|
|
|
|
|
Users viewing this topic:
none
|
|
Login  | |
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/3/2009 3:24:36 AM
|
|
|
rebakahblam
Posts: 1587
Joined: 12/6/2008
From: Indianapolis
Status: offline
|
my rates have not been increased..i only have one card.
i must say to all of those thinking of closing cards to reconsider. it can actually greatly hurt your score to close a line of credit than to just leave a line open with a 0 balance..at the same time if you have a lot of available credit you haven't used it can also impact yoru score as some people see that and think, 'oh no this person could max out all of this available credit and then declare bankruptcy and never pay it back'...this is a tricky line.
so i simply advise before taking any drastic changes or closing any lines to consult with a financial adviser.
just a head's up.
-reba.
_____________________________
<<<<can't nobody pull off aviators like i can.
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/4/2009 1:59:37 AM
|
|
|
Chrystal-J-007
Posts: 3092
Joined: 4/11/2005
From: Detroit
Status: offline
|
quote:
ORIGINAL: rebakahblam
i must say to all of those thinking of closing cards to reconsider. it can actually greatly hurt your score to close a line of credit than to just leave a line open with a 0 balance..
Yes, I've heard that too. I've also heard the lowering of the amount of credit hurts your credit rating. (Sounds like everything hurts your credit rating...lol) I'm also betting the next thing up the credit card company's sleeve is re-instating the annual fee. (Paying just to have the card.) And there is no way I'm gonna pay for that.
It's too bad that the good customers are going down with the bad.
_____________________________
Random Thoughts:
If at first you don't succeed--skydiving is not for you.
I want to die while asleep like my grandfather, not screaming in terror like the passengers in his car.
If Noah had been smart he would have swatted those two flies.
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/4/2009 6:08:58 PM
|
|
|
writerchick
Posts: 365
Joined: 10/3/2008
Status: offline
|
quote:
ORIGINAL: Chrystal-J-007
quote:
ORIGINAL: rebakahblam
i must say to all of those thinking of closing cards to reconsider. it can actually greatly hurt your score to close a line of credit than to just leave a line open with a 0 balance..
Yes, I've heard that too. I've also heard the lowering of the amount of credit hurts your credit rating. (Sounds like everything hurts your credit rating...lol) I'm also betting the next thing up the credit card company's sleeve is re-instating the annual fee. (Paying just to have the card.) And there is no way I'm gonna pay for that.
It's too bad that the good customers are going down with the bad.
Actually, the annual fee is still alive and well on some cards.
_____________________________
Secret Bodyguard - Available Now from Amira Press!
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/5/2009 11:58:23 AM
|
|
|
Chrystal-J-007
Posts: 3092
Joined: 4/11/2005
From: Detroit
Status: offline
|
^ I'm not surprised. They seem to get you coming and going. That's why I'm thinking of just closing all my accounts and going "cash and carry". I lived that way before (many years ago) and I guess I can do it again.
_____________________________
Random Thoughts:
If at first you don't succeed--skydiving is not for you.
I want to die while asleep like my grandfather, not screaming in terror like the passengers in his car.
If Noah had been smart he would have swatted those two flies.
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/7/2009 2:24:26 AM
|
|
|
Peloton
Posts: 200
Joined: 4/5/2009
Status: offline
|
All I have is a Visa Ck Card. No interest. No credit cards. I guess I'm not part of the "cashless economy."
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/7/2009 10:34:51 AM
|
|
|
rcjames
Posts: 6723
Joined: 7/15/2005
From: Oklahoma
Status: offline
|
quote:
ORIGINAL: Peloton
All I have is a Visa Ck Card. No interest. No credit cards. I guess I'm not part of the "cashless economy."
And a very wise postition that is to be in.
The Check card will hold motel reservations, allow one to purchase over the phone or internet, permit one not to carry much cash; and will not be a temptation to go into debt.
Thanks
RC
_____________________________
Just a country Preacher's humble opinion
Read the first chapter of my latest book here;
http://www.deliveranceofsara.com
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/8/2009 2:25:18 PM
|
|
|
writerchick
Posts: 365
Joined: 10/3/2008
Status: offline
|
quote:
ORIGINAL: Chrystal-J-007
^ I'm not surprised. They seem to get you coming and going. That's why I'm thinking of just closing all my accounts and going "cash and carry". I lived that way before (many years ago) and I guess I can do it again.
You do know that if you go this route and decide to buy a house or car in the future those loans are going to have a much higher interest rate than if you just kept everything in balance.
_____________________________
Secret Bodyguard - Available Now from Amira Press!
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/9/2009 7:42:29 AM
|
|
|
informationguy
Posts: 325
Joined: 6/9/2009
Status: offline
|
yes my rates went up it does not effect me in any way
quote:
You do know that if you go this route and decide to buy a house or car in the future those loans are going to have a much higher interest rate than if you just kept everything in balance.
not if the poster pays cash for these items
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/9/2009 11:12:52 AM
|
|
|
blessedinnyc
Posts: 2903
Joined: 10/12/2007
From: NYC by way of Chicago
Status: offline
|
quote:
ORIGINAL: player2
yes my rates went up it does not effect me in any way
quote:
You do know that if you go this route and decide to buy a house or car in the future those loans are going to have a much higher interest rate than if you just kept everything in balance.
not if the poster pays cash for these items
Exactly. That's what I'm seriously considering doing, too.
I already get enough variance from the industry I work in. No need to get more by leveraging up on a home- especially when closing costs can add $5K to the cost. And if I lose my job, I won't be losing sleep over the mortgage. Maybe the property taxes, but at least not the mortgage. 
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/9/2009 1:14:17 PM
|
|
|
Coffee_Drinker
Posts: 228
Joined: 5/20/2008
Status: offline
|
Having credit hurts your credit score.
Not having credit hurts your credit score.
Having just enough credit hurts your credit score.
Having perfect credit hurts your credit score.
Having imperfect credit hurts your credit score.
Closing accounts hurts your credit score.
Leaving accounts open hurts your credit score.
Using credit hurts your credit score.
Not using credit hurts your credit score.
Not having the right credit hurts your credit score.
Having the right credit can hurt your credit score.
Doing nothing with your credit can hurt your credit score.
Applying for credit can hurt your credit score.
Inquiries from third party creditors can hurt your credit score.
Just breathing can hurt your credit score.
I'm sure am glad God ain't THAT picky.
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/9/2009 3:02:08 PM
|
|
|
writerchick
Posts: 365
Joined: 10/3/2008
Status: offline
|
quote:
ORIGINAL: player2
yes my rates went up it does not effect me in any way
quote:
You do know that if you go this route and decide to buy a house or car in the future those loans are going to have a much higher interest rate than if you just kept everything in balance.
not if the poster pays cash for these items
If you're fortunate enough to pay cash for these things, why worry about credit scores at all?
_____________________________
Secret Bodyguard - Available Now from Amira Press!
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/9/2009 3:50:45 PM
|
|
|
informationguy
Posts: 325
Joined: 6/9/2009
Status: offline
|
quote:
If you're fortunate enough to pay cash for these things, why worry about credit scores at all?
Even Your Auto Insurance Company Looks at Your Credit Score
For instance, consider the auto insurance company. They will look at a good credit report, and feel the person will not only pay bills but is probably more responsible in general. The person with that bad credit report has less of a chance of paying bills, and collecting payments is always a costly headache for a company. Also, the low credit score may indicate a tendency to be irresponsible—not a very good trait in a driver is it? Whether this is a true predictor of auto accidents has not yet been determined, however, and consumer groups are waging war on this system.
Prospective Employers and Your Credit Score
Although an employer can’t check credit scores without written permission of the prospective employee, this score can supposedly tell an employer much. If your credit score is low you might owe a lot of money or don’t pay your debts. You are a higher risk for security jobs, and also would likely not be hired in a position where you had to handle cash. If you are applying for a job as a manager, an employer would have a hard time believing that someone who couldn’t handle his or her own life could manage an entire department or juggle multiple projects, even if it’s small.
source: scoretruth.com
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/9/2009 4:00:18 PM
|
|
|
writerchick
Posts: 365
Joined: 10/3/2008
Status: offline
|
quote:
ORIGINAL: player2
quote:
If you're fortunate enough to pay cash for these things, why worry about credit scores at all?
Even Your Auto Insurance Company Looks at Your Credit Score
For instance, consider the auto insurance company. They will look at a good credit report, and feel the person will not only pay bills but is probably more responsible in general. The person with that bad credit report has less of a chance of paying bills, and collecting payments is always a costly headache for a company. Also, the low credit score may indicate a tendency to be irresponsible—not a very good trait in a driver is it? Whether this is a true predictor of auto accidents has not yet been determined, however, and consumer groups are waging war on this system.
Prospective Employers and Your Credit Score
Although an employer can’t check credit scores without written permission of the prospective employee, this score can supposedly tell an employer much. If your credit score is low you might owe a lot of money or don’t pay your debts. You are a higher risk for security jobs, and also would likely not be hired in a position where you had to handle cash. If you are applying for a job as a manager, an employer would have a hard time believing that someone who couldn’t handle his or her own life could manage an entire department or juggle multiple projects, even if it’s small.
source: scoretruth.com
The point is, if you have that much cash just sitting about, you don't have to worry about insurance or employers either.
Just sayin'....
_____________________________
Secret Bodyguard - Available Now from Amira Press!
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/9/2009 4:10:35 PM
|
|
|
informationguy
Posts: 325
Joined: 6/9/2009
Status: offline
|
You are incorrect.
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/9/2009 6:22:44 PM
|
|
|
blessedinnyc
Posts: 2903
Joined: 10/12/2007
From: NYC by way of Chicago
Status: offline
|
quote:
ORIGINAL: player2
You are incorrect.
I think you're both right.
Credit scores matter for probably 95% of the population under 65. But they become less and less important as you save money, develop a reputation in your industry, and find insurers that advertise they only check your driving record. In other words, I'd like to believe that as you get older, credit scores matter less and less.
Best to worry about your credit score but set yourself up so that you don't need to worry about it.
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/9/2009 11:07:59 PM
|
|
|
relady
Posts: 679
Joined: 4/11/2005
From: Greater St. Louis Metro
Status: offline
|
While I could wrap my brain around being able to pay cash for a car - if it was old and used - I cannot imagine being able to save enough to pay cash for a house. Barring some financial miracle I would never be able to save enough for that. So to own a home or a NEWER car, a loan is always going be part of the equation.
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/10/2009 9:04:48 AM
|
|
|
informationguy
Posts: 325
Joined: 6/9/2009
Status: offline
|
quote:
Credit scores matter for probably 95% of the population under 65. But they become less and less important as you save money, develop a reputation in your industry, and find insurers that advertise they only check your driving record. In other words, I'd like to believe that as you get older, credit scores matter less and less.
The poster I replied to believes the more wealth you have the less insurance you need. For some reason, that poster is under the assumption that people with wealth have it sitting around. This is false. Most people with wealth have their money invested in many ventures that generate for them a good rate of return. Meaning one needs “more" insurance not less. They also need different types of insurance than the majority of people. Yesterday I sent in payment on 4 different types of insurance policies. I have never sat down and counted but I probably carry over 45 different policies. This is not about age but about wealth and how diversified one is.
I also did not bother to mention to the poster that when one is wealthy they have more times than not formed various partnerships with people who do review your credit report/score. Low score/bad credit and no one wants to be in business with you.
quote:
Best to worry about your credit score but set yourself up so that you don't need to worry about it.
Worry is a term the other poster brought into the conversation. I have never worried about my credit score. Rather I have always tried to make wise use of the resources God has blessed me with and evidently my credit score reflects that. I have never checked it for myself.
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/10/2009 9:30:59 AM
|
|
|
Ellie-Mae
Posts: 2645
Joined: 4/9/2005
From: The EMPIRE state!
Status: offline
|
We don't have a a credit card, but a dear friend of mine has found herself in a terrible bind. She has always paid all her bills on time, but her credit card interest rates slowly raised and they added all kinds of fees that she didn't catch until it was too late. She had already began to find herself falling behind (her balance and payments were getting bigger instead of smaller) when she started to figure out what happened. She tried to work with the credit card companies, and held out for a while more. Then they raised the amount she had to pay back up, and she can't pay it. She has tried to get help, but to no avail. Through a series of events (not really bad ones) she is going to only have her Social Security to live on which barely covers her household expenses. She is elderly and disabled and has no hope of getting a job to supplement her income. She is horrified that she can't pay her bills, but she really can't.
She doesn't care about her credit scores. She just wanted to be able to pay her bills, live with dignity, and enjoy her retirement years.
_____________________________
"You can" makes no difference. "You will" changes the world.
~BillyBob Jones in Grey soon to be authored by Caleb (12) for NaNoWriMo
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/10/2009 12:27:44 PM
|
|
|
Coffee_Drinker
Posts: 228
Joined: 5/20/2008
Status: offline
|
quote:
ORIGINAL: Ellie-Mae
Through a series of events (not really bad ones) she is going to only have her Social Security to live on which barely covers her household expenses. She is elderly and disabled and has no hope of getting a job to supplement her income. She is horrified that she can't pay her bills, but she really can't.
She doesn't care about her credit scores. She just wanted to be able to pay her bills, live with dignity, and enjoy her retirement years.
Sometimes people have to claim bankruptcy too. It's unfortunate, but it does happen.
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/10/2009 12:28:22 PM
|
|
|
letusreason
Posts: 1143
Joined: 8/30/2008
Status: offline
|
quote:
ORIGINAL: Coffee_Drinker
Having credit hurts your credit score.
Not having credit hurts your credit score.
Having just enough credit hurts your credit score.
Having perfect credit hurts your credit score.
Having imperfect credit hurts your credit score.
Closing accounts hurts your credit score.
Leaving accounts open hurts your credit score.
Using credit hurts your credit score.
Not using credit hurts your credit score.
Not having the right credit hurts your credit score.
Having the right credit can hurt your credit score.
Doing nothing with your credit can hurt your credit score.
Applying for credit can hurt your credit score.
Inquiries from third party creditors can hurt your credit score.
Just breathing can hurt your credit score.
I'm sure am glad God ain't THAT picky.
Um , actually, when it comes to Holiness,,,,He is.
_____________________________
Proverbs 16:2
All the ways of a man are clean in his own sight, But the LORD weighs the motives.
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/10/2009 12:35:03 PM
|
|
|
informationguy
Posts: 325
Joined: 6/9/2009
Status: offline
|
quote:
She has always paid all her bills on time, but her credit card interest rates slowly raised and they added all kinds of fees that she didn't catch until it was too late.
Ellie-Mae,
Something in your friend's story does not add up. Reread what you wrote. It's not reasonable to believe "interest rates" or "fees" could put someone into financial jeopardy when they were paying in full each month.
You mentioned your friend was elderly and disabled. You may want to encourage her to visit her doctor to see if there is something going on in her memory. We did not realize my mother was being over medicated until she too had messed up her finances. She was taking some of my fathers expired medication by mistake. (my father had passed away years before then)
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/10/2009 12:43:12 PM
|
|
|
Chrystal-J-007
Posts: 3092
Joined: 4/11/2005
From: Detroit
Status: offline
|
^ She said she paid them *on time*--not in full. The credit card company probably started adding an annual fee. That's were I'll cancel them because there's no way I'm paying an annual fee.
_____________________________
Random Thoughts:
If at first you don't succeed--skydiving is not for you.
I want to die while asleep like my grandfather, not screaming in terror like the passengers in his car.
If Noah had been smart he would have swatted those two flies.
|
|
|
|
|
RE: Have Your Credit Card Interest Rates Been Raised? - 6/10/2009 12:48:16 PM
|
|
|
informationguy
Posts: 325
Joined: 6/9/2009
Status: offline
|
Thank you. I did misread her post. I could not help but think of my mother's situation.
|
|
|
|
 New Messages |
 No New Messages |
 Hot Topic w/ New Messages |
 Hot Topic w/o New Messages |
 Locked w/ New Messages |
 Locked w/o New Messages |
|
 Post New Thread
Reply to Message
Post New Poll
Submit Vote
Delete My Own Post
Delete My Own Thread
Rate Posts |
|
|
|
|
|
|
|
|
|
|
|
Forum Tools
Printable Version
