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Thread: Credit Card Question

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    Veteran Member Hot2Trot's Avatar
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    Credit Card Question

    Hello Financiers:

    1) Would anybody know the limit for how many credit cards one can simultaneously apply for?

    2) Can anybody turn me in the direction of a few credit cards that offer an introductory rates of 13-18 months with fixed APRs inbetween 2.9% - 9.9% for the life of the balance?

    Please assume the model of satisfactory to excellent credit for both examples.

    Thank you.

    .
    "Everything that is in Heaven and on earth is penetrated with connectedness." - Hildegard of Bingen [SIGPIC][/SIGPIC]

    Quote Originally Posted by IsobelWren
    Well, except that it's a virus, so antibiotics wouldn't work against it in the first place.
    Quote Originally Posted by Nautilus
    i wish there was a vaccine for child sexual abusers


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    Default Re: Credit Card Question

    http://www.bankrate.com/brm/rate/cc_home.asp
    You can look up credit cards here. All their rates and offers.

    I don't think any amount of hard inquires is too much. However, I'm sure you know, any number of mass inquires is not good for your credit rating.
    you live like an ivy vine
    you can only survive by clinging onto trees
    that's your flaw
    put down some roots so you can stand on your own
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    God/dess sxybrat07's Avatar
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    Default Re: Credit Card Question

    I would avoid applying for alot of credit cards all at once for a few reasons.
    1 - It's going to give you a lot of inquiries on your credit, which makes your credit score go down
    2 - If you get approved for more than you want, you're going to have to go through the pain of closing them afterwards, or end up with a huge amount of available credit on your report.
    I believe you Dottie and you have my support

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    Veteran Member Hot2Trot's Avatar
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    Arrow Re: Credit Card Question

    Thanks for the reference TigersMilk. I have been researching this for for quite some time, but as-is with these things, it can get pretty overwhelming, especially with subprime credit lending being what it is.

    I mean, Sears, the 4th largest retail store in the nation is practically OUT, because of their questionable crediting techniques. I mean, people owe them more than they earn selling retail, which is why they are forced to mark down so aggressively, particularly at the end of each financial quarter. Furthermore, of those who carry balances with Sears, most of those accounts are stagnant and in delinquency, further perpetuated by the housing crunch.

    I happen to have a Sears Mastercard which I originally applied for several years ago solely to build upon my credit (I never had a revolving balance on it, I just never bothered to close my account). Currently, the APR on that card is 36% and I have excellent credit, so I could just imagine those who don't must be in the hole right now with this card.

    With that being said, do you know just how many people have a Sears (MC) credit card in their wallets and are paying just the bare minimum on their revolving balances ?

    *Chills running up and down and back up my spine!*

    Credit cards are maintaining the consumer junkies and perpetuating the subprime lending practice which popped the housing bubble. This is why I am taking my time in choosing which cards because of the most widely advertised cards, their terms and conditions are not appealing.

    Thank you TigersMilk.

    .
    "Everything that is in Heaven and on earth is penetrated with connectedness." - Hildegard of Bingen [SIGPIC][/SIGPIC]

    Quote Originally Posted by IsobelWren
    Well, except that it's a virus, so antibiotics wouldn't work against it in the first place.
    Quote Originally Posted by Nautilus
    i wish there was a vaccine for child sexual abusers


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    Default Re: Credit Card Question

    Oh man you are paying out the ass at 36%. Did you default at one time? Otherwise, if your account is in good standing (ie low balance or none and no late payments) ask them to lower your rate. If they won't do it by simply asking just tell them that you would want to close the account but wouldn't if they can do better. Most of the time they will do better for you. A co-worker told me you can repeat this every 6 months if the account is in good standing to up your balance and lower your apr.

    For all the credit crap I now want to hold off on getting that 3rd card and just keep my 2 cards in good status. I just thought I don't need a bunch of money I don't have with opening a 3rd account. Silly me
    you live like an ivy vine
    you can only survive by clinging onto trees
    that's your flaw
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    Veteran Member Hot2Trot's Avatar
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    Arrow Re: Credit Card Question

    Agreed sxybrat07, that's why I am checking to see if anyone here knew of any of these elite type of credit cards.

