Posted on 12/10/2007 12:34:11 PM PST by ex-Texan
Wall Street owns some BIG banks. Bankers own credit card companies. Credit card companies really do throw away incoming mail. Some reports says they destroy bags full of incoming mail every month. Why? To make more money.
$$$$$$$ !
Chase Auto charges me a $10 fee if I want to submit my payment online or do it over the phone. They can eat my check in the mail each month those friggin' jerks.
Also, my local DMV charges $3.00 to process a renewal over the web. Another friggin' insult.
Mortgage payments, insurance premiums, etc. are on bank payment auto-pilot. In fact the mortgaqe payment is semi-monthly; it knocks one year off the 15 year 4.78% loan.
Which is exactly why I pay on-line and I do not get charged for doing so. BTW, utility companies do the same thing.
What if they don’t?
What if they say you were negligent with your card?
What if they try to say it’s your fault?
While they fiddle, your money is not available.
Happened to my sister this year. It took forever for the bank to admit fault and meantime my sister needed a lot of help to make her house payments, car payments, etc.
By the time the bank decided to put her money back, she’d already given up on them and started anew at another bank with money I gave her to start over with.
Debit cards were different. It may be different now that many are VISA.
“...so I am hunting for another card.”
Try a debit card. It’s amazing how much money one can “make” that way. I then can buy something of equal value and pocket the interest. When I wish to buy something, or need something, I save the money for it. After using the debit card, I figure what the interest would be had I charged it and pay myself payments over the length of time it would cost to pay off the charge. It’s amazing how rich one can become being one’s own banker.
“Chase Auto charges me a $10 fee if I want to submit my payment online or do it over the phone.”
Weird. Not me. Must be according to what your state allows.
I have a bigger problem with the credit reporting agencies and how FICO works.
A couple of dirty little secrets credit card companies and reporting agencies don't want you to know:
1) Every time someone does a credit check on you, it's a negative on your report. It doesn't matter if it's for a refinance, a car loan or for car insurance. It's a ding against you.
2) When you're doing a major home project/remodel, do NOT go for the 0% financing offered by home improvement stores/companies with the idea of rolling it into a refinance or home improvement loan. Not only does the credit check count against you, but when you DO go after a consolidation loan, you won't get a decent interest rate because of how FICO works. All those balances -- whether or not you've paid them on time every time -- will go as negatives and refinancing companies don't consider you're rolling them into a loan. Our credit was damaged by this and we're still working on cleaning it up. It was made all the more difficult by the high interest rates and dings on our credit.
Until there's an outcry to re-evaluate the way credit is reported and calculated, the consumer will always take a hit. An expensive one, too.
Chase raised my wife’s interest rate on a card she’d had for more than 6 years by more than 10% AFTER we bought a house. Her score is in the 700s. Our business went elsewhere. Scheisters!
You're still $7.58 ahead.
It’s written into Visa’s contract with the bank. Make one call to Visa and they will enforce it even if things aren’t ironed out yet. I work in banking, they MUST replace the money within the contract time.
“The reason they cite is that the customer’s credit rating has fallen elsewhere”
I highly doubt they said “elsewhere”. Where is this “elsewhere”? Never herd of it. How do I find out my “elsewhere” credit score? I would like to know if it is higher or lower than my normal credit score.
1. Yes and No. Up to about 6 per year has a negligible effect, and more than that is still relatively minor if your credit is otherwise good. If your FICO is 720 you can have 10 inquiries and still pull a 712. You are correct but the effect is less than people think it is.
2. Again, it depends how much. For Revolving accounts, it matters. If it’s an installment loan, not so much. Revolving account=a credit card or credit line you can “draw” from...an installment loan is just a loan for a set amount of money you then pay back. For a revolving account, take the total balance you have or think you’ll have on ALL revolving accounts, divided by the limits on all open revolving accounts together. If under 20% you’re good, under 50%, OK.
It depends how good overall your credit score is beforehand.
The bank could be held liable for the fallout in her financial life for breach of their contract with Visa if this is the case. I've seen this happen. Perhaps she should contact an attorney.
I have never been charged a fee by my bank on line account or any of my 3 credit cards - AMEX, Visa and Discover.
No, I mean pay off - we pay off our credit card debts totally every month.
Hmmm.. You folks don't know how to use credit.
I buy whatever I want on my credit cards during their zero percent for one year introductory rate, and then roll the balance over to another card just as the year is about to expire, pocket the rewards, rinse and repeat.
Borrow 10K for free? I'll take it.
Reminds me of any of a number of televison program threads. Always a few who state that they got rid of their television around 1967, and haven't watched anything since. (And you'd be better off if you got rid of yours too, by gawd.)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.