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Best Credit Card Offer After Bankruptcy
Guest: vpm Post subject: Best Credit Card Offer After BankruptcyPosted: Sat Feb 25, 2006 2:17 pm Greetings, I filed bk in 2003 and I like most people am looking to rebuild. Last year, I got a mortgage of $800K and I also got a credit card from Orchard Bank with a limit of $500.00. I am trying to get more. My FICO scores are 698, 705, and 772. However, I do have an account from Chase that I am having difficulty updating the status. They continue to report the card as a "charge off' and 30,60,90 days late when it was included in the bk with no late payments. I do not want to get a card from the companies that charge a monthly usage fee, set up fee, and some outrageous annual fee - where the initial balance will be $200.00 and they only give you a limit of $300.00. Based on the information I provided, does anyone have a recommendation on a card that I should go after? Thanks,
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Guest: Board Monitor Board Monitor/ Administrator Posted: Sun Feb 26, 2006 10:40 am Greetings and welcome to the board! Is your Orchard Card secured? Just curious. _________________ 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!
Direct Mail Offer for Chase Visa Credit Card
Guest: ALex Post subject: Direct Mail Offer for Chase Visa Credit CardPosted: Fri Feb 24, 2006 9:44 am > 0% on Balance Transfers through the June 2007 statement closing date for Chase Visa Signature> GO TO Fixed rate of 8.9 % after Promo Rate expires.. > One detail that is different than any previous offer that I have received from Chase, is that on this offer there is a 3% , $10.00 minimum and a Cap of $75.00 Balance transfer fee , on the previous offers that I have received, part of the promotion stated that if you do a balance transfer when you apply for the offer that the fee would be waived... I called Chase at the telephone Number listed on the offer and The account manager that I spoke with said that Chase has made a Business decision in regards to the 0% offers, that due to the cost to them of borrowing the money that there will be a transaction fee accessed.... I can understand that and I have no problems paying the fee........ One question that I forgot to ask the representitive was , is there only one fee accessed for multiple Balance transfers for this offer or is there a Fee accessed for each one I also received an Offer from American Express Blue for a Rate for Life 3.9% for Balance transfers.. I discarded the offer, so I do not know that the Go To rate was, But I think that it was a Variable around 8.65%
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Fri Feb 24, 2006 11:10 am Quote: is there only one fee accessed for multiple Balance transfers for this offer or is there a Fee accessed for each one It is usually a fee for EACH transfer so pays to make 1 large transfer.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Feb 24, 2006 11:33 am I wouldn't be so quick to ignore a 3.9% for life offer from AmEx. It usually doesn't make such offers. The offers I get have no fee but are usually are at its standard rates for purchases. I've got nice credit limits from AmExp, but no way to use them really. With prime at 7.5%, even 3.9% is a steal. I'd put it in a 4.8% savings account. You can always pay it back if you can get a better deal from AmEx. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: shooter Credit Expert (100+ Posts) Posted: Fri Feb 24, 2006 5:14 pm Polonius wrote: With prime at 7.5%, even 3.9% is a steal. I'd put it in a 4.8% savings account. You can always pay it back if you can get a better deal from AmEx. Who's paying 4.8% right now? I must have missed that one.
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Fri Feb 24, 2006 7:09 pm Quote: Who's paying 4.8% right now? I must have missed that one. try HSBC
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Guest: Board Monitor Board Monitor/ Administrator Posted: Sat Feb 25, 2006 9:43 am ALex wrote: > 0% on Balance Transfers through the June 2007 statement closing date for Chase Visa Signature> GO TO Fixed rate of 8.9 % after Promo Rate expires.. > One detail that is different than any previous offer that I have received from Chase, is that on this offer there is a 3% , $10.00 minimum and a Cap of $75.00 Balance transfer fee , on the previous offers that I have received, part of the promotion stated that if you do a balance transfer when you apply for the offer that the fee would be waived... I called Chase at the telephone Number listed on the offer and The account manager that I spoke with said that Chase has made a Business decision in regards to the 0% offers, that due to the cost to them of borrowing the money that there will be a transaction fee accessed.... I can understand that and I have no problems paying the fee........ One question that I forgot to ask the representitive was , is there only one fee accessed for multiple Balance transfers for this offer or is there a Fee accessed for each one I also received an Offer from American Express Blue for a Rate for Life 3.9% for Balance transfers.. I discarded the offer, so I do not know that the Go To rate was, But I think that it was a Variable around 8.65% Interesting...I have heard that Chase is eliminating the cap on their balance transfer offers. Don't know which cards this affects, though. _________________ 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: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Sat Feb 25, 2006 1:48 pm Chase changed its standard terms to eliminate the cap on BTs, but it's still sending out special offers with caps. It can always do that. I think this change just gives it some flexibility--you can no longer count on a cap. As always, read the fine print on whatever offer you are considering... _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: Board Monitor Board Monitor/ Administrator Posted: Sun Feb 26, 2006 10:42 am Sage advice Polonius! _________________ 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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Want to Take Advantage of Credit Cards with Rewards
