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Putting a Down Payment on a Credit Card
Author: Mike.Main
Posted: Sun Oct 30, 2005 7:36 pm
Post subject: Putting a car down payment on a credit card Do you guys have anything against that, assuming my card has a much lower interest rate than my auto loan?
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Author: mouse Posted: Sun Oct 30, 2005 7:39 pm Post subject: Re: Putting a car down payment on a credit card Mike.Main wrote: Do you guys have anything against that, assuming my card has a much lower interest rate than my auto loan? Why only the down payment????????? (assuming you get miles or points or cash back REWARDS) ASSUMING the bill is PAID IN FULL or it has a 0.00% BT/PURCHASE rate or you can BT it to another card that does have a 0.00% BT
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Author: JaneiR36
Posted: Sun Oct 30, 2005 7:47 pm
Post subject: Putting a Down Payment on a Credit Card Only risk is will you be able to get another low interest rate when the one you're currently eyeing expires? Especially if you can get those 0% for life BT's, that would be SWEET!! Other options would be great but you just have to keep an eye on your credit and have an exit plan in case you lose your job and your credit starts to plummet, for instance.
Author: mouse
Posted: Sun Oct 30, 2005 8:14 pm
Post subject: I personally have done it TWICE this year THE WHOLE THING NOT JUST A DOWN PAYMENT!!! AMEX DELTA (DOUBLE MILES)
Author: astounding
Posted: Mon Oct 31, 2005 9:07 am
Post subject: Putting a Down Payment on a Credit Card Does anyone here get a car on a monthly payment plan? Because that's what the smart financial investors do since they know that the car's value will depreciated every 5+% every year.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Approval Requirements for a Credit Card
Author: chick
Posted: Wed Oct 26, 2005 10:41 pm
Post subject: how can I know if I'll be approved for a CC beforehand? I'm embarassed to say that I have no idea what criteria the CC companies use to decide it they're going to give you an account. I don't want to apply, be turned down, and get dinged for the credit check. I'd like to move my $18K in credit card debt to an account with a lower interest rate -- I'm at 26% now, ouch! The negatives on my credit report: 1- a Chase account charged off 5/04 for $10K -- I've since paid off the entire amt to the company that bought off that account. 2 - Current credit card: open/current, was past due 30 days 8/04 (****, a late payment within the last 6 months... I'm on auto-pay now!) 3 -A Victoria Secret card Inactive/current, was past due 30 days 2/02 Can anyone advise me on getting that interest rate down? I'm paying down quickly, but I'm trying to learn how to not throw the $$ out the window in the process! thanks!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: gameboy
Posted: Thu Oct 27, 2005 1:24 am
Post subject: First I would call each of the credit card companies and ask them if they can reduce your interest rate. Do you get pre-approved letters in the mail? If so, you should apply to those because they will be easier for you to get. Do you know what your credit score is?
Author: chick
Posted: Thu Oct 27, 2005 8:34 am
Post subject: Scores: just got Experian up 109 points as of yesterday :) I'm at 704. TU & EQ should be around 704 in the next couple weeks - they're both 3 days from updating my credit report after I contestd a bunch of junk on there. My current card has 1 late payment in the last 6 months - they said they don't drop a rate until you've been paying ontime for 6 months -- they're the only active card I have. All the pre-approved letters are for realy low amounts -- less than $1000. My goal would be to move my $18K to a card with a lower interest rate. Hmmmm --- ok, I just took at my report, I used to have a ton of credit cards, and I see one major card listed as 'inactive' rather than closed --- would it be smart to call them to check on my terms and see what's involved in re-activating it?
Author: JaneiR36
Posted: Thu Oct 27, 2005 9:43 am
Post subject: Approval Requirements for a Credit Card Yes, that is a good idea. Certain companies are more thrilled than others to have their customers back, and would work with you for better interest rates. For instance, I BT'ed all my money out of MBNA when I was able to qualify for good APRs. Then I couldn't get any more low interest credit, so I went back to MBNA. They gave me a 1.99% rate for one year with a fee capped at $75. It's definitely worth checking out! Also, don't apply haphazardly, but at the same time, don't be scared to apply. Sometimes you just won't know until you apply, and in the mean time you're getting charged a lot of interest on a large balance. Your credit score won't completely go in the toilet, anyway, and once you're settled in with your new low APR accounts and start paying regularly, the credit score will start climbing again. I don't think you have too much to lose and everything to gain!!
