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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
Posted by DiamondGirl
It is all a joke.
Someone said "we are all adults" yes we are, but someone making $30,000 a year should not be given a credit limit of 30k a year...it is asine.
If I told you the mortgage DH and I were approved for a year and half ago and our income you would faint...
sure we opted to do the smart thing and live within our means BUT many people do not...
all adults are not created equal, some make better decisions than others...there should be more constraints on the amount of credit given based on income. period.
But you see it's up to the bank to decide how much risk tolerance they want to have per customer. So if they feel its beneficial enough FOR THEM to give somebody a higher credit line than they probably deserve, that's their choice.
But to coin your phase, I think its assinine to blame your debt on a bank because they gave you too high a credit limit and you couldn't control yourself.
Should a casino be blamed for somebody's gambling addiction?
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Posted 10/20/09 5:03 PM  |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
Posted by ave1024
Should a casino be blamed for somebody's gambling addiction?
Innocent bystanders are not effected by the casino. The gambler loses, but does not hurt the next person (well unless he robs someone  but that is a different topic altogether).
Banks that gave too much credit too people IS effecting a lot of the innocent...
this post alone...cc holders who are good customers, pay on time, are responsible are being hit with insane rates and fees bc the bank lent too much to people who were not qualified.
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| Posted 10/20/09 5:08 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
I also wanted to add I am fortunate enough to be able to pay my CC bill every month in full.
Neither DH and I carry a balance or EVER have.
However, life hands you situations where this is a reality.,...
People should not suffer these interest rates bc banks hand credit to everyone with no worry on the debt being paid
Message edited 10/20/2009 5:11:53 PM.
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| Posted 10/20/09 5:10 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
Posted by DiamondGirl
I also wanted to add I am fortunate enough to be able to pay my CC bill every month in full.
Neither DH and I carry a balance or EVER have.
However, life hands you situations where this is a reality.,...
People should not suffer these interest rates bc banks hand credit to everyone with no worry on the debt being paid
While true, the OP post is about due dates change and being late. Once you are late, it affects your rate. Perhaps reviewing your statements entirely will ensure you of being up to date. Yes, i use to work in a credit card call center and a number of people complain about the due date. If you have a problem, call the CC, find out your date range and if you have auto pay, pay it "X" number of days before the earliest due date and you won't have a problem.
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| Posted 10/20/09 5:30 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
Posted by BabyBoy
Posted by DiamondGirl
I also wanted to add I am fortunate enough to be able to pay my CC bill every month in full.
Neither DH and I carry a balance or EVER have.
However, life hands you situations where this is a reality.,...
People should not suffer these interest rates bc banks hand credit to everyone with no worry on the debt being paid
While true, the OP post is about due dates change and being late. Once you are late, it affects your rate. Perhaps reviewing your statements entirely will ensure you of being up to date. Yes, i use to work in a credit card call center and a number of people complain about the due date. If you have a problem, call the CC, find out your date range and if you have auto pay, pay it "X" number of days before the earliest due date and you won't have a problem.
I was responding more to the where the conversation went and not really to the original post lol 
I totally agree with your post about the due dates though
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| Posted 10/20/09 5:36 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
Posted by BabyBoy
Posted by DiamondGirl
I also wanted to add I am fortunate enough to be able to pay my CC bill every month in full.
Neither DH and I carry a balance or EVER have.
However, life hands you situations where this is a reality.,...
People should not suffer these interest rates bc banks hand credit to everyone with no worry on the debt being paid
While true, the OP post is about due dates change and being late. Once you are late, it affects your rate. Perhaps reviewing your statements entirely will ensure you of being up to date. Yes, i use to work in a credit card call center and a number of people complain about the due date. If you have a problem, call the CC, find out your date range and if you have auto pay, pay it "X" number of days before the earliest due date and you won't have a problem.
Many banks allow you to change your payment due date too. I am sure a lot of people don't even realize you have this ability. Sort-of eliminates the issue of a changing due date.
But yes you should still keep an eye on your payment due date regardless. Or do what I do, and make sporadic monthly payments. I don't just pay down my bill in full every month.
