Guest: sisflomi Credit Expert (100+ Posts) Post subject: Rebuilding Your Credit With Credit Cards Posted: Mon Nov 10, 2003 10:57 pm
I have spelled your name wrong here. Here is a list of credit that can help to rebuild your credit. It is not just for Bk or public records. Anyone with bad credit should be able to benefit from some of this. It was started by NanaC. I have enhanced and added to it over the last few weeks. It might be good to wait till your discharge is past 6 months.
BK FRIENDLY CREDITORS Clarifications: Listings based on earliest receipt of credit. Occasionally, something may appear to be listed twice. This results from the credit being somehow different, for example, secured and unsecured, credit limits, etc.
STARTER BK CARDS: score bad Household - Unsecured $300 - 5 mos score about 545 www.householdbank.com/hb/CustomerCare?cmd_Redirect=HomePage Cap1 - Secured and Unsecured www.capitalone.com Orchard - Secured - $300 www.orchardbank.com/care/CustomerCare?cmd_Redirect=HomePage American Online - Secured Visa www.apbank.com/021_scc.html
6 MOS - 1 YEAR REBUILDING CREDIT: score low 600s Cap1 - Unsecured gold $500 www.capitalone.com Orchard - Unsecured $500 www.orchardbank.com/care/CustomerCare?cmd_Redirect=HomePage Target Guest Card- Unsecured 200 Target First Premier - $200 www.credit-cards-s.com/premier.asp
2 YEARS REBUILDING: score mid 600s AT&T Wireless - No deposit AT&T Cap1 Platinum - $5000. Started w/regular cc, negotiated cl to platinum www.capitalone.com Cross Country Bank Visa - $300 then $600 then $1250 over time www.crosscountrybank.com * Cross Country Bank MC - unsecured - $350 www.crosscountrybank.com * Dillard’s - unsecured - $500 www.dillards.com/cca/CreditCardApplication.jsp Circuit City – unsecured -$2000 Circuit City Western Security Bank – secured www.westernsecuritybank.com Direct Merchants Bank $1001 Semi-secured www.directmerchantsbank.com Sprint PCS - $200 Assigned Spending Limit www.sprintpcs.com Newport News/Spiegel’s/Eddie Bauer www.spiegals.com/home.asp
2+ Years Rebuilding: score low to mid 600's Aspire - unsecured - $500 www.compucredit.com/pdcts.html Voicestream - No deposit www.voicestream.com Bank One Checking Account with Debit Card after 5 months usage www.bankone.com Mortgage Received No specific name as more than one loan was found by those reporting receipt of mortgage loan Nordstrom - suggest not applying on-line www.nordstrom.nordstrom.com First N.A. Nat. Bank - 3 years Citibank MC- will consider post BK -7 years www.citibank.com Nextel - must be 7 years post BK, no dep www.nextel.com Exxon - 4 years www.exxon.com Home Depot - 4 years www.homedepot.com ** Bloomingdales - 3 years www.bloomingdales.com Verizon - no deposit www.verizonwireless.com Washington Mutual Visa secured card by Citibank N.A. South Dakota www.washingtonmutual.com Mervyn's www.mervyns.com ** Generations 6 years Post BK - $1000 www.genscu.com Target Visa - mid 600's required www.target.com Lowe’s - 3+ years www.lowes.com Washington Mutual Mortgage - 3+ years www.wamuhomeloans.com Nordstrom - 5+ years www.nordstrom.com Wescom Credit Union - 5+ years www.wescom.org First Nationwide Mortgage - 5 years www.firstnationwide.com Dell - $1500 - 5+ years www.dell.com Nissan Lease - 6+ years Phillips 66 - 7.5 years www.phillips66.com Ford Credit - 5 years www.fordcredit.com Diamond Shamrock - 6.5 yrs www.valero.com Menard's Big Card (Conseco) - $3000 - 5+ years www.menards.com Capital One Auto Finance -14 % int score 650 www.capitalone.com/capitaloneplace/fa/auto.php?autotc=2&pfid=2000bann0202
Other cards To Try For 1.Union Plus 620 Union Plus Approved with pub records in dispute with equifax
[b]Special Considerations 1. Bank of America - will consider post-BK if you have established credit and can show unusual circumstances (business loss, medical, etc.) 2. Citibank MC- will consider post-BK after 7 years 3. Citibank Diners Club - will consider post-BK if you have established credit and can show unusual circumstances (business loss, medical, etc.) 4. Federated(Pres.Club Visa)-3 yrs p-BK able to override w/explanation & >680 5. Federated (Macy's)- 2 years post-BK was able to override with explanation
Rejections BK or Public Record Unfriendly 1. Lowe's (MB) 2. Home Depot (MB)** 3. Wal-Mart 4. Mervyns** 5. Exxon/Mobile** 6. Amex Green 7. Best Buy (HHBK)-Recently confirmed letter due to bk Ch13 6.5 yrs 8. Citgo 9. Amex Optima Secured 10. Home Depot 11. Citibank 12. Associates: Citgo (try manual 24 ms+, 3 good lines) 13. First USA (try manual 5+ years discharge) 14. Bank of America 15. Sears 16. Fleet 17. First USA 18. Men’s Wearhouse 19. Monogram Bank = MB** 20. Amex LOC 21. Juniper 22. Chase Manhattan 23. Target Visa 24. Corvette MasterCard 25. Target with recent BK discharge within 4 months** 26. American Honda Finance Denied 645 pub record 27. JC Penny's 28. MBNA ** Seen on approved and not approved both
Smart Suggestions 1. Open a secured loan with your bank. Pay half off before 1st payment is due. Pay another half when 2nd payment is due. Pay the rest in 4 equal payments. This is an easy way to move your score up from 20-50 points in a few months. 2. Open 2nd secured loan with different bank. Do same as above. 3. Open 3rd secured loan with different bank. Do as above 4. Try Credit Unions 5. Ford is BK friendly Scores low as 579 6. Capital One secured - sent $99 received $500CL
4-5 months post discharge 1. Orchard unsecured $1000 CL 2. Providian Platinum unsecured $2000 CL 3. Target guest card $200 CL Usually approved with score over 590 and any pub records in dispute w/cras.
