Author: Lonnie Posted: Thu Jul 01, 2004 3:24 pm Post subject: Capitol One Gold Credit Card Review
7/13/2002 9:14 pm CDT
I was wondering had anyone signed up for this card in the past 1-2 months and had they received an offer for a free couple of nights stay in Las Vegas? I was approved over the internet with the 30 second decision and at the end after being approved they mentioned the free trip offer I thought, but I haven't received any info or been able to find anything about it. I wouldn't have agreed to the card without the trip because, I would have checked other offers because the $300 dollar limit I was given and the $59 annual fee
Author: Daine143 Posted: Thu Jul 01, 2004 3:03 pm Post subject: Authorized Credit Card User
7/15/2002 9:20 am CDT
I have seen a lot of previously posted messages that are contradictory. Some of you have said that authorized user statis does not effect your score others say it does?
Here is what I know from experience. Transunion removed a charge off account in which I was an authorized user but my score did not change at all. However, I was denied credit when that report was pulled before it was removed.
Experian is giving me a harder time but I think I will eventually come out on top. However I cannot even think about applying for credit if a creditor pulls an Experian report until it is off. It may or may not effect a score but it does effect the chances of getting any credit.
It seems creditors do not care if you are an authorized user or not or whether the score reflects it or not.
Any experiences with this? The FTC has a provison that was interesting to me and I am wondering if it applys to authorized users. Apparently an account must be removed under the Federal reporting act if it is not a persons account. Could this be used to make a case if there is any more trouble? Thanks
Author: Wondurkind Posted: Thu Jul 01, 2004 2:48 pm Post subject: Which Reward Credit Card
Hi,
I'm currently shopping around for a credit card that earns rewards to replace one of mine that doesn't earn any. Does anyone have any suggestions to which card will yield the most points/rewards for the buck? I have (knock on wood) excellent credit, and want a card with no annual fee. I was thinking of getting a practical card, like a grocery/gas card, but I find they either charge an annual fee, the reward points expire after a while or it will take forever to redeem the rewards (ex. With BP card, you get 3% everytime you pay in a BP station, or 1% elsewhere. Thus you'll have to spend $700 or $2k respectively to get your $20 free gas card). I guess in a nutshell, not enough "bang for the buck".
I have an Amex Hilton Optima card and I find it the best card out there not only because do these points don't expire, but I earn 3 points for every dollar charged. On top of that, they even have special promotions where points multiply for certain periods too! The only thing I'm disappointed in their reward program is the lack of retail variety when I want to redeem my points.
So all in all, I'm looking for card with no annual fee, nonexpiring rewards, and having a good variety of rewards to choose from. Thanks for your time and your thoughts!
Author: nobody Posted: Thu Jul 01, 2004 2:50 pm Post subject: Which Reward Credit Card
7/17/2002 4:42 pm CDT
Shell Mastercard pays 5% back for shell gasoline, and is redeemed every month in the form of free gas purchased on the card. But this is still probably not enough for what you are looking for.
Author: Ira Stoller Posted: Thu Jul 01, 2004 2:50 pm Post subject: Which Reward Credit Card
7/17/2002 10:39 pm CDT
For gas cards try the Shell card from Chase. 5% monthly rebate on Shell gas, 1% on everything else. You can also get a Gulf card from Fleet, 3% cash rebate on Gulf gas, 1% on other purchases, or an Exxon/Mobil card from Associates (now Citibank) which gives a somewhat smaller rebate. All of these cards give you cash rebates every month which are instantly applied to your gas purchases. I'm sure there are others out there just as good.
Author: bhoff Posted: Thu Jul 01, 2004 2:51 pm Post subject: Which Reward Credit Card
7/21/2002 7:13 pm CDT
I use chase/shell platimum. THey give you 5% at shell stations and 1% on all other purchases. In addition they have a 30 day grace period, and they apply your cash bonus monthly rather than once a year like Discover.
Author: Barry Posted: Thu Jul 01, 2004 11:30 am Post subject: No Credit History Credit Card
7/17/2002 10:22 am CDT
Can anyone help me. I moved to the US 6 months ago. I own my house and car outright. I have held UK credit cards for 20 years with no problems. But I can not get a credit card here because I have no credit history in the USA. Even Capital One have just turned me down for that reason. Can anyone advise me? Thank you
Author: Misty Posted: Thu Jul 01, 2004 11:33 am Post subject: No Credit History Credit Card
7/17/2002 12:16 am CDT
I would maybe try getting a secured credit card or maybe even a store credit card; although most lenders prefer to see mastercard and/or visa over store cards. Bank of America has a good secured card program. The minimum deposit is $250 and the account stays secured for a year and after that time the account is reviewed and as long as you have had good payment history and haven't gotten any negative credit, the account will be changed to unsecured and the money you deposited is released back to you. Hope this helps!
Author: Barry Posted: Thu Jul 01, 2004 11:35 am Post subject: No Credit History Credit Card
7/18/2002 12:51 am CDT
Thanks I have had a BofA checking account for 10+ years but they never mentioned this
Author: Linda Shawb Posted: Thu Jul 01, 2004 11:24 am . Post subject: Premier One Credit Card Review
7/17/2002 1:12 pm CDT
Has anyone had any experience with Premier One...not 1st Premier? Supposedly, it is a separate company. They offer a great deal, want a checking act # to deduct the one time fee and then send you a credit card that can be used for balance transfers, charges, etc. at a low interest rate.
