How can I raise my credit score?

Author: NLM3132
Joined: 01 Sep 2004
Posts: 1
Posted: Wed Sep 01, 2004 2:31 pm
Post subject: Any advise would be Appreciated

I am currently working for a company that requires travel. We use to have MasterCard as our business Credit card Company but we changed vendors to AMEX and all card holders had to re-apply for company card. I was in shock when AMEX denied my application for a company card they base the company card on the applicants credit history. This happened 1 year ago and my manager wants me to re-apply for the card. In the past I did have 5 collection accounts on my credit that have been paid off about 18 months. I checked my FICO score and it is currently at 599. Do you know how high your score has to be with AMEX for them to look at issuing business card? Are could you give me advise on how you can raise your FICO score. I have paid off all delinquent items but this has not really raised my score. Last year is was at 570 and now it is at 599. Thanks

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Author: ALex
Joined: 14 Aug 2004
Posts: 24
Posted: Wed Sep 01, 2004 8:30 pm
Post subject: Re: Any advise would be Appreciated

NLM3132 wrote:
I am currently working for a company that requires travel. We use to have MasterCard as our business Credit card Company but we changed vendors to AMEX and all card holders had to re-apply for company card. I was in shock when AMEX denied my application for a company card they base the company card on the applicants credit history. This happened 1 year ago and my manager wants me to re-apply for the card. In the past I did have 5 collection accounts on my credit that have been paid off about 18 months. I checked my FICO score and it is currently at 599. Do you know how high your score has to be with AMEX for them to look at issuing business card? Are could you give me advise on how you can raise your FICO score. I have paid off all delinquent items but this has not really raised my score. Last year is was at 570 and now it is at 599.

If you are working for a Company and you need a Company Credit card to travel, ect.. Why doesn't the Company apply for the cards and give it to you to use? Why are they making you apply for it? Do they pay it? Thanks

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Credit Card Rebates Reported on 1099?

Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Wed Sep 01, 2004 11:45 am
Post subject: Credit Card Rebates reported on 1099?

This message posted by e-mail request from one of the visitors to our site: At year end do "cash back" and other benefit credit cards typically send IRS a 1099 with the cardholders "benefits" for the year?

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Wed Sep 01, 2004 9:27 pm

I had the Citi Divident card, and don't recall seeing any 1099 forms for that one, I don't think so, cause it is going to technically fall under $600 balance, please correct me if I am wrong, just seems to look that way.

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Author: Eugene
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 267
Location: Brooklyn, NY
Posted: Wed Sep 01, 2004 10:18 pm

Credit card cash back is never reported to the IRS, and you are not supposed to pay taxes on it for the reason that it is not income, but effectively a discount on the price of the products you buy. This logic is exactly the reason why you do not pay income taxes on $2 if you buy an item on a "$2 off sale" or use a coupon at a supermarket. I first saw the language that "You are responsible for any taxes that may be due on checks we may send you for your Dividend Dollar balances" on Citibank web site. It is still there, and it is very confusing, I think.

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Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 379
Posted: Thu Sep 02, 2004 12:42 am

There are no 1099 forms filed, but that doesn't mean the money/discounts you receive can be ignored for tax purposes. For example, if you purchase a computer for $1000 wtih a 2% Cash Rebate card, you're getting the computer for $980.00. If you report the computer purchase as a business expense, you must report your cost as $980.00, not $1000.00. How you do the bookkeeping is up to you--but you can't report the cost as $1000.00 and just pocket the $20 bucks. Not legally, anyway--although I doubt the IRS would notice or care.

Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Thu Sep 02, 2004 7:32 am

Good points everyone. Eugene...great to hear from you!

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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New Blog (Beta Version)

Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Thu Aug 26, 2004 8:29 am
Post subject: New Blog (Beta Version)!

We are experimenting with creating a blog on our site.

The link is here: http://www.cardratings.com/blog/creditcardblog.html

Would appreciate any feedback/comments...

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX
Last edited by Board Monitor on Tue Aug 31, 2004 12:05 pm; edited 1 time in total

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Sat Aug 28, 2004 7:15 am

Looks pretty good, noticed one broken link on the right side... I am not all that familiar with the purpose of blogs, though I have seen others talk on the subject.

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Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 323
Posted: Tue Aug 31, 2004 10:22 pm

Curtis, not a bad idea, I think it would be fine, as long as it does not replace the message board.

native

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Wed Sep 01, 2004 4:53 am

Thanks to both of you for your comments. Good to see you around Native. It's actually supposed to mainly be a way to back-up posts on the message board...

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Wed Sep 01, 2004 7:14 am

Hey how are we doing on the new main web site design, any date on when to see the change over?

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Thu Sep 02, 2004 7:35 am

Still working on it. Having problems with Mac compatibility! Should be online this month hopefully. Thanks for asking...

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Major Press for CardRatings.com in USA Weekend Magazine!

Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Sat Aug 28, 2004 12:52 pm
Post subject: Major Press for CardRatings.com in USA Weekend Mag.!

To All, I am proud to say that our website is supposed to be featured in USA Weekend Magazine tommorrow (Sunday). This is an insert that runs in 598 Sunday newspapers across the country! Thanks for all of your help. Working together as a team, we can accomplish great things in the name of consumer education...

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX
Last edited by Board Monitor on Tue Aug 31, 2004 12:04 pm; edited 1 time in total

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Author: capepuffin
Joined: 09 Nov 2003
Posts: 82
Location: Cape Cod, MA
Posted: Mon Aug 30, 2004 4:15 pm

That is so Great Curtis!! Congrats to you and the board!!!

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Tue Aug 31, 2004 12:04 pm

Thanks Cape and thanks again to all...

