I hate that your credit score is more important than your IQ. I have not had credit cards for years now, and just one debit card... for lazy moments... thats it... If I cannot pay cash... I do not really need it. And thanks for your time.
-E
Eddyof OK9:43PM June 30, 2010
Once you become debt free, you'll always pay cash and never use a credit card. I have a credit card for online, non-paypal purchses or airline tickets. Otherwise it's cash, not even debt cards.
When you have to pull out cash, it's not as easy as a simple slap down the credit card and don't think about it. Always pay cash. If I can't afford to pay cash, then I don't need it.
Pay yourself first (savings account).
Same with a car. Set aside $200 a month and buy a good used vehicle in a couple of years.
The banks don't need your money.
CashOnlyof KY3:49PM June 13, 2010
I just gave Capital One all the money they said I owed them and they proceeded to tell me that I owe them another $400 for an account closing fee and "pay off balance"! How can I have a balance if they closed my account and I just paid it off??? Credit One did the same thing to me and so now I am almost $900 in debt to two credit card companies that I don't even have an account with anymore!! I am so sick and tired of these companies taking advantage of us consumers who decide we don't want to do business with them anymore. Something has got to change or else everyone will end up in the same boat!
bobbi finchof OR10:57AM June 10, 2010
I was a big fan of Bank of America - They sent me a credit card transfer offer in the mail. I had two cards with them one open for more than 10 years. No late payments. Never any issue. I tried to use the offer they gave me and they closed both accounts on the spot. I am no longer pleased with them. Their customer service and loyalty to good customers is lacking. Obama's plan to help the consumer has failed in a big way. I am paying more interest now than anytime over the past 15 years. No longer are credit card companies interested in giving me offers - now they are just closing my accounts left and right or limiting my credit to very low levels. Once they manage to shrink all your accounts to the amount you owe - your credit score drops because the debt to credit ratio is too high!! The credit companies are the ones doing it to you and then penalizing you for it. They will get my money in the short term but they won't benefit much when I stop using credit all together. The comments I read were right on - this is not penalizing the non-payer but the credit card companies best customers. I echo the USAA praise they are the one bright spot left for credit card companies! Way to go USAA.
Jonathan of TX3:05PM June 09, 2010
Chase,Capitol one, and unamerican express, have taken me down on my credit rating, to the tune of 75 points. I have never missed a payment, my interest rate was between 8.99 to 11.99. Till the US goverment mandate allowed the credit card companies to raise rates on the consumers. My business has suffered. I thought about defaulting, but who am I hurting? Just myself. Credit Card companies got comsumers by the balls. I will get through this, and when I do the credit card companies are gone from my life. Cash and Debit all the way. The only way we can crush these companies is to stop using them. I can't wait for the day when I can send them a do not call, or send anything via phone. I'm mad at myself for allowing these worthless companies to offer then take away on their promise. Stand up America, pay off the debt, then tell the credit card compaines to die.
Dee Mof CA3:00PM June 09, 2010
Hey, this is all part of credit card company's complying with President Obama's financial reform. It all trickles down to us (the taxpaper) to foot the bill.
Josie Marie of NV1:49PM June 09, 2010
It is no wonder people are shunning credit cards. Even people who have good credit are getting ripped of by certain credit card companies.
We work hard and make sure we pay our bills on time. We have good credit. We have never missed a payment or have even been late. Our CHASE credit card interest rate jumped all the way up to 29.99%. When I inquired abut the sudden increase they told me that there were policy changes and everyone was affected and I should have recieved their [fine print] booklet on the changes in Feb. I used my tax return to pay it off in full and closed the account. Chase also cut a $3000 credit limit down to $500 giving my husband 45 days to pay it down to the $500 credit limit or they would increase his APR to the high default APR. That to me is credit entrapment.
Others are charging a non-usage fee. And Capital One has proven to be hard to close, and we did not know it was still open until we received a statement that included the balance for the annual fee. With the recent credit card regulations credit card companies are finding loopholes and other ways to increase their bottom line. Unfortunately, they rip off those who keep them in business.
For military USAA is available. They are the best. They don't rip consumers off. It is unfortunate that USAA is not available to everyone. I hope one day their is a civilian credit card company that actually cares about their consumers and either puts the others out of business, or forces them to quit ripping their consumers off!
Carolynof KY11:27AM June 09, 2010
Credit Card companies are doing the on time paying, never over the limit consumers wrong. I have never had anything bad on my credit and almost all of my creditors cut the limits lower than what I owed, sending my credit score to serious downward spiral. My score dropped almost 100 points. It is disgusting.
Tracyof LA9:40AM June 09, 2010
We had Master card since 1993,never been late,or missed a payment.We have a substantial amount of money coming in every month.last year,we did a large home improvement using several credit cards. We did not want a second mortgage,so we went to our cards!Well--HSBC decide in November to raise our rate from 12.9-23%.when I question them about it ,they said every one is doing it,and we had the option of opting out and our rate would stay the same until payed in full.We used the option and told them to close the account then.They wanted us to keep it open until Jan. 1 2010. We told them to Close it now and paid them off in Feb. non of our other Non of raised our other cards raise their Rates and we have reduce our other cards amount,most paid off. I would not do business with this company or any of their other companies again ever,their loss ,not ours.If every one did this the banks would have too stop this pitiful of advantage and loss of their best customers!
George Taylorof MI10:34AM June 08, 2010
We had Master card since 1993,never been late,or missed a payment.We have a substantial amount of money coming in every month.last year,we did a large home improvement using several credit cards. We did not want a second mortgage,so we went to our cards!Well--HSBC decide in November to raise our rate from 12.9-23%.when I question them about it ,they said every one is doing it,and we had the option of opting out and our rate would stay the same until payed in full.We used the option and told them to close the account then.They wanted us to keep it open until Jan. 1 2010. We told them to Close it now and paid them off in Feb. non of our other Non of raised our other cards raise their Rates and we have reduce our other cards amount,most paid off. I would not do business with this company or any of their other companies again ever,their loss ,not ours.If every one did this the banks would have too stop this pitiful of advantage and loss of their best customers!
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Eddy of OK 9:43PM June 30, 2010
CashOnly of KY 3:49PM June 13, 2010
bobbi finch of OR 10:57AM June 10, 2010
Jonathan of TX 3:05PM June 09, 2010
Dee M of CA 3:00PM June 09, 2010
Josie Marie of NV 1:49PM June 09, 2010
Carolyn of KY 11:27AM June 09, 2010
Tracy of LA 9:40AM June 09, 2010
George Taylor of MI 10:34AM June 08, 2010
George Taylor of MI 10:34AM June 08, 2010