Links to see what scores or cra’s creditors use to approve Card Report Who Pulled My Credit? Credit Boards Credit Search
If you know of any that have approved or not approved, or what your score was for each one, please email them to me and I will post them.
Different Store Cards Online Boscovs Dell Dillards Disney Card Home Depot Kohl's Macy's Office Max Sears Staples Wal-Mart _________________ Sis
Guest: nativechild48 Credit Expert (100+ Posts) Post subject: Rebuilding Your Credit With Credit Cards Posted: Tue Nov 11, 2003 12:53 am
It is a good idea for people like that were in previous post to have this; in fact one had a FICO of 611 and wanted to know what were their options. I'll bump this up and make a suggestion to see if it could become a sticky.
Guest Post subject: Rebuilding Your Credit With Credit Cards Posted: Tue Nov 11, 2003 8:22 am
MBNA is not friendly to post bankruptcy people as well. Credit report must be almost immaculate to get a card thru them. Says so on the online application.
Guest: broon Post subject: Rebuilding Your Credit With Credit Cards Posted: Sat Jun 11, 2005 2:15 pm
In Canada, there seem to be only two companies offering Secured credit cards.
Capital One Mastercard: www.capitalone.ca
Home-Trust Visa: www.home-trust.ca
Fees are higher than regular cards. Capital one only has a $200 credit limit vs. $10,000 at Home-trust.
Kevin.
I was just on the Capital One Canada site....looks like they have increase the credit limit for their secured, no credit cheque mastercard to $700. Catch, you cannot apply online....you have to recieve a special offer from them in the mail. Home Trust has an online application that you can print off and send to them with your secured deposit.
I hope this helps
Kevin.
Guest: yurarse Post subject: Rebuilding Your Credit With Credit Cards Posted: Sun Jun 19, 2005 6:47 am
Add CrownJewelers.com to extremely friendly BK. They approve you via $500 to $1500 CL and report around 10 to 30pts up to MYFico. Disadvantage is the very first purchase, you have to put the min on a credit card or a check, then the rest will go their card
Guest: Alexander Post subject: Biggest Identity Theft Posted: Sun Jun 19, 2005 6:51 pm
Biggest Identity theft breach yet!
Cardsystems in an office in Arizona seems to have exposed 40 millions credit card account to identity theft with 68,000 at very high risk.
Huge credit card data theft found, Mercury News, 18 June 05
MASTERCARD: 40 MILLION ACCOUNTS AT RISK
By Eric Dash and Tom Zeller Jr.
New York Times
"MasterCard International reported Friday that more than 40 million credit-card accounts of all brands may have been exposed to fraud through a computer security breach at a payment-processing company, perhaps the single largest case of stolen consumer data to date.
MasterCard said its analysts and law enforcement officials had identified a pattern of fraudulent charges that were traced to an intrusion at CardSystems Solutions of Tucson, Ariz., which processes more than $15 billion in payments for small to mid-size merchants and financial institutions each year. About 13.9 million MasterCard accounts were compromised as well as those of unspecified numbers of Visa, American Express and Discover customers. The accounts affected included credit cards and certain kinds of debit cards.
The FBI said it was investigating.
Sharon Gamsin, a MasterCard spokeswoman, said an infiltrator had managed to place a computer code or script on the CardSystems network that made it possible to extract information. She would not elaborate on how long the breach might have lasted, when the investigation began or whether any infiltrators had been identified. She did say that the breach had occurred sometime this year.
Deborah McCarley, a spokeswoman for the FBI field office in Phoenix, said her agency was trying to establish the scope of the breach and that ``the investigation is just beginning.''
CardSystems said Friday that it identified a potential security problem May 22 or 23 and contacted the FBI, then the Visa and MasterCard associations. It said steps were taken immediately to ensure all systems were secure. ``Our goal is to cooperate fully with the FBI,'' it said.
According to MasterCard, an unauthorized person was able to exploit the security vulnerability and gain access to CardSystems' network, exposing cardholders' names, account numbers and expiration dates as well as the security code, typically three or four digits also printed on the credit card.
``The processing companies are hubs for millions of payment records,'' said Chris Hoofnagle, senior counsel for the Electronic Privacy Information Center, a digital rights group based in Washington. ``It is the juiciest target for an individual who wants account numbers. It is a honey pot for identity thieves.''
He suggested that customers monitor their bills for unauthorized charges and consider asking their credit-card issuers for new account numbers.
MasterCard said other personal data that might be subject identity theft, such as Social Security numbers and dates of birth, was not stored on its cards and therefore not at risk. And it said credit-card holders would not be liable for any fraudulent charges to their accounts. Visa and American Express also had statements on their Web sites Friday that customers wouldn't have to pay for fraudulent charges.
MasterCard said specific advice to cardholders as to precautions or recourse would have to come from the banks issuing the cards.
Officials at major credit-card issuers, like Citigroup and JPMorgan Chase, said they had been notified of the breach only recently -- in some cases as late as Friday -- and were still assessing the scope of the problem. Janis Tarter, a spokeswoman for Citigroup's credit-card division, said her company would notify customers likely to be at risk and more closely monitor any accounts that might have been affected. A Chase card spokesman said his company was taking similar steps.
MasterCard said the investigation began when it was notified by several banks that they had detected atypical levels of fraudulent charges. In turn, MasterCard began monitoring information from those accounts for common purchasing points. Using complex data-analysis systems and the assistance of an outside forensics firm, it was able to home in on an unspecified bank receiving spending data from merchants. ``When we started to dig into it, working with the bank and working with their systems, we detected it couldn't be them and basically triangulated at the process and arrived at CardSystems Solutions,'' said John Brady, MasterCard's head of merchant risk services.
Although 40 million credit-card accounts were said to have been put at risk, it is not clear whether data on all of those accounts was actually obtained." http://www.mercurynews.com/mld/mercurynews/business/11928004.htm
Stolen MasterCard "High Risk" Accounts Total Estimated At 68,000 (Out of 40M), XML Journal, 19 June 05
"When MasterCard's forensic people went in to investigate the security breach that affected nearly 14M MasterCard accounts this week, they were able right away to find a file that with 100% certainty had 68,000 account numbers exported from its system. These accounts are considered "especially at risk."