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Wed Sep 01, 2004 7:15 am

That is great, do they have a link to their site? I am not sure which magazine or where that one is myself.

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Thu Sep 02, 2004 7:34 am

Night, The link is: http://www.usaweekend.com/04_issues/040829/040829thinksmart.html#moneysmart

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Thu Sep 02, 2004 9:12 am

That is pretty cool, I found the site yesterday, but they cover so much different stuff I just couldn't find the reference when I looked.

Thanks

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Credit Card Scam

Author: mc168300
Joined: 02 Sep 2004
Posts: 1
Posted: Thu Sep 02, 2004 9:33 am
Post subject: 1-800-685-9354 Credit Card Scam

I recently checked my bank statement, and their was a deduction of $149 out of my account. There was a phone number where the description of purchase would be (1-800-685-9354). I don't know what to do. I read a previous post from June but it didn't seem that money was actually taken from the persons account. However, when he called this number he was diconnected. What should I do?

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Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 379
Posted: Thu Sep 02, 2004 11:04 am

You've been ripped off by USA Credit. Check this link for advice:

creditcardperks.webgroups.biz/phpBB2/viewtopic.php?p=15578

Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"

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Author: credithelp
Joined: 23 Aug 2004
Posts: 44
Posted: Thu Sep 02, 2004 4:57 pm

usa credit is a total scam. I had a friend who had around 600 taken out of his account. He never applied,never signed anything,never ever talked to anyone on the phone. One day he went to check his bank balance and noticed it was 600 dollars short. Come to find out, usa credit got his info somewhere and took money from him. Usa credit claimed that he gave them the info over the phone(thats how they covered their butts from legal action), but my friend says he never spoke to anyone. When he told his bank about it they fought for him and he got the money back quickly. I would see if your bank will issue you another account number and close that one. usa credit will take and take.

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Fri Sep 03, 2004 7:37 am

Check our consumer reviews section for other "not-so-positive" reviews on USA Credit:

http://www.cardratings.com/cardreviewfr.html

Let us know how things turn out. Also, let me know if you would be interested in doing an interview about your situation...

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Fri Sep 03, 2004 7:57 am

By the way, welcome to the board credithelp!

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Merrill Lynch Visa Signature Card

Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Fri Sep 03, 2004 2:24 pm
Post subject: Merrill Lynch Visa Signature Card

This message posted by e-mail request from one of the visitors to our site: They have one subtle VALUABLE benefit that makes it the best for us airplane travelers. Once you charge $25000 you get a fly anywhere, any airline crdit toward a plane ticket worth $500 so that's a 2% return vs 1% cash or reward value of all others I've found. This $500 reward is not on their advertised and on-line schedule of rewards but verbally they say they still offer it-I used it 3 months ago toward $600 plane tickets to St Marten in Januray 2005. (We paid the extra $100). If they ever drop this reward I will drop this card and use their other one or someone elses.

Comments?

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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ATM Card vs. Debit Card

Author: milavant
Joined: 11 Nov 2003
Posts: 36
Posted: Fri Aug 20, 2004 2:50 pm
Post subject: ATM Vs. Debit Card

If you mainly use credit cards for purchases, which is safer to carry, an ATM card (for cash access) or debit card (with Visa logo), or does it matter?

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Author: mouse
Joined: 29 Jul 2004
Posts: 110
Posted: Fri Aug 20, 2004 8:01 pm
Post subject: Re: ATM Vs. Debit Card

milavant wrote:
If you mainly use credit cards for purchases, which is safer to carry, an ATM card (for cash access) or debit card (with Visa logo), or does it matter?

What is CASH??? What is DEBIT??? CREDIT CARD or NO SALE

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Sat Aug 21, 2004 8:37 am

Myself I actually have a debt card, that can be used in an ATM machine if need be, but I try to avoid such transactions if fee will be added for using. Usually my debt card is processed like a credit card, not sure the difference there but that is what the clerks do most times. Should not that it is way to convenient how these can be used, and worry that if stolen, someone could figure out the pin number easily to start withdrawing cash on these things. So have to be careful to not loose these.

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Author: ALex
Joined: 14 Aug 2004
Posts: 24
Posted: Sat Aug 21, 2004 9:41 am

NightStar wrote:
Myself I actually have a debt card, that can be used in an ATM machine if need be, but I try to avoid such transactions if fee will be added for using. Usually my debt card is processed like a credit card, not sure the difference there but that is what the clerks do most times. Should not that it is way to convenient how these can be used, and worry that if stolen, someone could figure out the pin number easily to start withdrawing cash on these things. So have to be careful to not loose these.

If possible, I would like to another important thing to remember with ATM machine usage. There are a few times that you may be traveling and have an emergency and need immediate cash and you are far away from home. You FORGET your pin number and call the credit card company for your pin number and explain the situatin to them. Most Credit Card Companies have a VRU( Voice Reponse Unit) where you can get your pin number or change it to a different one. You have to call from your home or Business phone which is listed on your credit card. NO matter what you do the Customer service department of the Credit Card Companies will not give your pin # no matter what verication you give them because they do not have access to it.. Just remember to let your spouse or use a pin number that will be easy to remember if you get in a situation where you need immediate cash......

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Author: Cathy
Joined: 12 May 2003
Posts: 55
Posted: Sun Sep 05, 2004 10:45 am

As someone who has a debit card and as someone who works for a business I think it depends on the person as to which type of card is right for them. On the one hand, the visa/mc debit cards are more universally accepted, and would probably serve you better if you are travelling. Plus, a standard atm card MUST be swiped (I can only imprint the visa/mc ones). The visa/mc merchant rules are also supposed to apply to these cards. On the other hand, if a person always uses credit cards and for whatever reason don't plan on using an atm/debit card for puchases, then the atm card might be the better choice. Far as safety goes though, the 0% liability that visa and mastercard are supposed to also apply to the debit cards. I hope this helps!

