[tyclislavaify]

It keeps people who should not take up any credit from keeping a balance, which is a good thing so they have an incentive to pay off the full amount for each month.

[YpbWF5Yo]

All my lenders upped my rate to 30%. Even citi, who had me at an 11%, finally sent me a letter saying in February it's going up to 30%. My goal is to zero out all my cards by then.

[WaicurtaitfuT]

All my lenders upped my rate to 30%. Even citi, who had me at an 11%, finally sent me a letter saying in February it's going up to 30%. My goal is to zero out all my cards by then.

Thats where my credit cards are at, 30-33% What I did was asked my dad for loan to pay off these bulls!it lenders and their criminal rates. In total I owe just under 13K as of today, but if I werent to get a loan from my dad and I kept paying my cards as normal Id end up owing upwards of about 27K. So my xmas present this year is a loan from my dad at 0% interest.


and how did they come up with 80% interest?? My gawd, not even the mafia charges that much. I dont see this as a good strategy for getting new borrowers, if anything most ppl will steer away from even considering a cc in the 1st place

[rusculture]

Thats where my credit cards are at, 30-33% What I did was asked my dad for loan to pay off these bulls!it lenders and their criminal rates. In total I owe just under 13K as of today, but if I werent to get a loan from my dad and I kept paying my cards as normal Id end up owing upwards of about 27K. So my xmas present this year is a loan from my dad at 0% interest.


and how did they come up with 80% interest?? My gawd, not even the mafia charges that much. I dont see this as a good strategy for getting new borrowers, if anything most ppl will steer away from even considering a cc in the 1st place

I would think that's the point, as it would probably be a lot more profitable for a company to be carrying less people as long as those people actually do pay their bills. Less people need to be carrying balances and actually buy things when they can, like people were doing before there was such a thing as credit cards. I have use for one, but keep it paid off every month and use it only when I feel I can afford to or when I need to for that extra unexpected cost or item. My card is at 9.24% and has been for the last 2 years, as I assume they do not consider me a risk.

[nerohedfrs]

I would think that's the point, as it would probably be a lot more profitable for a company to be carrying less people as long as those people actually do pay their bills. Less people need to be carrying balances and actually buy things when they can, like people were doing before there was such a thing as credit cards. I have use for one, but keep it paid off every month and use it only when I feel I can afford to or when I need to for that extra unexpected cost or item. My card is at 9.24% and has been for the last 2 years, as I assume they do not consider me a risk.

I've had rates raised, and I'm super-prime, as far as credit rating is concerned.

[Riprincattiva]

I would think that's the point, as it would probably be a lot more profitable for a company to be carrying less people as long as those people actually do pay their bills. Less people need to be carrying balances and actually buy things when they can, like people were doing before there was such a thing as credit cards. I have use for one, but keep it paid off every month

Yes and no. They don't want just people like you so much who pay off the entire amount. For starters they make over $15 billion a year just off of late and over limit fees! and they like people who carry a balance because they can charge them those interest rates.

[WaicurtaitfuT]

Yes and no. They don't want just people like you so much who pay off the entire amount. For starters they make over $15 billion a year just off of late and over limit fees! and they like people who carry a balance because they can charge them those interest rates.

Ive heard that CC companies actually WANT to have ppl with high balances and ppl who cant make payments on time, and thats cuz of what you mentioned about the 15B a yr in BS fees

[vasyasvc]

I think we're going to see a new generation of consumers, hopefully one that doesn't revolve around being in debt for the rest of your life, and only buying things you can afford. Believe you me, it's not always the easiest thing to do, but I haven't used a credit card in about 4 years. It gets even more complicated when running a business and making $5,000 plus orders every couple of weeks. Hopefully this will also cause a paradigm shift in judging people by who they are and not what possessions they own.