Guest: tucker12 Post subject: Want to Take Advantage of Credit Cards with RewardsPosted: Fri Feb 24, 2006 4:39 pm Hi! I've been browsing this website for several months and have learned so much through this forum! I am hoping that with all of your combined experience, I will get some great advice. I definatly want to start taking advantage of all that these cards have to offer. I understand that using these cards to their full potential requires great credit and discipline, as well as the ability to "PIF". That being said... Right now I have the gold amex skymiles card. Yes, this has a fee but I am hoping that considering how much my miles add up (and the increased travel I will have in the next year), it is worth it. I figure it might be a better use of my miles to UPGRADE to first class (esp on long flights), as opposed to trying to cash the miles in for a free flight (I hear there are a limited number of free seats per flight). For those who use this card--is that the case for you? Or would I be better off putting all of my vacation/traval/flight stuff on blue cash? you can attach your skymiles # to any card, correct? Which means I can still earn miles by flying? so is there really any great benefit to having the skymiles amex card? ALSO, I was thinking that the best next step might be to get the chase and citi cash back cards as well as the amex blue cash. Since the first 2 limit the cashback to $300, and it takes spending over $6,000 b4 the blue cash kickes in, what is the best way to use these cards? do you first try to max out the citi, then switch to chase (or vice-versa) THEN go to amex? or do you START with the amex? Basically, I am thinking of limiting my delta card for vacation expenses only, and then focusing my attention (gas, groceries, bills, food, clothing purchases, etc) on the cash back cards (keeping one other non-reward low interest card set aside for emergency use only). does this sound like a good plan? I am planning on putting the cash I hope to get back, into my high yield savings account. Any ideas how to best go about this would be appreciated Sorry about the long post, by the way.
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Guest: Board Monitor Board Monitor/ Administrator Posted: Sat Feb 25, 2006 9:59 am Greetings and welcome to the board! Sounds like a reasonable plan. What is the fee for the Gold AmEx Card? _________________ 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: tonygoldston Posted: Sat Feb 25, 2006 9:14 pm tucker12, I would say if you are planning on using the AMEX Blue start with it. The faster you hit the $6000 starting limit the better. I personally stay away from AMEX for that reason. I usually spend around $3000 per month on CCs so I would hit it quickly, but I figure that I am coming out ahead using the 5% cards and just have mulitple ones. So when I hit the limit on them, I drawer them and move to the next. (example I have a Discover Restaurant card that I used for 3 months and hit the $1500 limit for the 5% rebates, put it in the drawer and started using a different Discover Restaurant account.) I use the BOA power rewards card for everything I can't put on a higher % card and it is giving 2% at high levels (there are many posts about this one.) Just my 2cents. tony
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Guest: tucker12 Posted: Sun Feb 26, 2006 2:27 pm i believe the fee is around $80. they waived it the first year. there seems to be kind of a "pro amex" group and "anti amex" group around here!
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MBNA and Bank of America Credit Cards with Cash Back Rewards
Guest: Signature Post subject: MBNA and Bank of America Credit Cards with Cash Back RewardsPosted: Sun Feb 26, 2006 1:17 pm I don't find either Legacy MBNA or Legacy BOA cash back credit cards as aggressive as Citibank's or Chase's. I wonder once the merger dust settles if they will create new offerings to compete with them?
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Guest: Board Monitor Board Monitor/ Administrator Posted: Mon Feb 27, 2006 9:13 am I certainly hope so! Although the BofA platinum gives 2% cash back (recent thread about this)... _________________ 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!
Charles Schwab Credit Card Credit Line Increase
Guest: QikPass Post subject: Charles Schwab Credit Card Credit Line IncreaseCredit Expert (100+ Posts) Posted: Wed Mar 08, 2006 4:23 pm Anyone with the Charles Schwab CC, how often do they review your account and increase your limits, and what type of increase have you been getting. Please also post how often you use the account, and how long you've had it. Thanks. _________________ Fortune Favors The Bold...