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Credit Card Payment Protection Plan

Author: credithelp
Joined: 23 Aug 2004
Posts: 44
Posted: Fri Sep 03, 2004 7:40 am
Post subject: Payment protection

Has anyone ever been able to utilize this? They are supposed to pay the minimum payment on your card when you become disabled,unemployed,etc. So far I have never talked to anyone that was able to utilize it since it often has many stipulations asssociated with it. Just curious though.

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Fri Sep 03, 2004 9:22 am

Years ago I would get caught up in the free 3 month trial, but that don't do no good any way, cause you have to pay on it over a year I think before you can draw on it, most articles I read on the subject agree that it is a scam, trying to get the benefits from it. I have as of yet, not met anyone online that did draw on these. I always canceled mine, insurance bilking consumers, you could do better I think just investing in life insurance - then if you have to draw upon it, you can use it for what every you want, instead of being tied to just one creditor.

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Author: Verne
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 488
Location: Midwest
Posted: Fri Sep 03, 2004 10:05 am

Credit protection insurance is a scam. Very expensive and doesn't deliver. I've read countless horror stories and not one positive experience. Typically as soon as you try to use the benefit, the card company will only make minimum payments if at all - after delaying tactics, forms to fill out etc... Meanwhile they go on the attack, jacking the rates and closing the account. State attorney generals warn about this scam yet it is somehow still legal and even the reputable card companies engage in it.

Verne
Any agreement that can be changed at any time, for any reason, is no agreement at all.

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Author: mouse
Joined: 29 Jul 2004
Posts: 110
Posted: Fri Sep 03, 2004 5:36 pm
Post subject: Re: Payment protection

credithelp wrote:
Has anyone ever been able to utilize this? They are supposed to pay the minimum payment on your card when you become disabled,unemployed,etc. So far I have never talked to anyone that was able to utilize it since it often has many stipulations asssociated with it. Just curious though.

High cost--low payout TRASH!!!

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Author: ALex
Joined: 14 Aug 2004
Posts: 24
Posted: Fri Sep 03, 2004 11:06 pm
Post subject: Re: Payment protection

credithelp wrote:
Has anyone ever been able to utilize this? They are supposed to pay the minimum payment on your card when you become disabled,unemployed,etc. So far I have never talked to anyone that was able to utilize it since it often has many stipulations asssociated with it. Just curious though.

There have been Customers who do benefit from it, but not many. The Cost is relatively high, like.85 per Hundred or balance. Personally , I do not believe it purchasing it, but as it is in todays credit card industry, they are all trying to grow the outstandings, and this is done by adding value by soliciting Credit Protection, Privacy Guard, Home equity, other insurance products as well as the usual Balance transfers. When you do apply for a credit card just make sure that you say no to any 30 day free trial in which you can call and cancel at that time... Account Managers who successfully solicit these product get incentive payout for meeting certain department goals.....

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Sat Sep 04, 2004 10:05 am

Good points Alex! We wrote an article on this subject way back in Jan. of 2001 and just updated the article. Link follows:

http://www.cardratings.com/jan01new.html

Personally not a big fan of this type of insurance.

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Author: Verne
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 488
Location: Midwest
Posted: Sat Sep 04, 2004 10:29 am

As Alex says, be careful about any "free trials" - easy to get on, not so easy to get off. More and more when you first get a card and call to activate it you have to negoitate a maze of questions that tries to trick you into the credit protection or insurance. If you say "no", the computerized voice may next ask, "are you sure?" or something crazy like , "do you really mean "no"?, or "how can you turn down this great offer?", or "if you really don't want it, now press "2" for yes". Somtimes I panic and hang up, afraid to touch any number. Whenever I call to activate a card I first meditate, get all my chakras in order, do some gentle asanas (yoga), do ten minutes of praniyama (breathing), read psalms, pray, do a little light astral traveling, find my "quiet place", and get in the "zone" for the coming test. And even if you think you've passed the activate-the-card test without triggering any "free" trials, continue to examine your credit card statements carefully for any charges that shouldn't be there.

Verne
Any agreement that can be changed at any time, for any reason, is no agreement at all.

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Author: ALex
Joined: 14 Aug 2004
Posts: 24
Posted: Sat Sep 04, 2004 12:50 pm

Board Monitor wrote:
Good points Alex! We wrote an article on this subject way back in Jan. of 2001 and just updated the article. Link follows: http://www.cardratings.com/jan01new.html Personally not a big fan of this type of insurance.

Thanks... I do visit a few other boards, but what I like about this one is that usually there is very good advice given. A lot of the other boards want to do is argue and give incorrect information... I wish that more people would see how this board operates.. I know that on this board if a current member disagrees with your message, they still do it with respect and do not call you names, such as troll, deadbeat, ect... Keep up the good work...

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Sun Sep 05, 2004 9:45 am

Thanks for the comments Alex! We have had a few moments of tension in the past, but this is pretty rare. All in all, a very positive tone to the board and we take great pride in this...

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Sun Sep 05, 2004 7:55 pm

Agree, it is really nice with all of us members here that we can disagree but still get along for the most part on things. Welcome to the board ALex glad to have more members able to contribute to help out here. It is always so nice when we can get people that cover well rounded subjects that others might now know about makes for a nice experience for consumers coming in to get help.