I am dealing with an ex-husband's bankruptcy which had everything come back on me and credit cards that I am not able to pay because of the high interst and the fact that I have been on workers comp for nearly 2 years so I am not getting anywhere so low interest is a great deal to me right now.
If they are willing to give you credit, why wouldn't they be willing to charge the one-time fee to your credit card. If they are offering credit, but want your checking account number, IT IS A RIP-OFF!! Do not do it. YOu will lose your money and not get a card. Read older posts on here about people doing the same thing you suggest and getting ripped off. Do not do it.
I don't know anything about the company you mentioned, but why would they need your checking account number? Just think about it...
Author: Serena Posted: Thu Jul 01, 2004 11:25 am Post subject: Premier One Credit Card Review
10/22/2002 10:33 am CDT
I just called for a credit card similar to this. They said I was approved for a Premier Gold card. Since I told them my info will they be able to go into my account after I cancel my order.
Author: mouse Posted: Thu Jul 01, 2004 11:26 am Post subject: Premier One Credit Card Review
7/17/2002 7:06 pm CDT
"REAL" credit cards charge the annual fee on the first bill.
Author: Sydney Posted: Thu Jul 01, 2004 11:27 am Post subject: Premier One Credit Card Review
7/18/2002 12:37 am CDT
Its a fraud!!! dont do it!!! I check the BBB website and its a fake.. The address is a private mail box. They also claim to be members of the BBB and theyre really not. they just deduct money from your account and not give you anything.
Author: Jerard Duie Posted: Thu Jul 01, 2004 10:19 am Post subject: Credit Card for U.S. Citizen Overseas
7/23/2002 4:05 pm CDT
I am a US citizen who resides in Japan. I own property, maintain a mailing address and have both a bank and brokerage account in the the US. My credit and my wife's are flawless. I have a credit card issued from Citibank in Tokyo, however, it is almost always rejected when I try to purchase products on-line from US businesses. To the best of my knowledge, residency in the the US is required to get a credit card from a US company/bank. Are there any banks/companies who will issue a milage reward card to a US citizen who resides in Japan?
Author: Misty Posted: Thu Jul 01, 2004 10:20 am Post subject: Credit Card for U.S. Citizen Overseas
7/23/2002 7:08 pm CDT
As long as you're a citizen of the US, all you should have to do is to apply using your US address-because if you use your Japan address, you will more than likely be turned down for residing out of the service area-and then once you're approved, ask them to change the address to your address in Japan. But verify first that they can send a card there-there are some countries to which a credit card can't be sent. I don't believe Japan is one of them but better safe than sorry! Hope this helps!
Author: Jay Posted: Thu Jul 01, 2004 10:17 am Post subject: Gas Credit Card Account
7/23/2002 4:24 pm CDT
Does a gas card account impact your credit Fico ratings positively or negatively, or not at all. When the terminology "credit account" is used in realtion to credit reports, does this count as one, or are they only talking about major credit cards? In other words, is one gas card one "credit account" too many , interms of its impact on a credit rating? I have four major credit cards, one dept. store (Sears), and one gas card (ExxonMobil). Is this too many accounts?
Author: jason Posted: Thu Jul 01, 2004 10:17 am Post subject: Gas Credit Card Account
7/24/2002 2:47 am CDT
A gas card account is reported just like any other credit card. If you are worried about your FICO score as in a gas card, it does not really matter. Higher credit limits on your cards which are good $1600 or more, low balances on all accounts 20% or less is best. On time payments are the key also.Pay off balances, keep debt lower. time=FICO higher
Author: mouse Posted: Thu Jul 01, 2004 8:08 am Post subject: Balance Transfer Affect On Credit Report
7/23/2002 9:37 pm CDT
NO, a credit report only states what is owed on a give day, NOT how it was done.
Author: jason Posted: Thu Jul 01, 2004 8:09 am Post subject: Balance Transfer Affect On Credit Report
7/24/2002 2:57 am CDT
Balance transfers are a great idea if you do not run up any more balances after transfer. Pay down the debt to get higher FICO!!!! The amount you owe which is charted by FICO score is probably biggest factor!! Less credit balances and more credit cards, not too many and proportion of balances under 20% of max credit limit will help greatly!!!
Author: jason Posted: Thu Jul 01, 2004 8:04 am Post subject: Credit After Bankruptcy
7/24/2002 2:11 am CDT
Does any one know of any credit card issuers, maybe smaller ones that might approve someone after a chapter 7 bankruptcy and after they have established credit already??? besides Capital One,Providian,First Consumers National Bank,secured cards,Orchard,Merrick.And not the ones that charge crazy fees etc.First Premere,Cross Country,Centenial,. FICO is in upper 600's and there is very very little debt. Remember Bankruptcy is on credit report and will last 10 years. Many companies if you apply will deny only because of Bankruptcy within 10 years. PLEASE REPLY ANY KNOWLEDGE.
Author: Steve Posted: Thu Jul 01, 2004 8:06 am Post subject: Credit After Bankruptcy
7/24/2002 12:46 am CDT
Try Bank of America. They have a good secured card program, although if your BK was very recent, they might not approve even a secured account for you. By the way, FCNB is no longer in the secured card business unfortunately. They had a pretty decent program while it was around anyway.
