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Will Capital One change credit cards to no fee?
Guest: zach383z Post subject: Will Capital One change credit cards to no fee? Posted: Thu Aug 24, 2006 11:26 pm I have a capital one platinum with a weak $500 limit and a $40 yearly fee. My question is, will they just switch me over to a card with no fee or do I have to cancel? I am just wondering if anyone could get them to switch cards for them?
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Thu Aug 24, 2006 11:34 pm Quote: "zach383z" I have a capital one platinum with a weak $500 limit and a $40 yearly fee. My question is, will they just switch me over to a card with no fee or do I have to cancel? I am just wondering if anyone could get them to switch cards for them? APPLY FOR ANOTHER CARD FIRST If you get approved move the $500 to the new account and close the old account YOU LOSE AGE YOU GET 2 or 3 HARDS FOR THE NEW ACCOUNT BUT YOU LOSE THE ANNUAL FEE
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Thu Aug 24, 2006 11:47 pm There is a VERY SLIGHT CHANCE that they may just dump the annual fee VERY SLIGHT CHANCE
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Guest: hdporter Credit Expert (100+ Posts) Posted: Fri Aug 25, 2006 2:22 am We successfully obtained the removal of my wife's fee from her 3 year old, 12.9% F, $1250 CL account. She requested a one time waiver and they responded by removing the fee altogether. On my account, they've been willing to waive the fee this year and last, but not permanently (the account is 4 years old). I was surprised that when this account was "upgraded" to a No Hassle account (CL incr fr $500 to $2000) earlier this year that the fee remained on the account. They still wouldn't remove the fee permanently when it renewed in July. Two years ago, when I first requested the fee removal, they refused, but countered by reducing the interest rate from 12.9% F to 9.9% F. - Harry
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MBNA America Bank, N.A. Renamed FIA Card Services, N.A
Guest: rapjunkie Credit Expert (100+ Posts) Post subject: MBNA America Bank, N.A. Renamed FIA Card Services, N.APosted: Mon Aug 07, 2006 2:55 pm I noticed the mention of FIA in the fine print at the bottom of an MBNA card application I was considering filling out. It said the card was issued by and handled by FIA, which made me skeptical, so I looked it up and found info about the name change.
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Guest: mantras Posted: Tue Aug 08, 2006 12:08 pm Yeah I just received a replacement card for my MBNA Platinum Visa card yesterday. It states MBNA America Bank, N.A. has been renamed FIA Card Services, N.A. The card has Bank of America printed on it and it's a Platinum Plus. Don't know if the card comes with any rewards or anything, but neither did the one it is replacing..
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Guest: multiplierx Posted: Sat Aug 12, 2006 10:07 pm I saw today that my MBNA/FIA cards is reporting now as "Former Wachovia" in its description on the MBNA website(and over on Yodlee). If I recall, the card indeed was a Wachovia card until sometime in the late 90s. They sent me a new card a few weeks ago. It has no branding on it at all. No MBNA or BOA logo. You have to read the fine print on the back to see it's an MBNA card. Just a plain Visa card with "cardholder since 1996" under my name. And the embossing is black instead of the usual gold or silver. I actually like the way it looks but I'd imagine at some point they'll send me a BOA branded card. I've been able to access it from my BOA credit card account for the past few months now. _________________ Total interest paid on cards = 0.00 Amount of cash/rewards in past year = $550 Utilization - less than 1%
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Guest: Woolfman Posted: Fri Aug 25, 2006 2:41 pm I thought it was interesting that BOA seems to have ended MBNA's co-branding cards with Wachovia. But they seem to have kept the co-branding cards with AMEX
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MBNA Credit Cards Now FIA Card Services?
Guest: AJ Post subject: MBNA Credit Cards Now FIA Card Services?Posted: Sun Aug 06, 2006 6:51 am MBNA IS NOW KNOW AS FIA CARD SERVICES IS that the new Bank OF America? I did a google search for FIA Card services.
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Guest: Board Monitor Board Monitor/ Administrator Posted: Sun Aug 06, 2006 7:46 am Where did you heard this? _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
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Guest: Alexis Rios Credit Expert (100+ Posts) Posted: Sun Aug 06, 2006 8:22 am I receive a letter of changes , explaining this.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Aug 06, 2006 9:32 am Several divisions were renamed in June. http://www.ccabs.bankofamerica.com/abs/america_bank.html Quote: Code: *Name Changes Following the merger between Bank of America Corporation and MBNA Corporation, the following name changes were implemented with respect to the MBNA Master Trust credit card securitization platform, effective June 10, 2006. Former Name New Name MBNA America Bank, National Association FIA Card Services, National Association MBNA Master Credit Card Trust II BA Master Credit Card Trust II MBNA Credit Card Master Note Trust BA Credit Card Trust In connection with these name changes, the series designation for the asset-backed notes issued by the BA Credit Card Trust (formerly known as the MBNA Credit Card Master Note Trust) was changed from the MBNAseries to the BAseries. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Aug 06, 2006 1:08 pm FIA MBNA AMEX 365 DAILY FACO CREDIT REPORTS BANK OF AMERICA DIDN'T CHANGE ANY
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Searching for Credit Card Offer with High Credit Limit
Guest: JaneiR36 Credit Expert (100+ Posts) Post subject: Searching for Credit Card Offer with High Credit LimitPosted: Fri Aug 25, 2006 10:53 am I'd like to start getting higher CL's, like in the tens of thousands range. Who will approve me for those CL's usually? Any companies that tend to? My highest CL right now is only about $6000, ever since MBNA lowered the CL on my $16000 limit account I think that pretty much limited how much I've been getting from companies. Please advice.