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Student Credit Card Articles

Author: ALex
Joined: 14 Aug 2004
Posts: 24
Posted: Fri Sep 03, 2004 10:54 pm
Post subject: Article from MSN for Student Credit Cards

FYI for parents sending children off for their freshman year of college

moneycentral.msn.com/content/CollegeandFamily/P62484.asp

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Mon Sep 06, 2004 9:03 am

Thanks for the links. Here's another good article:

http://www.azcentral.com/arizonarepublic/business/articles/0904moneyminute04.html

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Congrats to Lindsay Anderson, CapePuffin's Daughter!

Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Sun Aug 29, 2004 2:58 pm
Post subject: Congrats to Lindsay Anderson, CapePuffin's Daughter!

Congrats to Lindsay Anderson, CapePuffin's daughter. She's quoted in the Sunday edition (today's edition) of the Chicago Tribune! This is a nationally syndicated column- so it might get picked up by other papers as well. Not a bad way for Lindsay to "kick off" her college career. :0)

I am proud to say that our website is referenced in the article as well. Any comments on the article? It's an interesting subject. The article follows:

VALUE JUDGMENTS

Debt-free consumers find they're in an unusual bind Janet Kidd Stewart Published August 29, 2004 Like being too rich or too thin, having too little debt sounds like one of those problems that isn't really a problem. For nearly 50 million people in the United States flying below the credit system radar, however, it means paying exorbitant deposits for cellular phone packages, not qualifying for big-ticket items like homes and getting shut out of special retail discounts. In the obscure world of credit scoring, these "thin-file" or "ghost" credit customers are too young to have an established credit history, or may have recently immigrated. Some are affluent but have a thin credit history because they long ago paid off their mortgage and car loans and don't carry balances on their credit cards. Some avoid debt because they view it as moral corruption. A former colleague of mine tried to sign up for a cell phone plan from Radio Shack about a year ago. Despite a high credit score, substantial household income and no debt--an enviable situation for many of us--he was turned down for a Verizon Wireless package promotion after an instant credit check. "It was embarrassing, having to stand there in front of this salesperson and feeling as though I needed to explain myself," he said. Though certainly unusual, his situation wasn't unique. I spoke with a couple of Verizon credit analysts, not about my co-worker's specific case but about the situation in general. Someone with a good score but a very thin track record of using credit could still fail the company's credit standards, they confirmed. The company is working with credit bureaus on using information from alternative sources, such as driving records and checking accounts, said Danna Valsecchi, financial-services director for Verizon's Midwest region. Until then, customers who don't pass the credit check pay deposits of up to $400 on their cell phone packages. Sharing horror stories A quick troll through creditboards.com revealed similar frustrations. "I didn't `do' credit until my 30s," wrote one debt-averse consumer. "I saw too many people get in trouble. When I went to buy a house, I was outright denied because I didn't exist. I've been totally punished for living within my means." Such outrage is common on credit Web sites, said Curtis Arnold, founder of U.S. Citizens for Fair Credit Card Terms, a consumer card-rating service. While the scoring system has become more transparent in recent years, it remains a murky area that many consumers still don't understand, he said. "It's definitely not an ideal situation," Arnold said. He used to advise consumers to cancel old credit lines but now recommends keeping them open, for no other reason than to avoid looking as though their total credit limit is shrinking. For its part, the industry is trying to get more ghost customers into the credit-scoring system. Fair Isaac Corp., creator of the FICO credit score, last month announced a new product that will rate thin-file consumers using alternative data such as payday loans, checking account overdraft records and rental payment streams. In theory, it could help college students and other conscientious consumers in high-risk credit groups qualify for better rates. Acceptance is slow Creditors, however, have been reluctant so far to embrace the data as solidly as they do traditional debt records. Meantime, Lindsay Anderson of Sandwich, Mass., is taking no chances. The 18-year-old applied for a Capital One Visa card this summer as she prepared to head off for college. She got the thumbs-up for a card, as do many thin-file college kids who presumably are within a few years of stable income. The catch: It comes with a 19 percent interest rate. Still, she plans to leave a small balance on the card to start a credit paper trail on herself. "I view it as a long-term goal to start building credit. Eventually, a good credit rating will help me buy a house," she said. But she's wary of the lure of card marketing and likens it to tobacco ads aimed at teenagers. "I've heard a lot of horror stories about people who got their first credit card and got into trouble." Kicking a drug or alcohol habit takes total abstinence. Apparently, going cold turkey with debt could do more harm than good.

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

Last edited by Board Monitor on Wed Sep 01, 2004 8:51 am; edited 1 time in total

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Author: capepuffin
Joined: 09 Nov 2003
Posts: 82
Location: Cape Cod, MA
Posted: Mon Aug 30, 2004 7:08 am

My baby is in print!! LOL Yes I and Lindsay are both very excited to see that she was quoted in the article. Tomorrow Linds is off to Bentley to start her college career. She is majoring in International Business. Lets hope that she stays true to her credit goals!!

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Mon Aug 30, 2004 7:40 am

That is just great, congrats to Linds, and definitely best of wishes with her college. Exciting time for her just starting out on her own both college and credit. That is so true about having to establish credit and use it for the long term availability for bigger items. I have noticed in recent years that more companies are reporting data like major rental places now. Also utility companies are in on the game, so more to help consumers in the long run.

