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Here is why your % rate on your credit card is going up.


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#1 pstall

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Posted 15 April 2009 - 07:04 AM

Banks are being told by the govt to LEND money. They are also being told to RAISE capital for these stress tests.
Soooo you can NOT do both at the SAME time.
Unless...yep...you guessed it, RAISE % rates on schlubs like you and I.

Having said that, time to REFI is now before those rates go up too.
cheers

#2 Zod

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Posted 15 April 2009 - 07:13 AM

I don't have any credit cards

#3 catfang

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Posted 15 April 2009 - 08:03 AM

I pay mine in full each month.

#4 SCP

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Posted 15 April 2009 - 08:11 AM

Good thing I have zero balance on my two credit cards. If I can't pay cash for it, I don't need it.

#5 g5jamz

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Posted 15 April 2009 - 08:40 AM

Was late on one payment once for AMEX (freq flier card). 6 years...used for work...just forgot and lost track of time and missed paying online. Rate shot up to like 25%. I called them...they told me why...I said cancel the card. Only one I have is with SECU...capped at $2k. Used to piss me off when credit card companies would send a letter saying "you've been such a good customer we've upped your limit to x". I'd call them and tell them to reduce it back to what it was, because that can be considered possible debt when it came to loan qualifying...but I imagine I'm in the minority in people that asked to have theirs reduced. Most would be just "oh look...we're so good we qualify for more money...let's go buy a HDTV!"

Personal financial planning should be a required course to receive a diploma.

#6 Fox007

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Posted 15 April 2009 - 09:10 AM

Good thing I have zero balance on my two credit cards. If I can't pay cash for it, I don't need it.






Same here, except when it comes to buying a house.

#7 natty

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Posted 15 April 2009 - 09:58 AM

Was late on one payment once for AMEX (freq flier card). 6 years...used for work...just forgot and lost track of time and missed paying online. Rate shot up to like 25%. I called them...they told me why...I said cancel the card. Only one I have is with SECU...capped at $2k. Used to piss me off when credit card companies would send a letter saying "you've been such a good customer we've upped your limit to x". I'd call them and tell them to reduce it back to what it was, because that can be considered possible debt when it came to loan qualifying...but I imagine I'm in the minority in people that asked to have theirs reduced. Most would be just "oh look...we're so good we qualify for more money...let's go buy a HDTV!"

Personal financial planning should be a required course to receive a diploma.


From what I understand the more available credit you have the better your score, a low balance and high limit is good.

#8 g5jamz

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Posted 15 April 2009 - 10:05 AM

Natty...while true...it does not compute. Dave Ramsey,some money dude that has an hour when I'm commuting, talks about that. His rating stinks because he has no debt. I'm not really concerned w/ my credit score, because if you look at my true debt:income ratio...I'm gold. Relatively speaking.

#9 LiQuiD

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Posted 15 April 2009 - 10:41 AM

That's actually true when talking about credit scores. I was once told that I didn't have high enough balances on my existing credit cards and that lowered my score. Since I pay mine off every month I get the shaft from creditors. They want to see you actually carrying a balance. What poo!

#10 natty

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Posted 15 April 2009 - 10:45 AM

I guess, in a way, it makes sense. They want to know you're an interest paying chump.

#11 JakeFlake

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Posted 15 April 2009 - 10:47 AM

I paid mine off and they sit in a lockbox.


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