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Credit Card Penalty Rates
Guest: Board Monitor Board Monitor/ Administrator Post subject: Credit Card Penalty RatesPosted: Wed Mar 01, 2006 3:42 pm This message posted by e-mail request from one of the visitors to our site: My credit card company just informed that I was subject to new higher "penalty rates" because it was determined that they needed to increase revenue on my account! This is due to the fact that I always pay my balance on time and in full. So let's see... I'm penalized if I pay late and now I'm penalized for paying on time!! What rip! _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314 Sign up for our free monthly e-mail newsletter!
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Wed Mar 01, 2006 4:12 pm That does seem silly! So they know you're a responsible customer who doesn't make them any money, but still they're happy to raise your rates patiently waiting for that one slip-up! Keep an eye on those and if you do get into trouble in the future, be sure to use one with lower rates or one of your promotional cards. Good luck! (as if you need it... haha ).
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Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Posted: Thu Mar 02, 2006 2:21 am What you're saying makes absolutely no sense and you may be misinterpreting it. Can you give us the exact wording that you received from your bank. That's the only way we can properly assess the situation. _________________ Do not let what you cannot do interfere with what you can do. Ira
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Thu Mar 02, 2006 8:02 am Board Monitor wrote: This message posted by e-mail request from one of the visitors to our site: My credit card company just informed that I was subject to new higher "penalty rates" because it was determined that they needed to increase revenue on my account! This is due to the fact that I always pay my balance on time and in full. So let's see... I'm penalized if I pay late and now I'm penalized for paying on time!! What rip! PAY IN FULL and don't use the card for a while They probably saw something on your credit report they didn't like Just use it every 6 months for like one tank of gas and PIF and don't use it again for 6 months Or just call them on the phone and GET THE FULL STORY I had one card "JACK" my rate (FOR EXTRA "REVENUE") and I got them to back tract to 1% under what it was
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Guest: bullwinkle29 Posted: Thu Mar 02, 2006 4:02 pm is this a POS CAPITAL ONE CARD??
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Authorized User Gets Benefit of Your Good Credit Score
Guest: rapjunkie Post subject: Authorized User Gets Benefit of Your Good Credit ScorePosted: Thu Mar 02, 2006 3:47 pm I've read that if a person looking to establish or improve their credit is added as an authorized user on an account of a person with good existing credit, that the account is then reported on the authorized user's credit report, thus boosting their score. My question is whether the authorized user's prior bad credit history (or lack of a lengthy credit history) can be reported or evaluated in any way by the creditor, and in turn, affect the "good" cardholder. In other words, can it hurt someone at all to make another person an authorized user on one of their accounts if that person's prior credit history is poor? (Of course, this assumes the authorized user does not have a card to use and doesn't make any purchases on the account - i.e. if they are simply on there for credit-building purposes.)
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Thu Mar 02, 2006 7:27 pm Your authorized user gets the benefit of YOUR credit; you don't get any benefit or problem from the authorized user's credit. YOU are responsible for all the debts on the card. So you run no risk--as long as you keep paying all the bills regardless of the expectations or promises you have from the authorized user to make payments. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: rapjunkie Posted: Fri Mar 03, 2006 2:43 am Great - thanks. By the way, I think it's pretty surprising that it can be that easy to help someone establish credit... do you think it might count with a bit less weight on the authorized user's report, like when a person gets a co-signer on a car loan and is listed as secondary?
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Best Credit Card with Rewards?
Guest: BAH Post subject: Best Credit Card with Rewards?Posted: Thu Mar 02, 2006 12:31 pm Ok here is the deal. I have excellent credit and I am looking for a new reward card. Currently my wife and I have a Citi AA card. However we never fly, we got the card to earn miles for a Europe trip. We use this card for everything and pay it off entirely each month. We spend a bunch! Last year was over $115K and we have over 300K miles . So needless to say we have enough for Europe. Now I would like to leverage that spending to get some cash or different rewards. I really don't want to have more than 1 card to get the rewards, and most cash back cards have an annual limit or a low 1% return. I would like to stay away from and annual fee since it eats away at the cash back. I was considering the Chase Cash Plus, but cannot find if it has an annual cash back limit. I already have another Citi Drivers Edge card, but I never use it and have never turned in the points. So if Citi has a card with no annual limit and good cash back I could switch easier than going to Chase. Really I just don't want to have to mess with rewards. I would like something easy to manage, and beneficial wherever I shop. Thanks for any advise!
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Guest:maddybeagle Credit Expert (100+ Posts) Posted: Thu Mar 02, 2006 12:40 pm let's see you spend 115k/yr and only want 1 card? and more than 1% back and no cap? I would look at amex blue (no cap and 5% on everyday purchases when spend over 6500 and 2% on everything else. I think some of the other cards (household and BOA have some other high roller cards with higher cash back also.) BOA was discussed recently.
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Guest: BAH Posted: Thu Mar 02, 2006 1:29 pm Thanks for the info I will look into it, I knew there had to be something better. I know it probably sounds stupid that I am whining about 1% when I spend so much, but it is not all my income. I expense a good portion of that through where I work. They have offered to get me a card, but I always find a way to convince them to let me use mine so I can get the benefit. Plus next year I will be building a new house and have some funds saved up. So on the construction loan I was planning on the first big draws (concrete, framing) to pay that with the card to buy me the grace period of interest on the construction loan, then pay it off with savings. If I can find the vendors I should be able to get 60 days off of the high interest construction loan before I finance it into a mortgage. Anyway thanks for the help.
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Guest: BAH Posted: Thu Mar 02, 2006 1:55 pm FYI I went ahead with the Amex Blue. 2 main reasons, 1 I have never had an Amex card and 2 I shop at Costco a bunch so now I don't have to write a check or use my bank card. FYI after $6500 it looks like they have dropped it to 1.5% on everything else instead of 2%. Thanks for the advice.
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Thu Mar 02, 2006 4:23 pm you are right. it is 1.5% and not 2. I remembered wrong.
