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Thread: Consumer Credit really tight, for sure....

  1. #1
    Banned Katrine's Avatar
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    Consumer Credit really tight, for sure....

    Oh god, its getting bad.

    I am interested in getting a credit card that has a high percentage of "cash-back" on purchases. Just something I can use that's not a cash account or my business card.

    I went onto HSBC for one...they pre-approved me for....$1,000 measly bucks. Such bullshit! Every card I've ever had had something like a $20K limit on it and I've even been approved for LOC far higher than that. If someone with my credit story can't get approved for shit....its just going to be hell for young dancers with very little credit history. Sorry.

    Anyone have any good recommendations for cards that give 2-5% cashback and has balance transfer? I am not interested in a rewards specific card, just want guaranteed cash.

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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    Featured Member Lunarobverse's Avatar
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    Default Re: Consumer Credit really tight, for sure....

    I like to use Bankrate to compare cards. Or I did, back when I was shopping for new cards. Have you tried them?
    Visit my home on the internets:

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    Where I talk about strip clubs, atheism, computers, and whatever else I wanna.

  3. #3
    Banned Katrine's Avatar
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    Default Re: Consumer Credit really tight, for sure....

    I went onto creditcards.com Sheesh, I am afraid to apply elsewhere now! A pre-approval is just a soft credit check right?

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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    Default Re: Consumer Credit really tight, for sure....

    ^^^ the problem probably stems from the new regulatory criteria ... which means that in order to get a credit card with a high limit and favorable terms today you need not only a high credit rating and a reasonably high verifiable income, but also a source of income that is considered to be 'stable' i.e. conventional employment with an established company.

    Today anyone who derives the majority of their income from any form of self-employment is considered to be a 'high risk', regardless of their credit score or their verifiable income from the last couple of years. And anyone who derives the majority of their income from self-employment in the adult entertainment industry is considered to be 'very high risk'. You may recall from a while ago that I had a Platinum Visa with Capital One for years, with a 9.9% fixed interest rate and a very high credit limit. You may also recall that a few months ago Capital One unilaterally jacked the interest rate sky high, forcing me to stop using the account. Well, I finally got an answer in regard to the reason Capital One was using to justify such a drastic change in both their interest rate and their treatment of a long time customer with an excellent credit rating / significant assets / substantial verifiable income level . The report I got back listed the reason as being my association with an adult business ... which presumably was gleaned from my tax records or from my former adult pay website registration or from a dancer's license from one city or another. I threatened to pull all my other business because of the Platinum card issue, and they basically told me 'don't let the door hit you in the ass'.

    The 'Other Criteria' provision of the new regulatory guidelines again rears its ugly head.

    At any rate, to answer your question, the only financial institution I was able to find that was willing to issue me a new low fixed interest rate credit card account with a reasonably high credit limit to replace my personal Capital One Platinum card was a local credit union - who apparently did not feel the need to dig deeply into my financial / business history.

    ~
    Last edited by Melonie; 01-28-2008 at 09:31 PM.

  5. #5
    AudreyLeigh
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    Default Re: Consumer Credit really tight, for sure....

    Not to mention HSBC sucks. Be glad you dont have a card with them. Crazy hidden fees, totally made for the sub sub-primers.

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    God/dess whirlerz's Avatar
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    Default Re: Consumer Credit really tight, for sure....

    Oop, I have 2 HSBC cards. However, they're going good for me, for now. Yes, i guess i'd have to say i'm a subprime type, but getting better all the time!
    I always pay my cards early.
    Anyway, Kat, perhaps you could check out bankrate.com?


    MANY MEN WANTED TO LAY ME DOWN, BUT FEW WANTED TO LIFT ME UP

    -Eartha Kitt

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    Banned Katrine's Avatar
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    Default Re: Consumer Credit really tight, for sure....

    Quote Originally Posted by Melonie View Post
    ^^^ the problem probably stems from the new regulatory criteria ... which means that in order to get a credit card with a high limit and favorable terms today you need not only a high credit rating and a reasonably high verifiable income, but also a source of income that is considered to be 'stable' i.e. conventional employment with an established company.
    Check yes for all of the above, on third year of this now. I really hate applying for new cards dammit. But I presume having a mortgage is fucking things up for my debt:income ratio, and credit-worthiness.

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

  8. #8
    Banned Melonie's Avatar
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    Default Re: Consumer Credit really tight, for sure....

    ^^^ probably not as much as your lack of 'stable' conventional employment with an established company !

  9. #9
    Banned Katrine's Avatar
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    Default Re: Consumer Credit really tight, for sure....

    Quote Originally Posted by Melonie View Post
    ^^^ probably not as much as your lack of 'stable' conventional employment with an established company !
    No. This is incorrect. I've had many years of stable employment with proper companies. I knew it would be wise not to have 10 years of nothing on my resume. I almost always worked somewhere too. Besides, when I was only dancing I was getting 4-5 CC offers a day in the mail because of my great credit, and looser restrictions. They didn't care at all back then, and there is no way that they could have done a background check in 30 second on the website for the pre-approval.

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

  10. #10
    God/dess Deogol's Avatar
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    Default Re: Consumer Credit really tight, for sure....

    Quote Originally Posted by Katrine View Post
    No. This is incorrect. I've had many years of stable employment with proper companies. I knew it would be wise not to have 10 years of nothing on my resume. I almost always worked somewhere too. Besides, when I was only dancing I was getting 4-5 CC offers a day in the mail because of my great credit, and looser restrictions. They didn't care at all back then, and there is no way that they could have done a background check in 30 second on the website for the pre-approval.
    I worked on applications that underwrote entire mortgages in 15 seconds.

    All those credit reports are available in machine readable form and ya just start applying the rules.

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    Veteran Member XxAmber89xX's Avatar
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    Default Re: Consumer Credit really tight, for sure....

    I wonder why they haven't learned here in Canada?... I applied and got approved for $20k - as a student with no tax filings... (i only started dancing last fall).

    they still through out CC's to students at my campus- to kids already in debt... it really is messed up... especially since all the CC companies are US based or international companies.

    So, anyways, I know myself I don't need that much Credit- so I told them to lower it to $5k... I am financially responsible, but I don't want to run into any trouble... especially if I might apply for a car loan soon.

  12. #12
    God/dess Deogol's Avatar
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    Default Re: Consumer Credit really tight, for sure....

    ^^^ Cuz they know they will make multiples back in fees and interest.

    I mean most cards have THREE different interest rates. Go on, get out your magnifying glass and read your agreement. You might be surprised.

    Then they have a fee for this, a fee for that, and another fee.

    Ya got to pay that shit off MONTHLY. ZERO BALANCE.

  13. #13
    Banned Katrine's Avatar
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    Default Re: Consumer Credit really tight, for sure....

    Quote Originally Posted by Deogol View Post
    I worked on applications that underwrote entire mortgages in 15 seconds.
    All those credit reports are available in machine readable form and ya just start applying the rules.
    I know. I'm saying that the low limit they gave me was based on my credit report and new lending standards, not my employment history.

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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