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Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 323
Posted: Tue Aug 31, 2004 10:25 pm

Way to go Lindsay, I am beaming just as proudly as your Mom!!! Great article!!!

native

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Tue Sep 07, 2004 9:01 am

As a follow-up, thought you'd like to know that the article also got picked up by the following newspapers:

New York News Day (estimated Sunday circulation is around 600,000): http://www.newsday.com/business/yourmoney/sns-yourmoney-0829value,0,5212319.story

The GreenWich Time (Southern Connecticut): http://www.greenwichtime.com/business/yourmoney/sns-yourmoney-0829value,0,6911621.story

The Orlando Sentinel (FL): http://www.orlandosentinel.com/business/yourmoney/sns-yourmoney-0829value,0,4953643.story

The L.A. Times: www.latimes.com/business/yourmoney/ sns-yourmoney-0829value,1,7330090.story?coll=la-utilities-business

The Stanford Advocate (CT): http://www.stamfordadvocate.com/business/yourmoney/sns-yourmoney-0829value,0,4338456.story

The Norwalk Advocate (CT): http://www.norwalkadvocate.com/business/yourmoney/sns-yourmoney-0829value,0,2917428.story

In addition, the websites of several WB and Fox TV affiliates picked up the article, such as LA's WB affiliate: http://ktla.trb.com/business/yourmoney/sns-yourmoney-0829value,0,6842617.story

Not bad exposure, huh?

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Tue Sep 07, 2004 8:08 pm

That is just fantastic work there, lol No would not say bad at all.

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Credit Card Cash Advance Fees and Limits

Author: Puffinz
Joined: 15 Aug 2004
Posts: 5
Posted: Fri Aug 27, 2004 3:04 am
Post subject: Getting Cash Advance at a Bank

How much do banks usually let you do a cash advance for? I'm talking about the kind where you come to a bank and they slide your card and give you cash (and we also assume that we're not trying to get cash advance for more than the card's cash advance limit, obviously).

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Fri Aug 27, 2004 8:33 am

I don't think there is usually a limit, but it may vary by bank. Why would you want to get a cash advance? The fees/high rates will usually kill you. :0(

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Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Author: ALex
Joined: 14 Aug 2004
Posts: 24
Posted: Fri Aug 27, 2004 10:28 am
Post subject: Re: Getting Cash Advance at a Bank

Puffinz wrote:
How much do banks usually let you do a cash advance for? I'm talking about the kind where you come to a bank and they slide your card and give you cash (and we also assume that we're not trying to get cash advance for more than the card's cash advance limit, obviously).

A cash advance can usually be taken up to the total amount of your credit line.. But the fee usually 3% with no cap and the interest usually around 19.9% is high.. If you can wait a few days use an Access check or have the cash deposited into your checking account.. Interest is a lot lower

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Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 379
Posted: Fri Aug 27, 2004 7:41 pm

How much you can take out as a cash advance depends on the terms of your card and the way your credit limit was assigned, obviously. There are usually separate figures on your monthly credit card statement that give your overall credit limit and your cash limit. I've got three dozen cards. On some, the two limits are the same. On some, the cash limit is half of the credit limit. On some, the cash limit is way below the credit limit. I agree that almost always getting a cash advance is a rotten idea. There's usually no cap to the 3% fee charged. If you get a balance transfer of $5,000, for example, there may be a 3% fee, but the amount of the fee is capped at $35-$75 usually. If you get the same $5,000 as a cash advance, you'll pay $150.00 as a fee...even if you repay the loan the next day. And the interest rate is usually much higher than the purchase interest rate. All your payments will be applied to the purchase balance first, so if you have to carry a balance you're not going to be whittling down the cash advance amount until all your purchase balances are paid off first.

Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"

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Author: artie1965
Joined: 02 Sep 2004
Posts: 2
Posted: Fri Sep 03, 2004 12:17 am

The withdrawal of funds from your credit card is typically up to the credit limit allowed. Also, the amount you withdraw may be subject to daily limits. However, there is no interest-free period, so interest is charged from the day you withdraw the funds.

Art

Fast Cash Advances And Payday Loans

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Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 379
Posted: Fri Sep 03, 2004 2:27 am

Quote:
The withdrawal of funds from your credit card is typically up to the credit limit allowed. Also, the amount you withdraw may be subject to daily limits

No. It's easy to think that your own experience with your own cards is what is typical, but that may not be true. I've never seen a time when a card presented at a bank for a cash advance has a daily limit. Your limit is what your cash limit is; you can always take out all or any part of that if it's not being used. ATMs limit the cash you can take out in one day, but that's a separate limit unrelated to the cash advance limit on a credit card. As far as the cash limit being "typically" up to the credit limit involved,

1) My Fleet credit card has a 10,200 purchase limit but a 5100 cash limit.

2) My Costco American Express CashBackcard has a 23,000 purchase limit but a 200 cash limit. That's right--just $200.

3) My FNB of Omaha card has a 6000 purchase limit but a 3000 cash limit.

4) My CapitalOne Platinum card has a 20000 purchase limit but a 10000 cash limit.

I could go on with this, but I hope the point's been made.

Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"

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Author: mouse
Joined: 29 Jul 2004
Posts: 110
Posted: Fri Sep 03, 2004 5:38 pm

I don't ever use a CASH ADVANCE. I can BT to my checking account with MBNA

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Author: puck71
Joined: 21 Jul 2004
Posts: 12
Posted: Tue Sep 07, 2004 11:21 pm

It's typical to be able to take up to 50% of your total credit limit in cash, but some cards are lower. My Citi card is about 25%.

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CitiCorp Platinium Select Credit Card with 0% Interest

Author: limegodess
Joined: 11 Aug 2004
Posts: 1
Posted: Wed Aug 11, 2004 10:15 pm
Post subject: CitiCorp Platinum Select

Any info good, bad or indifferent on Citicorp Plantinum Select credit card for balance transfers? Just applied today for card 0% for 12 mnths, no chrg for trnfs, then I think 9.99% after 12mnths is up.