[WaicurtaitfuT]

Hell I used to have a 720 score in my credit report just about a year ago, but missed a few pay here and there and now Im at a 550. Im hoping that once I pay off all my credit cards at once my credit will atleast go up to 650, then Ill apply for a cc with a low credit limit and just use it for gas n small stuff and pay if off asap.

Im never gonna get another 10k limit cc, I was way too irresponsible with my credit cards.

[smirnoffdear]

Why the hell do people even bother with such credit cards?

I have three, the non-rewards card (the only one I've ever carried a balance on, and that was $200) is 14.24%. The two rewards cards I have are 16.99% and 18.24%.

None of them have any annual fees.

My credit isn't that great either, 700 something. That is only because they are new accounts (2 years or so), not any negative information.

[rusculture]

Yes and no. They don't want just people like you so much who pay off the entire amount. For starters they make over $15 billion a year just off of late and over limit fees! and they like people who carry a balance because they can charge them those interest rates.

Yeah, but they also are forced to do a lot of debt consolidation to a whole group of customers who cannot pay their debt off in full, which means sometimes swiping the debt off in half or even three quarters, and losing a lot of money in the process.

[rusculture]

Hell I used to have a 720 score in my credit report just about a year ago, but missed a few pay here and there and now Im at a 550. Im hoping that once I pay off all my credit cards at once my credit will atleast go up to 650, then Ill apply for a cc with a low credit limit and just use it for gas n small stuff and pay if off asap.

Im never gonna get another 10k limit cc, I was way too irresponsible with my credit cards.

You must have done a lot to damage it over 200 points! I hear you though, 8 years ago I was hit with a false collection (my insurance didn't cover what they were supposed to) and after that and a few missed bills I had a 541 credit score. Even after the insurance paid the collection, it still wasn't dropped so I was there hurting my score all the way till last year (when the 7 year deadline passed).

Unfortunately, you're going to need a lot more than 650 for a low rate card these days, that's still considered to be sub-prime land. If you don't have a score over 720 or so, you're going to be hit with some pretty high rates.

[WaicurtaitfuT]

You must have done a lot to damage it over 200 points! I hear you though, 8 years ago I was hit with a false collection (my insurance didn't cover what they were supposed to) and after that and a few missed bills I had a 541 credit score. Even after the insurance paid the collection, it still wasn't dropped so I was there hurting my score all the way till last year (when the 7 year deadline passed).

Unfortunately, you're going to need a lot more than 650 for a low rate card these days, that's still considered to be sub-prime land. If you don't have a score over 720 or so, you're going to be hit with some pretty high rates.

As of this moment I really dont care at all about my credit score. Im not planing on buying a new house or a car or anything that requires credit scores. All I care about is killing the debt, getting it off my books and being able to finally start saving again. Ill let my credit report build up in time. Im still young and have plenty of time to get a house.

I really can only be mad at myself for using credit cards when I shouldnt have, but the lesson is learned non the less. I will never get involved credit cards in an irresponsible way, I was in college and relied too heavily on credit cards to pay for my partying/traveling.

Im glad that I have the support of my parents to see me thru this, I am so grateful my dad is giving me this loan at 0% interest. I should be able to pay off 13k within 3-4 yrs easy.

[Wahwlsnt]

Sadly since my foreclosure nearly 4 years ago, this is the kinda card I'm gonna have to get to even start rebuilding me credit. which is ok, I don't mind putting gas on a card and paying it off at the end of the month. Never really had any issues with credit cards or any credit really, just bought a house too far away that killed us in utilities. Ah well, live and learn.

Oh and that little FC, dropped my credit score from 710 to 440. and it had been there for a while. Its just recently this year that it has broke 600.

[fruttomma]

I see your 79.9% APR and raise you 2,339.3% APR [rofl]

Crazy [surrender]

http://www.1monthloan.co.uk/payday-loan-charges.php

[DrJonson]

It seems the CC companies are doing you all a favor and motivate you get out and stay out of debt.


Already at 10% interest, saving money over some time instead of taking up credit is a dam good investment.