:::RHMT::: Real Home Made Turbo
General Category => General Discussion => Topic started by: xpert787 on November 10, 2009, 08:33:26 PM
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So pissed at these assholes, I am in Tx right now on internal medicine rotation and my wife told me I got a letter from American Express. Apparently they want to increase the APR to 30% since I was 2 days late on payments twice this year. I have payed the balance in full each month for the last 14 months, I just get so busy sometimes, obviously twice this year that I forget to schedule the online payment. Also I have about 15000 reward points. I'm aware that since I don't carry a balance the APR doesn't matter, but it's the principle to me. My question is will it fuck my credit to just cancel it? I was thinking about using the VA loan to get a house in the next two years and I don't want to jeopardize that.
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It sucks but there is nothing you can do about it. Credit card companies are preparing for the new laws next year (I think) that will prevent them from raising rates among other things, so they want to raise them now while they can.
The same thing happened to my mom, didn't have a late payment for over a decade, and then a couple months ago she was ONE day late. They doubled her rate.
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Try calling them and telling them to put it back or you will close the account. Worst they can do is say no. If they don't want to loose you, they'll work with you.
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dont cancel yet. i am going through the house buying process right now myself. just dont use it or pay it off every month like you have been. after you close on the house, then cancel the card.
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Dude, I can help you. My dad works for AmEx, so just pm me you cc number, name, address, ssn, mothers maiden, and any other info you think might help.
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if you pay the balance off why do you care what the interest rate is?
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and setup the automatic minimum balance payment. that way if you forget it will just pay the 10-20 bucks for you and avoid this whole mess.
although once my company fucked up and didnt clear the automatic payment quick enough and wanted to charge me late fees but i called them on their bullshit.
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Never close any credit cards. i know somebody at equifax and she says closed accounts show up. opens ones with no balance do not. credit cards never help your credit unless your late or they are massive and your buyin cars on em.
pay it off, cut it up. forget about it. oh and never ever ever ever ever get a CHARGE card. Big difference between CHARGE and CREDIT cards. Amex is a rip, they always get their money.
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I have heard its better to not use it and leave a zero balance than to close it but that makes no sense to me.
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There's more to it than that. If it is your oldest account that you've had for the longest time, then keep it open. If it isn't, then just close it if you aren't using it.
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My rate is at 6.25%
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All credit card's interest are going up. I just got a letter last month saying my rates are going up and I never had a late payment. Its just the companies trying to cover their asses to make as much money as possible becuase the laws are changing next year. Don't take it personally just never leave a balance on your card and you'll be fine. I use credit cards for everything but I always pay them off each month. From the cash back on my Discover and Wawa cards I actually make about $100-300.00 a year from using credit cards.
Just remember, if you can't afford it don't buy it. Then you'll always stay out of trouble
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Just remember, if you can't afford it don't buy it. Then you'll always stay out of trouble
Truth.
I've even heard of some credit card companies charging you extra fees if you pay off your monthly balance in full :?:
I just use a discover card for absolutely every purchase I make, and get a decent chunk of change back in cash back bonus that I just use to partly pay off a credit card bill every now and again, works for me. My APR is something ridiculous like 18.99% but I don't have to worry about that.
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I just closed a credit card account the other day... hope it doesn't hurt my credit-- its probably bad enough. The way they jack up interest rates is a fucking evil scam and should be illegal. I have one more credit card thats working its way into termination because I never renewed it with all the company scrambling bullshit, just need to pay it off. Once thats done I'll get a new one with a decent interest rate and if I use it at all the entire balance will be paid off each month. The fuckers.
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I've never had a credit card.
I've never been denied a loan.
The interest on my debit card never changes :noel:
Screw credit cards, they are the devil.
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Keep the card never close it and don't go over either 1/2 or 1/3 of the allowed balance (can't remember). I'm looking at picking one up to just buy gas with and pay off every month to build some credit.
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I paid late a lot of time (3-4 times) and they increase my limit to 20k$ (was 10k$) :?: It is Visa tho....
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I'm looking at picking one up to just buy gas with and pay off every month to build some credit.