In what might amount to one of the largest data heists ever, MasterCard believes up to 40 million cardholders of such credit card brands as MasterCard, American Express and others have been jeopardized in a massive theft at third party credit card processor, CardSystems Solutions Inc.
The breach compromised account holder names, banks and account numbers.
The MasterCard disclosure adds fuel to a growing uproar among privacy rights experts and government regulators who fear that Americans are increasingly threatened by identity theft and other privacy violations due to sloppy or inadequate data privacy and data security practices." http://xml.sys-con.com/read/101660.htm
40 Million Credit Card Holders Facing Possible Identity Theft, ABC 18 June 05
"(Upper West Side-WABC, June 18, 2005) — It is the latest in a string of security breaches and possibly the biggest financial one ever. More than 40 million credit card accounts exposed to fraud. The breach affecting American Express, Visa, and for the most part, Mastercard.
As New Yorkers show for those Father's Day gifts they might have that security breach in the back of their minds. It is massive and troubling for some consumers who might not know that someone else is using their credit card information until they get their statement next month.
It's a horrible thing.
Eyewitness News' Jeff Pegues: "You use Mastercard?" Credit Card Holder: "As a matter of fact I do."
Today New Yorkers are wondering if their credit card security has been compromised. Credit Card Holder: "It's in the hands of the credit card companies and the government to keep it safe." Forty million credit card users may have been exposed to fraud. Their credit card number, expiration date and the security code on the back of their cards, essentially swiped in a hacker-like attack on a company called Card System Solutions. It s a company that processes the transactions millions of Americans rack up with plastic every day.
Bill Reeves, Card Systems Solutions: "On Sunday, May 22nd we became aware of a security incident within the Card Systems. On Monday May 23 we immediately contacted the FBI."
Until the FBI Gets to the bottom of it, there are things concerned credit card users should know. Under federal law they are liable for no more than $50 50 of unauthorized charges and some card issuers offer zero liability to customers unauthorized use of the card.
But ultimately some say with so much personal information floating around in computers, there is no way to be 100% protected.
There is no place where consumers can be sure that personal information that they provide is safe. In all, any brand of credit cards could be affected by something like this, but here is something that might put your mind at ease. The data that was compromised does not include addresses or social security numbers." http://abclocal.go.com/wabc/news/wabc_061805_creditcardfraud.html
Guest: tejasfight Post subject: Keeping A Credit Card Account Open Posted: Thu Jun 30, 2005 5:21 pm
Just got whammed with a 26% interest because of going over my limit twice in one month. Transferred the majority of the money to another card with 12% interest and am planning to pay off the remainder immediatley. I want to close the card and tell them to F-Off.
By closing the card, will it hurt me anymore than I already am with having gone over and the card company bending me over?
By the way, I remember when you went over they wouldn't let you charge anymore. Funny how that's changed.
Guest: Alexis Rios Post subject: Keeping A Credit Card Account Open Posted: Thu Jun 30, 2005 5:34 pm
cancelling a credit card decrease your credit score , because you're increasing debt/ total credit ratio . It's better to make an application for another card with good rates and then make a balance transfer to the old card , to close the old card. Chances are that if a new cc is approved with the same or more credit limit than the old card , you're credit score don't suffer as much.
Guest: NightStar Post subject: Keeping A Credit Card Account Open Posted: Thu Jun 30, 2005 5:38 pm
Keep the card, you can save it, wait 6 months or so, then request credit limit increase and reduced interest rate.
That way they may give a high enough increase to cover the over charge amount from showing on the credit report.
Keep trying every six months, don't have to use the card but once in a blue moon, make a charge and pay it off immediately.
See if they change their mind and bring the interest rate back down. Best Regards, Pammila Phillis Board Monitor http://www.cardratings.com 501-663-0314 PH
Guest: tsdunbar Post subject: Credit Cards With Travel Rewards Posted: Tue Jan 25, 2005 11:21 pm
I am wondering what thoughts there are on the best way to gain travel rewards, since there are a variety of air mile and reward cards. It's too confusing to me! All we really want to do is to get free travel. What do you think?
Also, out of curiosity, how did you learn about our site? Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: tsdunbar Post subject: Credit Cards With Travel Rewards Posted: Wed Jan 26, 2005 1:48 pm
I found the site through an internet search. It looks very helpful, but I need a more in-depth response from people who have opinions on how to pick the best credit card related to my goals. Thanks for writing.
Guest: Polonius Credit Expert (100+ Posts) Post subject: Credit Cards With Travel Rewards Posted: Wed Jan 26, 2005 3:22 pm
Here's a bit of surprising, possibly controversial advice: don't concentrate on travel rewards cards. Quite frankly, they're not a good deal for most people for a variety of reasons. Concentrate on the cash rebate cards instead if you pay off your balance monthly. Read the discussion here:
Guest: Eugene SENIOR MEMBER (Member for 2 yrs.+) Post subject: Credit Cards With Travel Rewards Posted: Thu Jan 27, 2005 4:14 am
Quote: [air miles cards] are not a good deal for most people for a variety of reasons
Agree totally. When I did my own math with one of the best air miles cards available, it did not win the comparison against a simple 1% card under my circumstances (very moderate and inexpensive travel). Because better cash back cards are available than just plain 1% cards, air miles cards REALLY lose for me. The author of the page you mention also does not mention annual fees that air miles cards normally come with. They are a BIG hurdle to overcome compared to alternatives.
Great link, by the way, Polonius. The guy nails it right on the head. I read a few other sections of his site – very interesting and educational. Thanks!
Guest: Board Monitor Post subject: Credit Cards With Travel Rewards Posted: Thu Jan 27, 2005 9:13 am
I have always favored cash back cards over airline mile cards for similar reasons. I wrote an article last year about this subject:
Guest: Polonius Credit Expert (100+ Posts) Post subject: Credit Cards With Travel Rewards Posted: Thu Jan 27, 2005 9:33 am
EXCELLENT article, Curtis!
