Best Credit Card Tip
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Posted: Mon Jan 10, 2005 2:54 pm
Post subject: Best Credit Card Tip
Theo
Date: 9/23/2000 2:42 pm CDT
I have several credit cards: One with a credit limit of $300, 2 with a $3,500 limit, another with I think a $5,000 limit. There's another one that I applied for with 0.00 on purchases til January, but a 14.99% interest rate that I haven't activated.
I want a card with a low interest rate. How do I know what I can get if I don't apply? If I do apply, then my credit bureau rating will show a lot of activity which can turn around and bite me in the butt.
Should I contact current card people and ask? I did that with Fleet Bank and they told me I would have to cancel their card for 30 days, then reapply. Will they all do that?
Any replies from knowledgeable creditcardees will be appreciated.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Mon Jan 10, 2005 2:55 pm
Post subject: Best Credit Card Tip
Board Monitor - CA
Date: 9/23/2000 6:25 pm CDT
Theo,
Interest rates, as you indicate, are tied directly to your credit rating. Also, applying for several cards in a short period of time, as you indicate, can hurt your credit rating. I would focus on improving your credit rating before reapplying again. See our section dealing with credit ratings for more info. (click on "Credit Information" for our home page).
Negotiating directly with the creditor doesn't hurt, either. Be polite, but firm and don't be afraid to ask to speak with a manager. Fleet's response is not typical... you usually don't need to reapply to qualify for a lower rate. Many consumers that use our board have complained about Fleet, particularly in regard to interest rates. On a personal note, I have been pleased with Fleet. They approved me for a 7.99% fixed rate about six months ago and have not changed the rate thus far. They even reversed a late fee (I lost my bill one month!).
Hope this helps! Keep us posted on your progress.
Best Regards,
Curtis Arnold
CFCCT P.R. Director
http://www.cardratings.org
archive
Posted: Mon Jan 10, 2005 2:55 pm
Post subject: Best Credit Card Tip
Theo
Date: 9/23/2000 7:57 pm CDT
Let me ask a couple of more questions:
1) I've applied for one credit card in the last month--none in a year or more before that. The credit card I got was a Discover card with 0.00 for new purchases til January and a 14.99 interest rate. Are you telling me that what I get in the mail for solicitation reflects my current credit rating?
2) Should I order copies of my credit report--all three? just one?
3) I think Fleet had a 14.99 rate. In view of what I've read here--Fleet isn't great to deal with. I haven't used the card (it's lost somewhere in the house) for a year. Think I ought to cancel it?
I'm concerned (I earn somehwere near $40,000 a year) and my household expenses are pretty low (e.g., $400 for mortgage, my condo fees are another story, but include heat ($300). Outstanding debt right now is probably about $350 on credit cards (all of them). However, I knew I was in trouble (paying outlandish fees to cards, but still making payments on time) in April, and applied for a conversion of my mortgage to pay all of them off - approx $15,000, with $20,000 given to me in cash for whatever. Much of that stands in credit union, or checking accounts. But a good amount was spent for appliances and carpeting--)
I don't want to have too much credit on my bureau records; nor do I want too little. All I do want is a decent rate if I use a credit card--I'm not going to transfer any balances--ain't all that much. Tell me, were you me, what would you do?
By the way, I read this message board for a good two hours today. It is simply terrific!!!. (I didn't know a waitress could be docked off her tip for a customer using a card, for instnace. I will leave cash for tip in future.) I don't know why some of the standard people lounge here, but they seem to be very knowledgeable and like to answer queries.
I suppose I should cancel the Discover card I just received?
You folks are great!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Jan 10, 2005 2:54 pm
Post subject: Best Credit Card Tip
Theo
Date: 9/23/2000 2:42 pm CDT
I have several credit cards: One with a credit limit of $300, 2 with a $3,500 limit, another with I think a $5,000 limit. There's another one that I applied for with 0.00 on purchases til January, but a 14.99% interest rate that I haven't activated.
I want a card with a low interest rate. How do I know what I can get if I don't apply? If I do apply, then my credit bureau rating will show a lot of activity which can turn around and bite me in the butt.
Should I contact current card people and ask? I did that with Fleet Bank and they told me I would have to cancel their card for 30 days, then reapply. Will they all do that?
Any replies from knowledgeable creditcardees will be appreciated.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Jan 10, 2005 2:55 pm
Post subject: Best Credit Card Tip
Board Monitor - CA
Date: 9/23/2000 6:25 pm CDT
Theo,
Interest rates, as you indicate, are tied directly to your credit rating. Also, applying for several cards in a short period of time, as you indicate, can hurt your credit rating. I would focus on improving your credit rating before reapplying again. See our section dealing with credit ratings for more info. (click on "Credit Information" for our home page).
Negotiating directly with the creditor doesn't hurt, either. Be polite, but firm and don't be afraid to ask to speak with a manager. Fleet's response is not typical... you usually don't need to reapply to qualify for a lower rate. Many consumers that use our board have complained about Fleet, particularly in regard to interest rates. On a personal note, I have been pleased with Fleet. They approved me for a 7.99% fixed rate about six months ago and have not changed the rate thus far. They even reversed a late fee (I lost my bill one month!).
Hope this helps! Keep us posted on your progress.
Best Regards,
Curtis Arnold
CFCCT P.R. Director
http://www.cardratings.org
archive
Posted: Mon Jan 10, 2005 2:55 pm
Post subject: Best Credit Card Tip
Theo
Date: 9/23/2000 7:57 pm CDT
Let me ask a couple of more questions:
1) I've applied for one credit card in the last month--none in a year or more before that. The credit card I got was a Discover card with 0.00 for new purchases til January and a 14.99 interest rate. Are you telling me that what I get in the mail for solicitation reflects my current credit rating?
2) Should I order copies of my credit report--all three? just one?
3) I think Fleet had a 14.99 rate. In view of what I've read here--Fleet isn't great to deal with. I haven't used the card (it's lost somewhere in the house) for a year. Think I ought to cancel it?
I'm concerned (I earn somehwere near $40,000 a year) and my household expenses are pretty low (e.g., $400 for mortgage, my condo fees are another story, but include heat ($300). Outstanding debt right now is probably about $350 on credit cards (all of them). However, I knew I was in trouble (paying outlandish fees to cards, but still making payments on time) in April, and applied for a conversion of my mortgage to pay all of them off - approx $15,000, with $20,000 given to me in cash for whatever. Much of that stands in credit union, or checking accounts. But a good amount was spent for appliances and carpeting--)
I don't want to have too much credit on my bureau records; nor do I want too little. All I do want is a decent rate if I use a credit card--I'm not going to transfer any balances--ain't all that much. Tell me, were you me, what would you do?
By the way, I read this message board for a good two hours today. It is simply terrific!!!. (I didn't know a waitress could be docked off her tip for a customer using a card, for instnace. I will leave cash for tip in future.) I don't know why some of the standard people lounge here, but they seem to be very knowledgeable and like to answer queries.
I suppose I should cancel the Discover card I just received?
You folks are great!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:40 PM
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