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[ARCHIVED THREAD] - THEIVING credit card companies (Page 2 of 2)

Posted: 10/1/2005 9:05:18 PM EDT

[#1]

Quoted:
It actually hurts you to have open accounts with no balance on them.

Elaborate please. I don't fully understand how one's FICO score is calculated.

Posted: 10/1/2005 9:17:24 PM EDT

[#2]

Quoted:
Quoted:
Wait till "TheCynic" comes here and tells you it's your fault.

Thanks for calling me out,

...and there is no "fault" on any side. The CC company has
the right to raise rates according to the contract you signed
and tReznr has the right to tell them to stuff it (which he did).

I've have the same two CCs for the last 5 years. Both are
somewhere around 9% but I've never paid them a dime. If
you don't carry a balance and don't have a card with an
annual rate, the CC companies cannot screw you.

Caveat Emptor.

Bingo, you have to read the fine print when you sign up for the card. You sign the application and somewhere on that application it says by signing you agreed to their terms and conditions. If you didn't like their T&C you didn't have to get the card in the first place.

Posted: 10/1/2005 9:53:49 PM EDT

[#3]

Quoted:
If you don't carry a balance and don't have a card with an
annual rate, the CC companies cannot screw you.

TheCynic, you missed a couple of times, and probably more, that the credit card companies screw people who don't carry a balance. Many companies start charging fees without warning on no fee cards. I manage the cards at work, and we've had that happen three or four times. Since we didn't pay the fees, they hurt our credit.

The other time you can get screwed by them even when you don't carry a balance is when they charge you bogus late fees. I pay all 17 credit card bills here at work on the same day we receive the bills in the mail, and every single month Bank of America charges us a late fee to at least one of the cards. It is physically impossible for us to pay the bills faster, and since they were all paid at the same day, it would seem that they would either change all of the accounts or none of the accounts. Instead, they process the payments out of order in different offices (after receiving all of them in the same PO box) at different times after they receive them. If the company they contracted with to process the payment is late or it takes long to ship the mail from their PO box to their contractor, then the customer is charged a late fee.

raven, buying a used car is a risk. Very often you'll end-up paying money to take someone else's problem. If you know the seller, then it's not much of a risk, but here at work we've been screwed dozens of times on vehicles in the past 9 years that I've been in charge of buying. We've given-up on used cars and trucks. So now we get screwed by Ford and Chevy since they won't pay for warranty work, but that's another issue.z

Pay the bills on the CC company's web site. It goes electronicly direct from your bank and it posts that day or the next business day at the latest.

Posted: 10/1/2005 9:55:05 PM EDT

[#4]

A few misconceptions here, credit cards with no balance only hurt your credit if you have a bunch of them or a very large amt of credit. Thats because there is always the risk that you will go out and max out your cards and then default.

Adding fees to cards you have to be notified and if you cancel the card you don't have to pay the fee.
If they raise your rate because of late payment your screwed but if they raise your rate (when you have a balance and your current) they can only do it if you agree.Read the paper work that comes with the notice. You have the right to tell them no, you have to stop useing the card and pay off the existing balance under the old terms.

As far as not haveing a CC??? There are a lot of things you should only buy or pay for with cc. Most cards give you extended warrentys and loss protection automaticly and if you pay for something and its not right, like an auto repair, and you can't get it taken care of you can disallow the charge, try that with cash.

Posted: 10/1/2005 9:58:48 PM EDT

[#5]

Had some problems with these assholes, one call to the state attorney general had them on their knees kissing my ass.

Posted: 10/1/2005 10:03:55 PM EDT

[#6]

Quoted:
Quoted:
Two can play at this game. Stop making payments. What can they do?

Uh... ruin your credit making it difficult if not impossible to buy a car or house down the line.

His credit score already went down when he closed the account.

Posted: 10/1/2005 11:00:46 PM EDT

[#7]

Quoted:

Dude, that's what I'm waiting for! Everyones been buying and the values have skyrocketed. When the bubble bursts, and it will, I'll be able to pick some nice rental properties for a good price. There are so many people who have bought way more house than they can really afford, by going with these new "creative" financing plans. Like the interest only mortgages. The lending rules right now are so fast and loose, that anyone can get their McMasion. When the correction happens and people find out they have a $300,000 mortgage on a $175,000 house, gas is at $5/gal, heating bills thru the roof, and so on and so forth. They won't be able to afford that house, that they couldn't really afford to begin with. I'll be able to come in and scoop up some killer deals. Because I have saved and lived within my means, have a well paying job, and have no debt.