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Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Mar 08, 2006 5:53 pm I've had my account for about six months and used it a few times. I pay my bills in full during the grace period. Essentially they don't bother me and I don't bother them. I have no idea how often or if they review my account, I haven't asked for or been offered any limit increases, and I'm quite comfortable with that. I did get the promised $100.00 for my first use of the account. _________________ Do not let what you cannot do interfere with what you can do. Ira
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Dillard's American Express Credit Card Offer
Guest: stilltrying Post subject: Dillard's American Express Credit Card OfferPosted: Wed Mar 08, 2006 10:48 pm I have some information about the Dillards American Express card (for some background on this, go to google and search for "Dillards American Express"). I had called this afternoon and reached someone who didn't know too much about this card. I called this evening and reached someone who was a lot more knowledgeable. Some of those who currently have a Dillards charge card will have a chance to have their card automatically converted to the Dillards Amex card. This conversion will happen in two phases. In phase one, letters will be sent out between March 10-March13th to those who haven't used their Dillards charge card for awhile and/or those who use their card infrequently. In phase two, letters will be sent to those Dillards charge card holders who actively use their cards (she didn't know the date(s) for when the letters would be sent out in phase two). When these letters arrive, the autoconversion process will be handled similarly to the way that Sears and Target handle their charge cards, i.e. if you are interested in having your Dillards charge card converted to the Dillards American Express card, then you don't have to take any further action and your new card will be mailed to you. If you are not interested in the Amex card, then you will need to contact Dillards. For those who don't receive these letters, you will have a chance to apply either in-store or on-line. The on-line application should be available at the end of this month. Regarding applying in-store, apparently only some stores (in certain states) currently have the applications. I guess to save yourself a trip to the store you could/should call Dillards to find out if your state is one of the ones with Dillards stores that have an in-store application. Regarding the in-store/online application, for those who already have the Dillards charge card I asked if there will be the option of indicating on the application that you would like to have your card automatically converted. Or will this application involve having your credit checked to see if you qualify ? She said that those who receive the letters in the mail will have their cards autoupgraded without a credit check while those people (who haven't received the letters) who fill out the application will have their credit checked.
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Guest: Board Monitor Board Monitor/ Administrator Posted: Thu Mar 09, 2006 11:39 am Thanks for the post and the detailed info.! We are actually running a news story on www.CardRatings.com on this topic soon... _________________ 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!
Chances for Approval of Target Credit Card
Guest: NikkiG Post subject: Chances for Approval of Target Credit Card Posted: Thu Mar 09, 2006 12:00 pm hi, I have scores of TU 595, EQ 585, EX 581. I also have several charge offs and collections. I have heard several people on this board say that they have had luck with the Target guest card. What are my chances of approval since my credit sucks(actively working on cleaning it up, though)?
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Guest: Board Monitor Board Monitor/ Administrator Posted: Fri Mar 10, 2006 8:16 am Good question. Have you checked our consumer reviews section here: http://www.cardratings.com/cardreviewfr.html Also, have you tried a secured card? _________________ 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!
Will credit card company waive annual fee?
Guest: bullet875 Post subject: Will credit card company waive annual fee? Posted: Thu Mar 09, 2006 9:12 pm if you tell them that you are going to cancel their card? I found a Chase hotel co-branded card that I would use once or twice a year for travel that is free the first year and costs $29 yearly after that. do you thinkthey would waive the fee if I threatento cancel the card before the fee kicks in?
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Thu Mar 09, 2006 9:43 pm bullet875 wrote: if you tell them that you are going to cancel their card? I found a Chase hotel co-branded card that I would use once or twice a year for travel that is free the first year and costs $29 yearly after that. do you thinkthey would waive the fee if I threatento cancel the card before the fee kicks in? Usually not The "FEE" is so they can run the PROGRAM A "FEE" for no rewards card is easier to get waived (in many cases)
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Fri Mar 10, 2006 8:31 am If they wont waive the fee, you can probably change the card to another program that has no fee. It doesnt sound like you use this anyway. Dont close it. Also, note that chase will not transfer rewards balances, though.