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Posted: Thu Mar 02, 2006 5:05 pm If you're looking for a good reward card, you may want to consider the Chase Rewards Plus Mastercard. The card has no annual fee. Now don't get it mixed up with the Chase Cash Plus Rewards. While the rebate structure is the same (5 points per dollar on gas, groceries, drugstore, 1 point per dollar on everything else), the annual rebate limit is not. The Chase Cash Plus Rewards card has a $300 yearly rebate limit, just like its grandfather, the Citi Dividend Platinum Select (Hey, it came first!). However, the Chase Rewards Plus has a yearly point limit of 75,000 points. This is the equivalent to $750 you can earn in one year. There are a couple catches, only 60,000 of those yearly points can be redeemed for cash in one year, but your points don't expire for 2 years, so either wait till the end of the year to redeem the other 15,000 points ($150) for cash, or you can redeem it in gift cards to your favorite merchants. Also, to get the maximum 5%, 1% rebate on your purchases, you have to redeem your points in $100 increments (10,000 points = $100 cash, as opposed to 3,500 points = $25, you get my point). But you spend a lot per year, so this shouldn't be a problem. Chase's year is a "calendar year," meaning this yearly limit goes from January-December, no matter when you get the card. I'm not sure if there is a signup bonus, but check your local Smart Source coupon advertisements. There may be one in there. Hope this helps.
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Want to Raise my Credit Scores
Guest: NikkiG Post subject: Want to Raise my Creidt ScoresPosted: Wed Mar 01, 2006 4:24 pm Hello I am brand new to this board and so far thanks for the great info. I am just beginning to recover from my horrendous college spending. My scores are still terribly low (550s) due to collections, charge offs (credit cards and bank accounts). Are there any credit card companies that would extend a secured or unsecured card to me. I bank with Citibank and applied for a secured card with them but was denied due to the fact that I had collection accounts. I don't want to initiate another inquiry if I'll just be denied again. I've read about New Millenium bank but I see htat various websites have them listed as frauds. Any help at all would be great.
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Guest: astounding Posted: Wed Mar 01, 2006 8:21 pm Have you tried targeted "Student" card issuers?... because from what I've seen, some of their offers require less requirements than a secured card. You can also try the Liberty Union Visa Debit Card (Visa) which works like a credit card, but it isn't one. Yes you still have the exact same options with it as with a standard CC. -A _________________ Here's a GREAT FREE resource with everything you'll EVER need to know about credit/debt management, credit cards, and applying for the BEST one: => http://www.Direct-Credit-Card.com/articles.php
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Guest: beyond platinum Credit Expert (100+ Posts) Posted: Thu Mar 02, 2006 3:24 am NikkiG wrote: Hello I am brand new to this board and so far thanks for the great info. I am just beginning to recover from my horrendous college spending. My scores are still terribly low (550s) due to collections, charge offs (credit cards and bank accounts). Is this an admission of guilt or are you acknowledging that you made a mistake and damaged your credit record? You must know that your situation is really bad if you’re being turned down for a secured credit card. I hope that you have learned from this and will now begin to take responsibility for your debts. You can try First Premier Bank First Premier I do not recommend getting a debit card or check card as they don’t report to the credit bureaus. Also, student credit cards are normally reserved for those without a credit history. _________________ "The most incomprehensible thing about the world is that it is comprehensible." --Einstein
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Guest: Board Monitor Board Monitor/ Administrator Posted: Thu Mar 02, 2006 8:44 am Quote: I do not recommend getting a debit card or check card as they don’t report to the credit bureaus . The Eufora debit card actually does report to one bureau, but you have to pay an extra fee to be in their "Credit Builder" program... _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314 Sign up for our free monthly e-mail newsletter!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: bullwinkle29 Posted: Thu Mar 02, 2006 4:00 pm i was in your shoe's about 6-7 years ago. my advice, pay off all of your collections and charge off's. it will take another 7 years for them to clear off your reports. i've 2 left on my reports that fall off this year. my current scores are 720, 742, 670. all of my collections were medical bills and 1 cell phone bill.
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Authorized User on Parents' Maxed Out Credit Cards
Guest: bullwinkle29 Post subject: Authorized User on Parents' Maxed Out Credit CardsPosted: Fri Mar 03, 2006 10:44 pm hi all my wife's parents had a wells fargo visa card issued to her, so that she could put her school supplies on there card. on my wife's credit report, it says authorized user. i know what that means. my question is. the cards limit is $10,500. her parents have the card darn near maxed out, does that impact my wifes score? i just pulled he her report from equifax, her score is 770. if anyone needs more details, please ask thanks dave
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Mar 03, 2006 11:22 pm bullwinkle29 wrote: hi all my wife's parents had a wells fargo visa card issued to her, so that she could put her school supplies on there card. on my wife's credit report, it says authorized user. i know what that means. my question is. the cards limit is $10,500. her parents have the card darn near maxed out, does that impact my wifes score? i just pulled he her report from equifax, her score is 770. if anyone needs more details, please ask thanks dave MAXED OUT hurts some "IF" you have other empty cards it doesn't hurt as much That is one reason I never have less than $100,000 unused at all times
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What is the most credit card cash back you've earned?
Guest: Signature Post subject: What is the most cash back you've earned?Posted: Sat Mar 04, 2006 2:54 pm What is the most you have earned back in one year on your Dividend card? Between the $300 cap and the unlimited cash back through the Dividend Merchant Network?
