Credit Card Questions

[Rob72830]

I almost forgot, I had 9 inquiries on Experian and the following cards:

Cap 1 $500 cl
Wamu $500 cl
Centennial $450 cl
Orchard $400 cl
Penney's $150 cl
Total Visa $275 cl (closed)
I also have a mortgage from Chase (90,000) and a car loan from Citi(22,000)

I closed on the house May 2007 and refinanced my Jeep from Cap 1 Auto Finance to Citi Fiancial this year. I also have a motorcycle financed thru Freedom Road Financial. When I bought my house my FICOs were 609, 621, and 608. I only qualified for a loan because Rural Development lowered the score needed for a RD backed loan. The loan officer at the bank told me they had lowered the score needed from 680 to 620 and they used the middle score. Lucky for me that was the highest. If it was 2 points lower I would not have qualified. Anyone looking to buy a house should consider a RD loan.

I hope this fills in a few gaps and sorry if that was too much information.

[Meya]

That was perfect information. As a matter of fact, you should copy and paste the mortgage info over to this link http://www.financeglobe.com/SocialNe...read.php?t=368
I know it will benefit someone here!

Thanks for sharing your credit info, I feel more confident about bofa and their cards approvals. I will use this information when someone asks about it.

[Rob72830]

Meya, I did post that info over to the mortgage forum. I hope it does help someone thats trying to buy a house. I also added a little more detail about my loan.

[Meya]

Hi everyone, I thought that I would put a little update to this thread. Questions about credit cards can be about any card that you have a question about. It does not have to be moved from the reviews in order to be questionable. If there is a card that is not discussed in this thread, please share a story about it. Shared stories leads to questions. If you noticed Ash has mentioned something about Crown Jewels in this thread http://www.financeglobe.com/SocialNe...read.php?t=756 although this posting is in regards to fraud, questions about crown jewels can be mentioned here also. Take a look at what MaryM asked about best buy http://www.financeglobe.com/SocialNe...read.php?t=508 These are questions that can be asked in this thread. Please, if you have any answers lets try to help out the member with questions. The more we learn, the more we can help others.

Thanks!

[Meya]

Meya, I did post that info over to the mortgage forum. I hope it does help someone thats trying to buy a house. I also added a little more detail about my loan.

Thanks so much Rob, someone is going to love it also!

[MaryM]

Ok my WAMU statement came in today. They are raising my APR to 31.99 percent!!!! I have had this card since 2006. Should I pay this card off and close it?? I was only late on this card once last year by a day and since then it's all been on time. What should I do??

[Meya]

Oh my goodness, is that the universal default rate they are imposing upon you? At that percentage, I would offer two choices:

1. Since you had them for nearly 2 years, I would probably keep it and make little and cheap use of it. Make sure that you can pay them before the statement comes out

2. Call and ask for it to be lowered in about 6 months, if they dont, then close it.

[hjm331]

Ok my WAMU statement came in today. They are raising my APR to 31.99 percent!!!! I have had this card since 2006. Should I pay this card off and close it?? I was only late on this card once last year by a day and since then it's all been on time. What should I do??

Were you late on any of your other credit cards last month?

[KMoney]

Ok my WAMU statement came in today. They are raising my APR to 31.99 percent!!!! I have had this card since 2006. Should I pay this card off and close it?? I was only late on this card once last year by a day and since then it's all been on time. What should I do??

That is a high APR since you were only late paying 1 time last year. HJM331 that is an interesting question, so if you are late on one of your other cc they will raise your APR on your current cc

[hjm331]

KMoney, yes that is true. It's called Universal Default. If you have a 30 day late payment show up on your report and if one of your lenders see it, they will raise your APR.

[Meya]

Universal Default it no joke, here is some good information about it http://www.financeglobe.com/SocialNe...efaultratehtml
click "View to see it"

[smcc]

Good Morning Everyone:

Anyone have any information regarding the Virgin Atlantic American Express Card now being offered by BOA? Need to move some of my credit limit from my BankAmericard to another BOA card and wondered if this is the card that some have referred to as the "cure to cancer" (being sarcastic). Any information would be greatly appreciated.

[shark6]

I know that because it is a horrible business practice, several credit card companies voluntarily stopped doing it. I forgot which ones, but several did. I believe that Capital one no longer does this as i believe getting information from them that they were discontinuing this practice.

[hjm331]

Shark6, you're right. I remember reading a letter from Capital One claiming that they don't use Universal Default. If this is really true, then that's one less creditor we have to worry about.

[shark6]

hjm331

Yep, at least Cap1 has one good thing in it 's saving grace. UD IS a horrible business practice and I consider 31% interest rate from a cc company to be usurios. I would pay it off as soon as possible, actually, I would do a balance transfer and if you have had it for some time, just charge a lunch on it every other month to keep it active.

Now, she's got me thinking and I need to inquire to WAMU about this as I have a large balance with them now, however, I haven't paid a late cc payment in over 5yrs.