Author: mouse
Posted: Thu Oct 27, 2005 4:51 pm
Post subject: You can be approved with $18,000 owed and denied with $0 owed YOU NEVER KNOW
Author: chick
Posted: Thu Oct 27, 2005 6:12 pm
Post subject: Approval Requirements for a Credit Card oh come on, that's like saying there is no logic to how the decision is being made. do you just add a post to every question whether you have something constructive to say or not?
Author: Polonius
Posted: Thu Oct 27, 2005 6:33 pm
Post subject: Approval Requirements for a Credit Card Actually, mouse is quite right. Banks look at different things, target offers to different markets, have different profiles for the sort of customer they seek. Often it makes little sense and is quite inconsistent. I could tell stories! Here are a few of such latest stories. I got a Chase Platinum card this week--limit $4,000. I have four other Chase cards, one with a limit of $45,500. Make sense? No. I go online and see what balance transfers are available for the five cards I have. Because of the merger of BankOne with Chase some months ago, I can see all five accounts on the old BankOne site AND on the Chase site. When I ask for balance transfers on the BankOne site, I'm told none are available for any of the five cards. When I try the same on the Chase site, I'm told that 3 of the cards have balance transfer offers available (.99% for 6 months with a $65 fee maximum on 2, 0% on one)--and NONE AT ALL on the remaining two cards. Make sense? No. Remember, my credit profile/scores/histories are exactly the same for each of these decisions that determined a credit limit or what balance transfer offers to make to me. Or, to put it another way, I owe $160,000 on credit cards. Why would any bank give me another credit card? One bank will say--hey, he's got lots of credit so if the other banks trust him so will I. Another bank will say--hey, he's got a lot of credit so if he's applying for more he must be getting ready to skip town and screw us all. Same facts. Totaly different decisions. Often it all depends on what particular person is looking at the credit report and what mood they're in that day. Often if you're turned down by one credit analyst, you can just call, speak with another, say exactly the same things, and get approved. Personally, I'm glad it's all so inconsistent. Makes the game more fun!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Chase Credit Card Gas Purchases
Author: JaneiR36
Posted: Fri Oct 28, 2005 8:04 pm
Post subject: Wow! How nice of Chase! It seems my gas purchases are being considered "Vehicle expenses." Has anyone had experience with this, and did it turn out to be the 5% cashback gas purchase? If not, well how nice of Chase to give me a "vehicle expense" instead of the intended "gas" for my car! Lovely!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: newyearsday1985
Posted: Fri Oct 28, 2005 8:24 pm
Post subject: Some categorized under "vehicle expense" get 5% and others categorized under "vehicle expense" get 1%, depending on where you made your purchase. If they are 76, shell, mobil, chevron and other gas station purchases (most importantly the merchant classifies themselves as selling gas as their main business), you will get the 5% and chase labels those purchases as "vehicle expense" On the other hand, if you bought gas at a carwash, most likely you will get 1% because the merchant classifies themselves as a carwash. I once used my chase cash plus rewards to pay for the gas I bought at the carwash I work at to see if I get 1% or 5%. I got 1% and the purchase was labeled "vehicle expense"
Author: diddlydudette
Posted: Fri Oct 28, 2005 8:35 pm
Post subject: Before I got my first statement, I wondered about this too, but it was fine and I received my 5%. It did state vehicle expense, but they gave me full percent. I think you're ok.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: JaneiR36
Posted: Sat Oct 29, 2005 8:13 am
Post subject: Chase Credit Card Gas Purchases Thanks, guys, that really does make me feel better I thought my gas purchases were being roped into something like Advance Auto (which I do love!) that wouldn't get me the 5% rebate! But hey, Chase did do something nice. They sent me a $20 check, cashing of which would enroll me in their credit protection program. Thing is, I have a $0 balance on said card and do not plan on charging anything to it for a while.... they won't even let me do BT's. Once I'm good and enrolled I will call and cancel. And unlike a card with a balance on it, I should be good even if I don't remember to cancel within 30 days!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Chase Cash Rewards Visa Credit Card Review
Author: milavant
Posted: Wed Oct 26, 2005 8:19 pm
Post subject: Chase Cash Plus Rewards Visa Does anyone know if the $300 annual rebate on the above card works on a calendar year (January 1 to December 31) basis, like Citibank's Platinum Dividend Select Mastercard, or is it on an anniversary year basis?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: stevejk
Posted: Thu Oct 27, 2005 1:55 pm
Post subject: Yes, it is $300 per calendar year, as opposed to anniversary year like Discover. I have both cards (Citi and Chase) myself. I max out the reward on one and switch to the other.