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ThankYou Points Offer from CitiBank
Guest: beyond platinum Credit Expert (100+ Posts) Post subject: ThankYou Points Offer from CitiBankPosted: Fri Mar 03, 2006 1:56 am Upon logging in to my citibank account I was offered the following promotion: As a valued Citi cardmember, you can get 5 ThankYou PointsSM* for every $1 spent on home improvement and home furnishing store purchases** made with your Citi card by 5/31/06. * Earn up to 75,000 ThankYou Points during any calendar year. This calendar-year limit will include any bonus ThankYou Points you may be eligible to receive unless otherwise stated. **In order to qualify for this offer, your card account referenced above must be open and not in default under any card agreement at all times. If your account is closed for any reason, including if you convert to another card product, you may no longer qualify for this offer. Home Improvement Stores are defined as stand-alone merchants that primarily sell hardware and/or appliances and/or tools for home repair and remodeling. Home Furnishing Stores are defined as stand-alone merchants that primarily sell miscellaneous home furnishings and accessories. We do not determine whether or not merchants classify purchases as being made at Home Improvement Stores and Home Furnishing Stores but do reserve the right to determine which purchases qualify. Perfect timing because I was about to shop for new furniture! _________________ "The most incomprehensible thing about the world is that it is comprehensible." --Einstein
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Guest: Board Monitor Board Monitor/ Administrator Posted: Fri Mar 03, 2006 9:21 am Cool! Guess that include Home Depot and Lowes!?! _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314 Sign up for our free monthly e-mail newsletter!
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Guest: rain Credit Expert (100+ Posts) Posted: Fri Mar 03, 2006 10:24 am Nice offer. Erm I just want to point out that its not 5 bonus points, its 4 bonus points.
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Fri Mar 03, 2006 12:17 pm nice offer but I ready get 5% on home improvement stuff on my discover card.
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Guest: beyond platinum Credit Expert (100+ Posts) Posted: Fri Mar 03, 2006 3:18 pm rain wrote: Nice offer. Erm I just want to point out that its not 5 bonus points, its 4 bonus points. Wrong! This is on my Dividend card not my Premier Pass card. Since Dividend cards dont earn points it's scaled to zero, hence 5 bonus points. This is in addition to the 1% cash back, yet another bonus. _________________ "The most incomprehensible thing about the world is that it is comprehensible." --Einstein
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Great Exposure for CardRatings.com in Washington Post
Guest: Board Monitor Board Monitor/ Administrator Post subject: Great exposure for CardRatings.com in today Wash. Post! Posted: Sun Mar 05, 2006 11:05 am Greetings! I am proud to say that http://www.CardRatings.com is featured in an interesting article by Don Oldenburg in today Washington Post about a consumer complaint regarding Citibank's 5% rebate program. I have pasted the article below. Can anyone else related to this article? Comments? Time Out on Cash Back Credit Card's 5 Percent Rebate Is Slow to Add Up Marta Vogel is perplexed -- as many of us are. Credit card confusion seems to be the norm these days, whether it's understanding how your interest rate suddenly quadrupled, figuring out why your on-time payment got socked with a late fee, or wondering why a card's selling points aren't all they were cracked up to be. Not a lot of clarity in credit cards. About six months ago, Vogel, a Bethesda resident, saw an ad for the AT&T Universal Cash Rewards Card. It's a cash-rebate card that pays back to cardholders a small percentage of almost everything they charge on it. Like any smart consumer who recognizes there's a reason her credit cards are a bit beat up, Vogel decided the offer was too good to pass up. The advertisement promised a "5 percent cash rebate" on eligible purchases at gas stations, supermarkets and drugstores. One percent back on everything else. Total rebates up to $300 per year. No annual fee. Hey, with the price of gasoline alone, that's a no-brainer! "Five percent cash back -- those are exactly the words on the card," said Vogel. "So I started using my card for gas and groceries." But somewhere between the seafood aisle at Trader Joe's and credit card headquarters in South Dakota, something didn't add up. Vogel spent $245 that first month on eligible products but her rebate came to $2.45. One percent. Vogel called the AT&T card's toll-free number several times and eventually was told to send a copy of the ad that said she's supposed to get 5 percent and they'll investigate. (Wait just a minute. They have her account number, right? They can't confirm the terms of the credit card? Are they on Mars or what?) She called again and was told her card pays a 1 percent rebate on eligible purchases and a 4 percent bonus shows up in two or three billing cycles. "I saw nothing indicating the 4 percent comes later in their literature," she fumed. "I should get 5 percent. This card and its benefits are advertised all over the place. It is no secret." Enter the Consummate Consumer. After weeks of investigation, Samuel Wang, spokesman for Citigroup, which operates the AT&T Universal Cash Rewards Card program, had an answer: "We did identify [Vogel] was not enrolled properly. We have made her whole, and she was credited the amount as far as the rate gap is concerned." Meaning everything was squared away. "It is something that we apologize for," said Wang, adding that Vogel would get a $50 courtesy credit for her troubles. But come late January, Vogel's statement again didn't jibe. It was back to 1 percent now, 4 percent later. Curtis Arnold, founder of CardRatings.com, an independent consumer resource on credit cards, said in cases like this, "more often than not, the consumer is confused or doesn't understand where to get that 5 percent rebate -- because it's not every grocery purchase you make. Typically if you go to a Wal-Mart or a wholesale club, that isn't included." No wonder people get confused! One CardRatings.com board member reverted to using a spreadsheet to make sure he was getting the correct rebates, said Arnold. "It can be very hard to track." And, then, credit card companies "do make mistakes," he said, adding that Vogel's complaint is a common one he hears from consumers. He thinks maybe the delay in posting the full 5 percent relates to the fact that rebate money held back a couple of billing cycles earns big interest for you-know-who. "I see no justification for the delay . . . especially a delay of two to three months," he said. "You can rest assured that it doesn't take Citibank two to three months to collect its fees from the merchants." John Oldshue, owner of LowCards.com, a credit card comparison Web site based in Birmingham, says Vogel's complaint reflects bigger credit card industry problems. "With credit cards, you are getting almost the same amount of