Whenever I charge something, I will send an immediate payment for that amount I charged. So if I have an $80 dinner tab, the next day i'll send an $80 payment to my credit card. This essentially keeps my running credit card balance at zero, it doesn't allow my balance to get too high, and since I am making almost immediate payments, I really can't overspend or "fear a huge credit card bill at the end of the month". I also never have to worry about payment due dates.
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| Posted 10/20/09 5:51 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
Posted by DiamondGirl
Innocent bystanders are not effected by the casino. The gambler loses, but does not hurt the next person (well unless he robs someone but that is a different topic altogether).
Banks that gave too much credit too people IS effecting a lot of the innocent...
See but for somebody that "gambled too much", you can't blame the casino on this. Just like you can't blame the banks for tightening up their credit lines when they have the right to do so.
There is no "innocent" in the realm of credit. I think thats where the problem is. People may THINK they are entitled to have credit cards and have the limits and interest rates they want and have always had. Banks are going to change the rules when they want as long as they aren't breaking any existing contracts.
Things happen in life that will affect the prices of certain things. We saw a huge spike in cheese prices because there was a milk shortage. We saw a hike in gasoline because they cut production and the dollar tanked. I am sure there are supermarkets and grocery stores out there that had to raise prices because their rents went up, or maybe because they had too many people shoplifting.
We are now seeing a hike in credit prices, mainly because of the amount of people defaulting. And like I said I wouldn't blame it on the fact that they gave out credit too loosely because projected defaults are factored into every bank's bottom line. Blame it more on the economy, job losses, etc.
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| Posted 10/20/09 6:00 PM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
I live within my means to the best of my ability but I am still paying for mistakes I made when I was younger and also inherited my husband's debt.
We've cut it in half over the past 3yrs and that was no easy feat let me tell you. It was about $60k-$80k! 
But im at the end of my ability to 'find a way' to reduce my debt. The only thing I have going for me is time. If i pay (and no, not minimums) and stay viligant I expect to be debt free in 4yrs (unless i buy a house LOL).
These rate change things are insane. It throws me into another 3-5yrs of payments  Its like they are changing the rules and I have no other choice but to play since the debt is still out there.
What I do is put aside my check from the 15th to pay any bills from the 20th of that month to the 10th of the following month. The check from the 30th pays all bills from the 10th of the month to the 20th. Rent is included. So I'm always a half month ahead.
I am usually having to check to see 'if' i can pay a credit card because if its too early its doesnt 'count' as a monthly payment. Still these rate increases are brutal.
It hurts even more now as my income has reduced by $55k for a household but those cc bills have NOT changed and instead increased. Cost of living credits for TX do NOT make up that difference.
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| Posted 10/20/09 6:14 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
Xelindrya:
Why didn't you opt out of the interest rate increases? There are usually two ways the bank can determine your interest rate. Prine + a certain amount, or something stupid like 29.99%.
Rates will always go up and down based on the prime rate changing. It's when a bank decides to jack up your interest rate to some bloated number like 29.99% that will allow you the ability to opt-out and not get hit with that rate hike.
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| Posted 10/20/09 6:19 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
This is a good read for everyone regarding interest rate hikes.
How to effectively opt-out of interest rate hikes
And this statement is just so true, reflects exactly the problem the OP was talking about.
Credit card issuers know that cardholders seldom read billing statement inserts, so they often use this method to notify you of interest rate increases. If you have a habit of throwing away those inserts without reading them, you could miss out on the opportunity to opt-out of the interest rate increase. So, read everything that comes with your credit card statement.
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| Posted 10/20/09 6:22 PM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
Posted by ave1024
Xelindrya:
Why didn't you opt out of the interest rate increases? There are usually two ways the bank can determine your interest rate. Prine + a certain amount, or something stupid like 29.99%.
Rates will always go up and down based on the prime rate changing. It's when a bank decides to jack up your interest rate to some bloated number like 29.99% that will allow you the ability to opt-out and not get hit with that rate hike.
If you opt out dont you lose the card? (not that im worried about that! )
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| Posted 10/20/09 6:45 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
Posted by Xelindrya
Posted by ave1024
Xelindrya:
Why didn't you opt out of the interest rate increases? There are usually two ways the bank can determine your interest rate. Prine + a certain amount, or something stupid like 29.99%.