Now I didn't get here overnight. I had to overcome my own financial stupidity. I did what most people did, bought..bought...bought. I graduated from college and went crazy with all the CC's. It took 5 yrs to overcome what 18 months of uncontrolled spending racked up. I changed my lifestyle, got disiplined in my consuming habits. Now I don't need CC's. If I want to buy something I pay cash or save until I do have the cash. It's funny that now I can satisfy my instant gratification "bug" just as easily but without going into debt to do it. Of course that's "everything in moderation", but I find that I've been living so disiplined for so long that there are so many things anymore that I just don't want.

Moral of the story is evaluate your lifestyle and make the necessary changes so you can pay off your CC's. Sit down and figure out how you can pay them off in the absolute shortest amount of time. Make the sacrifices and do it, you'll be so happy with yourself when your done. I felt like I was walking on clouds the day I was finally out of CC debt. In fact I was so used to living reasonably that I went on to implement my plan on my cars and house. Paid them off too.

EXACTLY. Amen, brother.

Posted: 10/1/2005 11:18:25 PM EDT

[#8]

hhmmm nevermind I quoted wrong.

Posted: 10/1/2005 11:47:52 PM EDT

[#9]

Citibank pisses me the hell off. My first card, a CitiBank Mastercard blew big chunks of shit due to customer service...I will sum it up.

1. I got calls EVERY DAY asking to add expensive programs to my card (pay % of balance), I ALWAYS SAID NO

2. Got billed for signing up for them...

I just called and after over an hour on the phone I convinced them that YES I indeed intended on closing the account as I had stated before. I kept getting bullshit "Your closing is processing......are you sure?.......sure?....still proceessing....lemme switch you to another department to continue closing processing....

They did offer to repay the amount I had been charged and lower my APR and increase my limit but I pay back everything right away and wasn't interested in big purchases (college student) so I told them to FOAD basically.

I now have a USAA card and USAA rocks.

Posted: 10/2/2005 5:04:31 AM EDT

[#10]

Quoted:
Quoted:

+1
Forclosure rates are going to go WAY up the next time
the economic takes a shit. Everyone has leveraged
their home to the hilt with HELs.

Dude, that's what I'm waiting for! Everyones been buying and the values have skyrocketed. When the bubble bursts, and it will, I'll be able to pick some nice rental properties for a good price. There are so many people who have bought way more house than they can really afford, by going with these new "creative" financing plans. Like the interest only mortgages. The lending rules right now are so fast and loose, that anyone can get their McMasion. When the correction happens and people find out they have a $300,000 mortgage on a $175,000 house, gas is at $5/gal, heating bills thru the roof, and so on and so forth. They won't be able to afford that house, that they couldn't really afford to begin with. I'll be able to come in and scoop up some killer deals. Because I have saved and lived within my means, have a well paying job, and have no debt.

Now I didn't get here overnight. I had to overcome my own financial stupidity. I did what most people did, bought..bought...bought. I graduated from college and went crazy with all the CC's. It took 5 yrs to overcome what 18 months of uncontrolled spending racked up. I changed my lifestyle, got disiplined in my consuming habits. Now I don't need CC's. If I want to buy something I pay cash or save until I do have the cash. It's funny that now I can satisfy my instant gratification "bug" just as easily but without going into debt to do it. Of course that's "everything in moderation", but I find that I've been living so disiplined for so long that there are so many things anymore that I just don't want.

Moral of the story is evaluate your lifestyle and make the necessary changes so you can pay off your CC's. Sit down and figure out how you can pay them off in the absolute shortest amount of time. Make the sacrifices and do it, you'll be so happy with yourself when your done. I felt like I was walking on clouds the day I was finally out of CC debt. In fact I was so used to living reasonably that I went on to implement my plan on my cars and house. Paid them off too.

Ditto (house almost done)

Nothing like no debts and wise spending (well mostly wise spending) to make your accumulation of $$$ soar!

Posted: 10/2/2005 6:39:23 AM EDT

[#11]

I have made some really stupid financial decisions over the years, but deciding to go credit card free was NOT one of them.

I have a Visa debit card....that's it. Other than the money I owe the mortgage company for my house, I don't owe a dime to anyone.

I suppose if the furnace blows up or something major happens, I'll have to get one, but (hits self in head to "knock on wood") that hasn't happened yet.