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Guest: bullet875 Posted: Fri Mar 10, 2006 10:44 am but I was deciding whether I wanted to apply or not. I think I'll skip it. I was just trying to decide as we have one of their hotels in our town and I was hoping to get free night s to use to get away from my kids...lol, but I would only stay in their hotels 4 to 5 nights a year....probably not long enough to reap rewards for a $29 fee.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Mar 10, 2006 11:18 am The card is free for the first year. So get it, and 11 months after call and say you're thinking of cancelling the card. You'll be transferred to the retention department and be asked if you're serious about cancelling the card. (Make sure you owe nothing on the card at this moment, by the way.) Be sure to say yes, and then the negotiations begin. I think you're very likely to get the annual fee waived at this point if you request that--and you could even get more (a lower interest rate, a balance transfer offer). And if not, you've had use of that card for 11 months for no fee and wasted one phone call. Not a big deal either way. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Best Credit Card with Rewards Offer
Guest: runaway76 Post subject: Best Credit Card with Rewards OfferPosted: Fri Mar 10, 2006 4:07 am I got perfect credit as far as I know. I just bought my house. (no intentions of refinancing at the moment at least until next year due to contract) and I'm $700k in debt @ 6.125% 30 year fixed. yes, my morgage payment is killing me = my salary. I have my credit card: Citi Dividend, member since 1994. (i'm fairly happy with this one overall). Balance is paid in full every month. I get zillions of credit card offers: These $100 gift cards are tempting. Frequent flyer miles w/ no annual fees and get like 15k miles, blah blah. I have perfect spending discipline. My questions: 1) How many credit card offers can I get accepted to without "wrecking" my credit? My plan: I open account, buy my first purchase ($1.25), pay it, wait, get reward, close account. 2) So I got my $100 home depot reward. How soon should i close my account? (if I close it a couple days afterwards, is that TOO soon?) 3) After I close my account, can I re-open the same card and get another reward? 4) What about a different credit card (both Citibank cards I'm looking at, but they go into the thankyou network). Can I get another $100 home depot card? I figure Citibank has like 5 or 6 cards that I'd be interested in just to get the rewards. I'm also looking at frequent flyer miles too figure one for every airline if there is no annual fees. 5) is there a black list for desperate people like me? 6) I saw a forum that said after 5 credit card offers, he was denied. True? Time limits? Wait time? 7) what is the recovery time? Would it be worth it? What about balance transfer game? There are offers with 0%APR, 0%Balance transfers, can I use it to pay off the morgage? (thus saving me 6.125%), or should I just keep the cash in a interesting bearing account so in case I have to pay off the credit card? (~4% at Paypal) With my morgage payments, I currently have negitive cash flow, so I'm getting desperate to save what I can. advice?
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Guest: runaway76 Posted: Fri Mar 10, 2006 4:21 am Here are some references that I used for my research: in this colum. If there is other discussions, let me know (just post the link). I did quite a few searches, and went though about >1/2 current postings. About 3 hours yack. The Art of Stoozing to Make Money from Credit Cards http://webgroups.biz/creditcardperks/phpBB2/viewtopic.php?t=8087&highlight=art Credit Card Addiction http://webgroups.biz/creditcardperks/phpBB2/viewtopic.php?t=8115&highlight=addiction
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Guest: Board Monitor Board Monitor/ Administrator Posted: Fri Mar 10, 2006 7:51 am 3 hours of research!?! Wow...are you an addict too? _________________ 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: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Mar 10, 2006 8:22 am I wouldn't apply and close any card two days later just for the reward What a WASTE of an inquiry
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Mar 10, 2006 11:29 am Waste of an inquiry? Pay me a hundred bucks per inquiry and I'll have a dozen cards opened today. It's free money. Any hit on your credit score is temporary. Question is why you would want to close those cards at all after getting the premiums. With that large mortgage, you can use the intro period of low balance transfer rates to really pay it down. But you do have to be careful that you'll be able to pay off the cards when the intro rate expires. That's a heckuva lot easier when you're using the funds to pay down a HELOC than a traditioanl mortgage. You can just pull the funds out of the HELOC when it comes time to repay--you're not going to be able to do that with a mortgage. But by paying off the mortgage faster than expected, you could probably get a HELOC for the extra amount you've paid back (giving you more equity) and use that. The original poster is asking some very interesting questions. There are lots of angles and lots of things to say about it. Some of those questions are answered in my App-O-Rama post from a few weeks back: AOR Post Note how old cards can have their credit limits reallocated to new cards, how some banks like Citi have limits on the number of applications they'll consider in a given period and the number of cards they'll allow, and so forth. That should get you started. Lots to talk about here. Might be best to separate all the questions into separate posts to keep discussion clearer. For one thing, negative cash flow is NOT a good thing. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Lowered Credit Limit on American Express Blue Credit Card
Guest: Cathy Post subject: Lowered Credit Limit on American Express Blue Credit Card Posted: Fri Mar 10, 2006 12:05 pm Well everyone I took the money I had saved over from my tax refund to pay off target visa (as of now it's current and under the limit) and put it twords American Express Blue. For those of you who missed my previous post this account was in good standing but then they lowered my limit and charged me an over the limit fee and the money I had went to that so I wouldn't be over the new limit again and have them use that as an excuse to raise my APR. Not good when you have been laid off, are moving and are forced to persue a lesser paying job (which they don't know about). For those of you who are wondering my account was NOT in default prior to this but they decided to do a "credit review" and are saying it is because of this that and the other thing supposidly on my report. Anyway, now that I've received the statement they included some changes in the terms and I'm not sure I understand it all. Has anyone else received these changes in their statements?