Author: KAY Posted: Thu Jul 01, 2004 7:54 am Post subject: Social Security Number for Credit Card Ratings 7/24/2002 10:35 pm CDT
DO CREDIT CARD COMPANYS USE SS# FOR CREDIT RATINGS? IS IT POSSIBLE FOR SOMEONE TO USE THEIR OWN NAME BUT DIFFERENT SS# TO RECEIVE A CC? HOW CAN SOMEONE FIND OUT IF SOMEBODY DID THIS FOR SURE? IF YOU HAVE THEIR INFORMATION ON THE BILL THEY RECEIVE DOES IT HAVE ON THERE SOMEWHERE THE SS# THEY USED? OR HOW CAN I FINDTHE INFORMATION SOMEONE GAVE TO RECEIVE THEIR CC? THIS IS NOT MYSELF DOING THIS BUT i BELEIVE SOMEONE CLOSE TO ME HAS DONE THIS
Author: mouse Posted: Thu Jul 01, 2004 7:55 am Post subject: Social Security Number for Credit Card Ratings
7/24/2002 11:30 pm CDT
SS# is used to pull a credit report, the name, address, phone, employment, etc are all checked with the application and credit report.
If you suspect somebody has used your SS# and wasn't DENIED by the credit card company (SECURITY CHECK), contact the credit card company and also pull EQUIFAX, EXPERIAN, and TRANS UNION credit reports.
SS# mis-match should have "killed" the application.
Author: KAY Posted: Thu Jul 01, 2004 7:56 am Post subject: Social Security Number for Credit Card Ratings
7/24/2002 11:55 pm CDT
HEY MOUSE!
THANKS FOR THE INFORMATION. WHAT I REALLY NEED TO KNOW IF HOW CAN I FIND OUT WHAT SS# SOMEONE USED WHEN THEY APPLIED FOR A CREDIT CARD?
Author: KAY Posted: Thu Jul 01, 2004 7:56 am Post subject: Social Security Number for Credit Card Ratings Social Security Number for Credit Card Ratings 7/24/2002 11:43 pm CDT
MOUSE ALL I AM LOOKING FOR IS INFORMATION I DO NOT HAVE ANY ISSUES WITH CC CO. JUST TRYING TO FIND A LITLE INFRO ON THIS. SO WOULD I BE IN THE RIGHT PLACE NOW IF I'M JUST KOOKING FOR SOME INFROMATION?
Author: Verne Posted: Thu Jul 01, 2004 7:58 am Post subject: Social Security Number for Credit Card Ratings
7/25/2002 12:51 am CDT
I may have misunderstood the question but here goes.
If someone has obtained a credit card in your name, ask the credit card company for a copy of the original application. They should want to help you if you explain that you never applied for or received the card.
I had someone intercepting pre-approved credit card applications, filling them out, using my SS#, forging my signature, and having the credit cards sent to my previous address. On other cards, they received in their name, they added my name. I only caught this when the post office forwarded one of "my" bills to me by mistake. Another reason to periodically get your credit report.
If this is the case, you can file a fraud report with all the credit reporting agencies. You can require the lenders to check with you before issuing credit. At least that's the way it was 10 years ago.
Author: Verne Posted: Thu Jul 01, 2004 7:51 am Post subject: 18 and In Need of a Credit Card
7/26/2002 9:00 pm CDT
Typically the place to start is with a store card like Pennys or Sears. Even better, a local credit union might issue a major card like Visa or Mastercard.
But make sure you pay off a store card every month since their interest is usually over 20% - although they do have occasional deals.
Avoid any secured cards since they usually have annual fees among other drawbacks. A secured card is just a glorified checking account with a debit card.
If all else fails, look for opportunities to buy over time even when you don't need to. Anything to show you can handle credit.
Author: st3ph3n Posted: Thu Jul 01, 2004 7:52 am Post subject: 18 and In Need of a Credit Card
7/27/2002 1:14 am CDT
I don't know if you are in college yet, but if you deciede to go to college, credit card companies will be all over campus ready to give you a credit card. If you are not in college and you can't wait until you go to get a card, go to a bank and open up a secured card or get your parents to cosign for you.
Author: nobody Posted: Thu Jul 01, 2004 7:53 am Post subject: 18 and In Need of a Credit Card
7/29/2002 2:48 pm CDT
You might also try gas companies (Shell, BP, etc.) They tend to be more lenient, assuming you have income. IF you have no income, you don't need a card.
Author: rick nats Posted: Wed Jun 30, 2004 9:59 pm Post subject: Problem With Credit History 7/31/2002 12:40 am CDT
I had cancelled one of my credit cards almost 2 yrs ago. (formerly GTE Visa card, now Verizon Visa card). At that time, there was a balance of about $20. However, they did *not* send me a statement for the remaining balance. I too forgot about it (my bad) and destroyed my card. After more than a year and a half, i got a collection agency letter. Several frantic calls later, I figured out what happened and immediately paid the balance to the collection agency (about $300!). Now, the problem is that they will not cancel my credit card account (the account is supposed to be 'closed') nor will they allow me to reopen it. So that a 'serious delinquency' is there on my credit reports and I am unable to get rid of it. My credit history id screwed up. Even though it was my mistake also, I feel that I am being punished unfairly for it. Is there anything I can do about it?