Posted: 10/3/2005 6:50:52 AM EDT

[#12]

Quoted:
Quoted:
It actually hurts you to have open accounts with no balance on them.

Elaborate please. I don't fully understand how one's FICO score is calculated.

Anybody?

Posted: 10/3/2005 10:01:09 AM EDT

[#13]

About 2 years ago I worked for a company called card services which bought out and began servicing about 1 million providian accounts. Raised all the rates to 29% and started assessing a 89 dollar annual fee. Late fee's and Over Limit fee's went up to 35 bucks too. You wouldn't believe the kinda calls we got... I do admit though, for the most part, we were fucking the small guy but A lot of our customers weren't exactly upstanding citizens though...

Posted: 10/3/2005 5:22:51 PM EDT

[#14]

Quoted:
Quoted:
Quoted:
It actually hurts you to have open accounts with no balance on them.

Elaborate please. I don't fully understand how one's FICO score is calculated.

Anybody?

It is done by a computer based upon any number of variables. I finally checked mine, it is 603.

Posted: 10/3/2005 5:30:05 PM EDT

[#15]

Reznr, you think THAT tiffed you off??

Try getting a card with a good rate (relatively), using it a bit, and transferring some balance to it... THEN they jack your rate up to 25%+. I'd cancel the two accounts that did that to me, but I have to pay off the balance plus all that damn interest.

Posted: 10/3/2005 6:03:25 PM EDT

[#16]

i was up at school all summer working / studying for the MCAT. went home for the week before classes started, and i had a bill for $4.14 on my credit card. in all the shuffle i forgot to send it in, and i realized the day after.

i dug around in my bag a little bit and found the fucker.

So i immediately emailed the CC company and they said that the best they could do was absorb half of the late fee.... i was going to accept that b/c it was my own damn fault.

however, i just got my statement for the next month and the late fee was $37! for 4.14!!! i was like, no way. so i called them today and talked to the lady. initially she said she could only take off half. after i talked with her some more she spoke with her supervisor for a minute and.......voila. all $37 was removed as a one time courtesy.

i put a lot of money through that card during the summer (just not that month, obviously). and just put the SEBR on it too. so i used that as leverage and said if they didnt remove it I was cancelling the card after the next payment.

its all about money, at least they aint stupid.

(btw, it was 1st Financial BankUSA) -so yeah, they try to get you any way they can. but if you play your cards right you have a decent shot at not getting screwed over TOO bad.

i can see like a 10 late fee charge, but a late fee 10x the amount of the bill is ludicrous.

Posted: 10/3/2005 6:08:09 PM EDT

[#17]

Quoted:
Fascinating. The credit card company I deal with has not made any money on me in the 5 years I have had the account. In fact, they have paid me thousands of dollars in rewards. They have not cut me off or raised my rates.

I'm the same way with my Capital One Cash Back Card that I have had for years!

BigDozer66

Posted: 10/3/2005 7:00:13 PM EDT

[#18]

Providian just merged with Washington Mutual.

If you have any credit cards with WAMU now is the time to pay them off and cancel them. Providian is teh suxx0rz.

Posted: 10/3/2005 7:12:38 PM EDT

[#19]

weird, i've had a Providian card for over 2years and have never had any problems.

Posted: 10/4/2005 6:06:03 AM EDT

[#20]

Quoted:
Quoted:
Quoted:
Quoted:
It actually hurts you to have open accounts with no balance on them.

Elaborate please. I don't fully understand how one's FICO score is calculated.

Anybody?

It is done by a computer based upon any number of variables. I finally checked mine, it is 603.

Yeah, I know THAT, but I want to know what the variables are.

Posted: 10/4/2005 8:02:28 AM EDT

[#21]

clarkhoward.com/library/tips/credit_scores.html

Posted: 10/4/2005 8:28:07 AM EDT

[#22]

Quoted:
Quoted:
Quoted:
Quoted:
It actually hurts you to have open accounts with no balance on them.

Elaborate please. I don't fully understand how one's FICO score is calculated.

Anybody?

It is done by a computer based upon any number of variables. I finally checked mine, it is 603.

That's pretty low.

Posted: 10/4/2005 8:50:28 AM EDT

[#23]

This may make you feel a little better, but I've had a Providian card for a few years and I happen to now have a zero balance. After reading your post, I called them up, told them how they treated a friend of mine and canceled.

Arfcom united.

