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Biscottiii
Member
05-29-2004
| Sunday, April 05, 2009 - 5:05 am
Bisc said: "I'm thinking now that when I go to make the payment I better just take it in person and have a face-2-face talk with a representative" By that, I mean the entire payoff payment when it arrives. Maybe I'm over thinking all this stuff, but it just seems kind of crazy and people are getting stung for no reason.
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Karuuna
Board Administrator
08-31-2000
| Sunday, April 05, 2009 - 7:35 am
This new practice is called "chasing the balance". As you pay down your credit cards, banks are reducing your limit. It's because underwriting practices are changing and banks are having to show they have more *real* assets. Your debt to them is not a real asset, but your limits and debt require them to hold more solid assets as a counterbalance. So if you are a slow payer on any credit card, they are reducing your limits. It's not likely to happen if you are a fast payer on credit card balances.
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Pamy
Member
01-02-2002
| Sunday, April 05, 2009 - 8:17 am
we have 2 paid off cards and I just had 2 auto pays added to them so that those accts have monthly activity and wont get cancelled. Hopefully they still dont lower the limits, thus affected my debt to credit ratio and lowering my fico. It IS like a chess game lately! LOL
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Kookliebird
Member
08-04-2005
| Sunday, April 05, 2009 - 8:22 am
Actually, people who do not use their entire balance and are paying on time are also being lowered. I try to pay my Credit Card balances every month. My credit limit has also been lowered. It's a way that the banks can control their risk. While it lowers FICO and other credit scores, I certainly can understand why they do it.
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Pamy
Member
01-02-2002
| Sunday, April 05, 2009 - 1:57 pm
I understand why they need to do it and I think FICO needs to change their rules to adjust for the bank's new way of doing business
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Goddessatlaw
Member
07-19-2002
| Sunday, April 05, 2009 - 2:14 pm
Colossus has nigh on to perfect credit, and he gets some credit card companies writing that they automatically raised his credit limit and others writing to advise they lowered his limit. We have paid off those cards where the bank thinks they are going to cork him with higher interest rates for no reason at all. Including one he's had for 25 years, sayonara. They screwed with the wrong card holder. No more interest for you. I prefer to operate on cash instead of credit, but unfortunately in business if you don't have credit you don't have shit. They MAKE you borrow even if you have cash, so that you have a record of responsibility I guess. Clearly it wouldn't be considered responsible to pay cash for what you can afford and not go in to debt. What a racket.
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Dipo
Member
04-23-2002
| Sunday, April 05, 2009 - 2:52 pm
Interesting, I have been watching my accounts since you guys brought that up and I haven't seen any changes with my accounts. I did have a couple accounts that I hadn't used in years close, but I had wanted those closed a few years back and when I tried to close them they just lowered the rate.
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Denecee
Member
09-05-2002
| Monday, April 06, 2009 - 7:46 am
It's kind of a losing strategy for the cc companies to mess with some of their customers who pay off their cc every month. They get anywhere from 1 to 5 percent of every sale made with the credit card. So they are making money from the stores as well as the card holder.
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Supergranny
Member
02-03-2005
| Monday, April 06, 2009 - 8:21 am
Christy...she was on the Oprah show when I heard her. Here is a link to that show. http://www.oprah.com/article/money/20090311-tows-suze-orman
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Texasdeb
Member
05-23-2003
| Tuesday, April 07, 2009 - 6:15 pm
WOW! Because of this thread, I opened what looked like an "upgrade your card because we want to keep you" mail out. Seems like "this" card will up my interest rate by 2% in May. However, if you read the fine print, you can call a specified # & "dispute" the rate increase. I called. I stayed on hold for a good 30 min. & it was worth it. They actually told me that I could create a "new" credit card with them & move my available credit bal. & end up with with a hold on the old bal. at the old rate (the old bal. is only $350.00). They'll be sending me a new card # with my available credit line transfer at "there" rate. I said sure! That's the only way I can secure the old rate on the "old" balance. This was a card I was looking to get rid of anyway. So, I win on this one. Folks, don't throw mailings from your card company away without reading what's in it. Please beware!
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Beekindpleez
Member
07-18-2006
| Thursday, April 09, 2009 - 10:25 pm
B of A Cardholders: Your interest may be going up June 1st
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Babyruth
Member
07-19-2001
| Monday, April 13, 2009 - 6:43 am
If you've lost your job and benefits, read this: Best Places to Get a Part-Time Job with full benefits
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Sugar
Member
08-15-2000
| Monday, June 22, 2009 - 10:35 pm
The money has stopped coming in but still needs to go out!!! Dang, dang and dang some more.
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Sadiesmom
Member
03-13-2002
| Monday, June 22, 2009 - 11:00 pm
My credit card companies have raised my interest and dropped my limits. When I don't have enough money, I would rather stiff the phone company or cable, they don't charge penalties or late fees. But everyone gets paid eventually. I saved for the future and the future is now. I spent some time with relatives today, they are sweating on holding onto their jobs. I told them I would take care of their kids this summer since they can't afford a sitter or camp this year. There is just not enough money. They seem reluctant to trust me, heh, heh. My dog runs roughshod over me and is spoiled rotten, so the kids are likely to do the same.