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Guest: creditnewbie Credit Expert (100+ Posts) Posted: Fri Aug 25, 2006 12:35 pm BoA, AMEX, Chase, and Citi give high limits, but if you want the highest limits they grant, you need to have financial resources. Your income has to be high and your bank accounts need to have plenty of cash. BoA will give $100K limit but only if you are a premier customer with at least $100K in your BoA deposit accounts. The maximum AMEX grants without verifying income is $25K. If you need more, you need to prove your high income or networth. Also, you need to have a high credit score. Higher than 760+.
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Guest: hesiden Credit Expert (100+ Posts) Posted: Fri Aug 25, 2006 1:02 pm Growth over time. AMEX and Citi both have CLI buttons on their websites that allow no hard pull CLI's. You'd severl months history before Citi's allows it. AMEX was game me a CLI as soon as I signed on. Check to see if you allowed a CLI every few months online. You can do the same with other issuers, but usually you need to call them. Also see the NASA FCU thread where it is claimed you can get a really high credit line with them. I've seen people have good luck with high initial lines with Citi's Premier Pass card. Say away from Cap1. HSBC and WAMU/Providan are also known for low credit limits.
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Fri Aug 25, 2006 2:27 pm Quote: I've seen people have good luck with high initial lines with Citi's Premier Pass card. I have heard that also...Seems people have all kinds of other theories, also....including doing a bt with the application, etc. Seems like a lot folks that dont have huge incomes just keep old accounts open, consolidate when they can, and build them over time...and keep them open by using each card occasionally and not utilizing all of your credit (dont make it look like you are in financial trouble)...
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Guest: wierdo Posted: Fri Aug 25, 2006 4:35 pm If I particularly cared about having a card over 10k, I would apply for two cards from the same issuer and combine them. I recently applied for several cards, and funny enough, the card that had BTs on the app is the lowest limit of all of them, only $3600 with $2600 of BTs. All the other cards were higher, a couple more than double that. I think with the big banks, it really depends on which underwriter happens to see your app more than anything else. Some are stingy, others are generous.
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Credit Card Companies use FICO to Measure Risk
Guest: wierdo Post subject: Credit Card Companies use FICO to Measure RiskPosted: Fri Aug 25, 2006 12:24 pm JaneiR36 wrote: FICO doesn't do that. Seeking out and applying for good promotional offers does. Yeah, once your FICO score meets their criteria for the good offers. FICO isn't everything, but sometimes one needs to focus on it for a short time to get the offers one would like. After that, you can let it bounce around some with no harm done unless it gets horrible and you get a ratejacking. Point is, that while it doesn't pay the bills, those of us with sub-700 scores have to be careful about it anyway, because we're much closer than those of you who have never been late and have 750s to being in a place the banks wouldn't like us to be. When I'm using someone else's money, I generally try to keep them happy. mouse, I don't like that insurers use credit scoring as part of their risk score, but they do, and it's yet another way that letting my FICO slide too much will directly cost me money. That said, they only pull once a year, so I've got plenty of time to put high balances on a given 0% card and get them off again before they pull again, but it still bears some consideration.
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Fri Aug 25, 2006 5:07 pm IMO unless in very specific circumstances like AOR or applying for a home mortgage, you probably don't have to focus too hard on your FICO scores. The 0% offers weren't coming to me by the dozens but I applied for some that I saw online and was approved, anyway. If you're already stressed out paying down some hefty bills, I'm just suggesting to kick up your heels and RELAX because the extra stress is not necessary!
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Aug 25, 2006 5:18 pm stevejk wrote: Quote: "mouse"Quote: "wierdo" mouse wrote: I am amazed at the number of people who think FICO pays their bills FICO helps pay your bills when you go from 10-30% APR to 0% APR on all your debt in a couple of months and you pay less on your car insurance due to a better score, otherwise, not so much. INSURANCE IS NOT A CREDIT PRODUCT But insurance companies in many/some states use credit scores to set premium rates. They claim that people with high credit scores make fewer claims and thus are lower risk. ...AND PEOPLE WITH "EXCESSIVE AVAILABLE CREDIT LIMITS" GET RIPPED OFF (ADVERSE ACTION) AND MANY STATES MADE IT ILLEGAL and OTHERS ARE WORKING ON LAWS NOW TO MAKE IT ILLEGAL
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Higher FICO Score Means Better Credit Card Offers
Guest: wierdo Post subject: Higher FICO Score Means Better Credit Card Offers Posted: Fri Aug 25, 2006 4:18 am mouse wrote: I am amazed at the number of people who think FICO pays their bills FICO helps pay your bills when you go from 10-30% APR to 0% APR on all your debt in a couple of months and you pay less on your car insurance due to a better score, otherwise, not so much.
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Fri Aug 25, 2006 4:40 am FICO doesn't do that. Seeking out and applying for good promotional offers does.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Aug 25, 2006 7:11 am Quote: "wierdo" mouse wrote: I am amazed at the number of people who think FICO pays their bills FICO helps pay your bills when you go from 10-30% APR to 0% APR on all your debt in a couple of months and you pay less on your car insurance due to a better score, otherwise, not so much. INSURANCE IS NOT A CREDIT PRODUCT
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Guest: stevejk Credit Expert (100+ Posts) Posted: Fri Aug 25, 2006 9:54 am Quote: "mouse"Quote: "wierdo" mouse wrote: I am amazed at the number of people who think FICO pays their bills FICO helps pay your bills when you go from 10-30% APR to 0% APR on all your debt in a couple of months and you pay less on your car insurance due to a better score, otherwise, not so much. INSURANCE IS NOT A CREDIT PRODUCT But insurance companies in many/some states use credit scores to set premium rates. They claim that people with high credit scores make fewer claims and thus are lower risk.