Author: LB59 Posted: Wed Jun 30, 2004 10:00 pm Post subject: Problem With Credit History
7/31/2002 4:25 pm CDT
You bet they are. I've just had a similar, equaly unbelieveable experience. Today, a dispute i sent them came back as verified, depite a letter from the creditor that the account was never late, and as of this month is paid in full. When I called Experian, they said that the creditor had verified the information. I said what about my letter? They responded it didn't apply. I called the creditor, who said that they have had no communication with Ex since sending them their update to correct the late pay three weeks ago. EX is LYING. No question. I am at my wits end. I have asked the creditor to call directly and discuss the matter with EX, which they said they would do. But I am skeptical that anything will happen. Unfortuantely, I do not have time to sue, because my refinacning which depends on these deletions won't go through, and I will go under by then.
Author: Verne Posted: Wed Jun 30, 2004 10:00 pm Post subject: Problem With Credit History
7/31/2002 9:04 pm CDT LB59,
Here's a thought if the false information is only on the experian credit report and you don't have a lot of time.
If the refinancing loan is close to going through, perhaps the bank doing the refinancing would listen to you and agree to throw out the Experian Report and use the other credit bureaus, TransUnion and Equifax.
I know that banks will do some strange things to approve a loan. They will "gross up" untaxed income by 25% to 40% to get a home equity loan, yet when it suits them, allow a 15% gross up if at all.
I have more respect for the casino industry. At least, in a casino they want the customer to know what the odds are and not feel cheated. In fact, the house doesn't need to cheat. They know the percentages are in their favor.
Yet with the banking/credit card industry they hide as much as they can from the consumer.
Only in the very fine print will a cardholder discover that payments will be applied to that part of the loan with the lowest interest first.
Only in very fine print do they "notify" you of a change in the agreement and interest rate. Usually in the form of a tiny insert mixed in with the junk mail enclosed in your statement. Wasn't it in large bold print that the original agreement boasted a low "fixed" interest rate for the life of the loan?
Only in very fine print do they tell you the enclosed "convenience checks" will be treated like cash advances with the higher interest rate and fees. Yet in large print they urge you to transfer high-interest balances using these checks.
Only in fine print do they tell you the interest on the shipping and handling for those "free gifts" will be at a higher interest rate. And then "buried" beneath your balance at that great fixed rate.
Only in very fine print do they tell you they may charge the penalty interest rate if you have any adverse information on your credit report - which they may check monthly.
In even finer print they tell you they reserve the right to change the agreement for "any reason". Which is why a cardholder with a high FICO score, a perfect payment history and no adverse information on any credit reports may still get hit with a change in terms to a higher interest.
It has nothing to do with the credit score and everything to do with the debt balance to available credit ratio. If they think they have you over a barrel and you can't move the balance to a lower-interest card, they will jack up the interest rate.
If they think you are trapped they will move in for the kill. If you move your balance and close the account, they beg you to come back. "We would hate to lose you". "We promise not to mistreat you again", they plead. "Well, at least, not until the next time we mistreat you".
Sort of like the cost of plywood as a hurricane approaches or the price of gas right after 9/11. They do whatever they can get away with.
We need real consumer protection and real credit card/banking reform. In what other industry would a prevailing business strategy that seeks to first deceive then trap the customer be allowed? I mean besides the Carinval.
Author: Frederick Poole Posted: Wed Jun 30, 2004 8:28 pm Post subject: Highest Credit Card Interest Rates 8/1/2002 12:15 am CDT
I've heard of people being charged an interest rate on their credit card balances as high as 29.9%. What is the upper limit on credit card interest rates? Doesn't the Government have a set limit that card issuers can't charge beyond like 32% or something?
Author: Jim Posted: Wed Jun 30, 2004 8:28 pm Post subject: Highest Credit Card Interest Rates
8/1/2002 12:37 am CDT
I'm not 100% certain about this, but I think there's actually NO LIMIT on what card issuers can charge in terms of the APR. Maybe Misty knows for sure?
Author: mouse Posted: Wed Jun 30, 2004 8:29 pm Post subject: Highest Credit Card Interest Rates
8/1/2002 1:18 pm CDT
Parents got a 36%, it was advertised in small print 3%/month.
Author: Verne Posted: Wed Jun 30, 2004 8:29 pm Post subject: Highest Credit Card Interest Rates
8/1/2002 5:40 pm CDT The interest rate limit depends on the state where the credit card company/bank does business. As far as I know there is still no federal usury law capping interest rates.
Some states,like New Hampshire, Delaware, and South Dakota have lender friendly laws that allow uncapped interest rates.
Arkansas is considered a consumer friendly state.
When credit card interest rates hit the mid 20's in the early 80's, Congress considered passing some form of usury legislation to cap interest rates. But since Congress represents the loansharks and not the indentured servants, this went nowhere.
In light of the Enron, Qwest, Chase Morgan and Worldcom scandals, Congress might be getting enough calls and mail to actually pass some meaningful legislation regarding the business/banking/lending community and throw the serfs a bone to keep them quiet.
But as long as special interest groups own our government, it doesn't represent the people and the laws will reflect that.