    My rating affords me exclusive credit offers, but I don't know exactly which ones would accept/deny me (for whatever their reasoning may be). And since I am seeking to apply for inbetween 2-3 "elite" cards with exclusive rates, I wouldn't want to apply for one and be denied the other, since this would delay any re-application attempts due to the inquiries/pulls.

    Thank you sxybrat07.

    .
    "Everything that is in Heaven and on earth is penetrated with connectedness." - Hildegard of Bingen [SIGPIC][/SIGPIC]

    Quote Originally Posted by IsobelWren
    Well, except that it's a virus, so antibiotics wouldn't work against it in the first place.
    Quote Originally Posted by Nautilus
    i wish there was a vaccine for child sexual abusers


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    Veteran Member Hot2Trot's Avatar
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    Arrow Re: Credit Card Question

    Quote Originally Posted by TigersMilk View Post
    Oh man you are paying out the ass at 36%. Did you default at one time?
    Oh, that account is open, but empty. I never defaulted but I have had the card for about 6 years. They take advantage of the seemingly inoffensively looking "Notice of Changes to your Credit Agreement" pamphlets that they send about every quarter to tuck in an amendment of a rise in interest and so on and the opt-out option, which I have gone through the trouble of sending several times, but you have to do so everytime they send a notice, or else the changes will take effect on your account, blah, blah, blah .

    I read all of the fine print, so I haven't had any issues with them. As a matter of fact, I barely get a statement becasue I have no balance with them - That isht must really eat them alive; LoL .


    Quote Originally Posted by TigersMilk View Post
    Otherwise, if your account is in good standing (ie low balance or none and no late payments) ask them to lower your rate. If they won't do it by simply asking just tell them that you would want to close the account but wouldn't if they can do better. Most of the time they will do better for you. A co-worker told me you can repeat this every 6 months if the account is in good standing to up your balance and lower your apr.
    Yes TM, I am aware that this is an option, but personally I boycott companies that don't do right by me *** and I see Sears Mastercard (and others) practicing predatory lending practices. I myself am not suceptible to this technique as I have been somewhat instructed in financing; however, I take resent the fact that they target the proletariat and it is my way of taking a stance, however small it may be by not haggling with those crooks. In any case, I have other accounts I could use which respect me, including AmEx .

    ***(I encourage others to do so as well - IT IS THE LAST FORM OF PROTEST LEFT IN THIS COUNTRY: "Consumer Loyalty" -
    An injection of $$$$$, or witholding of it, Speaks more volumes than any protest or voter turnout can nowadays, IMO.)


    Quote Originally Posted by TigersMilk View Post
    For all the credit crap I now want to hold off on getting that 3rd card and just keep my 2 cards in good status. I just thought I don't need a bunch of money I don't have with opening a 3rd account. Silly me
    Agreed TigersMilk.

    At the same time, am I the only one who finds it strange that credit was originally intended for use by the wealthy in order to facilitate their building of more wealth, but it has been schemed and marketed to exploit the low man on the totem pole - the working class ?

    Ugh! Disgusting, isn't it?

    .
    "Everything that is in Heaven and on earth is penetrated with connectedness." - Hildegard of Bingen [SIGPIC][/SIGPIC]

    Quote Originally Posted by IsobelWren
    Well, except that it's a virus, so antibiotics wouldn't work against it in the first place.
    Quote Originally Posted by Nautilus
    i wish there was a vaccine for child sexual abusers


  8. #8
    AudreyLeigh
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    Default Re: Credit Card Question

    If you close that card and have no other revolving credit lines you will lose 6 years worth of good credit history. Just something to take note of. My guy closed a $5000 CC after he paid it off and his credit score dropped because it was 10 years of credit history that are now gone...

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    Default Re: Credit Card Question

    Doesn't hurt to ask. I don't use my capitol one card anymore but still ask them to lower it. I probably charge on it twice a year now. My other card ha...as you can see my ticker thats almost done with. I hate cap. one stingy bastards.

