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| Topic: Responsible Credit Card Holders to Pay More | |
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I don't use credit cards either
I just write hot checks |
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Let me see. The bill will not let them retroactively raise interest rates for no reason. They won't charge you late fees when they're late in processing your payment. I've had that happen. They had my check days before it was due and still charged me late fees because they didn't process it yet. I made them take the late fee off of my bill. They won't be giving cards to college students who have no ability to pay for them without a parent's approval. It sounds like they are protecting the person with the charge card. chase was found guilty in a class action lawsuit fro doing just that to collect more late fees and more money for the bank.they tried to pull that on me till i noticed the posting date and the due date..posted day before bill was due. still tried to collect late fee.no sale.. |
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In reality all credit cards are loans * use common sense * live within your means * pay it off at months end * pay on time If you are not ok with credit card companies increasing interest rate - I suggest pay off balance and cancel the account You do not have to accept their increases, you can cancel and close the account. Gosh, you just had to go and talk common sense, didn't you? 
 I'm sorry 
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Edited by
JosefQuewl
on
Thu 05/21/09 04:36 PM
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I dont agree with helping people with their credit card bills! They should have read the fine print and payed more than the min each month! The problem is the credit card companies can change the rules whenever and however they want. Got a letter 2 days ago that my CC company will raise my rates January 2011. Preemtive strike? Incorrect. That same letter also notified you that you have a right to not accept any changes, then your account will cease. And, if you look up your signing documents, you will find a small print about terms and conditions changeable at any time by any party. You miss the point. They can change the laws all they want the cc companies will always be a step ahead. Yes, If you can't afford it you shouldn't use a credit card. The point, is this really the best they could have done in a bill or are they just going have to revisit this time and time again. A bandaide. |
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In reality all credit cards are loans * use common sense * live within your means * pay it off at months end * pay on time If you are not ok with credit card companies increasing interest rate - I suggest pay off balance and cancel the account You do not have to accept their increases, you can cancel and close the account. I agree with you. Say that you have paid off your car loan and rent (no mortgage payment) What ways are there to establish credit other than credit cards? |
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In reality all credit cards are loans * use common sense * live within your means * pay it off at months end * pay on time If you are not ok with credit card companies increasing interest rate - I suggest pay off balance and cancel the account You do not have to accept their increases, you can cancel and close the account. I agree with you. Say that you have paid off your car loan and rent (no mortgage payment) What ways are there to establish credit other than credit cards? Hit it right on the head!!!! |
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In reality all credit cards are loans * use common sense * live within your means * pay it off at months end * pay on time If you are not ok with credit card companies increasing interest rate - I suggest pay off balance and cancel the account You do not have to accept their increases, you can cancel and close the account. I agree with you. Say that you have paid off your car loan and rent (no mortgage payment) What ways are there to establish credit other than credit cards? after you have paid everything off there is still a record of your payments on file with a long running credit history that can be pulled from. i was in that situation ..then a divorce hit and now i have a new mortgage but the history was still there.with a rating too. |
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In reality all credit cards are loans * use common sense * live within your means * pay it off at months end * pay on time If you are not ok with credit card companies increasing interest rate - I suggest pay off balance and cancel the account You do not have to accept their increases, you can cancel and close the account. I agree with you. Say that you have paid off your car loan and rent (no mortgage payment) What ways are there to establish credit other than credit cards? after you have paid everything off there is still a record of your payments on file with a long running credit history that can be pulled from. i was in that situation ..then a divorce hit and now i have a new mortgage but the history was still there.with a rating too. And do you honestly believe the are not manipulating credit scores to charge higher interest rate. Your credit rating changes for the worse if you don't put enough postage on a letter. |
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In reality all credit cards are loans * use common sense * live within your means * pay it off at months end * pay on time If you are not ok with credit card companies increasing interest rate - I suggest pay off balance and cancel the account You do not have to accept their increases, you can cancel and close the account. I agree with you. Say that you have paid off your car loan and rent (no mortgage payment) What ways are there to establish credit other than credit cards? there are non traditional ways to establish credit: you can supply the credit bureaus your information for the past 12 mos (approx) some allow faxed copies of bills, ie. rent, utilities, phone, loans etc. - no credit cards needed request they verify and include on your credit report keep in mind that any late payments, missed payments and timely payments will all show up. |
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there are non traditional ways to establish credit: you can supply the credit bureaus your information for the past 12 mos (approx) some allow faxed copies of bills, ie. rent, utilities, phone, loans etc. - no credit cards needed request they verify and include on your credit report keep in mind that any late payments, missed payments and timely payments will all show up. Thanks for that tidbit now we're accomplishing something!!! |
