"Default Rate"

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Written by: brammy on 2007-08-30

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brammy's review: Callout Comment Most cards do have a default rate. The ones you have to watch out for are the ones with the universal default. that simply means if anything derog hits your reports, they too will jack you up to the default rate.

I have a 9+ year history on my credit report and show 0 late payments with the exception of a student loan that to this day, I aver should have been in deferment.


Comment 1 by eric
RE: Brammy User Icon on 2007-08-30

Remarks Yes Brammy you are right about the universal default. Alot of companies are shying away from the practice... GEMB DOES use universal default. But I do believe within the next year or two we will do away with the practice as well. Eric
Comment 2 by brammy
Re: Eric User Icon on 2007-08-31

Remarks The UD clause is one thing I try to stay away from on any card that I may carry a balance on and have learned to keep one non-UD card for back up just in case. I was ratejacked on a mistake reported on my bureau and even after getting the people who did it to remove it, the issuer refused to put me back to my initial my APR. (For any reason clause).

Of course I PIFd and closed. Being a natural born Texan, of course I raised a little Texas heck! At that time I was still using cards with AFs. They gladly refunded it just to keep me from calling.
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