    Credit is a bitch to build and deal with. I can't imagine others who have defaulted apr's. Gosh, what their rates must be. No they just take advantage of the uneducated. People who think wow free money I don't have to pay back every month. Sadly, the fine print is even finer and people slip into bad credit history quick. Not to mention most of the nation is one paycheck away from poverty. Hopefully, you'll get approved for a good one.
    you live like an ivy vine
    you can only survive by clinging onto trees
    that's your flaw
    put down some roots so you can stand on your own
    -Kenpachi



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    Veteran Member Hot2Trot's Avatar
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    Arrow Re: Credit Card Question

    Quote Originally Posted by AudreyLeigh View Post
    If you close that card and have no other revolving credit lines you will lose 6 years worth of good credit history. Just something to take note of. My guy closed a $5000 CC after he paid it off and his credit score dropped because it was 10 years of credit history that are now gone...
    Shhyeeeeesh! I am so sorry to hear that, but more importantly, CONGRATULATIONS for him and you !

    He must get credit for that somehow, he'll probably just have to wait it out for a bit (like 6 mos.?). It's got to show for something that one has had an account for so long with no outstanding or even a balance at all. I think that reflects good financial judgement to those who are interested in giving more credit and pull the report.

    I have read that your credit takes a serious hit everytime you close an account - I am not 100% on the details as to why, but it may be because THEY WANT YOU TO BE IN DEBT, ergo, CREDIT to them (Your red balance is their payday + APR + hidden fees because it backs the company's stock and shareholders).

    So, while IRL that is GREAT news because it means cash and 0 interest on payments for you and your guy, if everyone did the same thing, it would spell D-E-A-T-H for the credit industry being that subprime seems to be the fuel that is keeping this current war-time economy going (consumer confidence artificially inflated and edged-out by socio-political anxieties leading to past-due delinquency and huge personal debt).

    My husband has been trying to get me to close that card for years, LoL, but I suspected that it would not be a good idea to do so.

    Thanks for relaying that first hand account to me AudreyLeigh, I will definitely be keeping that in mind .

    .
    "Everything that is in Heaven and on earth is penetrated with connectedness." - Hildegard of Bingen [SIGPIC][/SIGPIC]

    Quote Originally Posted by IsobelWren
    Well, except that it's a virus, so antibiotics wouldn't work against it in the first place.
    Quote Originally Posted by Nautilus
    i wish there was a vaccine for child sexual abusers


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    Veteran Member Hot2Trot's Avatar
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    Arrow Re: Credit Card Question

    Quote Originally Posted by TigersMilk View Post
    Doesn't hurt to ask. I don't use my capitol one card anymore but still ask them to lower it.
    You are absolutely right about that. I think I am trying to stick it to them like,

    "Raise the isht more - You are not getting a red cent from me".


    Quote Originally Posted by TigersMilk View Post
    I hate cap. one stingy bastards.
    LoL girl. Agreed. I must say however that I believe Cap1 is still more credit user friendly than Bank of America (Grrrr - Don't even get me started on what I think about them. Their marketing is so strategically obvious, it's disgusting. Anyone out on the West coast might automatically know what I mean.

    Quote Originally Posted by TigersMilk View Post
    No they just take advantage of the uneducated. People who think wow free money I don't have to pay back every month. Sadly, the fine print is even finer and people slip into bad credit history quick. Not to mention most of the nation is one paycheck away from poverty.
    Yes, very sadly agreed that people know more about Paris Hilton than "What's in their wallets" (Cap1 Slogan) or even in the Nine-Eleven Implementation and Operation Plan:

    *Another cold chill running up and down my spine*

    Brrr !


    Quote Originally Posted by TigersMilk View Post
    Hopefully, you'll get approved for a good one.
    Thanks I appreciate that, all of your insight and I hope so too .