I came to this forum months ago via a Google search, and I have it bookmarked to go to the forums directly. I had no idea of the wealth of information and articles on the rest of the site! I urge everyone to go directly to www.cardratings.com and enjoy what's there.
For example, there's a calculator that lets you compare a travel card to a cash rebate card here:
Guest: tsdunbar Post subject: Credit Cards With Travel Rewards Posted: Fri Jan 28, 2005 8:50 pm
You asked about my goals with this credit card choice. . . . Mainly, I would like to accumulate points, dollars, or dividends to use in exchange for airline tickets. That's pretty much it, pure and simple. The various info links are very helpful, and I learned enough to help with my dilemma. Now that I have "sort of" selected a couple of possible cards from the same company (5% payback), I am now wondering what the difference is between "cash back" and "dividends." They look the same, as far as meeting my purpose, but are they really??? (I'm talking about the Citi Dividend Platinum Select vs.Citi Diamond Preferred Rewards.)
Guest: Board Monitor Post subject: Credit Cards With Travel Rewards Posted: Sun Jan 30, 2005 10:38 am
tsdunbar,
The terms are used somewhat interchangeably. You can get cash back using the Diamond Card, but at a significantly reduced rate. Check here for more details (requires Adobe reader):
Guest: manny1 Post subject: Starter Credit Cards Posted: Sun Jul 03, 2005 6:49 pm
Began building my credit about 9 months ago(577 eq midscore), started with First National Bank of Marin and Aspire Visa. Both have high fees and high apr.Since that time have improved my scores to 620 tu,635 eq,637 ex. I now have two no annual fee credit cards: Providian Platinum and Household Visa. I would like very much to dump the 2 annual fee cards but I'm planning to enter the housing market next spring and I'm afraid that my credit scores will be hurt if I get rid of my oldest revolving credit lines. I only received the no annual fee cards in the past two months. My question is whether it would be prudent to follow my gut and cancel these two cards?
As a follow up question I'm wondering what would be a good card to get as my scores continue to improve, and what is the next approximate threshold for a card like that.(650,660)?
This site has been a great help to me and my wife. I've been looking for something like this for a long time and figured it didn't exist.
Guest: Polonius Credit Expert (100+ Posts) Post subject: Starter Credit Cards Posted: Sun Jul 03, 2005 8:03 pm
Best advice is to keep the cards current, don't carry a balance on them but use them once or twice in the next year--and then cancel them both before the annual fees are charged once again. That will keep their positive contribution to your credit scores and not cost you anything. Why cancel now when you can cancel much later for no additional cost?
As for the breakpoints on credit scores, those vary by lenders. I've read 700 is a major breakpoint for a FICO score, also 720 and 740...
Guest: guessindigo Post subject: Starter Credit Cards Posted: Mon Jul 04, 2005 11:54 am
Ideally, close them on a phased-out basis. So, first apply for some new cards while you have history, then close your highest annual fee card first, wait 12 months and then dump the other starter card, etc, etc. till your done. Closing them all at one time will give a sense of freedom, but will really damage your FICO score.
Since your low credit score is because you don't have a large credit history , the best way is to wait from 6 to 12 months , until you reach 700 credit score , then as guessindigo said , apply to new credit cards , try to apply for platinum credit cards specially , most likely their credit limit would be higher than the first two cc's , close the highest fee cc first , then wait more(6 to 12 months) , if possible try to request a CLI to the new cc , and close the other starter credit card. Is a just matter of time and taking this issue with patience.
Guest: prayer warrior Post subject: Credit Card to Earn Airline Miles Posted: Fri Jan 14, 2005 5:27 pm
Help!
I just read all the recommendations/stats/facts on these type of cards, and am really overwhelmed.
Does anyone have any words of wisdom for me? I would love a great card with no annual fee that could be used on several airlines, US and S. America, or on purchases, maybe with a great initial bonus of points.
I have an outstanding credit rating. (Taught to me by my dad, who is now in heaven!!)
So, I don't want to go on year after year with a card that gives me nothing. It is just plain silly!
Guest: prayer warrior Post subject: Credit Card to Earn Airline Miles Posted: Sat Jan 15, 2005 2:39 pm
Hello,
I found your website by going to yahoo search and putting in something like: credit cards airline mile rewards, and a bunch of sites popped up. Lots of comparisons. Yours and one other were the best, in my humble opinion!
Guest: KARKAUAI Post subject: Credit Card to Earn Airline Miles Posted: Sat Jul 02, 2005 6:18 pm
Hi, Curtis, Thanks Soooo much for the great site!!! I saw your recommendation for the Premier Pass Citi card and looked it up. Looks promising, but I'm always leery of what looks too good to be true. Can you really fly on any airline for the posted # of points, and the only restriction is a 14 day advance purchase with a Sat. Night stay? Or are you limited to seats that the airlines have set aside for frequent flyer rewards? I also don't understand the Companion Travel feature...it says they'll let me know more when I get the card. Thanks, Kent
Guest: Board Monitor Post subject: Credit Card to Earn Airline Miles Posted: Mon Jul 04, 2005 9:32 am
Kent,
My pleasure! Haven't heard any negative reviews of Premier Pass. Please post a review in our consumer reviews section if you end of getting the card:
Let us know how things turn out! _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: daveberk Post subject: Credit Card to Earn Airline Miles Posted: Mon Jul 04, 2005 3:45 pm
I understand the aversion to annual fees and the sense of freedom in being able to pick any airline but airline affinity cards have advantages over the cards that let you fly any airline. It's true that you have to pay the annual fee but many airline cards give you 15K to 20K miles just for getting their card. This more than compensates for the annual fee at least for the first year. Since the affinity cards are tied to specific airline mileage programs, you can aggregate miles from different sources to a single account which allows you to fly without having to spend $25,000 on your credit card.
Dining programs that earn anywhere from 5 miles to 20 miles per dollar spent are a good way to build miles quickly. Yesterday, I spent $10 for lunch and got a dining award of 210 miles. Also rental cars, hotels and even ordinary shopping can accumulate miles at rates higher than the one dollar/one point ratio you get with a credit card. Paid travel also adds up.