legal wording you get with a mortgage . . . but nobody's reading them and nobody's explaining them," says Oldshue. Never mind that signing up for a credit card constitutes a legal contract to borrow money and accept a loan that could reach thousands of dollars and cost exorbitant interest rates. Or that the issuer can change the deal any time it wants-- as long as it gives you a 30-day warning (see the AT&T Universal Card fine print: "We may revise any of these AT&T Universal Cash Rewards Card Terms and Conditions at any time with 30 days prior written notice"). Why? Because it works: The credit card industry took in pre-tax profits of $35.6 billion last year, according to R.K. Hammer, a credit card industry advisory firm -- up 6 percent from 2004 and more than 15 percent from 2001. "People often don't understand what they are getting into," says Oldshue. "There's an epidemic of problems [like that] with credit cards." Most notably, something called "universal default penalty rates." Credit card companies have forever been charging late fees and incrementally raising the interest rates of cardholders who make late payments -- a policy considered fair enough. But now they're scouring cardholders' credit reports in search of slip-ups, a single late payment, totally unrelated to the credit card account -- and then they use it as an excuse to label the cardholder a "risk" and jack up his interest rate to unconscionable levels. "That really ticks people off," says Oldshue. "We're a society that is ruled by contracts, and consumers sometimes don't realize that. Businesses go into [a deal] doing these flowery promotions -- but the devil's in the details. As painful as it can be, you have got to read the agreement and understand what you are getting into." In its credit card study released in July, Consumer Action examined 146 cards from 47 issuers to identify why and how banks imposed universal default penalty rates. The San Francisco nonprofit consumer-education and advocacy group found that 45 percent of banks surveyed charged universal default penalties for arbitrary reasons, such as late payments, a drop in credit score, too much debt or a new credit card. "The bottom line is, don't pay anything late," says Consumer Action's director of national priorities, Linda Sherry, who coordinated the survey. "That starts the domino effect going, and you can be dead meat! You could even end up with a credit card at close to 30 percent interest rate." These questionable practices are gradually getting attention from lawmakers and federal banking regulators. Recently, regulators provided new guidelines to credit card companies for increasing cardholders' minimum monthly payments so cardholders can escape the pay-forever Catch-22. And the Federal Reserve Board supposedly is considering revisions that would clarify credit card disclosures. And in Congress, a House bill called "The Consumer Credit Card Protection Act" would prohibit arbitrary universal default penalties. Another bill, "The Loan Shark Prevention Act," would establish a fair cap on credit card interest rates. Meanwhile, Vogel's complaint and similar feedback from other cardholders has convinced Citigroup that just maybe the terms of the AT&T Universal card's rebate program and billing statement aren't clear enough. "We are going to undertake a statement redesign to make these matters more clear," Wang says. Cardratings.com founder Arnold is skeptical: "Remains to be seen if it will actually be clearer," he says, "and whether it will help." Source: http://www.washingtonpost.com _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314 Sign up for our free monthly e-mail newsletter!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Charges on Stolen Credit Card
Guest: paktire Post subject: Charges on Stolen Credit CardPosted: Sat Mar 04, 2006 2:42 pm dear sir when i was on my way to shanghai my credit card was stolen during transit at bangkok airport and was than used in bangkok. when i landed in shanghai i was informed by citibank themself about this misuse and the card was than blocked by citibank on the same date. amount of $1000 was spent on stolen card in bangok (i did not visited bangkok). citibank visa debited my account. i maintain my point that the payment slips are not signed by me so i asked citibank to show me the payment slips. if the pament slips bear my signature than i will honour the claims and if the payment slips bear a completely different signature than it is clearly a merchant facilitated fraud. citibank never provided me with payment slips in last 2 years. isn't it a fraud facilitated by the merchant? am i right in asking so......... what law support me......... how can i get rid of this bogus claim..... pls help me. thanks
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How can I get a better APR on my credit card accounts?
Guest: hotburnttoast Post subject: How can I get a better APR on my credit card accounts?Posted: Sat Mar 04, 2006 12:06 am Okay all, will somepeople please point me in the right direction, as I am need of some help. I am have been living in subprime ***** for th epast 5 years. I have the following account listed below with amounts owed and limit on card. Merrick Bank 750 limit Owe 200.00 opened 10/05 Capital One 500 limit Owe 125.00 opened 1/06 Total Visa Card 650 Limit owe 150.00 opened 3/04 First Premier 375.00 Limit Owe 100.00 opened 10/04 Orchard Bank 700 Limit Owe 30.00 opened 8/04 Household Gold 750 limit Owe 50.00 opened 10/04 Target Guest Card 600 Limit owe 250.00 opened 1/05 Shell Gas Card 450.00 limit owe 100.00 opened 1/06 Citgo Gas CArd 450.00 limit owe 60.00 opened 1/06 Car Loans Infiniti Lease 40K Lease Paying 634.00 opened 4/05 VW Lease 39K Paying 486.00 opened 11/04 I make 6000.00 a month, I have old collections that all show as paid, I have over 4 years of solid rebuilt credit history with NO LATES, yet I can'nt seem to get a prime credit card. NO AMEX, NO DISCOVER, NO CHASE,MBNA,CITI,ETC......All my negative information will start dropping off from 10/2006 to 12/07. I need advice as I am tired of paying these skyhigh fees. I seem to have no problems getting car loans. PLEASE HELP ME OUT...what happened to the art of credit website. Thanks Toast
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Guest: Chazmanian Posted: Sat Mar 04, 2006 1:01 am Seems I saw some info floating around on this forum relating to the Bank of America $500 limit kinda secured but not really $500 limit $99 dollar fee card? I have a Bank of America Platinum rewards card and they are really down to earth as far as the biggies go. There was a recent post where they had offered a $4000 limit platinum card to a member as a way of saying thanks as he/she had been with em' for awhile. Would it not make sense to go "Sub-Prime" with a big time card company for a short while as your income and payment history over the past few years would certainly justify you getting a "Prime" card in a very short time???? BOA is easy to do business with and I have even starting transferring my Citi-Balances over to my BOA Platinum. They are "Folksy" if that makes sense. Apply on their website and if they turn Ya' down call and inquire about that "Other Card Deal".