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Author: runningdeer
Joined: 24 Aug 2004
Posts: 2
Location: MN
Posted: Tue Aug 24, 2004 8:57 pm

I've had a Citibank card for over 14 years. My current card is called a "Platinum Select Dividend Card", and I've had my photo put on it for ID purposes. I haven't asked for raises, but over the years Citibank has increased my credit limits to over $18,000. For the past 10 years, this has been the only credit card in my wallet. Until last month, I've never had a problem... A few years back, my car's transmission blew up in rural Nebraska. I used the card to purchase a $3500 used car, no problem. Another time, a lawsuit tied up my income for 8 months. I continued to use the card for gas and other expenses, paying the minimum each month. When I finally got my settlement check and paid off the card, the bill was over $10,000. No hassle, no calls, no problem... Citibank recently installed a new computerized fraud detection system. Cardholders are assigned a "profile", based on a six month usage period. My profile was apparently arbitrarily assigned to me, based on my card usage during the first six months of this year. They refuse to review my usage during the previous 14 years, or to change my present profile... I drove to California in July -- bought gas 8 times in 6 states in 3 days -- but when I attempted to pick up a $150 check at a party, my credit was cancelled. Very embarrassing. Citibank customer service said I was behaving in a suspicious manner, so "for my protection" they cancelled my credit without notifying me by phone or e-mail. I drove back to Minnesota in August. Bought gas 7 times, and then they cancelled my credit again at a gas station near my home. Called Citibank again, patronizing response, refused to tell me what I did wrong, or how to avoid cancellation in the future. Asked to speak to a supervisor... Requested that they reprofile me as a "truck driver" or a "travelling salesman". Refused... Asked for a written statement of what I was doing wrong. Refused, because I might pass the info on to crooks... Really! That's what was said... I filed a discrimination complaint with the Office of the Comptroller of the Currency, which regulates Citibank, and picked up a new Visa card at another bank, which openly discussed its fraud program... I suspect Citibank's computer is denying credit, with no human input. So, I would suggest you establish the "profile" you want to have, during the first 6 months you use the card.

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Wed Aug 25, 2004 7:53 am

Try perusing our cardholder reviews section here:

http://www.cardratings.com/cardreviewfr.html

Let us know how things turn out!

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Author: puck71
Joined: 21 Jul 2004
Posts: 12
Posted: Tue Sep 07, 2004 11:24 pm

Yes, I'm sure there wasn't a human involved in blocking your card. Actually it may have been something done more centrally by Visa or Mastercard themselves. There's a pretty complicated system that detects possible fraud. It's not perfect, but I really think overall it's better with it than without it.

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Author: runningdeer
Joined: 24 Aug 2004
Posts: 2
Location: MN
Posted: Wed Sep 08, 2004 2:04 am
Post subject: Success at last!

I posted a lengthy complaint resolution report in the Cardholder Reviews section of this forum. Card Issuer: Citi Reward Cards Reward - Cash Citi Platinum Select... What I did was file a complaint and get a complaint number from the Office of the Comptroller of the Treasury, Houston, TX. This office is the regulator of Citibank credit cards. I also filed a complaint with the MN Attorney General's Office. Then I located the name and business address of the CEO of Citibanks' credit card division. This office is in New York City. I then wrote a very polite request to the CEO, identifying myself as a satisfied customer of 14 yrs, currently having a problem with the new fraud alert system. Would the CEO please authorize the changing of my "profile", so that I can again drive to CA and back, without losing my credit? The office of the CEO could do that, and did. So, I now have this great credit card, reprogrammed so I don't lose my credit when I travel long distances...I'm a happy camper again. Thank you for all the pertinent info you have assembled at this site. I spent several hours here, finally realized what a great credit card I already had, if I would just spend some time getting my "profile" adjusted. I did, and my efforts were successful...

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Wed Sep 08, 2004 7:19 am

Runningdeer, Glad things have worked out for you and thanks for adding for review to the cardholder reviews section! Please tell others about our site...

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Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Credit Card Interest Rate Hike

Author: racingjay
Joined: 08 Sep 2004
Posts: 1
Posted: Wed Sep 08, 2004 7:04 pm
Post subject: Another Chase Question

My question is very similar to the previous one about Chase. In June, apparently they informed me that my interest rate was being raised. Being an online custumore, the disclosure was not provided online, rather was mailed to me, and probably tossed with the thousands of other propaganda pieces I receive. I have been a chase customer since 1999, and carry a good sized balance on their card. My credit score is a 725, and I have a few other cards. I make good income, and have never missed a payment. My interest rate was jacked from 5.49% to 23.49%. The reason I was told was high other balances and new accounts. I was told that the accounts were reveiwed every 30 days. However, my balances are currently $5,000 less than this time last year. I have opened one new account. I protested the idea, and went up the chain of command through two supervisors, each could only tell me to obtain my cbr and write to the general correspondence address. Does anyone have any thoughts/ideas/suggestions on this matter, or have sucessfully been through this situation?

Thanks in advance!

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Author: Verne
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 488
Location: Midwest
Posted: Wed Sep 08, 2004 9:17 pm

This happened to me with Chase (twice) but I caught it and closed the account after I received the notice (also twice). My credit usage was nearly 100% back then so I had nowhere to move the balance and had to close the account to freeze the terms. Since the notice of the change in terms is deliberately meant to be overlooked - a tiny slip of paper amongst the junk inserts with the statement, you could make a case that you weren't notified. They count on most people not seeing the change in terms notice or reading the fine print in the first place - which is the finest type allowed by law. (get your reading glasses out) Chase and other card companies only jack the rates when they know you can't move the balance elsewhere. They examine your credit report, analyze it every which way but Sunday, and jack the rates when they think you are trapped. Of course this behavior shouldn't be legal and I would report them to your attorney general, the banking regulators, and your senators and state reps. An agreement with a credit card company means nothing.