Depending on the particular program, you may earn bonus miles or get offers to travel for reduced miles. For example, Citibank's American Airlines Aadvantage card offers reduced mileage awards for certain destinations which can save you 5K to 7.5K miles depending on the card type you have.
The United Gold class visa signature card issued by Chase gives you 2500 bonus miles per year and double miles for purchases at the united.com website.
Because of the annual fee, an airline affinity card may not be an attractive option if you charge less than $1500 per month.
Of course you do have to pick one or two airlines and the choice will be driven by the quality of the airline's program, the benefits offered by the bank, how good the airline's connections are at your home airport and where you like to travel.
Flyertalk.com has extensive information about credit cards and frequent flyer programs.
Guest: KARKAUAI Post subject: Credit Card to Earn Airline Miles Posted: Mon Jul 04, 2005 9:14 pm
Thanks, Dave, Curtis, I've sent a question to the citibank folks to ask the questions I posted above, will let you know what they say. I'll check out flyertalk.com, too. Thanks, Kent --------------------------------------------------------------------------------
I just talked to the citi folks about the Premier Pass Elite card, and it sounds too good to be true. I can accumulate up to 200k points (100K flyer points) in a year, double points at groceries, pharmacies, and gas stations. The amazing thing is the flight rewards. For 25K points I can fly any airline in the cont. US/Canada, 35K to Alaska/HI. These are restricted to 14 day prior booking and a Sat. overnight stay, and cannot be changed once booked. For twice as many points, you get unrestricted flights. If you book a reward flight in cont. US for over $350, you get a "companion ticket" for free...still have to pay taxes and fees. And if you buy a family member or friend's ticket, you get points for the miles they fly!!! I'm waiting for these details in writing, but if what they say is true, I'm IN!!!
Guest: PhilBy Post subject: Great Cash Reward Credit Cards Posted: Tue Apr 26, 2005 9:47 pm
Hello I am 28 and new to the Forum. My Question is what is the best all around cash rewards credit card that I will have the best chance of being approved? I plan to use my card for gas mostly, but also at stores and online too. I applied for the Chase Perfect Master Card probably about a year ago and was denied due to lack of balance on revolving accounts. I have since been using my credit cards more regularly now, but always pay them off every month. I have been using them in place of my debit card, but don't allow them to aquire intrest. Here is a break down of my current credit situation. About 4 months ago my Trans Union credit score was 718 (I am not sure about my score on the other 2, but the informtion on it shouldn't vary much). I have been in Trans Unions system since December 2001. Here is some detail on my current credit cards and other loan info. I have a Bank of America Visa Gold with a $6,000 limit; Bank of America Visa Platinum with a $8,100 limit; Macy's Star Rewards Visa with a $5,000 limit (it's also a Macy's Dept. Store Card but I don't know the limit); & a Hecht's Dept. Store Card (don't know limit). I don't use the Dept Store Cards much anymore (I just got them to establish credit). I have had the Bank of America Gold Since Fall 2003, the Platinum since January 2005 and the Macy's Visa since December 2003). I also have a current car loan through GMAC that I owe about @3,500. I have been making large car payments to have it payed off in 2-2.5 years instead of the 5 it was taken out for. I have been leaning towards the ATT Universal Master Card through Citi, because it looks best to me and I read in this forum that Citi was one of the easier banks to get approval. I assume my credit status is considered fair to good with the 718 score. I don't really have a preference of MC, Visa, Amex or Discover. I have never been late on any or my credit card payments or any other bills. Never bankrupt or anything like that either. I have a few inquires, but none too recent (only 1 latest being January for the Bank of America Platinum). Sorry for such a long first post. I appreciate any advice you can give in pointing me in right direction towards the best cash rewards cards with easiest approval.
Guest: Board Monitor Post subject: Great Cash Reward Credit Cards Posted: Wed Apr 27, 2005 8:56 am
PhilBy,
Greetings and welcome to the board! Considering that you got approved for a BofA platinum with a $8,100 limit and what your credit score is, I think you should be ok applying for a Citibank card. I think it would be wise to get your other scores, though. Have you looked at all 3 of your reports? Also, out of curiosity, how did you find out about our website? Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: PhilBy Post subject: Great Cash Reward Credit Cards Posted: Wed Apr 27, 2005 4:31 pm
Thanks for the welcome! I have seen my Equifax (did not give a credit score without cost) and Transunion (gave me the 718 credit score for free). Transunion seems to have the most information on me including my Verizion cellular phone and Allstate automobile policy. I think the last Experian I saw was about a year ago, but it didn't give a free credit score. I also have all of my bank accounts through Bank of America. I think most likely that may have also influenced the decision for the Platinum with a $8,100 limit. I was approved for the Visa Gold before opening any bank accounts with BofA. It started with $1,000 credit limit and then increased to $6,000 a few months ago. In your opinion, is the AT&T Universal Master Card through Citi the reward card I should apply for over the others? I found out about this forum through doing a Yahoo search for credit card comparisons and reviews. Thanks so much...
Guest: Board Monitor Post subject: Great Cash Reward Credit Cards Posted: Thu Apr 28, 2005 7:38 am
Depends on your personal preferences. The Citi Dividend Platinum Select is a very popular cash back card as well. Let us know how things turn out! Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: CreditCardGuru Post subject: Great Cash Reward Credit Cards Posted: Fri Apr 29, 2005 11:44 am
What are some good rewards cards that are VISAs? I'm the Credit Card Guru, YOU BET
Guest: guessindigo Post subject: Great Cash Reward Credit Cards Posted: Fri Apr 29, 2005 8:44 pm
VISA Signature Airline Cobrand cards.
In fact, MBNA is now offering a $0/annual fee VISA Signature card.
Guest: Alexis Rios Post subject: Great Cash Reward Credit Cards Posted: Mon Jun 27, 2005 7:49 pm
CreditCardGuru wrote: What are some good rewards cards that are VISAs?