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Tess
Member
04-13-2001
| Tuesday, June 23, 2009 - 3:18 am
Our American Express suddenly dropped our credit limit while we were on vacation and when my husband paid the bill for the week and then went to pay the $1,000 deposit for next year, that $1,000 wasn't covered by the card. We have other cards but for the first time since we were first married 17 years ago that money is very tight. Very tight. My husband has an excellent job and I still get my stipend for being 100% disabled but tuition has gone up, we had emergency repairs which needed to be done to our home and we're still trying to finish up what our cheat of a contractor started 7 years ago. Another component is that I have struggled with rather severe OCD my whole life. It crops up in various ways but I went on a spending binge last year and now we have to pay the bills when there is so much else that we really need the money for. I just feel sick knowing that part of our current situation is my fault and now it causes my husband worry when he's also burdened with taking care of me and our daughter.
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Denecee
Member
09-05-2002
| Tuesday, June 23, 2009 - 7:41 am
((Tess)) Sadiesmom, I love it,"my dog runs roughshod over me..."
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Sadiesmom
Member
03-13-2002
| Tuesday, June 23, 2009 - 9:45 am
Interesting about American Express. I have been a member over 30 years and they sent me a letter last year that I have no upper limit anymore. I am not sure what this means. I know I can't charge a new car, I tried that a few years ago when I did not have enough money when the car I ordered was delivered. It might be on a case by case thing, I am not sure. I have heard if you plan to spend outside your normal pattern to call and let the card know, so they don't question your purchases and can extend your limit for a short period of time. I remember a few years ago when my Mom had problems with a BJs Visa credit cards being canceled because she paid it in full every month.
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Christy358
Member
07-10-2007
| Tuesday, June 23, 2009 - 10:13 am
Credit card companies are doing all kind of crazy things right now. From changing due dates, to just out of the blue changing interest. I had a card that I had totally paid off 2 months before (and never late) notify me that the interest rate was going up 5%...... none of my cards has anything near this rate. You can guess what card I will not use in any way.
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Sugar
Member
08-15-2000
| Friday, July 31, 2009 - 9:55 pm
Job hunting is so frustrating! Hubby and I had interviews on Monday and have not heard back. They told me by the end of the week. Hubby interviewed with an agency so who knows if they even really had anything available right now or were just building up possible contacts. I tell you the $ stress is about to drive me crazy. I've always tended towards the glass 1/2 empty and so I go from ok, it's only been 3 months since he lost his job to our having to live in my small car in a year. Can't sleep, worry, worry, worry and then worry. I'm just so afraid.
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Biscottiii
Member
05-29-2004
| Saturday, August 01, 2009 - 1:05 am
((Sugar & Hubby)) Wish I could offer you a job rather than a hug, frankly, in these scary times!
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Biscottiii
Member
05-29-2004
| Saturday, August 01, 2009 - 1:30 am
Sadiesmom said: "I have heard if you plan to spend outside your normal pattern to call and let the card know, so they don't question your purchases and can extend your limit for a short period of time." Think I want to pull up that point again, because it's TOTALLY true. When we used my cc for a cruise to Alaska, I called the B of A just to let them know it was happening and that I expected it to paid off shortly when a check arrived. When I did the mold abatement, saying it would be $5,000 charge perhaps $10,000, until I could deal with the class action lawsuit. Did the same when my Older Sis passed away (they could already see the mortuary charge from that morning) using my cc to fly her kids from around the country & get them back home. They were appreciative that I kept them informed and ALL charges slid through very smoothly, no squabbles if it took a little longer than anticipated to pay back. They just wanted to note what was happening, that I wasn't just going on a 'spending roll'. None of my two B of A cards have been monkeyed with in terms of lowering limits or raising interest rates. That's all I can figure for why they've left me alone, since I'm living on a fixed income and they can see my monthly check deposits. Just wanted to reiterate Sadiesmom's point.
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Sadiesmom
Member
03-13-2002
| Saturday, August 01, 2009 - 9:55 pm
Sugar, My ex went to a job hunting course and did things I never did. He used to call people the day after his interview to thank them for interviewing him. I is supposed to keep you in their minds and you might get a reply quicker. Other people have told me they send thank you notes. I could never remember anyone's names (or faces, so embarrassing), so not in my ability range.
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Snuffles
Member
07-17-2005
| Tuesday, October 06, 2009 - 9:09 am
Since this is economic-based, I hope it's ok to post this here... Please vote for my friend's Dog, she's really trying hard to find ways to raise some desperately needed-cash. Both owner and puppy are absolute sweethearts and really in need of the money. Only 4 days left: http://www.cutestdogcompetition.com/vote.cfm?h=93DC215B33140E6CF5F918F2CF687787 Thank you, I appreciate any votes you can give her and if you can repost anywhere, that'd be great too! Thank you!
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Biscottiii
Member
05-29-2004
| Wednesday, October 28, 2009 - 5:02 am
I thought I saw some thread dealing with foreclosures, come to think of it I think it was on another blog. Still, need to post this, anybody getting into Hurt City, it's worth the read: If Lenders Say ‘The Dog Ate Your Mortgage’ http://www.nytimes.com/2009/10/25/business/economy/25gret.html?pagewanted=1&_r=3&partner=rss&emc=rss
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