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Guest: Board Monitor Board Monitor/ Administrator Posted: Sat Mar 11, 2006 9:56 am Hmm...sorry to hear this. What are the new terms? _________________ 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: Cathy Posted: Sat Mar 11, 2006 10:54 am HI there Curtis! The only part of it that made any sort of sense basically says if my account goes into default they can transfer my account from American Express Centurion Bank to American Centerion Services Corporation. Is that some type of collection agency?
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Low Credit Limit on Wal-Mart Credit Card
Guest: ore83 Post subject: Low Credit Limit on Wal-Mart Credit CardPosted: Sat Mar 11, 2006 9:21 pm I applied and was approved for a WMT CC, but with a whopping $290 limit I almost thought about killing it before I got it. I've heard a couple of my friends mention that they got $200-$300 limits also, is this the going rate for their cards? It's issued by GE Money Bank, who I also have a Lowe's card from with a $1,000 limit... But come on, $290?? Will that make my score any better having a limit that low?
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Mar 12, 2006 2:09 am ore83 wrote: I applied and was approved for a WMT CC, but with a whopping $290 limit I almost thought about killing it before I got it. I've heard a couple of my friends mention that they got $200-$300 limits also, is this the going rate for their cards? It's issued by GE Money Bank, who I also have a Lowe's card from with a $1,000 limit... But come on, $290?? Will that make my score any better having a limit that low? As low as $75 on another board I have almost $4,000 Use it and pay on time Every 3--4 months you should be able to get a HARD FREE CLI (call if you don't get one with-out asking) CLI is based on payments not CRA TARGET "GUEST" GIVES $200
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Credit Card Balance Transfer Question
Guest: directdude2001 Post subject: Credit Card Balance Transfer QuestionPosted: Fri Mar 10, 2006 4:59 pm Hello I would like to know if I could BT my wifes balance on her card, to MY new card. I am not an authorized user on her card though. What are the chances the transfer will go through?
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Guest: rapjunkie Posted: Fri Mar 10, 2006 6:50 pm I think you can do it, although you may want to do it with BT checks from your card just in case, or call your credit card issuer to do it over the phone.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Mar 10, 2006 10:00 pm It's not a transfer--you're paying off one card by using the credit on another. The banks don't care who owns the card you're paying off, nor do they have any way of finding out as long as the card is at a different bank. Nor does the bank that's being paid off care whether the funds are coming from the account holder, his mother, her lover, a friend, a relative.... You can do it as long as the other terms of the transfer are met. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Posted: Sat Mar 11, 2006 12:36 am Polonius is correct. Technically there is no such thing as a "balance transfer." Look at it as a two part transaction and you'll see what I mean. Part 1: You borrow a sum of money from credit card X Part 2: You use that money for anything you want, be it paying off another credit card, putting the money into a savings account, or going off on a spending spree (please don't do that!). To the card issuer it's all the same. All they care about is that you pay back the borrowed money in accordance with the terms of your cardholder agreement. _________________ Do not let what you cannot do interfere with what you can do. Ira
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Guest: directdude2001 Posted: Sat Mar 11, 2006 2:26 pm Ok gotcha! thanks for the reply, I understand now...
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Mar 12, 2006 2:17 am directdude2001 wrote: Hello I would like to know if I could BT my wifes balance on her card, to MY new card. I am not an authorized user on her card though. What are the chances the transfer will go through? You can BT anybody's debt gone All you need is the credit card number, amount to pay, and maybe the payment addre
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Credit Card Limit Lowered Below Credit Limit! (cont'd.)
Guest: credithelp Post subject: Credit Card Limit Lowered Below Credit Limit!Credit Expert (100+ Posts) Posted: Sat Mar 11, 2006 12:15 pm balance transfer to another card. That will take care of the problem really fast.
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iceman Posted: Sat Mar 11, 2006 12:21 pm JaneiR36 wrote: iceman wrote: She is the situation where she can't pay it to get it down pass the new credit limit, but she is making the min monthly payment. I believe also her APR is high, I told her to apply with chase, and do a balance transfer. She was receiving pre-approved application with 0 balnce transfer and 0 APR for 1 year. This sounds like a plan! She should consider talking to MBNA still so that the universal default rate does not kick in (when you're late to one creditor, they report you to the CRAs and everyone else starts to jack your interest rate or deny you credit). With the 0% cards, this happened with a friend of mine. They had high balances and a couple collection accounts and so I assumed they weren't getting 0% offers. When I told them to seek out such accounts and apply they told me they were actually getting the offers at home! When I had high balances all I ever got was secured card offers. Just goes to show you should never limit what credit options people have. I will tell her to pulled her credit reports to make sure she will not have that same problem. I agree with you never limit what credit options you made have!