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Guest: iceman Posted: Sat Mar 04, 2006 11:50 am hotburnttoast wrote: Okay all, will somepeople please point me in the right direction, as I am need of some help. I am have been living in subprime ***** for th epast 5 years. I have the following account listed below with amounts owed and limit on card. Merrick Bank 750 limit Owe 200.00 opened 10/05 Capital One 500 limit Owe 125.00 opened 1/06 Total Visa Card 650 Limit owe 150.00 opened 3/04 First Premier 375.00 Limit Owe 100.00 opened 10/04 Orchard Bank 700 Limit Owe 30.00 opened 8/04 Household Gold 750 limit Owe 50.00 opened 10/04 Target Guest Card 600 Limit owe 250.00 opened 1/05 Shell Gas Card 450.00 limit owe 100.00 opened 1/06 Citgo Gas CArd 450.00 limit owe 60.00 opened 1/06 Car Loans Infiniti Lease 40K Lease Paying 634.00 opened 4/05 VW Lease 39K Paying 486.00 opened 11/04 I make 6000.00 a month, I have old collections that all show as paid, I have over 4 years of solid rebuilt credit history with NO LATES, yet I can'nt seem to get a prime credit card. NO AMEX, NO DISCOVER, NO CHASE,MBNA,CITI,ETC......All my negative information will start dropping off from 10/2006 to 12/07. I need advice as I am tired of paying these skyhigh fees. I seem to have no problems getting car loans. PLEASE HELP ME OUT...what happened to the art of credit website. Thanks Toast hotburttoast I had the same problem with collections, chargeoff, judgement. What I did I sign up with lexington law firm, and they got all of my negative itmes deleted off my credit report. Before lexington law my credit score was 510 on all 3 credit bureaus, now my credit score is 700+ and still climbing up. My equifax report 9 items were deleted, experian 5 items were deleted and my transunion 7 items were deleted. I try to tell a lot of people in order to rebuild your credit you have to get the negative items deleted. Chase, Citibank, Amex, and now Homedepot send me pre-approve credit application. I now have a chase visa reward card, I apply with my pre-approved application online. This is lexington law firm website. http://www.lexingtonlaw.com/Home.php? Trust me, this company know what they are doing, all 3 of my credit report states their result.
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Guest: RacieRacer Credit Expert (100+ Posts) Posted: Sat Mar 04, 2006 12:11 pm hotburnttoast wrote: PLEASE HELP ME OUT...what happened to the art of credit website. Thanks Toast I was wondering the same thing, what did happen to the AOC website? Anyone know? BTW, you don't need that lexington law firm. I have had over 20 deleted on each CR. Did it all by myself, well with help from people here and at AOC (& thank you, you know who you are and who you are not). My scores are 150-200 pts higher now. Last edited by RacieRacer on Sat Mar 04, 2006 2:07 pm; edited 1 time in total
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Guest: Board Monitor Board Monitor/ Administrator Posted: Sat Mar 04, 2006 1:21 pm Congrats RacieRacer! I'm shocked about AOC. Night- do you know anything?!? By the way, I just upgraded you to "Credit Expert" status! _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314 Sign up for our free monthly e-mail newsletter!
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Guest: RacieRacer Credit Expert (100+ Posts) Posted: Sat Mar 04, 2006 2:04 pm Board Monitor wrote: Congrats RacieRacer! I'm shocked about AOC. Night- do you know anything?!? By the way, I just upgraded you to "Credit Expert" status! Oh wow thanx. I did just notice that, but was wondering if it did that automatically when you post a certain amount of if one of you all did it.
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How to Take Advantage of 0% APR on Your Credit Card
Guest: DavidPalmer Post subject: How to Take Advantage of 0% APR on Your Credit CardPosted: Sun Mar 05, 2006 12:18 am who here takes advantage of the 0 % APR. For example, making a big purchase and then say just paying alitte bit every month, to where it will be paid off by the time your interest rate kicks in. A friend of mine did that with a laptop, which was the only purchase she had on the card, and by the time the interest kicked in she had it all paid for. I wish I would have done that with my first CC I got last year, and know I have the opportunity to do it with my 2nd card, but I don't want to do it just to purchase something. Besides I graduate in May, and Im actually getting tighter with my money to make sure Im able to do all that I need once May comes.
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Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Mar 05, 2006 10:10 am There have been many discussions on this forum from a number of people - myself included - who play the 0% game like a violin. What we do is start with a zero balance on the card, take out a 0% balance transfer for 90-95% of the available credit limit on the card, deposit that money in the highest rate interest bearing account we can find, pay the minimum on statement every month until the rate is about to expire, and during the grace period of the last month that the rate is in effect, withdraw the remaining principal from the interest bearing account and pay it off in full. We keep the interest. I call it using OPM (other people's money) to make a profit. In the last two years I've made $900.00 and $1,300.00 respectively doing just that. Not a whole lot of money, but it's free money. All it takes is a little bit of organizational skills and about 10 minutes a month. Oh yes, it will cost you $75.00 for each balance transfer which is nothing compared to the money you can make. Also, it helps to have rather high limit on the card you are going to use. No sense in going through all this with a $4 or $5,000.00 limit. I would say that $10,000 is about the minimum that would make sense. My last one was with an MBNA card with a $26,000.00 limit. _________________ Do not let what you cannot do interfere with what you can do. Ira
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Sun Mar 05, 2006 10:36 am OP, it sounds like you are talking about 0% on purchases. I have some cards with that and some with 0% on purchaes and/or 0% on bt's. I am putting all of my utilities on my gm card right now (pay the min. payment and pay off at the end of the year). I think your point is a good one (not to use it to spend more).
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Guest: credithelp Credit Expert (100+ Posts) Posted: Sun Mar 05, 2006 12:43 pm I use 0% offers all the time. I had to make sure i was organized to make sure i didnt forget a certain detail or miss a payment. I'll probably make around 500 this year, at 10 minutes a month, that's 2 hours(unless my math is wrong) which pays me $250 per hour. Not bad when it comes to credit cards.