Author: Cathy Posted: Wed Jun 30, 2004 8:09 pm Post subject: High Interest Credit Card Review 8/5/2002 2:21 pm CDT
Hi all! I was wondering if anyone else has had MBNA recently jack up their rate inspite of no degrogatories with them or anyone else. I have a sprint mastercard with them, and was informed via their last statment they will be raising the rate from 13.99 to 19.99%. Their excuse, I mean reason has to do with my equifax report. Granted I do have ballances but i'm currently in dispute for a lot of it. The ironic thing is, at&t mastercard recently upgraded me to the cashback card, hense a LOWER rate then I had previously. MBNA has given me two options 1) Accept the raise in rates or 2) "reject" the new terms, effectively closing my account and paying it off at the current rate. Not sure what I should do but they said my "reply" should be received by Aug 20.
Author: Verne Posted: Wed Jun 30, 2004 8:10 pm Post subject: High Interest Credit Card Review
8/5/2002 4:53 pm CDT
Hi Cathy,
If you can move the balance with MBNA to a card with a lower interest rate that would be best. Move it, call them, and they may offer you an even lower rate if you threaten to close the account.
If you can't move the balance, but could move it within a couple months, keep the account open but don't use it.
If you have to keep a balance with MBNA for the long haul, you should consider rejecting their new terms and locking the interest rate at the lower rate. The problem with the change in terms is that it will apply to your pre-existing balance and not just to new purchases.
The possible drawback with rejecting new terms and closing an account with a balance is that it skews your overall debt balance to available credit ratio. This could, in turn, trigger the same kind of new terms and higher interest rates from other card companies.
I've been there. A few years ago I doubled my debt in ten months due to some extraordinary legal expenses, and in spite of a perfect payment history, high FICO score, and no adverse information on the credit reports, I was hit with a change in terms by 3 out of 5 credit cards.
After 15 years of responsible credit card use, this happened to me when I was in a temporary bind. When I had used about 80% of my available credit I triggered a change in terms.
They don't care about your history with them, your FICO score or the lack of adverse information on your credit report. It's all about the debt balance to available credit ratio. If you look "maxed out" or trapped they go in for the kill.
I chose to "opt out", reject the new terms in writing, and close all three accounts. In one case, they later pleaded with me not to close the account.
Although I didn't want or need more credit, new offers from credit card companies stopped coming after I closed the accounts. Which is fine, in that, this is a game I'm getting out of.
I now have a healthy mistrust for the credit card industry and plan to have just one card I can trust for travel, mail orders, and emergencies.
Author: Jim French Posted: Wed Jun 30, 2004 4:51 pm Post subject: Credit Card Debt Pay Off Policy
8/7/2002 4:04 pm CDT
I think the general rule of thumb is that you become 'responsible' for all credit cards and bills if you become the controller or inheriter of the estate. You do have the option I believe to abandon the estate. If you do so the state would then take possesion. I'm not sure of the ramifications of allowing this to happen, I would speak to an estate atorney it would be well worth the cost.
Author: mouse Posted: Wed Jun 30, 2004 4:53 pm Post subject: Credit Card Debt Pay Off Policy
8/7/2002 9:42 pm CDT
Send a copy of the "DEATH CERTIFICATE" and request closure of ALL accounts. They will write it off.
BUT if you are a "JOINT" cardholder, YOU have to pay.
Do Credit Card Transfers Look bad on Credit Report?
Author: Heart Posted: Wed Jun 30, 2004 10:52 am Post subject: Do Credit Card Transfers Look bad on Credit Report? 8/8/2002 11:43 am CDT
I had one credit card that had a $18,000 balance, so I made quite a few transfers and need to do it again as soon as the intro rate runs out. I've been getting turned down now a bit here and there, so am I correct in assuming that all the applications and the spread-out debt make my credit look bad?
Author: mouse Posted: Wed Jun 30, 2004 11:56 am Post subject: Do Credit Card Transfers Look bad on Credit Report?
8/8/2002 5:01 pm CDT
If you have many cards with the balance spread around, it may be better. When a company pulls you report they have no idea how you used the limits.
Author: Heart Posted: Wed Jun 30, 2004 12:04 pm Post subject: Do Credit Card Transfers Look bad on Credit Report?
8/8/2002 6:26 pm CDT
Yes, I agree, and thank you. But since they don't know that I *transfered* the balance off one, large card, then wouldn't it look like I'm running around applying for credit everywhere I can?
Also, I lowered my available cash balance on them, because I read here that that helps you look good. Do you agree with that? Because OTOH, that might also look like I've been running around, and using my credit cards up to the max, too!
Author: Verne Posted: Wed Jun 30, 2004 12:05 pm Post subject: Do Credit Card Transfers Look bad on Credit Report?
8/9/2002 0:17 am CDT
If you apply for credit it creates an inquiry. Too many inquiries hurt the FICO score. But I doubt it hurts the score anywhere near as much as running out of available credit.
Running out of available credit and looking maxed out really gets the card companies' attention too. When I became 80% maxed out, 3 out of 5 cards notified me of a change in terms and a higher interest rate. This in spite of a high FICO score, 15 year perfect payment history and no adverse information on my credit reports.
I realized that, to the card companies, the score didn't make as much difference as the debt balance to available credit ratio.
A couple years before I reached 80% of mad maxitude, I,too, had closed a few accounts and asked for several credit line reductions. I regretted that later.
I don't know which hurts the fico score more but I do know the credit card companies didn't care when my total available credit was the astronomical equivalent of 3 years income. Offers rolled in, credit lines increased, and I wondered whether they had the right guy.
