they won't give me the card so I can get discounts.
My guess is they can see I don't carry a balance from month to month. I will actually call and ask the next time my rejection letter comes in the mail. WTH?!?!
If that doesn't happen, I'll at least consider having my Mom make me an authorized user of her card so I can get any periodical discounts for current card holders (which I do not see too many of those, mostly that first time discount).
DON'T PIF BEFORE THE STATEMENT DATE!!!
Leave $10 or $20
It will start to report something month after month and not look like you NEVER USE YOUR CREDIT CARDS
I'm not saying pay interest...just change when you pay the account in full
PAYING BEFORE THE STATEMENT DATE HAS IT'S DOWN-SIDE
(I'm assuming you are doing the PIF before the statement date deal--many do)
Author: davensd Posted: Sun Jul 23, 2006 5:39 pm Post subject: Re: Why won't Sears approve me?!?!
[quote="JaneiR36"]I've tried twice now to get their card, because I get work done on my car as well as do a little light shopping there every now and then. Why do they keep declining me?!? I guess I'm a big fan of just keep it moving if one company doesn't approve you," but it must be easier said than done! They keep dangling that $15 off your first purchase if approved in front of me but whenever I apply I get knocked down! I feel kind of stupid continuing to give them my business when they won't give me the card so I can get discounts.
My guess is they can see I don't carry a balance from month to month. I will actually call and ask the next time my rejection letter comes in the mail. WTH?!?!
If that doesn't happen, I'll at least consider having my Mom make me an authorized user of her card so I can get any periodical discounts for current card holders (which I do not see too many of those, mostly that first time discount).[/quote]
Every credit card company has an address to write to if you feel you have been denied cred it in error. If you really feel put down by Sears for not sending you a credit card, I would write to the address given to you on the denial letter and state your case. If you are responsible, prove it to them
Author: mouse Posted: Sun Jul 23, 2006 5:41 pm Post subject: Sears Credit Card Approval Tips
Do you have any issues with CITIBANK????
SEARS does not issue the cards
Last edited by mouse on Sun Jul 23, 2006 6:57 pm; edited 1 time in total
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maddybeagle Credit Expert (100+ Posts)
Joined: 18 Jul 2005 Posts: 688
Posted: Sun Jul 23, 2006 5:54 pm Post subject:
you can easily purchase sears gift cards through cardavenue....they arent very hot sellers....can easily snag for 80-85 cents on the dollar....who needs their credit card....
By Chevron. I applied on-line approx 3 weeks ago, hadn't heard from them so I called them today to check on the application status and they said "congrats, your approved" and I should have the card in 5 to 7 days.
Author: bullwinkle29 Posted: Wed Jul 19, 2006 10:34 am Post subject:
citi bank in ca pulls transunion. they did on mine and also on my wife
Author: spjoink Posted: Wed Jul 19, 2006 9:29 pm Post subject: Credit Cards That Only Use Transunion?
they pulled experian on me yesterday ....southern california
Author: gsr Posted: Thu Jul 20, 2006 1:11 am Post subject:
ya citi pulled experian for me, but i think wamu providan cards always pull transunion, so does merrick bank, and juniper bank. Not sure but it seems like it.
Author: AznDragon533 Posted: Tue Jul 25, 2006 9:19 pm Post subject: Please Help me select a Credit card, first time =[
Hi, I just turned 18 and was wondering which credit cards should I get? I'll will be attending College in the falls, and i also happen to have a checking account under my mom's title for about 2 years now, eh i have a family share phone plan with my sister, but i only pay 10$ a month so dont think that will count for anything, also Co title on car/insurance for it. And i have a steady job for about a year now.
http://www.creditcards.com/reward.php
Things im looking for: *low interest rate* *no Annual Fee* *cash back rewards* *0 Liability on unauthorized purchases* *doesn't have to pay full payment in 1 month* *doesn't need travel rewards or dining rewards*
Things wanted to buy: *laptop for college *books *clothes *Television
Good luck and let us know how things turn out! _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews
