Credit Card Poll - The bleeding has begun.

[Syringer]

Originally posted by: jpeyton

Originally posted by: Newbian

Originally posted by: Bignate603

Originally posted by: Bateluer
I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

If you can't afford the rate increase you can usually decline the increase but your card will be canceled when it expires. Hopefully you have enough time before your card expires to pay it off.

The problem is this can hurt your credit score if you close the account.

Oh God, NOT MY CREDIT SCORE!

Please, please, take my job, my house, my car...take anything, just don't hurt my precious FICO!!!

With a poor credit score you can be in a position where you have no house or car to begin with..

 

[Zugzwang152]

All my cards except my USAA mastercard have gone up to the mid-teens, from high single digits mid to late last year.

 

[Newbian]

Originally posted by: LS21
i think 2 of my 9 cards increased? probably cap 1 and citi or something

Why so many cards?

 

[allisolm]

The bleeding started a long time ago.

Thread from 12/02/08
Thread from 12/08/2008
Thread from 02/27/2009
Thread from 03/15/2009
Thread from 03/15/2009
Thread from 04/07/2009
Thread from 05/22/2009
Thread from 05/26/2009

 

[GTaudiophile]

Yep, but I don't care as I never keep a balance. I think Chase just raised my credit limit as well. Somewhere around $50K on that card alone? Crazy.

 

[boomerang]

Originally posted by: Newbian

Originally posted by: manlymatt83

Originally posted by: Bignate603

Originally posted by: Bateluer
I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

If you can't afford the rate increase you can usually decline the increase but your card will be canceled when it expires. Hopefully you have enough time before your card expires to pay it off.

I have a balance on a card that I'm paying off. Right after I got notice of the rate increase, I ordered a new card. Once I saw the new card shipped, I called to decline the rate increase. New card has an expiration date of 2012.

w00t.

Just don't be surprised if they cancel it early or start charging you a annual fee like they have done to many others who pay off in time.

We pay in full. My wife and I have talked about it and when they decide to put a fee on our cards, we're just going to cancel them and use our debit cards or cash. Back to the tried and true method of paying in cash.

 

[skace]

Originally posted by: Syringer
With a poor credit score you can be in a position where you have no house or car to begin with..

My credit score is non existent and I didn't have any problem buying a car. I won't be able to comment on the house aspect yet, however I don't foresee a problem.

 

[NoCreativity]

Haven't had any rate increases or slashed limits yet. I don't care about interest rate, but if they start slapping annual fees on any cards I will close the account and find a card with no fee.

 

[Riverhound777]

Pretty sure I just got a letter from Citi saying they were lowering my rate from 16% to 14%. Still don't care since i pay it off monthly.

 

[Casawi]

I never really cared what my interest was... I never have a balance on there. I pay it off in full every month since I finished college. I like it when I get my bill with $0 finance charges.

 

[Gibson486]

Originally posted by: Lothar
Why would anyone care what the APR on a credit card is?

b/c it does not fly over eveyone's head like it does for you.

 

[Gibson486]

Originally posted by: NoCreativity
Haven't had any rate increases or slashed limits yet. I don't care about interest rate, but if they start slapping annual fees on any cards I will close the account and find a card with no fee.

hahaha...1fbusa (my first CC) just started charging $5 to pay online. WTF...hahahaha...that card is no longer going to be used.

 

[RadiclDreamer]

Mine were raised, 767 credit score, never a late payment, never missed a payment on ANYTHING. Fuck them, I just dont use it now.

 

[microAmp]

Originally posted by: Syringer

Originally posted by: jpeyton

Originally posted by: Newbian

Originally posted by: Bignate603

Originally posted by: Bateluer
I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

If you can't afford the rate increase you can usually decline the increase but your card will be canceled when it expires. Hopefully you have enough time before your card expires to pay it off.

The problem is this can hurt your credit score if you close the account.

Oh God, NOT MY CREDIT SCORE!

Please, please, take my job, my house, my car...take anything, just don't hurt my precious FICO!!!

With a poor credit score you can be in a position where you have no house or car to begin with..

jpeyton is right, a little too much emphasis is put on FICO scores. FICO scores can go back up over time, losing your job, house, car is a bigger blow to someone's fiances.

Before I got my house 2 years ago, all 3 of my FICO were slightly over 800. I had a credit card I never used, so I closed it, a few months after closing on the house. I also opened a checking and savings account at a new bank, closed a checking and savings account at a credit union, and acquired a new credit card, Chase Freedom for that 3% cash back. A couple months ago I got myself a 2007 truck, still got a good interest rate on it, 5.29%.

I rather have a FICO score of 600 than lose my job, house, or truck.

 

[UsandThem]

After receiving the notice from Chase, I had to vent. In the past year alone corporate pirates have:

1. Dish Network increased my bill by $10.00/month (20% increase) (under contract with them for another year).
2. T-Mobile increased text charges (under contract another four months). Could have got out of contract, but stayed with them.
3. Capital One increased the rate on all our cards.
4. Chase increased the rate on my wife's card (still expecting one on my Chase card, currently at 10%, which is the only one we ever really carry a balance on).
5. College tuition went up 5% ($295 to $310/credit hour). Luckily my wife's college froze her tuition due to the economy...currently at $550.00/credit hour)
6. Not to mention the increase in food cost and energy increases. When shopping at the store, I am amazed at the jump in prices and/or package shrinkage.