Posted: 10/4/2005 8:55:07 AM EDT

[#24]

It's a free country. If you pay off your accounts every month it wont cost you a dime. If you need to borrow money, shop around. There are plenty of ways to find it cheaper...

Posted: 10/4/2005 9:00:45 AM EDT

[#25]

tag for when i have time

Posted: 10/4/2005 5:26:42 PM EDT

[#26]

Quoted:

This may make you feel a little better, but I've had a Providian card for a few years and I happen to now have a zero balance. After reading your post, I called them up, told them how they treated a friend of mine and canceled.

Arfcom united.

Hey, that does make me feel better. Fuck providian!

Posted: 10/4/2005 5:28:06 PM EDT

[#27]

Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
It actually hurts you to have open accounts with no balance on them.

Elaborate please. I don't fully understand how one's FICO score is calculated.

Anybody?

It is done by a computer based upon any number of variables. I finally checked mine, it is 603.

That's pretty low.

I know, I'm proud of it too. That means I don't borrow money because I pay cash for everything I buy. That includes cars and houses.

Posted: 10/4/2005 5:30:55 PM EDT

[#28]

Quoted:
I have made some really stupid financial decisions over the years, but deciding to go credit card free was NOT one of them.

I have a Visa debit card....that's it. Other than the money I owe the mortgage company for my house, I don't owe a dime to anyone.

I suppose if the furnace blows up or something major happens, I'll have to get one, but (hits self in head to "knock on wood") that hasn't happened yet.

Why would you need a credit card? Put money away against something going wrong and you won't have to go the CC route.

That said, I prefer credit cards to debit cards. More safeguards with credit cards, although the legal protections on debit cards have improved in the past couple of years. Still, I think that if you are disciplined enough to not overspend credit cards are superior to debit cards.

Posted: 10/4/2005 7:35:00 PM EDT

[#29]

Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
It actually hurts you to have open accounts with no balance on them.

Elaborate please. I don't fully understand how one's FICO score is calculated.

Anybody?

It is done by a computer based upon any number of variables. I finally checked mine, it is 603.

That's pretty low.

I know, I'm proud of it too. That means I don't borrow money because I pay cash for everything I buy. That includes cars and houses.

Average is 678 Im at 805 I have no debt except a truck loan (10K)
I did have a big chunk ( a corvette) on credit cards that I knuckled down and paid off , but i always made payments on time and had all of the debt on special offers never paid more than 4% on all of it ( also keep a eye to make sure they not charge you a transaction fee on the special offers ) I shutter to think what would have happend if i would have got hurt or lost a job and had it go to 29%
My score just kept going up as i paid stuff off and canceled accounts
kinda intrested to see what happens when I pay off the truck I don't think I could go much higher unless I earn more money

Posted: 10/4/2005 7:45:10 PM EDT

[#30]

Quoted:
Providian and Capitol One are both companies that seek out the "riskier" customer.

They've figured out they can charge annual fees and outrageous interest rates on people who cannot pay or transfer their balances elsewhere.

+1.

So what....did they waive the annual fee and cancel your credit line with them?

Posted: 10/4/2005 8:01:51 PM EDT

[#31]

Quoted:
Quoted:
It actually hurts you to have open accounts with no balance on them.[/quote]

Elaborate please. I don't fully understand how one's FICO score is calculated.

bullshit bullshit bullshit

Posted: 10/4/2005 8:05:24 PM EDT

[#32]

Quoted:
Quoted:
I have made some really stupid financial decisions over the years, but deciding to go credit card free was NOT one of them.

I have a Visa debit card....that's it. Other than the money I owe the mortgage company for my house, I don't owe a dime to anyone.

I suppose if the furnace blows up or something major happens, I'll have to get one, but (hits self in head to "knock on wood") that hasn't happened yet.

Why would you need a credit card? Put money away against something going wrong and you won't have to go the CC route.

That said, I prefer credit cards to debit cards. More safeguards with credit cards, although the legal protections on debit cards have improved in the past couple of years. Still, I think that if you are disciplined enough to not overspend credit cards are superior to debit cards.

Try renting a car, reserving a hotel, etc.

Posted: 10/4/2005 8:06:22 PM EDT

[#33]

OK I watched the videos and learned nothing
Doe not anyone read the fine print on CC agreements
Hello it says right in there you miss a payment ( to anyone) you are getting FUCKED

[ARCHIVED THREAD] - THEIVING credit card companies (Page 2 of 2)

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