That's what I do
It wont build real credit that will show up on a credit check unless you have 1/3 the balance of the card used and have kept it around that but making payments for like 3-4 months. So like i said you sorta need like a 10K card and paying like 3700 down to like 2500 over 4 months. then you may see some credit.
Go get a personal loan from the bank and rock it for like 6 months and pay it back. that will build credit faster than a credit card will.
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Citi Bank tried to raise my interest rate, but I call'd them on it, Told them I have a fixed rate @8% locked in when account was open, and that a higher rate could only apply to a new card. Citi tried to raise it to 13.99% but took it back to 8% after the call
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I'm looking at picking one up to just buy gas with and pay off every month to build some credit.
That's what I do
It wont build real credit that will show up on a credit check unless you have 1/3 the balance of the card used and have kept it around that but making payments for like 3-4 months. So like i said you sorta need like a 10K card and paying like 3700 down to like 2500 over 4 months. then you may see some credit.
Go get a personal loan from the bank and rock it for like 6 months and pay it back. that will build credit faster than a credit card will.
This is how Henry Henries credit.
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It sucks but there is nothing you can do about it. Credit card companies are preparing for the new laws next year (I think) that will prevent them from raising rates among other things, so they want to raise them now while they can.
The same thing happened to my mom, didn't have a late payment for over a decade, and then a couple months ago she was ONE day late. They doubled her rate.
I work for a credit card company. Some of the laws have already gone into effect, most of the remainder come in February.
The one that everyone is noticing is the new "opt out" option. The credit card company must advise you in writing of any pending interest rate changes, and you have the option to close the card and keep the same interest rate. You still have your balance and APR, but you lose the ability to charge.
The original poster is referring to the "Penalty APR" issue. Two late pays in 12mo rolling period = massive APR. If you are always paying balance in full, then set it up on Auto-pay or something.
Closing the card by the user is not really a big hit on the credit. The only things to worry about are that closing this card will not raise your limit/balance ratio, lower average age of accounts, and reduce diversity of credit line types.
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since you didn't spend any of the money it's free. the only out of pocket money you spend is on interest.
Did you really think about that sentence? :?:
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I think I'm going to set up the auto pay and not use the card any more. I was reading online about the FICO crap, and I think the best way to preserve my score is just to keep it. I blew all the points last night and got like 300$ worth of gift cards to give out as Christmas presents just in case.
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I'm looking at picking one up to just buy gas with and pay off every month to build some credit.
That's what I do
It wont build real credit that will show up on a credit check unless you have 1/3 the balance of the card used and have kept it around that but making payments for like 3-4 months. So like i said you sorta need like a 10K card and paying like 3700 down to like 2500 over 4 months. then you may see some credit.
Go get a personal loan from the bank and rock it for like 6 months and pay it back. that will build credit faster than a credit card will.
What do you mean? I had a card I used 1/4 the balance and paid it off over six months and it showed every month I had a balance on the credit report. Why wouldn't that build credit? Also I know at work we can see how many times you have been over 10, 15, 30, 60, 90 days to establish your payment history. So if anything it will show a balance that is being reported as paid on time.
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encase you guys don't get it yet
credit score = scam
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encase you guys don't get it yet
credit score = scam that you have to go by to seem to get anything worth a shit now days including a lot of jobs
Fixed
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what the fuck is encase?
its IN CASE smart one
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encase you guys don't get it yet
what the fuck is encase? its IN CASE smart one
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encase you guys don't get it yet
credit score = scam
This.
I almost find it hard to believe that someone suggested getting a loan just for the opportunity of paying the interest on it. All with the hopes of raising your pinball score with the banking overlords. Then I realize it was from an unemployed welfare bum who uses productive Americans tax dollars to go surfing.
Get a fucking clue. A credit "score" is the bankers way of ranking the suckers. The more money you blow on interest, the higher your score. Then they convince you that you need this score. Go ahead, buy into it, spend your welfare checks on interest to sink yourself further into financial ruin. Great plan.
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It sucks but there is nothing you can do about it. Credit card companies are preparing for the new laws next year (I think) that will prevent them from raising rates among other things, so they want to raise them now while they can.
The same thing happened to my mom, didn't have a late payment for over a decade, and then a couple months ago she was ONE day late. They doubled her rate.