    .
    "Everything that is in Heaven and on earth is penetrated with connectedness." - Hildegard of Bingen [SIGPIC][/SIGPIC]

    Quote Originally Posted by IsobelWren
    Well, except that it's a virus, so antibiotics wouldn't work against it in the first place.
    Quote Originally Posted by Nautilus
    i wish there was a vaccine for child sexual abusers


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    Veteran Member Hot2Trot's Avatar
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    Re: Credit Card Question

    Does anyone do business with the The Royal Bank of Scotland ?

    .
    "Everything that is in Heaven and on earth is penetrated with connectedness." - Hildegard of Bingen [SIGPIC][/SIGPIC]

    Quote Originally Posted by IsobelWren
    Well, except that it's a virus, so antibiotics wouldn't work against it in the first place.
    Quote Originally Posted by Nautilus
    i wish there was a vaccine for child sexual abusers


  13. #13
    AudreyLeigh
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    Default Re: Credit Card Question

    Quote Originally Posted by Hot2Trot View Post
    I have read that your credit takes a serious hit everytime you close an account - I am not 100% on the details as to why, but it may be because THEY WANT YOU TO BE IN DEBT, ergo, CREDIT to them (Your red balance is their payday + APR + hidden fees because it backs the company's stock and shareholders). .
    Its because youre losing your credit history and your debt to credit ratio is now gone.

    Here goes. Lets say in 1999 you got a CC with a $5K balance. You Dont use it but you have this $5000 as available credit. You have another card that you open in 2003 and it has a $5000 credit line and youve charged $3500 onto it. Right now you have a 8 year credit history with a debt credit ratio of 35%.

    You turn around and close the first credit card. You now "lost" 4 years of credit history. You now have only 4 years of credit history and your debt to credit ratio is now 70%.

    The biggest hit is because your available credit just went down which means your debt to credit ratio went up. Thats BAD. You typically want a 10-20% debt to credit ratio. That shows that yes - you DO use your cards but you also pay them. A high debt shows that you are higher risk because you charge up your cards and if you have any default with a high debt ratio youre screwed.

    That make sense?

  14. #14
    AudreyLeigh
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    Default Re: Credit Card Question

    ^^^ Suze Ormans book "Young, Fabulous and Broke" is a GREAT book that helps you understand more about credit and your score. Its very worth the $15. I also have "The Road to Wealth" but the first mentioned is written for people in their 20s and 30s.

    HIGHLY HIGHLY recommend it

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    Veteran Member Hot2Trot's Avatar
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    Re: Credit Card Question

    Quote Originally Posted by AudreyLeigh View Post
    Its because youre losing your credit history and your debt to credit ratio is now gone.

    Here goes. Lets say in 1999 you got a CC with a $5K balance. You Dont use it but you have this $5000 as available credit. You have another card that you open in 2003 and it has a $5000 credit line and youve charged $3500 onto it. Right now you have a 8 year credit history with a debt credit ratio of 35%.

    You turn around and close the first credit card. You now "lost" 4 years of credit history. You now have only 4 years of credit history and your debt to credit ratio is now 70%.

    The biggest hit is because your available credit just went down which means your debt to credit ratio went up. Thats BAD. You typically want a 10-20% debt to credit ratio. That shows that yes - you DO use your cards but you also pay them. A high debt shows that you are higher risk because you charge up your cards and if you have any default with a high debt ratio youre screwed.

    That make sense?
    I have a question for you AudreyLeigh.

    The two CC accounts you proposed in your example = 100% of the credit block, correct ?
    And even after card A is closed, it still counts toward total credit; i.e. the 70% debt to credit ratio, correct ?

    Would you happen to know for how many months/years the closed account on card A counts toward total credit figured into the creditors' equations ?

    .
    "Everything that is in Heaven and on earth is penetrated with connectedness." - Hildegard of Bingen [SIGPIC][/SIGPIC]

    Quote Originally Posted by IsobelWren
    Well, except that it's a virus, so antibiotics wouldn't work against it in the first place.
    Quote Originally Posted by Nautilus
    i wish there was a vaccine for child sexual abusers


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    Arrow Re: Credit Card Question

    For the record, there is a method to what might be seeming like madness.