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Pay Off Debt with 2.99% APR Credit Card
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Pay Off Debt with 2.99% APR Credit CardPosted: Wed Aug 23, 2006 9:32 pm Quote: "JoyJoy" That was Joy's first answer, but then I was worried about utilization average which shouldn't be but 33% or so. Guess it's a "No Brainer" where interest is concerned and six months is better than paying it that's for sure. Thank you for your expedient answer Mouse. I am going to do this. Alecia I am amazed at the number of people who think FICO pays their bills
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Aug 23, 2006 9:34 pm Quote: "wierdo" Chase will do a lot of things to you, but ratejacking a promo APR without your having made a late payment or gone overlimit isn't one of them. I despise them as well, but I still take their free money! If you bring your utilization below 50% on all accounts, it will improve your score, but if it's already in the 700s and you're getting the long 0% offers, it will be a meaningless difference. hdporter has a very good point about asking for CLIs from your creditors. If you have good payment history and haven't asked for one recently, most issuers will grant an increase, which is a good way to fix utilization problems without having to bother with transfers. Amex is especially good about that. For many people, they'll grant a CLI every month, and you can do it on the website without a hard inquiry on your credit report. Log in to your Amex account online, and click on "see more" over on the right below "account services." Under "credit mangement," there's a link that says "increase your line of credit." Click on that, and it'll probably tell you you're pre-approved for an increase and tell you the amount. If it shows you a form, don't fill it out unless you already don't have many inquiries on your report, or don't mind getting another. Citibank supposedly has some no form "click here" CLIs as well, but I've always had to fill out the form. Bank of America has a website where you can see if you're preapproved with no hard pull: https://preapproved.bankofamerica.com/card/ They still might deny you, but it's a good way to see what you'll qualify for. That said, most BoA accounts have fees associated with balance transfers, although some offers have no fee if you do the transfer on the application. DON'T BOTHER TO TRY THE LINK "IF" YOU ALREADY HAVE $25,000+ WITH BofA
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Thu Aug 24, 2006 2:08 am mouse wrote: I am amazed at the number of people who think FICO pays their bills I agree. Why add to the stress of having to pay down a ton of debt already? 2.99% for life as your highest APR is not really that bad; I'd just relax and take another offer later on if I felt like it. You're already saving a ton on interest. Good job! davensd, I love your idea of making a huge payment for therapy! When I was paying off my debt, I couldn't wait to make an online payment everytime I got paid! It just felt really, really good
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Thu Aug 24, 2006 2:51 am Quote: "JaneiR36" mouse wrote: I am amazed at the number of people who think FICO pays their bills I agree. Why add to the stress of having to pay down a ton of debt already? 2.99% for life as your highest APR is not really that bad; I'd just relax and take another offer later on if I felt like it. You're already saving a ton on interest. Good job! davensd, I love your idea of making a huge payment for therapy! When I was paying off my debt, I couldn't wait to make an online payment everytime I got paid! It just felt really, really good FICO doesn't like "LARGE" payments I got punished for a $50,000+ payment
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With Good History, Credit Card Credit Line Increases
Guest: wierdo Post subject: With Good History, Credit Card Credit Line Increases
PossiblePosted: Mon Aug 21, 2006 6:05 pm Chase will do a lot of things to you, but ratejacking a promo APR without your having made a late payment or gone overlimit isn't one of them. I despise them as well, but I still take their free money! If you bring your utilization below 50% on all accounts, it will improve your score, but if it's already in the 700s and you're getting the long 0% offers, it will be a meaningless difference. hdporter has a very good point about asking for CLIs from your creditors. If you have good payment history and haven't asked for one recently, most issuers will grant an increase, which is a good way to fix utilization problems without having to bother with transfers. Amex is especially good about that. For many people, they'll grant a CLI every month, and you can do it on the website without a hard inquiry on your credit report. Log in to your Amex account online, and click on "see more" over on the right below "account services." Under "credit mangement," there's a link that says "increase your line of credit." Click on that, and it'll probably tell you you're pre-approved for an increase and tell you the amount. If it shows you a form, don't fill it out unless you already don't have many inquiries on your report, or don't mind getting another. Citibank supposedly has some no form "click here" CLIs as well, but I've always had to fill out the form. Bank of America has a website where you can see if you're preapproved with no hard pull: https://preapproved.bankofamerica.com/card/ They still might deny you, but it's a good way to see what you'll qualify for. That said, most BoA accounts have fees associated with balance transfers, although some offers have no fee if you do the transfer on the application.