I mean, home values have fallen, many are out of work (or having to work for less money), yet costs are freaking jumping all around. Are these the beginning signs of "hyper-inflation"?

Bastards I tell ya'

 

[dullard]

Originally posted by: UsandThem
I mean, home values have fallen, many are out of work (or having to work for less money), yet costs are freaking jumping all around. Are these the beginning signs of "hyper-inflation"?

You can see the data for yourself (Table 1 page 8).

The lastest inflation data shows overall prices dropped 0.7% from this time last year. That year-over-year DEFLATION was only the second time it happened since the year 1955. The magnitude of the price DROP was tied with the biggest drop in prices since 1950.

But, here is the catch. Some prices are dropping fast. Other prices are rising fast. Here are the big movers (more than 5% move in the last year):
* Cereals and bakery products: 5.3% inflation
* Dairy products: 5.1% deflation
* Sugar and sweets: 6.7% inflation
* Fats and oils: 5.2% inflation
* Lodging away from home: 5.9% deflation
* Fuel oil and other fuels: 33.5% deflation
* Water and trash services: 6.1% inflation
* Used vehicles: 11.4% deflation
* Motor Fuel: 39.8% deflation
* Vehicle parts: 6.8% inflation
* Vehicle repair/maintanence: 5.3% inflation
* Public transportation: 5.9% deflation
* Hospital services: 6.5% inflation
* Education: 5.4% inflation
* Computers: 13.3% deflation
* Tobacco: 28.8% inflation (major new taxes passed)

So, while it seems that many prices are going up, many other prices are going down. We are in an odd situation where there are deflationary and strong inflationary pressures at the same time. Which one will give is anybodies question.

 

[alkemyst]

Originally posted by: Lothar
Why would anyone care what the APR on a credit card is?

If you were REALLY at that level, you'd understand why.

One of my older school cards went from 8.99% to 14.99%...I called cancelled it and had the rate returned.

Chase tried doing this with a couple cards of mine, only placing them to 24.99%...I paid off a $4000 balance and then closed that account. Called them back to close the other and they fixed it.

Juniper which was the 8.9 - 14.99% one sends their change of terms now in plain white envelopes with no identifying info on the sender.

 

[Ns1]

Got 2 notices for my 2 capital one cards.

 

[alkemyst]

Originally posted by: Syringer

Originally posted by: jpeyton

Originally posted by: Newbian

Originally posted by: Bignate603

Originally posted by: Bateluer
I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

If you can't afford the rate increase you can usually decline the increase but your card will be canceled when it expires. Hopefully you have enough time before your card expires to pay it off.

The problem is this can hurt your credit score if you close the account.

Oh God, NOT MY CREDIT SCORE!

Please, please, take my job, my house, my car...take anything, just don't hurt my precious FICO!!!

With a poor credit score you can be in a position where you have no house or car to begin with..

plus many things like insurance policy rate is tied to it.

We have gotten spoiled with those with lower 600's being allowed to borrow to the hilt and those over 700 but with no true history as well.

It's funny hearing a mid-20's person talking about their close to 800 FICO...they usually get a rude awakening when they go for a mortgage or major financing and learn about tradeline history.

 

[jamesbond007]

Damn, I really feel sorry for those who have balances and their rates being doubled or more. I had a 7.99% and it went up to 9.99% back in March. I could have kept it at 7.99% and paid the balance, but had to close the account, in essence. I feel that I'm quite fortunate...

 

[tokie]

I don't even know what rate I get because I pay it off in full.

Why do people even keep balances? If you can't afford to pay for it, then don't buy it. Simple as that. On second thought, keep doing it so I can get 1% cashback rewards..

 

[BoberFett]

Originally posted by: Slew Foot

Originally posted by: Syringer

Originally posted by: Bateluer
I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

I feel your pain. Automotive repairs are the worst..it's really the one common thing in life that just comes unexpectedly at you that can really mess up a budget.

Other than medical issues of course, but with a good insurance plan at least you can generally set up a payment system with that.

We should have government funded Universal Car Insurance. Pay all of the mechanics, laborers, parts manufactureres, etc.. 5 cents a day and everyone can take their automobile where ever they want and have routine maintenance and any repairs done for free.

It's the only ethical optional, really.

 

[jamesbond007]

Originally posted by: tokie
I don't even know what rate I get because I pay it off in full.

Why do people even keep balances? If you can't afford to pay for it, then don't buy it. Simple as that. On second thought, keep doing it so I can get 1% cashback rewards..

Sometimes it's for gifts (think Christmas or anniversaries), unexpected car problems, loss of jobs, etc. Of course, there are those who have absolutely no self-control when spending. Shame on you!

 

[KentState]

Originally posted by: tokie
I don't even know what rate I get because I pay it off in full.

Why do people even keep balances? If you can't afford to pay for it, then don't buy it. Simple as that. On second thought, keep doing it so I can get 1% cashback rewards..

Sucks that most of us don't live in a black or white world. Hope you never have to take an unexpected loan to keep afloat in life.

 

[tokie]

If I needed an unexpected loan, I would use my line of credit which has a very reasonable interest rate and is a better option than trying to rely on a credit card.