Offers of Pre-Approval From Credit Card Companies
Author: mrsdg007
Posted: Wed Oct 26, 2005 9:36 am
Post subject: Pre-approved offers Received 2 "Pre-approved" offers yesterday -- Discover 0% for life & Citi Dividend Platinum Select. Has anyone had experience with either one of these cards? Any recommendations?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: jlrdc909
Posted: Wed Oct 26, 2005 1:54 pm
Post subject: Preapproved offers I accepted the offer from Discover. I had to do the "old fashioned" mail in application as online or phone applying was not offered. Received the card exactly 2 weeks after mailing in the application. I have had wonderful service from the Discover Card.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Board Monitor
Posted: Thu Oct 27, 2005 9:37 am
Post subject: Try our consumer reviews section here: http:// www.cardratings.com/cardreviewfr.html Let us know how things turn out! _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Citi Simplicity Credit Card Review
Author: beyond platinum
Posted: Thu Oct 20, 2005 2:21 am
Post subject: Citi Simplicity Card I wanted to thank all of the members here for providing valuable insight into the world of credit. It was through Yahoo that I learned about this site. Is anyone thinking about getting this card and if so do you forsee any issues with their 'late fee waivers'? Visit http://www.Citisimplicity.com. Thanks!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: maddybeagle
Posted: Thu Oct 20, 2005 6:29 am
Post subject: I looked up the cash back terms and it looks the same as the citi div. select except it doesnt include the 5% at grocery stores? This seems more like a scam to encourage folks to carry a balance....and pay interest charges.
Author: Board Monitor
Posted: Thu Oct 20, 2005 7:43 am
Post subject: Citi Simplicity Credit Card Review More info. about Simplicity in an article on Smart Money Magazine's website: http:// www.smartmoney.com/consumer/index.cfm?story=20051018 I am proud to say that http://www.CardRatings.com is referenced in the article. _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: maddybeagle
Posted: Thu Oct 20, 2005 9:24 am
Post subject: Citi Simplicity Credit Card Review Thanks for the article and congrats on the reference! It sounds like a lot of folks here have had luck with reversing a late fee or 2 on occasion by just calling up the cc.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Premier Pass Credit Card Review
Author: JaneiR36
Posted: Mon Oct 24, 2005 7:04 pm
Post subject: Citibank PremierPass card: $100 after first purchase! But I think you have to watch out for this offer in your mail. If someone has seen this elsewhere and everyone can access it, please post it! Unfortunately I will have to wait till the middle of November to apply which would be after I have paid down my Citi Dividend's card to below 80% utilization and the credit reporting agencies have the updated balance. I should have done this earlier, but I didn't see this offer coming. My application deadline is Nov 15 (dang it!) so I'll have to see if it works out. This is also a rewards card and here are some key points in their reward structure: Redeem $100 at a time. MUST be a GIFT card at "leading locations." (Discover does $20 at a time, some others $25 or $50). Earn a total of 100,000 points or $1,000 per year. Earn BOTH purchase and flight points. Can only earn 50,000 flight points per year. Earn a point per dollar spent on ticket, and get I think a third of the total miles flown (count both flight there and back). Example, spend $350 on ticket, fly total of 6,000 miles, get 2,350 points. One point per dollar spent on any other purchases as well. MUST redeem equal or greater number of purchase points whenever you redeem your flight points. Okay, I must say the gift card thing throws me off a little. Maybe just do the first purchase, and use the card for BT's? Oh, my letter says I "could" get 0% on BT's till Oct. '06. If any of this sounds interesting, just don't trash any offers you get from Citi in the mail. It might be worth checking out!