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Guest: iceman Posted: Sat Mar 11, 2006 12:23 pm credithelp wrote: balance transfer to another card. That will take care of the problem really fast. credithelp I hope this will work for her, I will keep your inform! Thanks everyone for your advice.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Mar 12, 2006 2:19 am iceman wrote: My friend has a credit card from MBNA, and what they did was lowering her credit limit below her credit balance. So they are charging her over the credit limit fees. What is her option as far as resolving this matter? I understand that they can lower or increase your credit limit, but how can they lowering below you balance, then start charing you over the credit limit fees. When she was not over the credit limit, but because she was not using the card anymore, they chose to lower her limit. I need some advice so I can give it to her, so she can resolve this issue as soon as possible. Thanks They "CAN" reduce it to under what you owe BUT THEY CAN'T CHARGE AN OVER-LIMIT FEE
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Guest: mouse Posted: Sun Mar 12, 2006 2:21 am There are many 0.00% BT offers all over the place
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Credit Card Limit Lowered Below Credit Limit! (cont'd.)
Guest: JaneiR36 Post subject: Credit Card Limit Lowered Below Credit Limit!Credit Expert (100+ Posts) Posted: Sat Mar 11, 2006 11:37 am She can certainly pay it down... IF she has the money. I suspect she's in this situation to begin with because she doesn't have it. The CLI doesn't have to be significant. They chose an arbitrary number, anyway, just to indicate that they would not be extending her any more credit. Adjusting that amt by a couple hundred shouldn't be a big deal, IMO.
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Guest: credithelp Credit Expert (100+ Posts) Posted: Sat Mar 11, 2006 11:45 am I would call mbna since that is bad business practice. I know amex has wording in their card agreements that state being able to lower credit limits even below current balances to protect them when payments are not made ontime. If payments are being made ontime they can't lower the credit limits below the balance to incur fees. That goes against the cardmember agreement. They may get the limit close to the balance and then a $10 charge could put the account over the limit but an paid as agreed account should not be lowered below the balance.
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Guest: iceman Posted: Sat Mar 11, 2006 12:04 pm JaneiR36 wrote: She can certainly pay it down... IF she has the money. I suspect she's in this situation to begin with because she doesn't have it. The CLI doesn't have to be significant. They chose an arbitrary number, anyway, just to indicate that they would not be extending her any more credit. Adjusting that amt by a couple hundred shouldn't be a big deal, IMO. JaniR36 She is the situation where she can't pay it to get it down pass the new credit limit, but she is making the min monthly payment. I believe also her APR is high, I told her to apply with chase, and do a balance transfer. She was receiving pre-approved application with 0 balnce transfer and 0 APR for 1 year.
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Guest: iceman Posted: Sat Mar 11, 2006 12:09 pm credithelp wrote: I would call mbna since that is bad business practice. I know amex has wording in their card agreements that state being able to lower credit limits even below current balances to protect them when payments are not made ontime. If payments are being made ontime they can't lower the credit limits below the balance to incur fees. That goes against the cardmember agreement. They may get the limit close to the balance and then a $10 charge could put the account over the limit but an paid as agreed account should not be lowered below the balance. Credithelp Thanks, I will tell her to speak with mbna, I agree with you. This is bad business practice, it effect here credit to some degree. Because it looks as if she can't manage her finance. When that really is not the case. Other companies will think she always over her credit limit.
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Sat Mar 11, 2006 12:14 pm iceman wrote: She is the situation where she can't pay it to get it down pass the new credit limit, but she is making the min monthly payment. I believe also her APR is high, I told her to apply with chase, and do a balance transfer. She was receiving pre-approved application with 0 balnce transfer and 0 APR for 1 year. This sounds like a plan! She should consider talking to MBNA still so that the universal default rate does not kick in (when you're late to one creditor, they report you to the CRAs and everyone else starts to jack your interest rate or deny you credit). With the 0% cards, this happened with a friend of mine. They had high balances and a couple collection accounts and so I assumed they weren't getting 0% offers. When I told them to seek out such accounts and apply they told me they were actually getting the offers at home! When I had high balances all I ever got was secured card offers. Just goes to show you should never limit what credit options people have.
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Credit Card Limit Lowered Below Credit Limit!