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Guest: JoyJoy Credit Expert (100+ Posts) Posted: Mon Aug 21, 2006 7:37 pm Harry and Wierdo, I did what you both advised and I went to Citibank website and they approved me for $1,500.00 on two accounts. Now I have $16,500 and $4,800.00 with them! This IS better than balance transfers to increase my utilization. No hard pulls on either one. The increase was so fast I just had to say "yes or no"!! Perhaps I should try BA also and see what Amex offers too. Amex is not more than 3 months old so I don't know if I would be eligible but I'll try. Thanks Wierdo for the pre-approved application with BA. Alecia _________________ J~J "You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
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Guest: JoyJoy Credit Expert (100+ Posts) Posted: Mon Aug 21, 2006 8:01 pm Ok i'm all set Harry and Wierdo and everyone else! I was approved for $3,200.00 by Amex which brings my total credit limit to $8,500.00 and I can balance transfer @ 2.99% until 10/3/06 for the Life of the Balance! I will sit down and figure this out as I have kept all of you long enough figuring out what I should do. Okay I'm giving Joy her account back even though she is not having any difficulty with her cards! This has been a learning experience and my credit does appear manageable now....THANKS TO ALL OF YOU!!! Harry thanks!!! Alecia _________________ J~J "You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
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Guest: JoyJoy Credit Expert (100+ Posts) Posted: Wed Aug 23, 2006 8:44 pm I'm baccccccck! Just as confused as ever but I did come out good with the CL increases (listed above) and tonight I applied for the BofA offer. I was pre-approved for 3 cards and I chose the BofA Rewards by Amex! Wierdo you are right about the 3% bt fee, but the offer is good for 12 months so now I have the extra time like Harry said I should look for. I was approved for $9,200.00. 0% on bt and cash advances. The card has some stipulations like only 1 item can be selected but that's no biggie as I will select the bt for 12 mos for one of my cards....most likely the one with the $2,978.24 bal. I believe it would be in my best interest not to use the 15K card anymore but not to close it either. All of this would not have been possible without the help I achieved on this board. Now I just have to put the puzzle pieces together with A-E and see what will be in my best interest. All suggestions are still welcomed! Permission has been granted by the owner of this account lol. I want to start the savings with bts but I don't think I'm ready for that yet. Get out of debt 1st! Alecia _________________ J~J "You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
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Fewer Credit Cards with Lower Balances Mean Better
Guest: JoyJoy Credit Expert (100+ Posts) Post subject: Fewer Credit Cards with Lower Balances Mean Better
Offers?Posted: Mon Aug 21, 2006 4:07 pm [quote="wierdo"]The only thing I can see that you might want to change is to attempt to get the utilization down on "D" after you PIF card "C." If it were me, and there was no fee to do so, I'd probably move a little bit of the balances on "A" and "D" to card "E" and work on paying the balance off before the expiration of the 0%. Given your specific circumstances, it wouldn't have to be much, which would make it easier. My reasoning is that you'll be more likely to get future attractive (and long term) BT rates if you have less cards over 50% utilization. Don't mess with "F," though, as that's a sweet deal. I would feel compelled to figure out a way to pay it below 50%, but that's just me. As others have said, FICO doesn't pay the bills! All in all, it looks like you're in pretty darn good shape.[/quote] Hi wierdo, I was thinking the same thing today about moving some of A and D to E as that $5,745.64 and $2,978.24 does look rather large on those two accounts. My life of balance has room for the $947.12 @ 2.99% but I don't want to put it there. I will pay it in full as I don't want to seem needy LOL. Would it be advantageous to transfer enough to bring both accounts now to 50% utilization? or what amount? Alecia _________________ J~J "You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
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Guest: JoyJoy Credit Expert (100+ Posts) Posted: Mon Aug 21, 2006 4:14 pm Another job as opposed to waiting for another bt offer? I'll take the latter. Good to know you're doing well because this can be really stressful, but it's worth it knowing what my problem was in the first place that got these balances up so high. Now I am working on the root cause and my intention is just to be rid of a lot of debt. I don't hate credit cards, I just want to be in control of my spending and to PIF every month. Joy was right about nice people here. Alecia _________________ J~J "You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
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Guest: hdporter Credit Expert (100+ Posts) Posted: Mon Aug 21, 2006 4:30 pm I chose to focus on the most immediate question of whether it made sense to transfer to "E". However, the question of acct utilization ratios was in the back of my mind. One thing to consider is that if your credit scores are in the 700's, then your current utilization isn't likely much of a deterrant to good credit offers. Frankly, I would have anticipated that you would already qualify for Citi's and Chase's stronger offerings. The rate and 0% duration terms represented in card "E" are among the weaker I would expect for a 700+ score. One remedy to high utilization are the periodic limit increases granted by issuers. If you have cards with Citi or BA, you want to periodically check the CLI link on their website to see if a pre-approved offer pops up (as opposed to a applic for a CLI). It should be apparent that I'm leery of card "E"'s terms. Not having full details on who your current accounts are with or how recently you may have applied for credit, it's difficult to give solid advice on your best prospects for a new account with attractive terms (pref a 12-mo+ 0% promo BT, and a rate no higher than P+5%). However, in the blind, I'd suggest that you might give BA a try, if you haven't applied with them recently and have no more than 2 other applications on file with the credit bureaus in the last 3 mo. - Harry
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Guest: JoyJoy Credit Expert (100+ Posts) Posted: Mon Aug 21, 2006 5:01 pm I don't know why $15K would be deemed as "weak" in that it came with a 12 mo balance transfer offer in which I pd off my auto and bal in the first 6 mos. I said the card was empty and with a 6 mos 0% bt offer ( I should have said remaining 6 mos; sorry) and I only wanted to know if I should transfer my current balances there I have 2 Citibank, Pulaski, Visa/MC with credit union and Amex. Excellent cards really. I haven't applied for add't CLs. Chase no way would I consider them. They have a bad rep to changing their terms in midstream. BA I have never tried and never received any mail from them. Harry you have been a great help and I really ty for taking as much time as you have with me!!! Alecia _________________ J~J "You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
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Long Term Low APR Credit Card Offer Instead of Balance
Guest: hdporter Credit Expert (100+ Posts) Post subject: Long Term Low APR Credit Card Offer Instead of Balance
TransferPosted: Mon Aug 21, 2006 3:29 pm I'm sure someone will disagree, but I don't advise taking advantage of this offer. Be on the lookout for a longer-term low rate offer. The line to which you're proposing a transfer will assume a rate of 15.99%, assuming no change to today's prime rate of 8.25%. That would make it imperative that you transfer balances out of that line by March (and have someplace attractive to transfer to). Let's look at the balances you propose transferring now. Card A is already at 0% and you've been fortunate to get that extended to July. There's no advantage in making this transfer. If the ultimate rate on this card is poor, I'd watch your mailbox for a new offer with attractive standard and promotional rates to which to transfer this balance before the 0% benefit expires. Card C offers a short term advantage to the transfer. You're looking at about $55 interest savings over the next 6 mo. However, at the end of that 6 mo, as noted, you're looking at a fairly high rate. If this 10.9% will be valid at that time, the advantage swings and the $55 savings begins to be undercut by the higher rate on the transfer card. In your shoes, I'd leave things as is. Card D again is at 0% through the same period as the proposed transfer card. The only advantage to a transfer will be if the rate on Card D after March is higher than the transfer card. I don't have the info to make a call, but I suspect you're best off leaving this balance where it is. Finally, you're nuts if you touch Card F. That's a sweet deal. In attempting to pay down balances, I would make minimum payments on F until the others are paid in full. ------ I understand the appeal of having everything consolidated to one account. However, when it comes down to it, there are other benefits to keep your eyes on. Ideally, with time, stronger offers will come your way as well as higher limits and you'll be in the position to consolidate to 1 or 2 cards under VERY favorable terms - with limits that are more than ample to handle the aggregate balances. - Harry
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Guest: JoyJoy Credit Expert (100+ Posts) Posted: Mon Aug 21, 2006 3:48 pm Thanks Harry for going step by step with me. You're pretty much in step with Joy as she feels I am not that bad off and should just leave things as they are for now. We have some of the same cards and she has done well with hers. She receives good offers that she takes time to read and take advantage of. I want everything done today as I don't have the patience. Just going over my credit cards and folders today has given me a headache and I'm ready for bed. Ok thanks all. I will come back one day to let you know my success! Alecia _________________ J~J "You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
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Guest: wierdo Posted: Mon Aug 21, 2006 3:51 pm The only thing I can see that you might want to change is to attempt to get the utilization down on "D" after you PIF card "C." If it were me, and there was no fee to do so, I'd probably move a little bit of the balances on "A" and "D" to card "E" and work on paying the balance off before the expiration of the 0%. Given your specific circumstances, it wouldn't have to be much, which would make it easier. My reasoning is that you'll be more likely to get future attractive (and long term) BT rates if you have less cards over 50% utilization. Don't mess with "F," though, as that's a sweet deal. I would feel compelled to figure out a way to pay it below 50%, but that's just me. As others have said, FICO doesn't pay the bills! All in all, it looks like you're in pretty darn good shape.