Author: Board Monitor
Posted: Tue Oct 25, 2005 8:18 am
Post subject: Nice offer. Thx for posting. _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Chase Platinum Credit Card
Author: jlrdc909
Posted: Mon Oct 17, 2005 11:56 am
Post subject: Chase Platinum Hi: During the past 6 months I have received several different offers. I have accepted 3 of them. At the end of September, I received an offer from Chase for a platinum Visa. I accepted the offer online, I dont even think it had time to pull a credit report, it said "We will review your application, and let you know in 30 days". Calling back today (nearly 3 weeks since applying), they said the account was "pending", I asked what that meant, and he said that they need to determine rate of interest, credit limit. I have never seen an pre approved application take so long. He said that a decline would have come right away, so hold on for another week. Anyone else have this situation with Chase? I know I will get this question asked, so I will answer it in advance. I found this website on a search engine, and read the posts nearly twice a week!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: jlrdc909
Posted: Tue Oct 18, 2005 7:06 am
Post subject: UPDATE I called back today, and was approved $7,500. I dont know the terms of the account, but I rarely pay interest anyways. According to this CSR, I had opened 3 new accounts in the few months, therefore "red flags" went up. After a manual review, it was approved. It looks like Chase does manual approval if something fishy comes up on your report. I hear that Chase is notorious for giving you one interest rate when you get the card, then start jacking it up over time? I have also hear the Customer Service is not that great? Any feedback on Chase would be appreciated!
Author: MattK82
Posted: Fri Oct 21, 2005 11:26 pm
Post subject: Chase Platinum Chase is evil. I had a card with them with a 60k credit limit with about 15k on it. I went off to law school and they decided to raise my rate from PRIME + 0% to 11.99% and then to 22.99% I canceled the card and paid it off. However, I will never do business with CHASE again. PERIOD.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: cled
Posted: Sat Oct 22, 2005 5:53 am
Post subject: MattK82 wrote: Chase is evil. I had a card with them with a 60k credit limit with about 15k on it. I went off to law school and they decided to raise my rate from PRIME + 0% to 11.99% and then to 22.99% I canceled the card and paid it off. However, I will never do business with CHASE again. PERIOD. my chase limit is only $400 for about a year now...so i also feel bad.. but, i cant see the connection between RAISING the rate and Going to law school... that doesn't make sense.. to me..
Author: credithelp
Posted: Sat Oct 22, 2005 7:44 am
Post subject: Chase Platinum Credit Card Chase will get you any way they can and seem to be turning more subprime as time goes on.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
American Express Credit Card for Students
Author: gameboy
Posted: Wed Oct 05, 2005 3:48 pm
Post subject: Newbie - Amex Blue for Students I just started building my credit 6 months ago (got a secured card from BOA). I paid it off every month, and now my credit score (FACO - Experian Plus) is 723. So far I am happy with my progress. I think it's time to get another one. Since I am a student and student cards are fairly easy to get, I am thinking about applying for the Amex Blue for Students. Is this too soon? Should I consider a department store card next instead of jumping ahead so much? For those of you who have this card, was it easy for you to get, and what do you think about the card? For the others, do you have any suggestions as what other cards I can get next? Thank you for your help and advice. I love this place.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: hesiden
Posted: Wed Oct 05, 2005 4:18 pm
Post subject: With that score it looks like its been long enough. Here is an AMEX Blue for students thread on another board. http://creditboards.com/forums/index.php?showtopic=110665&st=0 Citi has some good student cards. Where do you spend your money? The Citi mtvU card for students gives 5 points (aka 5% back) per dollar spent at restaurants, bookstores, record stores, movie theaters, and video rental stores. Plus some points for good grades. The Citi Dividend for students card gives 5% back cash on supermarkets, drug stores and gas stations. Also ask BoA when you can switch to an unsecured card? Remember you want to build history so these accounts you get now you want to keep forever, meaning eventaully you'll want to "convert" these student cards into another type. Converting means you keep the same history and date opened. I'd get an account with each of the major card issuers (not all at once) Citi, Chase, BoA, AMEX, and Discover.