    As I said earlier, credit was originally intended for use by the wealthy in order to facilitate their building of more wealth...

    .
    "Everything that is in Heaven and on earth is penetrated with connectedness." - Hildegard of Bingen [SIGPIC][/SIGPIC]

    Quote Originally Posted by IsobelWren
    Well, except that it's a virus, so antibiotics wouldn't work against it in the first place.
    Quote Originally Posted by Nautilus
    i wish there was a vaccine for child sexual abusers


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    Default Re: Credit Card Question

    ^^^ the equation that the credit rating agencies look at is the total line of credit available from all open accounts, versus the total outstanding balances on those accounts ... which is the definition of the debt to credit ratio. In Audrey's example the total available credit dropped from $10k to $5k with the closing of one account, while the outstanding balances stayed the same at $3.5K.

    I'm a living example of this formula because, just last week, Capitol One decided to unilaterally increase the interest rate on my Platinum Visa card from 9.9% to 14.9%, despite the fact that I always pay on time and am a long time customer. I would dearly love to tell them to shove their card up their ass because the only likely reason they have done this is the fact that I am 'self-employed' - however closing that account would erase a 10 year credit history plus reduce my total available credit line by a big number thus dealing a noticeable hit to my credit rating.


    On the subject of super-low interest rate credit cards, believe it or not these are now difficult to obtain if they are being SOUGHT. About the only promo rate credit card offers still being thrown around are targeted offers from banks, based on totally paying off a card balance in a single month etc., based on an accompanying balance transfer from another card with a very low publicity fee attached equal to 3% of the transferred amount etc. Without exception, these promo rate cards have short time limits. They also do not extend the promo rate to cash advances and attach other conditions. As Audrey pointed out, the amount of money that can actually be saved by messing with these short-lived promo rate cards probably isn't worth the hassle or the credit rating hits.

    I did a whole bunch of shopping around over the last month re a new credit card with a permanently low rate and permanently low fees. Believe it or not I found the best deal anywhere with a local credit union !!!

  18. #18
    AudreyLeigh
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    Default Re: Credit Card Question

    Quote Originally Posted by Hot2Trot View Post
    I have a question for you AudreyLeigh.

    The two CC accounts you proposed in your example = 100% of the credit block, correct ?
    And even after card A is closed, it still counts toward total credit; i.e. the 70% debt to credit ratio, correct ?

    Would you happen to know for how many months/years the closed account on card A counts toward total credit figured into the creditors' equations ?

    .
    Think Mel pretty much summed up the first part.

    The second part if Im reading correctly - once you close account A youve lost that credit and history. Oh itll still show that you paid on time or whatever if you had used it but in 2 years itll be completly null and void. The credit companies want a long history but the past 2 years are the most important when getting a loan or account. Right Mel? She knows more about this than I do...

    But im not sure if I read your question correctly.

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    Default Re: Credit Card Question

    well I'm no expert on credit ratings ... nobody outside the business is because the actual formulas they use are 'classified'. However, from what I've been told, the two year history time frame IS used as the basis to establish a 'positive' trend. Of course establishing a 'negative' trend is far easier i.e. 3 months worth of consistent late payments or bad ratios will poison your credit rating quicker than s#!t ! To paraphrase an old axiom, it takes 24 consecutive 'attagirls' to erase 3 'ohs#!ts'

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    Arrow Re: Credit Card Question

    Melonie, how lovely to "see" you again . My neurons are firing away hundreds of questions at once.

    Quote Originally Posted by Melonie View Post
    ...just last week, Capitol One decided to unilaterally increase the interest rate on my Platinum Visa card from 9.9% to 14.9%, despite the fact that I always pay on time and am a long time customer.
    Ouch ! I'm sorry to hear that - It's like they say,
    "The shark only knows how to bite" and Capitol 1 sure ranks up there with the predatory lenders.

    Most people go for the balance transfer and get sucked in after that unless they have a plan going in.


    Quote Originally Posted by Melonie View Post
    I would dearly love to tell them to shove their card up their ass,
    Ha ha! Basically.