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Guest: davensd Posted: Mon Aug 21, 2006 3:51 pm All I can say is I can relate to Joy's situation. I was stressed out with 8,500 in debt in April '06 not making very much money, thinking things will never ever get better and I will be on this treadmill of paying only $500 a month forever, but then I got a part time job and with that extra money I put it to my debt. During the month I got my second job, I know my credit rating jumped at least 50 points cuz I got a pre-approved offer from Discover for 0% on balance transfers and purchase rate. A little thing I used to do when I was feeling stressed about my monthly credit bills was to make a rather large payment (over $1000.00) and request my updated balance be reported to all three CRA's. I know I got a couple pre-approved offers within a month at 0%. It worked for me. Maybe it might work for you. You could always get a second job too..that will definitely boost your credit score giving you more bargaining power.
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Balance Transfer Fee When Consolidating Credit Cards
Guest: rapjunkie Credit Expert (100+ Posts) Post subject: Balance Transfer Fee When Consolidating Credit CardsPosted: Mon Aug 21, 2006 12:47 am Definitely... utilization is no big deal compared to an opportunity to save money.
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Guest: hdporter Credit Expert (100+ Posts) Posted: Mon Aug 21, 2006 7:12 am While my answer might be the same, I'd look at the variables a little more closely. First, what is the fee on the transfer? What is the average rate of the cards from which you're transferring balances? In the case that you don't move the balance from the new card before expiration of the BT 0% promo rate, what rate will be charged on the new account. Again, I don't have any particular bias against this move. But consider that if the BT fee is 3% per transfer, when charged against a six month promo, the APR on the fee climbs to up to 6%+. That's a far cry from paying 0%. Also, consider that when the promo rate expires that you'll likely be looking to trasnsfer balances again, potentially incurring further fees. Plus, since good offers are limited in duration, you may find yourself transferring balances after only 4 or 5 mo., increasing the effective APR on the original BT to an even higher amount. I don't think that anyone questions that near maxing out a card will likely make a serious dent in your credit score. Granted, you don't live or die by your score. However, one source down the road for the strongest attractive offers are new account offers (Chase tends to offer 18 mo/0% on new accounts). The terms of new account offers definitely factor your credit score -- and that's a no-brainer in my book. If your credit score is at least in the mid-700's, then this isn't a tremendous concern. But if you're treading the high 600's, I'd be very hesitant to push an account to a near 80% util. In general, I loathe 6 mo transfer offers. I'd hold out for a better one from this card or a new card with stronger BT terms. In either case, I prefer to sit pretty for something like 10mo before I'm scrambling around for another offer. At minimum ... here's what I invite you to do. Carefully calculate the interest that you'll save over the course of the BT. If you allow a full 6 mo. for this calculation, satisify yourself that after expiration of the offer that you won't be paying a higher rate than you currently are (until such time as you effect a new transfer) on the transferred balance. Now, back out the BT fee, and look at your 6 mo savings. That net value will put you in the position that you can weigh the advantages of going with a BT offer now, vs. waiting for a better opportunity. - Harry
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Guest: JoyJoy Credit Expert (100+ Posts) Posted: Mon Aug 21, 2006 2:53 pm I want to thank all for your replies. Today I have been pulling out all my folders with information on each credit card account I have and their respective balances. I haven't looked at this information in some time, just paid the bills as they came in as the bills were related to tragedies in my life that I was trying so hard to forget. However, now is the time to get my life together and face facts! Joy felt it wouldn't hurt to list what I have and see if I should still put everything on one bill or not. Harry, you're the reason I thought maybe I should go through my folders. Oh and yes, Joy had me to call in about an extension I should have been entitled to on a card because I met all the do's by a certain date on this card and also because this forum doesn't judge one because of the mistakes they may have made or are about to make My FICO Scores were in the 722 to 780 range when I last checked them in Jan., '06 or so. Ok here we go!! Six cards: A-F (A I got an extension today from 4/07 to 7/07! ) A. CL - $10K Rate - 0% to July 1, 2007 Owe: $5,745.64 B. $3,500 5.99% No Bal. C. $1,600 10.90% $947.12 D. $3,300 0% to 3/1/2007 $2,978.24 E. $15K 0% to 3/20/2007 No Bal. F. $5,300 2.99% Life of balance $3,098 So my credit limit amount is $38,700.00 Total debt: $12,769.00 There is no balance transfer fee on the $15K credit card. I can transfer as many balances as I want also. The promotion rate after the 6 mos (as of 6/06) states: "Our records indicate that your promotional rate of fixed 0% for balance transfers and purchases will expire on 3/20/2007. At that time, the remaining balance will go to a variable rate, currently, 15.74%, determined by the Prime Rate plus 7.74% with a floor rate of 13.99%. I imagine it will be higher now (sigh). I just wanted to go for one bill but if the stated facts now changes things, please let me know because I don't want to jump out of the frying pan into a swarm of locusts You helped Joy and now she's a few months away from debt freedom....I just need direction now too. TY! Alecia _________________ J~J "You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
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Guest: JoyJoy Credit Expert (100+ Posts) Posted: Mon Aug 21, 2006 2:57 pm Note: That $947.12 is being PIF so disregard that. Alecia _________________ J~J "You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
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Should I consolidate my credit card accounts?