But as soon as the card companies thought I was nearly maxed out, notices of rate increases, not credit line increases, poured in.
My level of debt wasn't a problem, but without the available credit, I looked like I had a problem. The card companies smelled blood and went in for the kill. Once the carnage was over, I had only two open accounts and less available credit than my total debt. I survived by rejecting the new terms and locking the interest rates at 8.65% to 9.9%.
I've been in the game for 17 years, having juggled and shuffled my debt through just about every major credit card company. It took 15 years to find out they weren't my friend and, perhaps, even something malevolent.
I lost all illusions. I stopped worshipping the fico score and cherishing my "perfect payment history". I no longer believed in the propaganda that I had a "relationship" with the CCC's. In the end it didn't matter. The credit card companies will do whatever they can get away with.
Deprogramming is proceeding with cautious optimism. I still think an investment is transferring my balance to a card with a lower rate, and my portfolio, the latest credit report. I still don't know how to use cash but I hope to learn.
Author: John Ed Posted: Wed Jun 30, 2004 10:36 am Post subject: Best No Annual Fee Credit Cards
8/9/2002 4:32 am CDT
Are there any credit cards with low interest rates, no "bonus" or "frills" distractions, no annual fees, that are also reasonable on their cash advance interest rates?
Author: mouse Posted: Wed Jun 30, 2004 10:36 am Post subject: Best No Annual Fee Credit Cards
8/9/2002 7:08 am CDT
Low rate cash advances are not normal...(18-21%+) plus a fee.
You can get balance transfers as low as 0.00%.
Author: Verne Posted: Wed Jun 30, 2004 10:38 am Post subject: Best No Annual Fee Credit Cards
8/9/2002 10:08 am CDT
Credit Unions sometimes offer no-nonsense credit cards without higher cash advance interest rates or fees.
If, for example, you live in the Spokane/Lake Courdelane area, Numerica Credit Union has a Visa Card with no annual fee and no cash advance fees. Cash advances are treated exactly the same as purchases. The APR is 9.9% - 10.9%.
Author: Charley Posted: Wed Jun 30, 2004 10:39 am Post subject: Best No Annual Fee Credit Cards
8/10/2002 1:27 am CDT
Yeah, I noticed on the "checks" that came with my Wells Fargo Visa, they said the checks would be treated as purchases. Including the grace period! I may call to confirm that before I use the checks. If they let me, I'll try to see if they let me pay my mortgage with it. Will get the interest down from 6.5% and earn rewards points!
Author: Kitten Posted: Wed Jun 30, 2004 10:39 am Post subject: Best No Annual Fee Credit Cards
8/9/2002 2:58 pm CDT
You can apply for one of MBNA's cards. I know now that they have rates from 8.9 to 12.99% depending on which card you get. MBNA doesn't charge a higher rate for cash advances no matter which one you get. There is a 3% transaction fee minimum $5 on cash advances. Many card companies charge a minimum of $10 or even $15. This is really one of the best cards that I can think of especially for advance rates and fees.
Author: etcetera Posted: Wed Jun 30, 2004 10:30 am Post subject: Quantum Credit Card Review
8/9/2002 5:08 pm CDT
Hello, does anyone have any experience or insight with MBNA's Quantum card or with their World Mastercard? They're both awfully similar. The benefits are almost identical, with the world mastercard offering a cash-back program and the quantum card being a snazzy see-through.
Besides the cash-back offers does anyone know of any other differences between the two? Why would a bank carry two nearly identical cards? Are they planning to discontinue support/promotion of the quantum card in favor of the worldmastercard?
Author: Charley Posted: Wed Jun 30, 2004 10:31 am Post subject: Quantum Credit Card Review
8/10/2002 1:24 am CDT
If the advantage for the Quantum for you is the "snazzy" see through, I'd recommend trying to see a Quantum card for real first.
The Quantum card is just barely translucent, letting through 10% of the light vs. none for a regular card. Unless you hold it up to the light, you wouldn't even notice that it passes light. Get an Amex Blue or a Juniper card if you want see through. And the design on the Quantum card is pretty dull. Boring to look at.
Author: Charley Posted: Wed Jun 30, 2004 10:32 am Post subject: Quantum Credit Card Review
8/10/2002 3:19 am CDT
When did MBNA start offering a World Mastercard? I find it interesting as etc pointed out, the benefits for both cards are very similar. And both cards are aimed at the same upscale target market. I wonder if MBNA is thinking of phasing out its Quantum.
Author: Kitten Posted: Wed Jun 30, 2004 10:33 am Post subject: Quantum Credit Card Review
8/10/2002 10:52 am CDT
I work for MBNA. Personally I had the same question about whether or not they came out with the World card to phase out the Quantum. They are going to keep both. World card was introduced about 4 month ago. It is a brand new product. Quantum has been around for about 3 years. As far as the differences, there is no preset spending limit with the World card vs. the Quantum. Credit line for the World id $5000 to 250K and Quantum is 10k to 250k. Both have the concierge sevice. Both have no overlimit fee. I'm pretty sure that both have no atm fees as well. You can get miles with quantum just as you can the World MC, however you can also get cash back and even redeem points for merchandise with the World card. Both have no program fee to earn points. I personally think that the World MC is the way to go. And, for people who only don't get approved for at least 10k for Quantum but do get at least 5k, you can still get an awsome card with more benifits than Quantum. The World card is really cool looking and isn't dull and ugly like the Quantum. Go to MBNA.com and check it out! You can also apply online for World and get more info about it.