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Guest: JoyJoy Posted: Sun Mar 05, 2006 3:13 pm One would definitely have to be organized and not miss any detail to do this! I guess my way of dividing the balance of BTs on the card x 12 and paying the monthly payment for 12 months is being wasteful? I remember when I was in high school (eons ago lol) and the home economics teacher told us that we could make money by borrowing it, putting it in a savings account and paying the amount due each month until the balance was paid. There wasn't such a thing then as 12 month 0% interest loan, but the borrowed funds back then helped one to get started with a savings plan. Some of the people who did this years ago say they still have that same $100 or $1000 in that account all of these years plus more and that is how they were able to start saving. This sounds pretty much like that advice. So when doing a BT to a savings account, for instance, you wouldn't call the company and have them initiate the BT but you would use one of the checks they send and deposit your BT into the bank yourself correct? _________________ J~J Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Sun Mar 05, 2006 3:48 pm JoyJoy, it's generally a matter of preference. I just made a similar request online with Citibank. They will send me a check in the mail (the original checks they sent me with my account opening have long expired). I'm using this first money to fund my Roth IRA for 2005. I'm not yet quite comfortable with transferring 0% money into my bank acct purely for savings
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Advice on AmEx Over the Limit Charges
Guest: Cathy Post subject: Advice on AmEx Over the Limit ChargesPosted: Sat Mar 04, 2006 12:54 pm Hi there everyone! I have an American Express Blue Card (the points one, not the cashback one). To make a really long story short I lost my job, am in the middle of a possible move, and got put on unemployment. However, I am trying to get hired on at another (though one that pays less) position. Which brings me to American Express. I am now over the limit with them not because of the charges that I put on there but because they decided to reduce my credit limit (I have so far kept up with all payments on all accounts including theirs). It looks like th money I had been saving to pay off one card will go the American Express to get me back under the new limit even though the supposded minimum for this month is less then that. Is this advisable? Also, I noticed they slapped a $35 over the limit fee on the account even though I was under the limit before all of this. Is this fee worth fighting and if so, any suggestions on how to do so?
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Guest: QikPass Credit Expert (100+ Posts) Posted: Sat Mar 04, 2006 4:59 pm Of course its worth fighting for.. What do u have to lose except a few minutes of your time? _________________ Fortune Favors The Bold...
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Guest: credithelp Credit Expert (100+ Posts) Posted: Sat Mar 04, 2006 7:30 pm Did they say why they reduced your credit limit to under your current balance? Was it due to the unemployment?
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Guest: Cathy Posted: Sun Mar 05, 2006 4:04 pm They don't know about my unemployment. The reasons listed were things like too much on other cards, excessive inquiries (though I am going to check my report and look into that because there shouldn't be that many since I haven't been applying for much in the last year though perpective employers could have checked it) and things of that nature. I'm thinking of just paying their minimum payment when I get the bill but that will still put me a little over the new limit. I just find it unfair they are charging me an over the limit fee when the over limit was caused by their lowering it.........I just hope they don't raise the APR next because I won't be able to pay any of it if they do that.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Mar 05, 2006 5:18 pm I've never heard of AmExp doing what you're saying--lowering the limit so it's below the current balance, then dinging you for an overlimit fee. Aren't you leaving something out? For example, did they lower the limit and AFTER that happened you went over the limit because you kept charging before you KNEW they lowered the limit, or because other charges were in progress that AmExp did not know about? AmExp may have been harsh in lowering your limit abruptly, but I really don't think it's going to knowingly lower it below your then-current balance. In any case, in your situation I'd just call AmExp, explain what happened, point out that you didn't cause the overlimit situation knowingly, and ask that the fee be reversed. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: Cathy Posted: Sun Mar 05, 2006 8:14 pm No I was NOT over the limit prior to the limit decrease and never was. Made my payments on time as well with at least the minimum. I am honestly not leaving anything out. This was one of the accounts that I thought was in near perfect standing (other then the ballance). Never missed a payment. That said, I'm going to check my credit report to make sure everything is accurate because they are saying too many inquiries, my revolving ballance ratio on other cards is too high, etc. Apparently they decided to "Review" my account. I plan on ordering a copy of my report soon to check it for accuracy. Anyway, I'm going to write to them and see if I can get that fee reversed in the meantime I decided I'm going to take the money that I was going to use (from my tax refund) to pay off another card to pay enough on Am Ex so when they put finance charges on next month they won't put me over the limit again, charge me another fee, and hike up the APR. The other card I was going to pay off is also below the current limit I was just going to pay that one off first since it had the lowest ballance. Hopefully I will get the job I'm going for, my future move will go ok, and my card situation will follow. Here is another question for you though. Does anyone have any suggestions on how to ask creditors to renegotiate the payment plan on other accounts? I have a debt management program (that the AM EX card wasn't on). I removed three other accounts from the program because I couldn't afford the accellerated payment schedual for them on unemployment and the program refused to help me renegotiate inspite of the monthly charge (even though part of the agreement is that I do everything through the program). I sent these other three letters essentially saying the accounts were no longer part of the program and that I needed to lower my payments until I found a job and got back on my feet. One responded they would lower the payment back to what it originally was but wouldn't budge on the APR (it was never lowered like it was supposed to in the first place). The other two haven't responded and are still requiring the same payments. These last two accounts were volentarily closed by me a long time ago in exchange for the lower APRS. The other one-the one that won't change the apr-is the former next card account. They said since the account payment wasn't going through the program they couldn't help me. So, I'd like to renegotiate on my own if I can. I already know that most of my credit problems are of my own doing, but if anyone has any ideas on how I can renegotiate on anything I'd really appreciate them.
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How long do charge-offs stay on your credit history?
Guest: traveler505 Post subject: How long do charge-offs stay on your credit history?Posted: Fri Mar 03, 2006 2:53 am Back in the early 1990s, I had financial problems and a number of bank and department store accounts were charged off and/or sold to collectors. These have all dropped off my credit reports, but I am wondering if anyone knows how long the banks maintain their own internal records of defaults/charge-offs. I've read (here, I think) that AmEx never forgets. What about Chase and Citibank? For department store cards, it seems like each store switches bank relationships every few years. If J C Penney's card (to pick a store at random) was issued by AAA Bank back when I defaulted, and has since switched to BBB Bank, would BBB Bank be likely to know about my prior default if I apply for a new card?