Chase/Bank One Cash Rewards
Guest: NickB Post subject: Great Cash Reward Credit Cards Posted: Tue Jul 05, 2005 11:04 pm
Board Monitor wrote: Also, out of curiosity, how did you find out about our website?
Albeit a little off-topic, this board can be found as the #7/8 ranked google search "credit card forum". Middle of the first page.
Guest: Board Monitor Post subject: Great Cash Reward Credit Cards Posted: Wed Jul 06, 2005 8:35 am
Thanks for the post NickB and welcome to the board! _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: tater686 Post subject: Unbiased Credit Card Reviews Posted: Mon Jul 04, 2005 7:30 am
I've really been looking for is a card that offers 2% cash back on ALL purchases. I finally found a card. The Sam' Club Discover Card.
SAM'S CLUB ADVANTAGE PLUS MEMBERS Upto $1,500 0.25% $1,500.01 - $3,000 0.50% $3,000.01 - $5,000 1.00% $5,000.01 - $10,000 1.75% Over $10,000 - 1M 2.00%
You need to purchase a Plus membership ($100 a year) to qualify for these rates. Non-plus members get 1/2 the return. This is by far and away the highest cash back card I've seen for people that charge up to 1 million a year.
Has anyone seen ANY card that offers cash back in the range of this discover card?
Here are the cards I am currently using and a short review:
BANK OF AMERICA US Airways MBNA Cashback 1% Cash back AMEX Green Card BANK ONE Rewards (1%) FLEET Savings Bond (1% when issued, 2-3% when matured savings bonds)
Living outside of Philadelphia makes the US Airways card a very valuable card. Philadelphia is US Airways' hub city and there are countless options available for flights. Very rarely am I unable to get what I need. Most flights are only 20,000 miles.
MBNA Cashback - Its ok, your standard 1% cashback issued as a statement credit when you call them. No known cap.
Amex Green - Another 1% card with most purchases and a higher percentage (not known) for supermarket, gas and pharmacy purchases.
Bank One Rewards - 1% cash back, no known cap.
Fleet Savings Bond - 1 Point per dollar spent. You will receive a $50 savings bond (worth $25 now) for every 2500 points. Limited to 20 bonds a year.
Guest: Alexis Rios Post subject: Unbiased Credit Card Reviews Posted: Mon Jul 04, 2005 7:49 am
i like Sams Club Discover Advantage Plus card , but require a lot of expenses to see a cash back.
Guest: Board Monitor Post subject: Unbiased Credit Card Reviews Posted: Mon Jul 04, 2005 9:21 am
Greetings and welcome to the board tater686! Great post. I think you could only do better with some of the other cash back cards that offer 5% on grocery, drugstore and gas purchases. This, of course, assumes that you have a lot of grocery, drugstore and gas purchases. Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: Polonius Credit Expert (100+ Posts) Post subject: Unbiased Credit Card Reviews Posted: Mon Jul 04, 2005 11:21 am
The card has a couple of built-in "gotchas." It's not bad, but it isn't as good as it appears at first glance...unless you're a Sam's Club member anyway.
What is your actual cash rebate? Suppose you spend $10,000 per year. Do you get 2% back (i.e., $200)? Nope. Quote: If a Purchase causes Year-to-Date Purchases to span multiple rebate tiers, the applicable rebate percentage for each spanned tier will apply to that portion of the Purchase falling within such tier. For example ,if a Cardholder who is a SAM'S CLUB Advantage member already has Year-to-Date Purchases totaling $2,000,makes an additional $2,000 Purchase, $1,000 of that additional purchase would be eligible for a 0.50% rebate and the remaining $1,000 would be eligible for a 1.00% rebate. So it's like a tax bracket--you only get the full 2% on the purchases you make AFTER your annual buying is over $10,000. Then you have to spend that $100 per year for membership.
And what do you get back? You don't get cash. You get a rebate check. Quote: Rebate checks may be cashed only at the SAM'S CLUB. Cardholders who are not members of SAM'S CLUB may cash their rebate checks by obtaining a one-day pass at SAM'S CLUB. Source: https://www.onlinecreditcenter2.com/consumer/samsdual/layout/CashBackDisclosure.jsp
Not a problem if you shop at Sam's Club, but it would be a problem for me, since there isn't a Sam's Club for hundreds of miles from me.
And it's a Discover card. Not as many places accept Discover as AmEx, Visa, or MasterCard. I do the majority of my credit card dollar volume at Costco each year; it only takes its own cards and AmEx now.
I use the Costco TrueEarnings American Express card. As with the Sam's Club card, you need a Costco membership of some sort. I pay $100 for executive membership. That gives me a 2% rebate on all purchases (maximum $500 per year) at Costco itself. (Rebate has to be cashed in at Costco, but you can get cash on request.) To that I add the AmExp card: True cash back- 3% for eating out, 2% for traveling, 1% everywhere else, including at Costco. So I get 3% off everything at Costco, and the 3% eating out and 2% traveling are good too. The remaining 1% on all purchases doesn't sound as good as some other offers, but there are other advantages to the card--balance transfers with no fees, fairly low interest rates with the ability to carry a balance if you so choose, and so forth. Since Discover, Visa, and MasterCard aren't accepted at Costco, it's a nobrainer for me to get this one, since I shop at Costco a lot.
I think that i'll try to call to GEMB customer service to try to combine Walmart Discover with Samclub Discover an keep the Walmart Discover card. I've tried to combine the Sams Discover with the regular Sams account , but is not possible.
Got back from Sam's Club a little while ago and got approved for the card. Limit is only $10,000 as of now so I'm gonna have to pay the card off a couple times a month for a while. The tiers dont bother me so much. I will definitely put at least $750,000 a year on the card and will probably put the required $10,000 on it in the first week to begin earning 2%. This is a business card, although they do offer a personal card.
Obviously for every day purchases this is not the best cash reward card, but I will be using this card for B2B purchases (I own a ticket agency) and the large majority of brokers I buy from accept Discover. The local Sam's Club is a mere bike ride away so its not much of a problem getting to a store to cash a rebate check.