Guest: JoyJoy Credit Expert (100+ Posts) Post subject: Should I consolidate my credit card accounts?Posted: Sun Aug 20, 2006 9:32 pm I hope someone is up who can answer this question tonight for someone I know. I am not sure what to advise her to do! Question: I have total credit card limits that equal to $36,642.00 on six cards. My total credit card debt is $11,500 to 12k. I have one card with a $15K credit limit that is empty and it has a 0% balance transfer offer until March, 2007. I want to consolidate all my 12K debt on just this one card. Is this a wise decision as I would then only have one card to pay each month? I may receive other 0% offers but I am not worried about it if I don't by March. I will watch this post for answers. TY! Alecia _________________ J~J "You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Aug 20, 2006 9:39 pm Quote: "JoyJoy" I hope someone is up who can answer this question tonight for someone I know. I am not sure what to advise her to do! Question: I have total credit card limits that equal to $36,642.00 on six cards. My total credit card debt is $11,500 to 12k. I have one card with a $15K credit limit that is empty and it has a 0% balance transfer offer until March, 2007. I want to consolidate all my 12K debt on just this one card. Is this a wise decision as I would then only have one card to pay each month? I may receive other 0% offers but I am not worried about it if I don't by March. I will watch this post for answers. TY! Alecia If it saves interest money it is a no brainer...DO IT
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Guest: JoyJoy Credit Expert (100+ Posts) Posted: Sun Aug 20, 2006 9:53 pm That was Joy's first answer, but then I was worried about utilization average which shouldn't be but 33% or so. Guess it's a "No Brainer" where interest is concerned and six months is better than paying it that's for sure. Thank you for your expedient answer Mouse. I am going to do this. Alecia _________________ J~J "You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
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Guest: spjoink Credit Expert (100+ Posts) Posted: Mon Aug 21, 2006 12:09 am absolutely...DO IT!!!!
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Better Deal for Rewards or Cash Back Credit Card?
Guest: jasno999 Post subject: Better Deal for Rewards or Cash Back Credit Card?Posted: Fri Aug 25, 2006 7:49 am There is a lot of talk and I appreciate the insight. but after reading a little I drift off. I am not looking for a book on the specifics. I jsut need to knwo what card to get? What card is going to give me the best return? If it is a cashback card then so be it I will take the cash back that I earn and put it in the bank and then use it to purchase a plan ticket when I have enough. If a miles card is goign to work out better and get me that plane tiecket in a smaller amount of time (spending less money to the ticket) then I will go that route. Give me names of cards.
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Guest: footballfan33 Posted: Fri Aug 25, 2006 10:39 am Jason, Wow, after lurking here for like 6 months you've actually prompted me to register and start participating. Lol. It's NOT THAT SIMPLE. You cannot say "tell me which card to get." It depends on YOU, your goals, your spending habits, your travel plans, what airport you're nearest, whether that airport is a hub airport, whether it's a hub of an airline you like, whether you even WANT an airline card.... Get it? I know you want us to do all the work for you, but that's not going to work. A credit card that works for one person may not want to work for others. I, personally, switched from accumulating airline miles to hotel points. I have a hotel credit card. For me, hotel points are more valuable. For someone else, airline miles are more valuable. Get it?