Guest: iceman Post subject: Credit Card Limit Lowered Below Credit Limit!Posted: Sat Mar 11, 2006 9:15 am My friend has a credit card from MBNA, and what they did was lowering her credit limit below her credit balance. So they are charging her over the credit limit fees. What is her option as far as resolving this matter? I understand that they can lower or increase your credit limit, but how can they lowering below you balance, then start charging you over the credit limit fees. When she was not over the credit limit, but because she was not using the card anymore, they chose to lower her limit. I need some advice so I can give it to her, so she can resolve this issue as soon as possible. Thanks
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Sat Mar 11, 2006 10:45 am I think she should call them and calmly ask them to increase the limit to at least the balance and also cancel out the fees. That does not sound right at all. If that was a legitimate way of making money, then what's stopping all the credit card companies from lowering our limits to below our balances? Hopefully it was just an oversight. I do know that MBNA reviews accounts every five years or so. They reviewed mine and chose to lower the limit as well, only they gave me about $100 or $200 breathing room so I would not go over the limit.
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Guest: iceman Posted: Sat Mar 11, 2006 10:57 am JaneiR36 wrote: I think she should call them and calmly ask them to increase the limit to at least the balance and also cancel out the fees. That does not sound right at all. If that was a legitimate way of making money, then what's stopping all the credit card companies from lowering our limits to below our balances? Hopefully it was just an oversight. I do know that MBNA reviews accounts every five years or so. They reviewed mine and chose to lower the limit as well, only they gave me about $100 or $200 breathing room so I would not go over the limit. I will tell her to give them a call. I was looking at someone post, who had the same problem with her amex blue card. They lower her credit limit below her balance, and was charging her over the credit limit fees. This is crazy!
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Sat Mar 11, 2006 11:09 am When the banks decide to lower a limit, they usually peg it a little above the then-current balance to avoid this situation. I still suspect that was the intention in the cases we read about--but by statement closing date either new charges hit the account or the finance charges put it over the new limit and nobody had figured those. I agree about calling and asking that the fee be waived since the overlimit business was inadvertent BECAUSE of the bank's decision and happened before there was any way to avoid it. It was not the cardholder disobeying the rules. It was a direct result of an unexpected bank action and should--MUST--be reversed. I disagree about asking for a credit limit increase to cover the problem. Pay down the account below the new limit plus finance charges right away. There's no excuse NOW THAT YOU KNOW of the new limit and you have to pay it down to avoid the NEXT overlimit fee. No harm in asking for a credit limit increase, but I don't think it's likely because the bank has already made that decision, unfair though it is. And as far as "not using" the card is concerned--if you're carrying a balance, you ARE using the card. Lack of new purchases is irrelevant. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: iceman Posted: Sat Mar 11, 2006 11:21 am Polonius wrote: When the banks decide to lower a limit, they usually peg it a little above the then-current balance to avoid this situation. I still suspect that was the intention in the cases we read about--but by statement closing date either new charges hit the account or the finance charges put it over the new limit and nobody had figured those. I agree about calling and asking that the fee be waived since the overlimit business was inadvertent BECAUSE of the bank's decision and happened before there was any way to avoid it. It was not the cardholder disobeying the rules. It was a direct result of an unexpected bank action and should--MUST--be reversed. I disagree about asking for a credit limit increase to cover the problem. Pay down the account below the new limit plus finance charges right away. There's no excuse NOW THAT YOU KNOW of the new limit and you have to pay it down to avoid the NEXT overlimit fee. No harm in asking for a credit limit increase, but I don't think it's likely because the bank has already made that decision, unfair though it is. And as far as "not using" the card is concerned--if you're carrying a balance, you ARE using the card. Lack of new purchases is irrelevant. Thanks again for the advice, I will tell her to call MBNA as soon as possible so she can get this matter resolve.