Author: Charley Posted: Wed Jun 30, 2004 10:34 am Post subject: Quantum Credit Card Review
8/12/2002 11:13 pm CDT
Thanks filling us in about MBNA's World Card. I'm still puzzled why they would want to keep it and the Quantum around though. I would think they would be able to push Quantum supports costs such as the concierge service off to MasterCard with the World Card. There must be some business reason. And I agree, judging from the website, the World Card looks a lot better than the Quantum. Would there be any problem in switching? Geez, I feel like a geek asking to switch cards because one card looks neater than the other. I'm wondering what the marketing surveys show about card looks.
Author: Kitten Posted: Wed Jun 30, 2004 10:34 am Post subject: Quantum Credit Card Review
8/15/2002 4:24 pm CDT
Don't feel bad about not liking a card because of the way it looks. I am the same way. It is kinda silly, but there is something about an ugly card that I just don't like. From what I found out, Quantun and World are two seperate products. MBNA doesn't have any intentions on getting rid of either, and both have the concierge service which is nice. They are both marketed a little diiferently. I think that the World card is geared toward people who do more oversees traveling and spending. It is also good for people who like the cash back option as well. If you have a platinum or a quantum already, just tell them that you want a World card and they will send one to you. They'll just close out the other account.
Author: CK Posted: Wed Jun 30, 2004 10:25 am Post subject: Would Like a Credit Report
8/12/2002 7:44 am CDT
You are entitled to one free credit report a year or if you have been turned down for credit in the past 60 days. If you go to the websites of each of the main reporting agencies, you can order your free report online or you can call their 800 number and request it over the phone. You can also you a debit card to order it.
Author: Misty Posted: Wed Jun 30, 2004 10:23 am Post subject: What Credit Score do you Need for Credit Cards
8/11/2002 2:15 am CDT
Every credit card company has different criteria/scoring system and most companies are not going to discuss their credit policy with you. They can tell you in general what they look for but it won't go much further than that. Companies don't just go by scores, though. You can have what they would consider a "passing score" but still not be approved because of info in your credit report. Hope this helps!
Author: Ira Posted: Wed Jun 30, 2004 10:09 am Post subject: Unwanted Credit Card Solicitations 8/11/2002 8:12 am CDT
I often see inquiries from folks who want to stop having their name sold as part of a list. Here's how to stop the major credit bureaus from selling your name:
In 1996, Congress also passed an amendment to the Fair Credit Reporting Act (FCRA) which applied to credit bureaus - those companies that keep track of your credit information. The amendment required them to give consumers an opportunity to "opt-out" if they didn't want their information shared with companies who may want to solicit consumers for business. By dialing just one phone number, 888-567-8688, you can now register your opt-out request with all four major credit reporting agencies, Equifax, Experian, Trans-union, and Innovis.
Author: mouse Posted: Wed Jun 30, 2004 10:10 am Post subject: Unwanted Credit Card Solicitations
8/11/2002 10:27 am CDT
How can I OPT-IN, I don't get enough!?!?!?
Author: lina Posted: Wed Jun 30, 2004 10:10 am Post subject: Unwanted Credit Card Solicitations
8/13/2002 4:47 pm CDT
Hi Ira... Just a quick question. Now it's FOUR major credit bureaus? What is Innovus or whatever you called it? And when did it started to operate? How did it become a Major institution without consumers knowing nothing of it? Did I miss announcements on TV and fanfares?
Author: E Hamme Posted: Wed Jun 30, 2004 9:50 am Post subject: Credit Card Years After Bankruptcy
Date: 8/13/2002 12:20 am CDT
Is there any information on how long you need to wait after a bankruptcy before you can get a standard credit card again? We declared BK 4.5 years ago and haven't applied for a card yet because we're scared to get rejected. I don't want to pay a bunch of fees either for a poor credit card. Anyone I've asked really can't give me any idea. Our credit has been excellent since the BK.
Author: lina Posted: Wed Jun 30, 2004 9:51 am Post subject: Credit Card Years After Bankruptcy
8/13/2002 4:55 pm CDT
I'm afraid you'll have to wait for another several years until your BK falls off your credit report. I think BK stays on your report for 10 years (or is it seven?). Now it's too "fresh" for credit card companies to trust you again. You have to understand - it's a MAJOR flaw and only time (looooongtime in this case) will fix it... Anyway, this info about how long BK is in your report is widely available (try Equifax web-site for answer). And don't apply for any credit if you don't absolutely need it. You don't want to get rejected or get unreasonable APRs (potential trap too) from crappy cards. Good luck
Author: E Hamme Posted: Wed Jun 30, 2004 9:52 am Post subject: Credit Card Years After Bankruptcy
8/14/2002 9:45 am CDT
Thanks for the info. That's exactly what I'm looking for as far as information. We thought getting another credit card would help build credit again, but I guess we'll wait a few more years...Thanks
Author: DEE Posted: Wed Jun 30, 2004 9:53 am Post subject: Credit Card Years After Bankruptcy
8/16/2002 4:04 am CDT
My sister bought a brand new car the day after her BK. She had a higher intrest rate but that was what she expected. Guess her 80 grand a year job was enough insurance for them.