Verne

Any agreement that can be changed at any time, for any reason, is no agreement at all.

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Credit Card Without Personal Guarantee

Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Wed Sep 08, 2004 4:59 pm
Post subject: Business Credit Card without Personal Guarantee?

This message posted by e-mail request from one of the visitors to our site:

I am looking for a credit card I can use for our organization that does not require an indivisual guarantee with his or her personal SSN. Officers for our organization rotate every couple years and no one wants to become personally responsible for the organization. I would expect to be able to guarantee with our Fed ID#. If you can direct me I would appreciate it.

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Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 756
Location: NJ
Posted: Thu Sep 09, 2004 12:51 am

You've just given the very reason why banks WON'T issue business cards to small companies without personal guarantees. They want to get paid! To the best of my knowledge no card company will do what you want unless you are a publicly owned company with a very high credit rating. A federal tax id is meaningless in this context. Every company, both large and small, is required by law to have one. I have a small one-person corporation which has a federal tax number. It's nowhere near as good as a superior credit rating.

Do not let what you cannot do interfere with what you can do.

Ira

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Credit Card Late Payments and Fees

Author: ALex
Joined: 14 Aug 2004
Posts: 24
Posted: Tue Sep 07, 2004 6:34 pm
Post subject: John Kerry's Plan for CC Companys... What do you think?

news.moneycentral.msn.com/ticker/article.asp?

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Author: cabledude
Joined: 14 Aug 2004
Posts: 36
Location: East
Posted: Tue Sep 07, 2004 6:38 pm

The link is not working. Are you sure it is right or am I screwed up?

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Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 756
Location: NJ
Posted: Tue Sep 07, 2004 10:19 pm

The link is definitely not working.

Do not let what you cannot do interfere with what you can do.

Ira

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Author: credithelp
Joined: 23 Aug 2004
Posts: 44
Posted: Wed Sep 08, 2004 7:01 am

Try this link

sg.us.biz.yahoo.com/ap/040827/credit_kerry_2.html

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Wed Sep 08, 2004 8:31 am

That is interesting, it would be nice to have one level late payments across all of the credit card companies instead of fluctuation that you can have with some of them. Cause that definitely adds up if someone misses a few months and then it makes it impossible to catch up sometimes. I would definitely like to see something done about the credit card companies jumping so fast on increasing interest rates... some of them going up to 28% or maybe more, that is definitely impossible to expect consumers to get control to climb back out of debt. Just one set default rate, and rules on how long they should wait to jump the rate would be nice, like say 30 days grace period before going into affect. I don't think requiring example published on rates and payment period is asking too much, if anything have a central web site set up to direct consumers online to caclulators so they can figure up exactly what their payment period will be on their own.

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Author: vvolf119
Joined: 08 Sep 2004
Posts: 1
Posted: Wed Sep 08, 2004 10:10 am

you know I hear a lot complaining about what credit grantors are doing and how much they charge for being late and the interest rates they charge. There is a quick fix to it all, dont be late, and read the application before signing it. Know what your interest rate is. Then you can decide if it is right for you. Dont wait till after you have charged the card to the max then complain that the interest and late charges are piling up. Bad credit is a growing poblem in this country, my company alone services millions of bad debt each month. This is not the fault of the credit card companies but misinformed and uneducated people on credit.

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Wed Sep 08, 2004 12:21 pm

That is all good and fine to have the best intentions to not going into debt or becoming late, but that don't mean that you are going to stay away from that problem, that something out of your control may happen. That is the same as getting your drivers license, and saying that you are sure you will never get into an accident, you can't guarentee that.

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Author: credithelp
Joined: 23 Aug 2004
Posts: 44
Posted: Wed Sep 08, 2004 1:48 pm

Yeah, some people get sick,have car accidents,lose jobs,etc that make it impossible to avoid paying late. It would be nice if the issuers were not as ruthless sometimes.

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Thu Sep 09, 2004 7:41 am

Thanks for the link Alex!

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 379
Posted: Thu Sep 09, 2004 9:28 am

Part of the problem IS the fault of the credit card companies, though--giving people access to large amounts of credit that their incomes don't support, promoting to the naive and uninformed (targeting college students, for example), giving special introductory offers with only the fine print talking about what happens when the special rate period ends. Plus the endless marketing to tell people that it's OK to buy without having any money--you can always buy on credit.

Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"

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Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 323
Posted: Thu Sep 09, 2004 3:37 pm

Yeah Polonius is correct, some not very nice creditors will let a payment sit for sometime before posting and the consumer has to pay a late charge. Now many are doing your check by automation through a check clearing house and destroying the check. Sometimes snail-mail messes up as well.

native

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Credit Card Cash Advance Fee

Author: cyberlayde
Joined: 23 Aug 2004
Posts: 9
Posted: Thu Sep 02, 2004 12:39 pm
Post subject: Cash Advance Fee on Credit Card for Purchase????

Hi, I'm wondering if anyone has encountered this. I recently ordered an item via the Internet (which I do all the time) and charged it to my Mastercard. The charge appeared, and a couple of days later, another charge for $15.00 listed as a Cash Advance Fee appeared. I call Mastercard to ask what this fee was for. They told me the merchant had keyed in my purchase as a cash advance, hence the fee. I called the merchant and emailed, they refuse to acknowledge this, they are "MyRxForLess" and are located in Mexico (yes, I should of known better). Now, they are saying Mastercard is scamming me and Mastercard is saying they keyed it in this way. No one seems to be able to help me on this. I don't know what to do at this point, any advice?