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New American Express Clear Credit Card Offer
Guest: ericlmunoz Post subject: New American Express Clear Credit Card OfferPosted: Sun Mar 12, 2006 11:15 am What do you think about the new clear credit card from Amierican Express? There seems to be a lot of good thing sabout it that I think are great. I saw an ad about it and think I may switch. Here is a website with it. http://moremerchant.com/10/amex-hopes-its-clear-card-is-the-clear-choice/ What do you think? Currently I have a card with no fee, I think the interest is around 14 my credit is decent. I think I have a score around 670.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Mar 12, 2006 1:11 pm ericlmunoz wrote: What do you think about the new clear credit card from Amierican Express? There seems to be a lot of good thing sabout it that I think are great. I saw an ad about it and think I may switch. Here is a website with it. http://moremerchant.com/10/amex-hopes-its-clear-card-is-the-clear-choice/ What do you think? Currently I have a card with no fee, I think the interest is around 14 my credit is decent. I think I have a score around 670. $23,000 lower than my last AMEX approval Dumped it Did a 2 into 1 and closed it
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New Bank of America Credit Card Offer Approval Timeline
Guest: directdude2001 Post subject: New Bank of America Credit Card Offer Approval TimelinePosted: Thu Mar 09, 2006 11:19 am I received an offer for a BoA card which said it was for "BoA customers only" on Feb 20. I applied on Feb 22 and was appoved instantly online. My question is does anyone know how long it takes the card in the mail to reach me? It's been almost 2 weeks now and I have not received the card. I checked my credit report and it said show that BoA pulled a Experian report on the 22th of Feb.
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Thu Mar 09, 2006 11:53 am I just got a new bofa card and they are slow. Seemed like 3-5 weeks.
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Guest: directdude2001 Posted: Thu Mar 09, 2006 1:50 pm wow is it really 3-5 weeks!!? I forgot to mention that the confimation page said i would receive it in 5 days.. I was starting to worry thinking it might have been lost in the mail. Because my wife applied for a BoA Choice Privileges Card back in August and she received it in 5 days. Ok, I'll wait another 2 weeks before I call BoA. I would really like for others to post if they know how long it took them to receive their new boa card though. Thanks! btw, the card I was approved for is the BoA visa platinum card
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Thu Mar 09, 2006 6:04 pm 7-10 days is normal after approval
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Thu Mar 09, 2006 7:17 pm mouse is probably right. My time period was from applying.
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Thu Mar 09, 2006 7:18 pm mouse is probably right. My time period was from applying (not instant approval). As aways, maybe you should call the cc.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Thu Mar 09, 2006 7:22 pm maddybeagle wrote: mouse is probably right. My time period was from applying (not instant approval). As aways, maybe you should call the cc. Juniper says I'm WRONG more than not so don't take my word for it!!!!!!!!!!
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Guest: TomfromCT Posted: Sun Mar 12, 2006 2:09 pm i got mine in about 5 days i did the online approval. I was surpised how fast it came to me actually i was surprised i got approved and then i was shocked when it said 7k limit
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Bank of America Credit Card Credit Line Increase
Guest: wouql Post subject: Bank of America Credit Card Credit Line IncreasePosted: Sun Feb 26, 2006 8:28 pm OK, I finally hit nine months of owning my BofA Platinum card. So I'm trying to request a CLI - but how do I do it? Did anyone do it online? I sign into Online Banking, and click on the card. I assume there would be an option somewhere to click on (like the ones I see for "Pay this card" or "Inquire about a payment".) I feel stupid - this should be easy. I'm sure I could call them, but there has to be a way to do this online. Thanks in advance.
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Guest: DavidPalmer Posted: Mon Feb 27, 2006 12:21 am I was told that you get an automatic CL increase after the 9 months of having the account open and that it will show on your statement and online. I still have 4 months to go on mine.
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Guest: beyond platinum Credit Expert (100+ Posts) Posted: Mon Feb 27, 2006 1:05 am It is under account activity in the bottom left hand corner under 'customer service'. If you are not automatically approved online, it will list a phone number for you to call so that you can ask a CSR and this may result in a hard inquiry. _________________ "The most incomprehensible thing about the world is that it is comprehensible." --Einstein
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Guest: Lyndzer Torte Posted: Thu Mar 09, 2006 8:13 pm I got the card in June of 05. Should I have the CLI option this month after the billing period is up, or next?
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Guest: beyond platinum Credit Expert (100+ Posts) Posted: Sat Mar 11, 2006 12:48 am From my experience, they usually go from the date the card was issued. I see no reason why you can't ask for a limit increase now; the worst they can say is no. I got an increase from them within 6 months of opening my account but it resulted in a hard inquiry. Let us know of the results! _________________ "The most incomprehensible thing about the world is that it is comprehensible." --Einstein
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Guest: CreditFanatic Posted: Sat Mar 11, 2006 1:25 am I called BankofAmerica to get my card raised. If it does not show up on the website, it is best to just call them up. I think it really depends on the person if they think you deserve the CL raise or not.
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Guest: TomfromCT Posted: Sun Mar 12, 2006 2:12 pm i have about 5 months to go before i hit 9 months with my new boa paltinum rewards card. no way in heck im calling for a CLI though becasue i wont want the inq on my report..... and i have a 7 k limit with 600 bucks on it with a high of 2200 so i dont need it other than to make it easier to stay under 10 % util...
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