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Guest: Board Monitor Board Monitor/ Administrator Posted: Fri Aug 25, 2006 5:42 pm Quote: It depends on YOU, your goals, your spending habits, your travel plans, what airport you're nearest, whether that airport is a hub airport, whether it's a hub of an airline you like, whether you even WANT an airline card.... Well said. I would suggest that if you want simplicity, stick with a cash back card. You can comparison shop here: http://www.cardratings.com/cashbackcreditcards.html Good luck and let us know how things turn out! _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Aug 25, 2006 6:14 pm Quote: start earning on AA I've had an AAdvantage card for, oh, 25 years or so. But I hardly ever use it. AA doesn't fly the routes I want to go at the times I want to fly. And at 1 mile per dollar spent, I do far better elsewhere. The introductory offers from AAdvantage are much better than the offers made to us oldtimers. Just another example of why one card does NOT fit all needs! And, yes--I recently paid 40,000 miles for a 25,000 mile flight, because that was the only way I could get a seat on the right flight. I used American Express rewards points for that... I understand the ThankYou network has absolutely WONDERFUL travel agents that get you incredibly good deals and that using those points for travel is the best way to use them. Haven't tried that myself yet since I fly so seldom. So I agree with the recommendation for ThankYou points above! _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Cash Back vs. Mileage Rewards Credit Cards
Guest: dolmar Post subject: Cash Back vs. Mileage Rewards Credit CardsPosted: Wed Aug 23, 2006 1:51 pm Polonius wrote: Figure it out. Rewards programs in general run about 1%-1.5%; airline mileage programs are roughly equivalent. On $10,000 in spending each year, you're looking at $100-$150 in benefits. Hardly worth talking about or fussing about, is it, especially if you're paying a fee. I dont know. where you get your information form. Lets do some simple math for starters. Unless your a total moron and redeming your airlines miles for short haul flights you going to get much bigger bang for your buck than 1-1.5% coach domestic tickets on average cost $500+ so that is 2.5%+. And if you redem your airline miles for premium international tickets ie. First Class or Bussiness Class tickets your getting even a bigger bang for your buck closer to 10-12% return. And as far as Cash back/reward or airline miles. There are credit cards that give you between 2-5X points for Markets, Drug stores and Gas stations. For example my household spends $500-800 a month in supermarket and gas stations. On a 5% card like either Chase or Citibank you could earn a free flight in as little as $5K spent a year. Yes I know Citi discounted there 5% cashback card and it only 2% now. But ATT universial card is still 5X thank you points in every day spending. Citibank Women & Company credit card is also. Yes I know Women and Company membership is $149.99 but if you spend enough in Everyday Spending could be worthwhile paying membership to get 5X cards. So lets do the math if you spent $5K a year between gas, Supermarkets and drugs stores on an average ticket of $500 dollar say like SFC-Mia or SFC-JFK or LAX-Mia or LAX-JFK. That is like getting a 10% rebate.Btw Citibank 25K point award has $750 limit on ticket price and Chase has $650 price on ticket. So yes there are way to make it worthwhile using rewards card. And if you spend a lot in Everyday spending catagories can be very rewarding honestly. And Airline miles also can be very reading if you spend enough a year to make them worthwhile ie 30-40K a year. Reason I say Airlines card require you to spend a lot a year to make them worthwhile is they have annual fee between $65 plus so if you spend 8-10K a year would take you 3 years to get 25K miles to get a free $500 airlines ticket makes no sense as banks point program have no annual fee.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Aug 23, 2006 5:03 pm You're not reading the question properly. The original poster said: Quote: RIght now I have a points card that gets me spoints for specific purchases but in the end it does little in terms of rewards. So he's eliminating the special purchase category cards from the discussion--those that you mention pay 5%. I use those cards; I like them. But they apparently don't meet the needs of the poster. Now, as far as airline miles go, your figures don't match my experience. I find I have to "pay" with more miles than standard to get seats on the flights that I want, because the airlines are restricting the frequent flier miles seats on their flights. And with an expenditure of $10,000 per year on credit cards, how long is the original poster going to have to wait to qualify for even a single domestic flight? Three years? More? Mileage doesn't seem suitable for him. Better to take the cash. As far as First Class or Business travel overseas goes, I can't say. I fly coach. I do mind being uncomfortable on long flights, but I can't justify paying THOUSANDS of dollars extra for a leather seat and better airline food. And how many years would it take for the poster to get one of those flights? _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: jasno999 Posted: Thu Aug 24, 2006 2:40 pm Look guys I jsut want to get back the most that I can. If I have to wait 2-3 years to have enough for a flight so be it. But if I wait 3 years and end up having enough for say a $300 ticket but if I had goen wit hthe cashback card I would have received $350 by the end of the 3rd year then I say go with the cashback. See what I am saying here? Right now I have a visa Goldpoints card. I get lots of points for specific online purchases. in upwards of 100 points for FTD purchases and down to 3 points for other purchases. It varies. In the end to get a domestic flight paid for I need 212,000 points. Now it has taken me 5-6 years to get there- I want and think I can do better with a different card. I will use the points for my flight when I can but I want to get a card that is better and give back more. I am looking for your suggestions. What card do I get if I plan to spend 10K each year on my credit card. Whcih will give me the best return in a year, 2 years, 3 years????
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Guest: wierdo Posted: Fri Aug 25, 2006 4:44 am Polonius wrote: You're not reading the question properly. The original poster said: Now, as far as airline miles go, your figures don't match my experience. I find I have to "pay" with more miles than standard to get seats on the flights that I want, because the airlines are restricting the frequent flier miles seats on their flights. ... As far as First Class or Business travel overseas goes, I can't say. I fly coach. I do mind being uncomfortable on long flights, but I can't justify paying THOUSANDS of dollars extra for a leather seat and better airline food. And how many years would it take for the poster to get one of those flights? Stop earning with Continental, Delta, and USAir, and start earning on AA (or one of the other airlines that doesn't play that game) and be free of paying 40k miles for a 25k flight. On AA, an upgrade to Europe is 25k (now with a $250 copay ), and you can earn 1.25 miles per dollar if you earn on the Starwood AMEX card and don't transfer to an airline until you've accumulated 20k points, thereby getting 25k in your FF account. Business and First overseas is nothing like first (or business on the airlines that call it that) domestically. They're not even comparable, except in the limited cases where an airline uses a plane that has a configuration normally used domestically and flies it overseas. Of course, when you stay in the US/Carribbean, as the OP seems to plan, it's domestic, and hardly worth it unless it comes free. An airline card by itself isn't worth so much, though, for the reason you pointed out..it just takes too long to accumulate enough miles, even when you're earning 10 miles a dollar on top of whatever your card gives you at some restaurants and at places like FTD, plus a mile a dollar at Hilton hotels in addition to the HHonors points (yay for double dipping(tm)!), or even better, 12k miles for $200 by flying domestically on a convoluted route. It only takes $3000 to get a $12000 ticket, with a decent combination of flying and buying, all the better if you were going to spend the $3k anyway. Or I suppose you could redeem the $3000 worth of spend for 3 r/ts to Europe in the off season in coach (a whopping $1200 value if you normally buy when the deals are good), if you prefer, but I'll take the high season in business a couple of times, thanks. Besides, if you take your wife in coach, she'll be happy. If you take your wife in Business, she'll be really happy. If you take your wife in First, in a Flagship Suite (or even better on Cathay Pacific to somewhere in Asia she wants to go!), she'll love you forever. When I used to fly a lot domestically, it was rather nice, as I rarely had to sit in coach, since the airlines give out free domestic upgrades, along with a nice mileage bonus (double the miles is real nice!) if you fly enough. For the OP, figure out where you want to go, on what airline (taking into account the relative difficulty of using a low-mileage award), and when. See what the normal price is at that time on that airline. Presuming you earn 1.25 miles a dollar, calculate your rebate and how long it will take to get it. You'll definitely do better with that than you will that GoldPoints card unless I'm misunderstanding the program or you make a lot of high point value purchases. Right now, I'm going with the ThankYou points, at least while the 5x and bonus vendors last, but I don't really want to go anywhere.