Author: Misty Posted: Wed Jun 30, 2004 9:53 am Post subject: Credit Card Years After Bankruptcy
8/16/2002 10:56 pm CDT
Well, a couple of things you have to consider in that situation is #1-it takes the credit bureau 30-60 days to update w/any new information so the BK usually wouldn't be on there that soon for another lender to see #2-a car is secured credit and secured credit is much easier to get than a credit card which isn't secured. At least if you don't pay on the car, they can get it back from you but would have to take a loss on the credit card if you didn't pay.
Author: Verne Posted: Wed Jun 30, 2004 9:08 am Post subject: Credit Card Online Statement
8/17/2002 7:27 am CDT Hi Tony,
Most credit cards have an online site where you can examine your bill and make payments. Look on your statement for their web address or do an internet search with their name.
Some credit cards have more options on their automated 800 line. Look for their 800 # and check out the menu. Sometimes you can hear a list of your last 10 transactions.
If you want an overview of all your credit card activity you need a credit report from Trans Union, Equifax or Experian. Some sites offer all 3 at a discount. But these reports won't show specify charges on each card.
I hope that helps. If you have any more questions let me know.
Author: Vesta L. Blevins Posted: Wed Jun 30, 2004 9:08 am Post subject: Credit Card Online Statement
8/19/2002 6:21 pm CDT
I just received my bill and noticed quite an increase in my interest rates (from 10.15% to 16.75%). Why is there such an increase? I have always paid my bill on time.
Author: Jimmy Johntson Posted: Wed Jun 30, 2004 8:56 am Post subject: Church Affinity Credit Card 8/18/2002 9:07 am CDT
Our Church is very much interested in exploring the idea of acquiring "affinity" credit cards for the sole purpose of helping finance our charity work. We don't understand your website's math in regards to the last paragraph subtitled: "Are they worth it?" Most individuals/ and or couples rack up at least $1000.00 per month on a credit card. http://www.bankrate.com/crt/news/cc/20000320.asp?keyword=
Why then are you using a average figure of only $100.00? We agree that the amount going to a charity would be meager at best using that formula. However, using a more realistic figure of at least $1000.00 a month would yeild a sizable sum when one multiplies that amount by, shall we say, 1500-2000 individuals. Would'nt you agree? (we are, of course, looking into a low APR with no annual fee) We value your input as this a very important matter to our church.
Author: Verne Posted: Wed Jun 30, 2004 8:57 am Post subject: Church Affinity Credit Card
8/18/2002 8:03 pm CDT
How do you "finance" giving or charity work? If your charity is a percentage of your credit card shopping what kind of giving is that?
Author: tom candelario Posted: Wed Jun 30, 2004 8:58 am Post subject: Church Affinity Credit Card
8/19/2002 10:52 am CDT
Dear Verne, Our chuch is upstarting an ambitious project to help our Hiatian sister parish. We are and have been donating to this project (as well as many other charitable endeavors)"from our pockets". As you know Haiti is one of the poorest nations on our planet located right next to the wealthiest nantion on our planet. We think that it is imperative to receive funding from as many legitimate sources as we can. Remember, we are the wealtheast NATION on earth. Why not collect from some of the richest banking institutions in our country. After all, the people of this nation are the reason many banking institutions, corporations, and businesses have prospered. In short, it's about philanthropy. Sincerely,
author: Ira Posted: Wed Jun 30, 2004 8:59 am Post subject: Church Affinity Credit Card
8/18/2002 10:24 pm CDT
How do you know that, "most individuals/ and or couples rack up at least #1000.00 per month on a credit card?" Please cite your source for this startling statistic. Are you talking about a local church group sponsoring an afinity card, or a national group? How many cards do you think you can place? That's what a card issuer will ask.
Author: Dan Posted: Wed Jun 30, 2004 8:55 am Post subject: American Express 3% Credit Card Cash Back 8/18/2002 9:11 am CDT
The link below describes an up to 3% cash back program from American Express, and even a 5% cash back if you carry a balance. The problem is that when you read everything you can find on the American Express web site, you cannot learn what the tiers are. Could be you don't reach the 3% rank until $30,000 are charged, for all we know.
Nor can you figure out what "stand-alone U.S. supermarkets, drugstores, gas stations and home improvement stores" are. Only they qualify for the cash rebate. Does that mean Walmart is excluded, since they sell all those things? Apparently. Are Safeway, Chevron, Osco, and Home Depot allowed, or does the fact that they are a chain (not standalone) deny us the rebate?
When I have called American Express several times at 1-800-641-2400 and 1-800-964-8542, I ask them about this and get answers ranging from the 3% program does not exist to there are no tiers at all and so long as you charge more than $3000 in one year you will receive 3% cash back on everything (but that is a tier in itself, of course). The one consistent thing they told me was that I should apply on-line, receive the card, and read the written terms and conditions which answers all these questions (lazy them).
Who can point to written evidence about the tiers and who you can and cannot purchase from in order to participate?
Thank you.
Here is the link I found at american express that is so minimal:
Apply online for the
Discover® More Card
and earn up to a
5% Cashback Bonus®.
Also features Unlimited Cash Rewards and a 0% Intro. APR*.
Introducing our much anticipated book!