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Guest: boogaloo Posted: Sun Mar 05, 2006 3:09 pm My experience with Citibank is that they have a looooong memory. My BK (due to a bad divorce) was discharged almost 10 years ago and they still have me blacklisted, even though I have rebuilt my credit and have a high paying job now.
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Guest: Tigerdad101 Posted: Sun Mar 05, 2006 10:10 pm boogaloo wrote: My experience with Citibank is that they have a looooong memory. I'll second that. Back when I was young and stupid I got into some financial trouble right after I left the service. We're talking a quarter of a century ago here. Anyway, I wound up unemployed for a while and eventually had Citibank charge off my account. Twenty five years after the fact and they still remember and still don't want my business. So yeah, long memory. Like an elephant, Citibank never forgets.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Mar 06, 2006 12:47 am traveler505 wrote: Back in the early 1990s, I had financial problems and a number of bank and department store accounts were charged off and/or sold to collectors. These have all dropped off my credit reports, but I am wondering if anyone knows how long the banks maintain their own internal records of defaults/charge-offs. I've read (here, I think) that AmEx never forgets. What about Chase and Citibank? For department store cards, it seems like each store switches bank relationships every few years. If J C Penney's card (to pick a store at random) was issued by AAA Bank back when I defaulted, and has since switched to BBB Bank, would BBB Bank be likely to know about my prior default if I apply for a new card? They USUALLY never forget
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Credit Card Pin Number Scam
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Credit Card Scam!Posted: Thu Mar 02, 2006 7:38 pm This article speaks for itself. NEVER give out any credit card info to someone who initiates the call. http://boards.fool.com/message.asp?mid=23744104_________________ Do not let what you cannot do interfere with what you can do. Ira
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Fri Mar 03, 2006 7:43 pm you have to pay to get on the fool boards. could you summarize what the topic was.
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Guest: beyond platinum Credit Expert (100+ Posts) Posted: Sat Mar 04, 2006 1:51 am Thanks for the info Ira. I suspect that there are a lot of cardholders out there that do not know about the three digit number on the back. Take care of your credit cards. WARNING...New Credit Card Scam. This one is pretty slick since the crooks provide YOU with all the information, except the one piece they want. Note, the callers do not ask for your card number; they already have it. This information is worth reading. By understanding how the VISA &MasterCard Telephone Credit Card Scam works, you'll be better prepared to protect yourself. Here's a story passed along the www: by a concerned citizen: One of our employees was called on Wednesday from "VISA", and I was called on Thursday from "MasterCard". The scam works like this: Person calling says, "This is (name), and I'm calling from the Security and Fraud Department at VISA. My Badge number is 12460 Your card has been flagged for an unusual purchase pattern, and I'm calling to verify. This would be on your VISA card which was issued by (name of bank). Did you purchase an Anti-Telemarketing Device for $497.99 from a Marketing company based in Arizona?" When you say "No", the caller continues with, "Then we will be issuing a credit to your account. This is a company we have been watching and the charges range from $297 to $497, just under the $500 purchase pattern that flags most cards. Before your next statement, the credit will be sent to (gives you your address), is that correct?" You say "yes". The caller continues - "I will be starting a Fraud investigation. If you have any questions, you should call the 1- 800 number listed on the back of your card (1-800-VISA) and ask for Security. You will need to refer to this Control Number. The caller then gives you a 6 digit number. "Do you need me to read it again?" Here's the IMPORTANT part on how the scam works. The caller then says, "I need to verify you are in possession of your card". He'll ask you to "turn your card over and look for some numbers". There are 7 numbers; the first 4 are part of your card number, the next 3 are the security Numbers' that verify you are the possessor of the card. These are the numbers you sometimes use to make Internet purchases to prove you have the card. The caller will ask you to read the 3 numbers to him. After you tell the caller the 3 numbers, he'll say, "That is correct, I just needed to verify that the card has not been lost or stolen, and that you still have your card. Do you have any other questions?" After you say No, the caller then thanks you and states, "Don't hesitate to call back if you do," and hangs up. You actually say very little, and they never ask for or tell you the Card number. But after we were called on Wednesday, we called back within 20 minutes to ask a question. Are we glad we did! The REAL VISA Security Department told us it was a scam and in the last 15 minutes a new purchase of $497.99 was charged to our card. Long story made short - we made a real fraud report and closed the VISA account. VISA is reissuing us a new number. What the scammers want is the 3-digit PIN number on the back of the card. Don't give it to them. Instead, tell them you'll call VISA or Master card directly for verification of their conversation. The real VISA told us that they will never ask for anything on the card as they already know the information since they issued the card! If you give the scammers your 3 Digit PIN Number, you think you're receiving a credit. However, by the time you get your statement you'll see charges for purchases you didn't make, and by then it's almost to late and/or more difficult to actually file a fraud report. What makes this more remarkable is that on Thursday, I got a call from a "Jason Richardson of MasterCard" with a word-for-word repeat of the VISA scam. This time I didn't let him finish. I hung up! We filed a police report, as instructed by VISA. The police said they are taking several of these reports daily! They also urged us to tell everybody we know that this scam is happening. Please pass this on to all your family and friends. By informing each other, we protect each other. _________________ "The most incomprehensible thing about the world is that it is comprehensible." --Einstein
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Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Posted: Sat Mar 04, 2006 8:43 am Maddy, Not true! Most of the stuff on Motley Fool is free. Yes, there are subscription services, but I don't pay anything. In any event, BP posted the entire article so the point is moot. _________________ Do not let what you cannot do interfere with what you can do. Ira
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Sat Mar 04, 2006 9:31 am the fool message boards are not free to everyone. A few years ago, they started charging some folks and giving free access to others. The result was a bunch of free message boards popping up on the internet. They must be giving you free access since you give out good info .