    Quote Originally Posted by Melonie View Post
    I did a whole bunch of shopping around over the last month re a new credit card with a permanently low rate and permanently low fees. Believe it or not I found the best deal anywhere with a local credit union !!!
    Interesting. They send me something recently, but I wasn't in the market for credit as I am now. Thanks I will definitely look into it.

    Thank you for your response Melonie and I really hope you could work that out. There has got to be a provisionary clause somewhere that works to your advantage (?) . Worse comes to worse you could always request a "courtesy" because of your consumer loyalty to them and your good history.

    As much as you don't want to lose those ten years, chances are they do not want to lose you as an account holder. Where would their company be? They don't make money off of the defaults, but off of jerking more out of those who actually pay on schedule .

    .

    .
    "Everything that is in Heaven and on earth is penetrated with connectedness." - Hildegard of Bingen [SIGPIC][/SIGPIC]

    Quote Originally Posted by IsobelWren
    Well, except that it's a virus, so antibiotics wouldn't work against it in the first place.
    Quote Originally Posted by Nautilus
    i wish there was a vaccine for child sexual abusers


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    Re: Credit Card Question

    Quote Originally Posted by AudreyLeigh View Post
    Oh itll still show that you paid on time or whatever if you had used it but in 2 years itll be completly null and void. The credit companies want a long history but the past 2 years are the most important when getting a loan or account. Right Mel? She knows more about this than I do...

    But im not sure if I read your question correctly.
    Quote Originally Posted by Melonie View Post
    To paraphrase an old axiom, it takes 24 consecutive 'attagirls' to erase 3 'ohs#!ts'
    I am NEVER going to forget this axiom Melonie (So that's bad news for me when it changes next quarter; ).

    That was my question in a nutshell. Sorry if I was not clear enough AudreyLeigh but Thank You (!) for trying to make sense of it so that you could try to answer me .

    Would either of you happen to know how low one's score could go before one is denied for an application?

    .
    "Everything that is in Heaven and on earth is penetrated with connectedness." - Hildegard of Bingen [SIGPIC][/SIGPIC]

    Quote Originally Posted by IsobelWren
    Well, except that it's a virus, so antibiotics wouldn't work against it in the first place.
    Quote Originally Posted by Nautilus
    i wish there was a vaccine for child sexual abusers


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    Default Re: Credit Card Question

    Would either of you happen to know how low one's score could go before one is denied for an application?
    well the bottom line is that you will never be denied for 'some' card. The real issue is where the cutoff falls for a 'prime' card with a comparatively low fixed interest rate. In the case of the credit union Visa card I just picked up, they offered four different card types with four different interest rates and four different annual fee structures. The 'platinum' level with zero annual fee and a 7.9% fixed interest rate took a 700 to open the door.

  23. #23
    AudreyLeigh
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    Default Re: Credit Card Question

    Anyone can get a card but youll have $225 in start up fees on a $300 card and will be around 22.99% interest with TONS of fees....

    Imagine getting a $300 limit CC and you only have a $75 balance available!

    Thats what I got offered after my Ch 7 - unfortunately it was before I learned to read the fine print. Ugh. My score was probably around high 400s low 500s

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    God/dess Deogol's Avatar
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    Default Re: Credit Card Question

    Fuck credit.

    Focus on creating wealth and income.

    One card is good enough to get an apartment, home loan, car, and slip past the credit checks some jobs require.

    The rest of it is just wasted energy juggling chainsaws.

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    Arrow Re: Credit Card Question

    Quote Originally Posted by Deogol View Post
    The rest of it is just wasted energy juggling chainsaws.
    Good point Deogol ; I have never heard that phrase before, LoL.

    .
    "Everything that is in Heaven and on earth is penetrated with connectedness." - Hildegard of Bingen [SIGPIC][/SIGPIC]

    Quote Originally Posted by IsobelWren
    Well, except that it's a virus, so antibiotics wouldn't work against it in the first place.
    Quote Originally Posted by Nautilus
    i wish there was a vaccine for child sexual abusers


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