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Best Cash Back or Miles Rewards Credit Card Offer?
Guest: jasno999 Post subject: Best Cash Back or Miles Rewards Credit Card Offer?Posted: Wed Aug 23, 2006 11:06 am Ok I may be lazzy and I know I can do some mroe research which I will but I am hoping you all can help point me in the right direction. YOu may have been asked this question before but please I need advice. I have excellet credit. I shoudl have no issue gettign any type of credit card that I want. Also I always pay all of my credit card bills on time and never carry over a balance. RIght now I have a points card that gets me spoints for specific purchases but in the end it does little in terms of rewards. SO basically I am looking for a credit card that will give me the most in return for what I spend. I think a airline miles card would be great but I could also go for a cashback card if it is better and gives me more in return. I jsut need to knwo which credit cards are the best type of cards for this. Again I don't care about APR and all that cause I always pay it off. I just need the card that is the best value. I am willing to look at cards that have anual fees but it needs to be a card that has such good savings and return in terms of cash or miles that the anual fee is offset and makes the card worth it. Please let me know what you all think.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Aug 23, 2006 11:14 am How much do you spend each year using your credit cards? There's no way I could tell you if a card is going to be worth looking at unless I know that information. I can't even tell if a card will give you a return enough to cover the membership fee (if any) if I don't know how much you'll use the card! _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: jasno999 Posted: Wed Aug 23, 2006 11:36 am Ok I would estimate my yearly credit card spending at $10,000. I have room to improve that if I start to purchase all groceries, and other items that can be paid for on a credit card with my credit card. SO at the max I might spend $15,000 a year on the card but probably closer to the $10,000 range. I do nto travel much. We take one trip a year to the carribian and typically fly US Air. Other than that I might have a work trip here and there but the only other time I woudl fly is that about every 2 years I will take a trip out to Vegas. I woudl do it more if I could use my card to earn miles or cashback to pay for these trips. But I jsut want to save as much money as possiable and use it for vacations or jsut to put back into the bank or torwards paying off future credit card bills.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Aug 23, 2006 11:51 am Figure it out. Rewards programs in general run about 1%-1.5%; airline mileage programs are roughly equivalent. On $10,000 in spending each year, you're looking at $100-$150 in benefits. Hardly worth talking about or fussing about, is it, especially if you're paying a fee. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Approved for American Express Delta Credit Card
Guest: zach383z Post subject: Approved for American Express Delta Credit CardPosted: Fri Aug 25, 2006 7:53 pm Thanks mouse!!! Got approved tonight for amex delta card, hopefully it is a great card. They ran me through a few ropes because I just moved, but got approved finally after they called my employer to verify. I got approved for a $1000 limit, but he said i can get it increased when I get the card.
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Guest: zach383z Posted: Fri Aug 25, 2006 7:55 pm You can refer to this old post for background http://webgroups.biz/creditcardperks/phpBB2/viewtopic.php?t=10189 Denied for their blue cash, green card, but approved for this one, all applications were a month apart...
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Want to Combine my Chase Credit Card Accounts
Guest: dmband Post subject: Want to Combine my Chase Credit Card AccountsPosted: Fri Aug 25, 2006 11:09 pm I have a chase card with $2,900 on it and the 0% expires in January of 2007 so not knowing that you can't transfer balances from one chase card to another I applied for another chase visa with 0% until March of 2008 intending to transfer my balance from my other chase card to the new one. Well I was approved for $2,000 on the new card so it wasn't even enough to do the transfer anyways. So I called customer service and they said that I should transfer the $2,900 out to another card then combine the two chase cards and transfer the $2,900 back into the combined chase cards and I wouldn't lose the 18 months no interest. If anyone knows of a better way to fix my problem please let me know or if the advice they gave me was the best let me know. Transferring out I could do without incurring a fee I have an offer on one of my other cards with no transfer fee. THANKS GUYS!
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Guest: ajulius Posted: Fri Aug 25, 2006 11:44 pm You need a CC from another issuer with a 0% balance transfer rate. If you have excellent credit, there are several issuers who have them, some without balance transfer fee. dmband wrote: I have a chase card with $2,900 on it and the 0% expires in January of 2007 so not knowing that you can't transfer balances from one chase card to another I applied for another chase visa with 0% until March of 2008 intending to transfer my balance from my other chase card to the new one. Well I was approved for $2,000 on the new card so it wasn't even enough to do the transfer anyways. So I called customer service and they said that I should transfer the $2,900 out to another card then combine the two chase cards and transfer the $2,900 back into the combined chase cards and I wouldn't lose the 18 months no interest. If anyone knows of a better way to fix my problem please let me know or if the advice they gave me was the best let me know. Transferring out I could do without incurring a fee I have an offer on one of my other cards with no transfer fee. THANKS GUYS!
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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Guest: gsr Post subject: Direct Rewards Platinum Discover Credit Card OfferPosted: Sat Aug 26, 2006 12:08 am Since when did hsbc issue co branded discover cards? http://www.directrewardsplatinumcard.com/
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