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Credit Card with Best Rewards Program
Guest: joyfulmom Post subject: Credit Card with Best Rewards ProgramPosted: Sun Mar 05, 2006 8:43 pm Hi, I am a new kid on the block. I just found this forum board and there is some great information here. I am looking for a new credit card with the best rewards program. I spend average of abouot $1,000 month, always pay in full each month, and have excellent credit rating. I am not too partial about whether the rewards are in cash back, or points, or ?. I have been reading and comparing for a couple of months, but since it's not comparing apples to apples, it's hard for me to know. Some offer points, some rewards, some cash, etc. So far, I have been interested in the ones that offer a $100 gift card after your first use of the card. But I also believe the phrase, "if it sounds too good to be true, it probably is." Also, I have been reading on another web site "Rip Off Report," and some of the card companies seem less than desirable. From what I read, I seem to be leaning towards Citi. What do you think?
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Guest: astounding Posted: Mon Mar 06, 2006 4:27 am Chase Cash Plus is a good cash rewards card. 5% cash back at grocery stores, gas stations and drug stores and 1% cash back on all other. Citi Diamond Preferred Rewards Card is a POINTS rewards card and has no annual fees. You get 5 reward points for every $1 spent on purchases at supermarkets, drugstores and gas stations. And 1 point for every $1 on all other purcahses. Those 2 ones are one of the best I know. -A _________________ Here's a GREAT FREE resource with everything you'll EVER need to know about credit/debt management, credit cards, and applying for the BEST one: => http://www.Direct-Credit-Card.com/articles.php
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Guest: Board Monitor Board Monitor/ Administrator Posted: Mon Mar 06, 2006 10:13 am joyfulmom, Greetings and welcome to the board! The $100 offers from major card issuers (Citi, Chase, etc.) are legit. In addition, www.CardRatings.com is offering a $25 bonus rebate on select card offers: http://www.cardratings.com/cashbackcreditcards.html Good luck and let us know how things turn out... _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314 Sign up for our free monthly e-mail newsletter!
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Bank of America and MBNA Credit Card Merger
Guest: CreditFanatic Post subject: Bank of America and MBNA MergerPosted: Mon Mar 06, 2006 11:11 am Does anyone know if Bank of America plans on keeping the MBNA name or will it be converted to Bank of America as well? There's a credit card from MBNA that I want to apply for. I do not want to apply from a company if the name is going to disappear.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Mar 06, 2006 12:22 pm CreditFanatic wrote: Does anyone know if Bank of America plans on keeping the MBNA name or will it be converted to Bank of America as well? There's a credit card from MBNA that I want to apply for. I do not want to apply from a company if the name is going to disappear. BofA name will stay MBNA name will go BUT THE MBNA PEOPLE WILL BE IN CHARGE OF THE CREDIT CARD DIVISION!!!
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American Express Credit Card Exposure Limits
Guest: ore83 Post subject: American Express Credit Card Exposure LimitsPosted: Fri Mar 03, 2006 1:45 am So as a few of you know I just received One from AMEX. It's a charge card rather than a credit card, with the flexability to pay over time, not PIF every month. I see some people mention the "exposure limit" rather then a credit limit, and that some people on here have gotten the customer service reps to tell them their "exposure limits". I asked when I first applied, and the guy wouldn't tell me anything, only that it "doesn't have a limit". I know that it does, but this guy wouldn't budge. So finally I got the card in the mail, called 'em up and asked them about their limit again. The lady told me that the only way to see the limit would be for her to "dummy-charge" the acct and see if it takes it. So I had to pick a number ($2,500) and see if it would accept it, it did... You'd think I'd be less confused by that but it just sparked more questions in my mind. So I asked does the limit change from month to month? She said it does, it depends on payment history and other things that show whether or not you could afford the charges. And that as long as I make payments on time and don't go into default the "exposure limit" should do nothing but go higher. But how high??? You guys got actual numbers from these people, and I can't seem to get them to budge, they only can put "dummy-charges" through and see if it'll accept them. Are you guys maybe wording things differently from how I am when you speak with them? Eh... SORRY for the long post, but this has got me really curious.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Mar 03, 2006 1:58 am So, what you're being told is that there really is a limit, but the CSRs can't see what it is. That makes sense. What's the question, again? Why not just keep calling and asking if $x will be approved? You know $2500 works. Say you're thinking of buying a $25,000 car and ask if that will be approved. You can pin down that limit as long as the CSR will make those dummy transactions and tell you the computer response. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: ore83 Posted: Fri Mar 03, 2006 2:47 am I guess the question was how other people asked to get their own limits, since I can't get that answer, I've gotta play the dummy charge game. Heh, I bet if I asked for them to try $25k I'd be turned down lol, but it would be neat to know if they'd match my Blue card's limit of $5k, I wouldn't ever really need a limit higher than that I don't imagine.
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Guest: creditnewbie Credit Expert (100+ Posts) Posted: Fri Mar 03, 2006 7:19 am AMEX charge cards are a little tricky. In general, the limit is double the highest payment you make--given you paid it in full.However, if the rep tests the card with an amount that gets declined, it doesn't mean that you can't charge that amount in several transactions. I got the platinum card recently and asked them about the limit because I'm going to europe and I'm planning on using the card exclusively. The rep tested $45,000 and she said that because she tested one big charge, it didn't go through, but she was able to make 2 charges that added up to the amount. So probably, you can make one large purchase, but they will have the merchant call the center so that AMEX verifies your identity and banking information. Or if you make several transactions that add up to a large sum, they will end up freezing your account until they verify your ability to pay back. It all depends on your history with them.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Mar 03, 2006 8:06 am I ONLY HAVE AMEX "CREDIT" CARDS WITH STATED CREDIT LIMITS
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Guest: credithelp Credit Expert (100+ Posts) Posted: Fri Mar 03, 2006 9:36 am The bad thing about an exposure limit is that it is attached to many factors. If you owe alot on other credit cards(especially amex cards) they will lower your exposure limit. If they see something negative in the credit report they will lower it. You can never rely completely on a card that has an exposure limit since you find out the hard way when it has been reached. Since i now owe some on other credit cards and have high lines with amex , they lowered my exposure limit to 1k.
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