Author: JakeC
Posted: Wed Oct 05, 2005 6:53 pm
Post subject: American Express Credit Card for Students gameboy, I can tell you exactly what amex told me: I applied and was eventually approved for blue for students. The rep said they require at least 1 year of credit history to get the card. If you really want to apply, I would call them and ask them is this is an objective factor they use before applying, because if it is, dont apply and you'll have saved yourself an inquiry on your credit report. Also, Amex doesn't allow cosigning.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: gameboy
Posted: Wed Oct 05, 2005 7:30 pm
Post subject: JakeC wrote: gameboy, I can tell you exactly what amex told me: I applied and was eventually approved for blue for students. The rep said they require at least 1 year of credit history to get the card. If you really want to apply, I would call them and ask them is this is an objective factor they use before applying, because if it is, dont apply and you'll have saved yourself an inquiry on your credit report. Also, Amex doesn't allow cosigning. Thank you JakeC. I just called Amex, and the rep said she didn't know any specific requirements (such as the 1 year credit history rule) for the Blue for Students card. All she can do is to take my application and tell me if I am approved or not. Does anyone else know anything about this? Help is very much appreciated!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Amex Clear Credit Card Review
Author: StephanB
Posted: Sat Oct 08, 2005 8:46 pm
Post subject: Got it! Amex Clear (My first Amex) Amex Clear, $4,800!!! No clue what report they pulled and what it did to my scores. I won't be able to check it until 5pm tomorrow (TrueCredit 24hr thing), but I'll keep you posted. It was an instant online decision. I will call and have my CL raised to at least an even $5,000, but I'll aim for more. Together with my BofA Platinum ($5k@7.90%) and my new MBNA (??@5.9%), this will be my third and last card for a looooong time.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Board Monitor
Posted: Sun Oct 09, 2005 9:26 am
Post subject: Amex Clear Credit Card Review Congrats! Please keep us updated on your progress. _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: StephanB
Posted: Mon Oct 10, 2005 6:57 am
Post subject: Amex Clear Credit Card Review I just pulled my report, and it seems that Amex pulled Equifax for me 2 days ago just like they did december of last year when they denied me. My Equifax TrueCredit score dropped 2 points to 747 I'm happy
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Credit Card Balance Transfer for Less Than Perfect Credit
Author: CreditCardGuru
Posted: Mon Oct 10, 2005 12:35 am
Post subject: Card for B/T with less than perfect credit I have a friend in college that wants to B/T all of his CC's to one CC to make it easier not to forget about payment dates and take advantage of just one APR. However his credit is less than perfect because he has MAXED OUT all of his cards. Is there a leniant bank that may approve him?
Author: gameboy
Posted: Mon Oct 10, 2005 1:16 am
Post subject: I would get a credit report and score first.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Self Employed Imcome Proof on Credit Card Application
Author: rmecseki
Posted: Sat Oct 08, 2005 1:23 pm
Post subject: What's the appropriate way to prove income if self-employed? I just became self-employed this year. I have never filed my tax return as a self-employed before. What usually happens if someone claims that he is self -employed on a CC application form. Would a CC company call me up for sure to verify my income! What is the appropriate way to prove income to a CC company if you are self employed?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Sat Oct 08, 2005 5:43 pm
Post subject: If you're called for verification, just answer the questions you're asked. Sometimes, in recent years, you'll be asked for "pay stubs, W2s, and tax returns" for verification. Basically, just give the bank whatever it asks for if you want the card badly, or tell it to withdraw your application if the requirements are too annoying for you...or if you lied. Bad idea to fake your tax returns to "prove" the income you claimed, by the way; you can get into serious trouble with that method, although odds are you'd get away with it.
Author: rmecseki
Posted: Sat Oct 08, 2005 7:30 pm
Post subject: Self Employed Imcome Proof on Credit Card Application I am self-employed since January 2005, so I can give pay stubs, a W2 and a tax return only for 2004. But since this information does not predict my future income I do not think they would ask for it. The earliest date is May 2006 when I will be able to show them a tax return. But I would like to apply for cards now and not in April. I want to see a hard inquiry on my credit report only if I get approved for the CC. So I want to apply for a CC only if I can find a way of proving my income, because I think it is pretty sure they would call me.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: astounding
Posted: Sat Oct 08, 2005 8:14 pm
Post subject: Self Employed Imcome Proof on Credit Card Application I've been in your situation a few years back. I can't exactly remember what happened, but here's to what I remember. If you've been self-emplyeed for less than 1 year, majority of banks will not approve of a card as they're concerned about the business going bankrupt as it has no long-term and reliable track record. I know. Even though your business is impossible to go bankrupt, to their eyes, it is! However, I still gotta credit card (even though I never had one) while I was about 3 months into self-emplyment. How? The tradational way. Go from applicator to applicator. Get rejected. So what. Go onto the next one UNTIL someone approves you. One thing for sure. They'll give you a low limit credit card. Perhaps in the $1500 range. Believe it or not, you will get approved by ingoring the rejection and going onto the next one.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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