I am pretty psyched. 2% back on up to a million a year in purchases. I've looked long and hard and this just seems to good to be true. Heck, as a merchant I only pay Discover about 1.8% for processing their credit cards and I know brick and mortar merchants probably pay about 1%. Doesnt make much sense to me from the business standpoint of Discover.
Guest: Board Monitor Post subject: Unbiased Credit Card Reviews Posted: Tue Jul 05, 2005 11:16 am
tater686- Interesting! Let us know how things turn out.
Polonius- Guess I'm confused. How exactly do you get 3% off everything at Costco? Please explain in further detail. Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Curtis, the Executive Membership ($100 per year) gives 2% off everything at Costco; I pay for everything there using the Costco AmEx TrueEarnings card, which gives an additional 1% on purchases anywhere, including Costco. 2%+1%=3% was all that I was saying.
There's apparently no maximum to the AmEx rebate; the Costco rebate is limited to $500 per year. I have a friend who makes large purchases at Costco every year, so he just pays for additional memberships--he switches membership cards when he goes over $25000 in purchases (that's when the Costco 2% rebate maxes out).
I actually make a bit more than that using other methods which I've mentioned here. For instance, I never use the Costco AmEx card when I purchase online--I'll use a different cashback Discover, Visa, or MasterCard. I still get that 2% from Costco and roughly 1% (cash or rewards) from the other card. But if I ever have to return anything to Costco, the local stores can't handle a refund to anything except AmExp, so they give me the refund in cash/check--and I keep the 1% rebate on the card I used...
tater686, that does indeed sound like a great deal for your circumstances! Nice find! I read through the fine print and the only possible problems I see are that the terms can change at any time. Also, since you're planning to spend about 80,000 a month on a 10,000 limit card, you might find that there's a delay between the time you pay and the time your credit limit is again available for use. That's happened to me a few times. I was told once that I could not charge more than my credit limit every month even if I paid it off in full. The Customer Service Representative who told me that was wrong...but make sure you check your availability online. You sound like a careful person who would do that anyway, but I thought I would just mention it for other readers...
Guest: Board Monitor Post subject: Unbiased Credit Card Reviews Posted: Wed Jul 06, 2005 8:46 am
Great tips! Thanks for the follow-up Polonius. Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: bobelon Post subject: Foreign Exchange Rates and Credit Cards Posted: Tue May 10, 2005 10:31 am
Latest credit card statement chase/bankone exchanged Eastern Caribbean dollars at the rate of 1EC = US$0.3719 PLUS charged a hefty exchange rate adjustment. The current exchange rate is $0.36765 and has been for years. This card, our main one, was orginally First USA then Bankone and now Chase. They just introduced an annual fee. The service is generally good but the costs are killing us. We have a vested interest in their frequent flyer program. Any ideas?
Guest: CreditCardGuru Post subject: Foreign Exchange Rates and Credit Cards Posted: Tue May 10, 2005 7:54 pm
Talk to them and try to get them to make a deal...threaten to switch to another bank, like BofA.....tell them you want the ORIGINAL terms you had or something like that......after the merger they tried to change my terms, BUT I was able to keep the old ones. I'm the Credit Card Guru, YOU BET
Guest: Daniel Post subject: Foreign Exchange Rates and Credit Cards Posted: Wed May 11, 2005 6:05 pm
Believe it or not Capital one still does not charge a foreign transaction fee last I looked. Also most not all credit unions do not charge the fee either.
In the last year many banks have started to increase their foreign exchange fees.
Guest: etoile Post subject: Foreign Exchange Rates and Credit Cards Posted: Tue Jul 05, 2005 10:01 pm
Capital one does now charge a 3% fee on purchases in foreign countries. Do does Amex, Visa, MC, Chase. Anyone know a card that doesn't?
Guest: etoile Post subject: Foreign Exchange Rates and Credit Cards Posted: Tue Jul 05, 2005 10:02 pm
Capital one does now charge a 3% fee on purchases in foreign countries. Do does Amex, Visa, MC, Chase. Anyone know a card that doesn't?
Quote: One big minus is that Diners Club will now charge a conversion fee of three percent on purchases billed in foreign currencies, up from a current two percent. The other big negative is that the payment requirement for consumer cards will be reduced from two cycles to one, meaning that you'll have to pay up in less than a month or face a penalty.
In a related move, MasterCard says it will no longer add a one percent conversion fee to foreign billings. However, several big banks that issue MasterCards have already announced that they're increasing their foreign-purchase fee to three percent. So you'll wind up paying the same total three percent surcharge as before—maybe a bit more, since MasterCard is tweaking the exchange rates it uses to compute the charges.
American Express says it has no plans to match Diners Club's move to a three percent surcharge—it plans to stick with its current two percent figure. And Visa says it will re-label its exchange fee in response to recent litigation, but it will still charge one percent. The only change is that Visa will add one percent to all foreign transactions, even when they're denominated in dollars. Presumably, many banks will continue to add their two percent on foreign Visa charges, while Capital One, MBNA, and some other banks will continue not adding the surcharge.
One other footnote to the earlier foreign exchange story. Several readers have inquired about buying foreign money in the U.S. before they leave. As I noted, you'll probably be gouged at the exchange counter of a big U.S. airport. But if you buy through your bank, you'll probably lose around five to six percent on exchange for one of the more popular currencies such as euros or pounds—that's better than most retail currency exchanges, but still not as good as plastic.
So saith: http://www.smartertravel.com/advice/ed/advice.php?id=8602 More info in the full article. So MBNA is a good choice as well as Capital One...and Amex is pretty good too if you don't have those.
I used to do a lot of buying/selling in different countries and had a special bank account in Canada that let me write checks in any currency; they were converted at a pretty good exchange rate too and the fees were small for the account. But that was, oh, 30 years ago or so. I don't know of any banks that let you do that now, except for some Swiss bank accounts with huge fees and large balance requirements.