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In reality all credit cards are loans * use common sense * live within your means * pay it off at months end * pay on time If you are not ok with credit card companies increasing interest rate - I suggest pay off balance and cancel the account You do not have to accept their increases, you can cancel and close the account. I agree with you. Say that you have paid off your car loan and rent (no mortgage payment) What ways are there to establish credit other than credit cards? after you have paid everything off there is still a record of your payments on file with a long running credit history that can be pulled from. i was in that situation ..then a divorce hit and now i have a new mortgage but the history was still there.with a rating too. And do you honestly believe the are not manipulating credit scores to charge higher interest rate. Your credit rating changes for the worse if you don't put enough postage on a letter. well in my case it didn't work that way .. always picked up a low interest rate ..your history tells the tale no matter where it comes from ..or what enitity generates it . you can dispute what is there but that takes time i am sure. |
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And do you honestly believe the are not manipulating credit scores to charge higher interest rate. Your credit rating changes for the worse if you don't put enough postage on a letter. What credit ratings the bank should get, after receiving 7 billion dollars in bailout? |
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In reality all credit cards are loans * use common sense * live within your means * pay it off at months end * pay on time If you are not ok with credit card companies increasing interest rate - I suggest pay off balance and cancel the account You do not have to accept their increases, you can cancel and close the account. I agree with you. Say that you have paid off your car loan and rent (no mortgage payment) What ways are there to establish credit other than credit cards? after you have paid everything off there is still a record of your payments on file with a long running credit history that can be pulled from. i was in that situation ..then a divorce hit and now i have a new mortgage but the history was still there.with a rating too. And do you honestly believe the are not manipulating credit scores to charge higher interest rate. Your credit rating changes for the worse if you don't put enough postage on a letter. while we all face hardships at one time or another, all fall behind for one reason or another, incur unexpected expenses and emergencies, not sure what manipulating you see - clarify please. Under the bill, a customer would have to be more than 60 days behind on a payment before seeing a rate increase on an existing balance. Even then, the lender would be required to restore the previous, lower rate if the cardholder pays the minimum balance on time for six months. *from OP article
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On the other side, I also know of people with perfect credit ratings who have had their limits cut in 1/2 or more. Bear in mind these people credit limits were in excess of $20K available credit on a single credit card. Hey, but one only owes on what is used not available.
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In reality all credit cards are loans * use common sense * live within your means * pay it off at months end * pay on time If you are not ok with credit card companies increasing interest rate - I suggest pay off balance and cancel the account You do not have to accept their increases, you can cancel and close the account. I agree with you. Say that you have paid off your car loan and rent (no mortgage payment) What ways are there to establish credit other than credit cards? after you have paid everything off there is still a record of your payments on file with a long running credit history that can be pulled from. i was in that situation ..then a divorce hit and now i have a new mortgage but the history was still there.with a rating too. And do you honestly believe the are not manipulating credit scores to charge higher interest rate. Your credit rating changes for the worse if you don't put enough postage on a letter. while we all face hardships at one time or another, all fall behind for one reason or another, incur unexpected expenses and emergencies, not sure what manipulating you see - clarify please. Under the bill, a customer would have to be more than 60 days behind on a payment before seeing a rate increase on an existing balance. Even then, the lender would be required to restore the previous, lower rate if the cardholder pays the minimum balance on time for six months. *from OP article
Well I hope that is the case then all our problems are solved.I believe they are gonna find a way to get the money,reguardlees. Is the credit card crisis in America really that different from the housing crisis? Too lttle too late. |
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No one is so hopelessly enslaved as those who falsely believe they are free - Johann Wolfgang von Goethe
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No one is so hopelessly enslaved as those who falsely believe they are free - Johann Wolfgang von Goethe Very nice quote! |
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Well I hope that is the case then all our problems are solved.I believe they are gonna find a way to get the money,reguardlees. Is the credit card crisis in America really that different from the housing crisis? Too lttle too late. Don't think this is a magic wand that will magically turn everything better, but on behalf of those who have fallen behind this will help them and protect them from the credit card comps. I am not disagreeing with you at all, we are in a financial mess. You said a little too late, I say better late than never  But then again I am an extreme optimist. Know there will be some who take advantage and other will fall prey, but those that pay attention can protect themselves, stay informed and on track.
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I don't use credit cards. My dad taught me when I was young that if I didn't have the money then don't buy it Same here, I have one credit card that is linked to my checking account (guess that would be a debit card), if there is no money I simply don't buy anything. |
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Credit has been around for decades. It can be a valued asset. Those who can live without it are blessed. But, the credit industry has become greedy and ruthless. I have one credit card I owe $700. Last week I got a letter upping my credit limit because I am such a "valued customer". Today, I got a letter saying they were raising my interest rate to 17.9% in September 2011! I have never missed a payment or been late on a payment. I usually pay early and I pay quite a bit more than the minimum payment. I can't pay the card off in one sweep. But, barring serious health problems, I will pay it off before 09/11. Interesting choice of dates they picked!
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