Credit Tips: Will Moving Change my Credit Card Terms?

Posted On: December 1, 2005

Author: jason
Posted: Sat Jun 26, 2004 8:40 am
Post subject: Will Moving Change my Credit Card Terms?

10/5/2002 4:58 pm CDT

I have lived in the same apartment for 20 months and am being forced to a different apartment because of construction damages caused.I have been in the process of fixing and establishing the credit I have.Were I live there are six buildings with different addreses.When I soon switch to a different address would it matter if it would be in the same building,or would moving to a different building hurt,or does moving at all hurt even if it was in the same building??? This situation sucks can anyone with knowledge help??????????????

Author: Verne
Posted: Sat Jun 26, 2004 8:41 am
Post subject: Will Moving Change my Credit Card Terms?

10/5/2002 7:37 pm CDT

After I moved, First USA hit me with a change in terms and cited “length of residency” as one of the reasons. Chase did the same thing when they noticed a change in my street address when I applied for their online banking. This in spite of having a P.O. Box for all my credit card billing.

I’ve had to move alot - box got flooded, landlord evicted me, health inspectors said I had to move and so forth. I’ve moved 5 times in 6 years and I’m moving again. My solution has been the P.O. Box which is listed as my address with both the ccc’s and on the credit reports.

Except for Chase and First USA, my P.O. Box has satisfied the numerous ccc’s I’ve dealt with over the years. You may not have any trouble with such a minimal change of address - same building, same town.

But I’ve never been hit with a change in terms unless my balance was well over 80% of my available credit. They cited other reasons like “length of residency” but I was over a barrel and they knew it.

Less than 1-2 years residency hurts your changes of obtaining more credit but, in your case, you wouldn’t be lying if you used the time you’ve lived in the building when applying for new credit.

Author: Sherry
Posted: Sat Jun 26, 2004 8:41 am
Post subject: Will Moving Change my Credit Card Terms?

10/6/2002 2:33 am CDT

I’ve lived in the same place for nearly 15 years, had the same checking and savings account for nearly 20 years, and guess what . . . it doesn’t matter. Creditors will use any excuse to raise their interest rate. I will be debt-free in less than a year, and will relish in saving the interest that I’m paying now. And yes, I always paid my bills on time. That didn’t stop them from randomly raising my interest rate. If we all stopped charging, they will be out of business. Thanks.

Author: Doug
Posted: Sat Jun 26, 2004 8:42 am
Post subject: Will Moving Change my Credit Card Terms?

10/6/2002 1:16 pm CDT

Sherry, that’s exactly the right attitude. The Credit Card companies have most people over a barrel… but the day is coming. Hopefully more people will do what you are suggesting, stop using credit cards unless absolutely necessary.

Like you I should be totally payed down shortly, in the next three or four months. In fact totally zero debt on all loans. I had amassed over $70K in credit card debt, but started paying them off about a year and a half ago. 2 years ago there was an industry wide flurry by the credit card companies to jack up the interest rates sky high. I was blindsided, and a lot of those cards went to 25% or higher interest - on balances I built up. When I called to request that those APRs be reduced, their customers services were like a stone wall.

Needless to say that put me in a financial bind. I am coming through it a lot smarter, but I feel like someone just stuck a gun to my head and tried to rob my bank account. They got a lot of my money. Yes, it was all legal, but it was real dirty the way that they went about it. They made a lifelong enemy in doing so. I will never ever forget.

The bottom line is not to borrow money. Pay cash or do without.

I would like to see everyone, when getting a credit card get a cash back card. And then stay right on top of it, never carry a balance. Right now, 30% of all credit card revenue is through fees, most of them of a punitive measure.
Just by eliminating those by never being late or going over the limit - would severely cut into the bottom line for the the credit card companies (the banks). By monitoring one’s account on-line, and sending in a payment (not waiting for the bill to arrive in the mail) as soon as a payment due shows up on-line, then a person will never have to pay a late fee and be cast into the penalty APR by doing so.

The credit card industry is full of dirty tricks, although legal - the object is to take your money… all of it. Why be a slave to the banks for the next ten or twenty years? Use cash or do without.