Oops. Posted that article (from March) and decided to look for something later. Found this update from June 2nd, same author: Quote: Other plastic news since my last report:
Most big banks that issue MasterCard or Visa cards now charge a total surcharge of three percent on billings that originate in foreign countries. That three percent includes what was formerly the one-percent charge from the international MasterCard and Visa networks, so your total hit remains at three percent. Capital One says it is still at one percent, as are cards from USAA and quite a few small banks and credit unions. Just after my last report (as many readers have e-mailed me), MBNA went over to the dark side and started charging three percent. Visa already adds its surcharge to any foreign transactions, even if they're in dollars, and MasterCard will soon follow. Since overseas merchants who offer to bill you in dollars are likely to gouge you on the exchange rate in addition to the bank's gouge, you're better off asking for your bills in local currency rather than dollars.
Guest: etoile Post subject: Foreign Exchange Rates and Credit Cards Posted: Wed Jul 06, 2005 9:03 am
Yes, thank you. I did try Capital One, MBNA, Amex...all now charge a percentage for foreign transactions. I have yet to find one that doesn't. Isn't this called collusion....that they all suddenly decided to do this. If anyone knows of a card that doesn't add a foreign transaction fee, I sure would lie to know about it. _________________ are there any credit cards available that do not add currency conversion fees
Guest: billy Post subject: Applying for Credit Cards With High Credit Scores Posted: Wed Jul 06, 2005 2:51 am
i just got denied from providian online application.just wondering why.cuz i know my credit score is more than 740,also i don't have large blance on my other cards.
have a few questions,hope some one can answer me,thank you so so so much!
1.online application is very hard to get approve,no matter how high ur credit score it is,right?
2.is there any better way to apply credit cards without using the online application?
3.application denied will hurt credit score?
4.i used the blance transfer option to transfer 4000 from my citi bank card to the providian card which i was going to apply,is this the reason i got denied?because the amount is too large?{by the way,my citi card's credit limit is 12000}.
thx for the people who can answer my questions,!i belive ur answer also will help the others too.thank you very much!
Guest: Polonius Credit Expert (100+ Posts) Post subject: Applying for Credit Cards With High Credit Scores Posted: Wed Jul 06, 2005 9:34 am
1) Online applications vs. other ways of applying--I have no idea of the differences. I can only guess. The computer has to be programmed to find out your credit history to some depth and a decision is made in with several variables--accept/decline/refer for outside review; if accept, give credit limit....etc.
You say your "credit score" is 740. My Experian Credit PLUS score is 774; my TransUnion FICO score is 703. Make sure you're using a FICO score. You may be judging your own credit worthiness higher than the computer does.
2) Apply in person, by phone, or via mail. By phone may be the best way, especially if you have things that need to be explained or there are questions the bank needs to have answered.
3) Applying produces an inquiry which may reduce your score a little for the single bureau that's used to pull your credit. But your score doesn't go down if you're declined; there's no record of being declined and that's not in the scoring models anyway. In fact, getting approved will likely decrease your score--it will reduce your average credit history number per card since you then have a new card, for example.
4) No. Typically, if you're approved at all, you can balance transfer up to your credit limit by phone, online, often via checks sent to you--I don't think that's a factor for approval or disapproval of your application one way or the other.
Guest: guessindigo Post subject: Applying for Credit Cards With High Credit Scores Posted: Wed Jul 06, 2005 12:51 pm
1) False. The criteria to get approved is the same whether you apply via on-line, phone, or mail. 2) You can call, sometimes people feel a bit more comfortable this way. 3) Yes because an inquiry will show up, NOT because you were denied. Even then, an inquiry only will cost about 5 points. 4) No, that is not the reason you were denied.
Combining Visa Signature and World MasterCard Credit Cards
Guest: creditnewbie Post subject: Combining Visa Signature and World MasterCard Credit Cards Posted: Tue Jul 05, 2005 7:47 pm
Does anyone here have either one of these cards? if so, did they report your credit limit even though it's not pre-set? I have platinum Visa and MC and I think I can convert them to those two but afraid that my limits might not get reported.
Guest: Alexis Rios Post subject: Combining Visa Signature and World MasterCard Credit Cards Posted: Tue Jul 05, 2005 7:54 pm
some of these cards have a credit limit for credit report purposes. Sometimes is to avoid a drop on your score. Call to the credit call issuer for more information about these cards.
Guest: creditnewbie Post subject: Combining Visa Signature and World MasterCard Credit Cards Posted: Wed Jul 06, 2005 6:47 am
My cards are with citi and bank of america. I'm afraid that if I asked them about reporting my limit, they might not tell me the truth or maybe the customer service reps don't know. Anyone has these cards with these 2 banks? Are your limits reported?
Guest: guessindigo Post subject: Combining Visa Signature and World MasterCard Credit Cards Posted: Wed Jul 06, 2005 12:47 pm
No the credit limits are not reported since there is no preset spending limit. If they did report a limit and you went over it; hence no preset limit then it would show you were overlimit, and that is worse than not reporting limits. If you are absolutely positive you will NEVER charge more than your exposure limit than you can request the issuer to report the exposure limit as your credit limit. Otherwise, your credit limit on your credit reports will be the highest balance you carried at any point in time.
Also, since signature cards have very high credit lines, if they were reported correctly, you might get stung by too much available credit. This will really hurt you if you are close to purchasing a home. If you already have a home and are not going to buy another home, then having too much available credit won't hurt so much.
Guest: creditnewbie Post subject: Combining Visa Signature and World MasterCard Credit Cards Posted: Wed Jul 06, 2005 2:01 pm
My credit history is very short--only 22 months, but my credit limits are $18K Visa and $10K MC. I chose those limits. I requested increases on my visa until it became $18K, and MC was opened with $1500, so I called them and told them that it was too little and I wasn't gonna accept it. They asked me how much limit I wanted then I said $10K--it's only 3 months old. I know if I want to switch my cards to Signature or World MC I won't have a problem, but I'm scared that my score will drop big time. My visa has 8.9% fixed APR, and the MC is Citi dividend. I'm not a big spender--the max I charged was 56% of MC limit and 35% of visa limit in the same month and I paid them in full always-- but I like the idea of concierge. So should I apply for one of those cards and leave my cards alone, or should I switch only one of them? If so, then which one should be switched?
