Class Action Lawsuits Filed Against Credit Card Companies

BCS Alliance ^ | No published date | BCS Alliance

[Hoffer Rand]

Ah, you should be ok, if you’re using their system to pay your bills. I use my bank account’s bill pay system. I set up a “payee” account for each company I do business with. When the “payee” account is set up, that’s when an address gets entered for where the money goes every time I pay a bill. I don’t go to any company’s website to pay that company’s bill. I do it all centrally from my bank account. Credit card companies know a lot of people (like me) do this, so they change billing addresses. If you aren’t paying attention, you can fall prey to it.

I learned about this from a story done by a local TV consumer protection reporter and started watching our CC statements. About 4 months later, Discover changed their billing address. We caught it before we paid the bill. We called Discover and asked how people who pay online were supposed to know they’d changed their address. They told us people were finding out when they “learned the hard way.”

[CSM]

When you play with snakes, don’t be surprised when you get bit ping!

Thanks to Hoosier for the heads up.

Dave Ramsey Fan Ping List.

If you would like to be added to the “Live like no one else, so that you can LIVE like no one else” list, feel free to Freepmail me.

[CSM]

“Credit cards are a good thing and don’t forget it. Where else can you spend thousands of dollars and only pay back $45 a month? No one else.”

I wonder if every slave has the secret desire to chose thier master from the cesspool of evil slave owners.

[TenthAmendmentChampion]

I should have thought of you CSM, my bad!

[Marie]

About two years ago I paid off a card (to the penny) and canceled the account. They charged me a fee for canceling that I was unaware of. I didn’t get a bill from them for six months. By that time, the $15.00 fee was almost at $200.

I called, paid them and canceled the account (again), but I still have the black mark on my credit score. It’s my *only* negative and it still *killed* my credit score.

I hate credit cards. I don’t have any more, but I do have a “line of credit” at a stupid interest rate that we’re working on now. That will be gone in 18 months, then we’re done playing this stupid game.

[D-fendr]

Good advice. You also need to use the old cards now and then for them to be counted in your score. A good way to look at it is to prepare for major purchases by having a small token balance on them.

[CSM]

No problem. Hoosier had our backs.

;-)

[bootless]

Excellent point about not canceling your old cards. Also, if you cancel the card, you lose the available credit, which also boosts your score.

So, if you have available credit lines totaling $50,000, and cancel one with a $25K credit limit, a, say, $5,000 total credit card balance would give you a 25% credit utilization with the canceled card, where it would be only 10% with the $50K line. Big difference in the score. The sweet spot is between 7-15%.

Also, if you ever need a higher limit, the card company that is considering the increase will look at the other limits you have and (in the old days, at least) would often match your highest limit.

And yes, a good account with a lot of age is a valuable credit asset.

[bootless]

Generally a good idea.

However, one of the best “866” calls I’ve ever answered was from the Security Dept. from Amex - seems some criminals had bought my acct # to buy a bunch of online gaming subscriptions and iTunes, to the tune of over $1300.

They confirmed it wasn’t me, canceled the account #, gave me a new one, and then provided all the fraudulent activity over the phone so I could file a police report.

Glad I answered. If I get a telemarketer, junk or other unwanted call, I’ve practiced my response so I can be off the phone within five seconds. I don’t argue. I tell them not to call me again, take me off the list, say goodbye and hang up without further argument. It’s fun.

[nufsed]

I have always had great service from Chase security including twice with problems overseas. Don’t like the interest, but counter some with miles and low balances.

[nufsed]

If you want to boost your credit score in the future, you'll need 2-6 accounts. Keep two cards and use them once a year or whatever their minimum is to keep the account open.

Credit history and two open accounts will give your score a boost and save money if you have to borrow again.

You can put your children on your cards as they become adults (lock the card up) for 6-12 months, then they can spin off their own account and piggyback on your card's good credit history. Helpful for first home purchase or first car loan etc.

[bootless]

Marie, you can dispute that negative mark off your three reports. Do it in writing, certified mail, return receipt, and raise holy hell with the company until they fix it.

[Richard Kimball]

Oddly enough, Chase has treated me very well. I had a Cap 1, still do but never use it.

[mad_as_he$$]

For some number of customers Citi was cashing the check and not crediting the account until AFTER the payment was late. I am working with attorney's to get a CA suit against them. Oh and then they woudl raise you interest rate because you had a “late” payment.