I work for a credit card company. Some of the laws have already gone into effect, most of the remainder come in February.
The one that everyone is noticing is the new "opt out" option. The credit card company must advise you in writing of any pending interest rate changes, and you have the option to close the card and keep the same interest rate. You still have your balance and APR, but you lose the ability to charge.
The original poster is referring to the "Penalty APR" issue. Two late pays in 12mo rolling period = massive APR. If you are always paying balance in full, then set it up on Auto-pay or something.
Closing the card by the user is not really a big hit on the credit. The only things to worry about are that closing this card will not raise your limit/balance ratio, lower average age of accounts, and reduce diversity of credit line types.
How about when they jack the interest rates for no reason?????
Reason I never the bastards back!
9.9% went to 27.9%
14.9% went to 29.9%
Default! Back then you weren't given an option to opt out.
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encase you guys don't get it yet
credit score = scam
This.
I almost find it hard to believe that someone suggested getting a loan just for the opportunity of paying the interest on it. All with the hopes of raising your pinball score with the banking overlords. Then I realize it was from an unemployed welfare bum who uses productive Americans tax dollars to go surfing.
Get a fucking clue. A credit "score" is the bankers way of ranking the suckers. The more money you blow on interest, the higher your score. Then they convince you that you need this score. Go ahead, buy into it, spend your welfare checks on interest to sink yourself further into financial ruin. Great plan.
Yeah good point everyone knows you can totaly get hosing or cars or jobs without a credit score.........oh wait.
Are you saying we all find land to squat on untill its ours then build our houses by hand from whatever materials we find? Whats your plan to establish housing nowadays without credit. I mean you could like work for a tree cuttin company and buy 1000 dollar cars to drive.
I mean really where are you going with that. Not saying it isnt bullshit but fact of the matter is you sorta need to pay attention to it to some extent. Fight the power and all but its a game you play wiether you want to admit it or not.
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A coworker of mine has a credit score in the 600's... he's fucked up pretty bad. His VW Jetta needs work amounting to $2k. The shop near my house offers interest free financing (with approved credit) for 90 days which makes it very affordable and WON'T COST HIM ANY MORE MONEY THAN PAYING AT ONCE. He was denied even though he is an old friend of one of the office people that work there. Now me on the other hand I could get that financing with no interest and could probably convince them to extend it to 120 days, making the payments a quarter instead of a third.
So yeah, credit gets you good rates and larger loans, but it also lets you do shit your average O0 can't.
You justify the use of credit to toss good money after bad on irresponsible purchases such as Volkswagens?
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ok, people do this all the time, and its really ridiculous.
no one is suggesting you don't "need a good credit score" to get loans or get low interest rates. i'm suggesting it is a scam, which it is. the fact that they MAKE you participate doesn't not make it a scam.
mandated insurance is a scam, you have to get it or go to jail... that doesn't mean its not a scam
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as judged by a bias source
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Bias implies there is more than one view on the subject. In the business world there is only one view. Business does not care about your ideologies, it only cares about its self interests.
sorry but your "credit score" is not solely used in the business world, and its something that is forced on you not something you choose to participate in. the govt uses it against you, against your will. its a scam.
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already discussed
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i usually rack up a bill of about 600-1000 bucks a month on my card and pay it off in full every month. got a letter in the mail the other day that the intrest is gunna increse again, never had a late payment or nott paid off in full. in my opinion its a joke but you need good credit. It will bite you in the ass someday when you never thought i would
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SHit I put 12K down on a car with my Alaska Air visa. And then financed the other 10k through gmac at 2.9%. I had the 12k in the bank and the cc had an 0% for the first 90 days. I payed 3 payments of 4k and got 12,000 in air miles. I ended up with a free plane ticket due to the 20,000 miles i receved when I opend the card. Its all about moving money around. Use the cc companys, dont let them use you. I use my Alaska Air visa like a debit car, I just deduct money out of my checkbook like I would if I used my debit card and at the end of the month I just pay it off. I also pay all my bills with my visa too......lol I end up with at least 2 free plane tickets a year. If I could make my morgage paymet with my cc I would. Fuck it just got to know how to work it.