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Author: credithelp
Joined: 23 Aug 2004
Posts: 44
Posted: Thu Sep 02, 2004 5:08 pm

It's hard to tell who messed up,the merchant or the card issuer. I would show my receipt to the card issuer that shows that my order was made online where a cash advance would not have taken place. Your card issuer knows that it was an online order but some issuers like to play hardball. The key is to make them know that you have proof that a cash advance was not made. Who is the card issuer?

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Author: cyberlayde
Joined: 23 Aug 2004
Posts: 9
Posted: Tue Sep 07, 2004 10:41 am
Post subject: Cash Advance FEE

The card issuer is GM Mastercard.

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Author: Verne
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 488
Location: Midwest
Posted: Tue Sep 07, 2004 10:52 am

Let us know how you come out. GM (Household) has a poor reputation when it comes to resolving disputes. They often take the merchant's side or do as little as possible to help the customer in a dispute which has always perplexed me. For now, I'm carrying a big balance with GM Mastercard but I will never use their card for purchases because I know they won't back me up if a problem with a merchant arises.

Verne
Any agreement that can be changed at any time, for any reason, is no agreement at all.

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Author: cyberlayde
Joined: 23 Aug 2004
Posts: 9
Posted: Mon Sep 13, 2004 11:30 am
Post subject: Cash Advance on Credit Card Purchase

Well after a long battle with the merchant and GM Mastercard, I filed a claim with the Federal Trade Commission and then they gave me another place to file a complaint with, the Banking Comptroller. Since my credit card falls under "Household Bank", I contacted the agency that is in charge of that institution and filed a complaint. I let Mastercard know I did all this and within 24 hours, it was taken off my card. Amazing what you have to go through! I wasn't about to give up out of sheer principal on this. I also wanted to prevent any future charges of this type showing up from other merchants. To this day, both the merchant and GM Mastercard are still accusing one another but it's not my problem anymore.

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Tue Sep 14, 2004 8:24 am

Thanks for the update cyberlayde.

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Credit Card Balance Transfer

Author: PDCates
Joined: 12 Sep 2004
Posts: 1
Posted: Sun Sep 12, 2004 10:37 pm
Post subject: Balance Transfer

Hello, I've been considering applying for a new credit card for purposes of lowering my interest rate through a balance transfer. I require a suggestion or two as to how I should go. First of all, my 3 cards allowing limits of $4800, $1200 and $500, all through Capital One, are all set at 24.95%. My $500 card is the only account with a zero balance. The others are almost at their limits. I've had them since 2000. My lowest credit score of the 3 major credit reporting agencies is 599, my highest is 630. I do not own my own home. I want to make every payment count toward paying off my credit card account balances. The high rates are making that almost impossible. I have asked Capital One if lowering their rates were possible, no success. I more than likely won't be elligible for an extremely low interest rated credit card, but every little bit helps. Can anyone steer me in the right direction?

Thanks,

Pat

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Tue Sep 14, 2004 5:00 pm

First of all them are not very good scores, what issues are you dealing with on your credit... i.e. (lates, collections, charge offs, judgments...)? Given problems you might be able to fix and improve your chances at getting a new card, usually when your scores are down that low, balance transfer offers are not going to come easy with the status you have now. I would suggest contacting Capital One and asking if you can't get set up in the mean time with some kind of hardship program, where they reduce the interest rate that way. Try to fix what you can on the reporting, and wait a month or so, to check your progress, other wise you might end up with a lot of denials, and inquiries for the effort.

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Banking Comptroller Telephone Number

Author: cyberlayde
Joined: 23 Aug 2004
Posts: 9
Posted: Tue Sep 14, 2004 9:20 am
Post subject: Telephone Number For Banking Comptroller

All, This is the telephone number for the Banking Comptroller (800) 613-6743. Recently, I had an incident whereby I was not making any headway with my Mastercard regarding a fee that was applied for a cash advance on a purchase. I filed a complaint with the FTC but the FTC also gave me this other number for the Banking Comptroller. If you call them and tell them which bank your credit card is issued by, they will file a complaint for you. The credit card companies don't want this to happen and will work a lot faster with you to resolve any differences. I used this as a last resort since I had hit a brick wall and for me it worked. You may want to make note of this number should this happen to you.

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Author: Verne
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 488
Location: Midwest
Posted: Tue Sep 14, 2004 11:07 am

thanks alot, I may need that number soon.

Verne
Any agreement that can be changed at any time, for any reason, is no agreement at all.

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Wed Sep 15, 2004 7:57 am

Thanks cyberlayde. Do you expect to get any more communication from them on the matter?

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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Author: cyberlayde
Joined: 23 Aug 2004
Posts: 9
Posted: Wed Sep 15, 2004 11:59 am
Post subject: Number for Bank Comptroller

I don't know. I would think they will look into it, but Mastercard did reverse the charge so perhaps that will end it. I'm just glad I didn't have to pay the fee.

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Credit Card Rebates for Charity

Author: cooparnwriter
Joined: 17 Jan 2005
Posts: 1
Posted: Mon Jan 17, 2005 12:59 pm
Post subject: Rebates for charity - request for article interview

Hello. I am a staff writer for http://www.CardRatings.com . I am working on an article about credit cards that offer rebates towards various charities. I was wondering if anyone has used this type of credit card, and, if so, if you might be willing to speak with me about it for the article. If interested then either reply to this post or send me an e-mail (amyarnold9@hotmail.com).

Thanks!

Amy Cooper-Arnold, Staff Writer
http://www.CardRatings.com

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Board Archive Finished!

Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Tue Jan 18, 2005 6:35 pm
Post subject: Board Archive Finished!

I am proud to announce that we have finally finished manually copying and pasting all of the message board posts from our old board! This process has taken us a year to do and it has been a very labor intensive process! We hope that you enjoy having easy access to our archives now (via our search feature and this forum). Thanks for your patience!

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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