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SHit I put 12K down on a car with my Alaska Air visa. And then financed the other 10k through gmac at 2.9%. I had the 12k in the bank and the cc had an 0% for the first 90 days. I payed 3 payments of 4k and got 12,000 in air miles. I ended up with a free plane ticket due to the 20,000 miles i receved when I opend the card. Its all about moving money around. Use the cc companys, dont let them use you. I use my Alaska Air visa like a debit car, I just deduct money out of my checkbook like I would if I used my debit card and at the end of the month I just pay it off. I also pay all my bills with my visa too......lol I end up with at least 2 free plane tickets a year. If I could make my morgage paymet with my cc I would. Fuck it just got to know how to work it.
So you're flying me out for the West Coast dyno extravaganza? :P
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You need decent credit for more than just getting loans. For my job I had to get a gov't clearance even though I'll never come into contact with classified material. Part of that and my hiring process in general involved a credit check. Also a better score doesn't just make you eligible for loans but also lower rates for those loans. Unless you have some fucking mad wad of cash from inheritance or live in the fucking woods you're going to need a loan of some sort at some point in your life.
Of course you need a loan, the banking cartels have worked tirelessly for many years to set up the system so you "need" them. The thing of it is, as long as you aren't a O0 / :mexi: about the way you handle your finances, you should have a decent credit score to do whatever you need. Pay your bills on time, don't finance shit you can't afford, etc. I financed my first car with only my cell phone bills as credit. Then bought a house with only financing 1 car. Good credit is not hard to get, and you don't have to throw money away to get it.
Yeah good point everyone knows you can totaly get hosing or cars or jobs without a credit score.........oh wait.
Are you saying we all find land to squat on untill its ours then build our houses by hand from whatever materials we find? Whats your plan to establish housing nowadays without credit. I mean you could like work for a tree cuttin company and buy 1000 dollar cars to drive.
I mean really where are you going with that. Not saying it isnt bullshit but fact of the matter is you sorta need to pay attention to it to some extent. Fight the power and all but its a game you play wiether you want to admit it or not.
True, you can't fight the man, but you can scam him at every opportunity. Turn about is fair play.
fuck you nigger
i've been turned down from 4 jobs in the past year just for my low credit score.
one of those jobs told me to come back in a year or when my credit score is higher.
you NEED good credit to get good jobs and low interest rates on purchases.
the fact that i don't have a job has nothing to do with my knowledge on the subject of credit.
They told you that they wouldn't hire you based on your credit score because they could tell at the interview that you were a fat lazy slob who would serve society better by staying at home on welfare than interfering with productive people at the workplace.
I have a steady job and provide for my family. You use my tax dollars to surf and eat at taco bell.
Who's the nigger?
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How about when they jack the interest rates for no reason?????
Reason I never the bastards back!
9.9% went to 27.9%
14.9% went to 29.9%
Default! Back then you weren't given an option to opt out.
You call it "no reason", a lender calls it "pricing for risk". The original terms of the agreement say that the lender shall define the interest rate variable month-to-month and then they give you a crazy range like 0%-30%. What bank do you know that isn't gonna jack you ASAP. Look at the adjustable rate mortgages that are fucking everyone in the ass, same principal.
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Good luck being 20-21 and trying to get your credit started.
My sons score is something like 480, but he'll make $50k this year on a $36k base.
He doesn't NEED a credit card but would like to get started building his credit. He is planning on getting a house in 5 years......
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How about when they jack the interest rates for no reason?????
Reason I never the bastards back!
9.9% went to 27.9%
14.9% went to 29.9%
Default! Back then you weren't given an option to opt out.
You call it "no reason", a lender calls it "pricing for risk". The original terms of the agreement say that the lender shall define the interest rate variable month-to-month and then they give you a crazy range like 0%-30%. What bank do you know that isn't gonna jack you ASAP. Look at the adjustable rate mortgages that are fucking everyone in the ass, same principal.
This happened 5 years ago when the economy was doing great. I've been able to find out, but not PROVE it was my employer that had a hand in it.
11/4/04, Terminated, credit card bills were due 11/15/04, 11/10/04 I got notice from BOTH cards of the rate jump.
Seems my "former" employer pased along the info to the credit company? I hadn't even filed unemployment yet.
I call it being blacklisted/blackballed.