Rates will always go up and down based on the prime rate changing. It's when a bank decides to jack up your interest rate to some bloated number like 29.99% that will allow you the ability to opt-out and not get hit with that rate hike.
If you opt out dont you lose the card? (not that im worried about that! )
Yes at the existing terms
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| Posted 10/20/09 7:07 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
Posted by Xelindrya
Posted by ave1024
Xelindrya:
Why didn't you opt out of the interest rate increases? There are usually two ways the bank can determine your interest rate. Prine + a certain amount, or something stupid like 29.99%.
Rates will always go up and down based on the prime rate changing. It's when a bank decides to jack up your interest rate to some bloated number like 29.99% that will allow you the ability to opt-out and not get hit with that rate hike.
If you opt out dont you lose the card? (not that im worried about that! )
yes
citi bank told me when my card expires I would not be able to use it anymore
I am not using ever anyway- but that is not for 2 years and 2 months
did you call all your CC companies and tell them your husband died? I did and many were willing to work with me
citi gave me 0% for a year on a line of credit (saving me over $3K in interest)
bank of america gave me a 5 year repayment plan- 5% for 5 years
american express put me on a killer 12 month plan- but I will done in may- 7 payments left
and a few other did similar things
I had to agree to close most of these cards- (not amex- they said i can use my card again the day I make my last payment)
but it really had no effect on my credit- it was still 700 when I bought my truck and seriously a temporary drop is worth it to me to aviod not being able to pay....
sorry that we are both left with bills....
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| Posted 10/20/09 7:07 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
Posted by BabyBoy
Posted by DiamondGirl
I also wanted to add I am fortunate enough to be able to pay my CC bill every month in full.
Neither DH and I carry a balance or EVER have.
However, life hands you situations where this is a reality.,...
People should not suffer these interest rates bc banks hand credit to everyone with no worry on the debt being paid
While true, the OP post is about due dates change and being late. Once you are late, it affects your rate. Perhaps reviewing your statements entirely will ensure you of being up to date. Yes, i use to work in a credit card call center and a number of people complain about the due date. If you have a problem, call the CC, find out your date range and if you have auto pay, pay it "X" number of days before the earliest due date and you won't have a problem.
right...I reviewed my statement and noticed the date changed BEFORE I was late
I decided to be nice and warn others incase they don't check
which as you can see does happen
I have never been late - ever - on 1 bill - even with losing 65% of my household income and not losing 1 expense (something I am quite pride of and I should be)
yet citi wants to jack my rate to 29.99%
ironically on my statement- it says that if I am LATE the will raise my rate to 29.99%
"If we do not receive your minimum payment by Oct. 30, 2009, you may have to pay a $39.00 late fee, and your APRs may be increased up to the Penalty APR of 29.99%. "
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| Posted 10/20/09 7:12 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
Posted by ave1024
Posted by Sassyz75
I don't think so- I don't know of many banks that are loaning to ANYONE.. not these days. Especially now that his FICO is in the crapper due to the banks constantly lowering his limit- he can't get any really juicy offers- so transfering out a balance isn't an option.
You assume that you can so easily switch out your balance from one bank to the next- not so when every bank he does business with- EXCEPT capital one (chase, BoA, AmEx, etc) has raised rates/lowered limits.
Then this is decided on a case by case basis then. I have credit cards with almost every major bank and I have yet to have a bank jack my rates to 29.99%. Ive had a few banks close accounts due to inactivity. Some raised my rates a little bit. But nothing too drastic. But then again I don't carry balances so maybe they are only doing this on accounts that are carrying a balance.
Also there are still plenty of banks that are still lending. Don't believe the media hype machine saying that nobody is lending and we are in this huge credit crunch.
I was able to open business credit lines on a brand new business that didn't even have a TIN or any sales revenue. I basically said the business was 0 years old and had 0 revenue. I got a 25k credit limit! The banks simply used my personal credit profile as a barometer to decide if I was credit worthy. If you have an actual legit business like I mentioned above, credit is even easier to get.
And it doesn't matter if every bank is raising/lowering lines, because pretty much every bank has promotional rates available. What banks do on promotional offers, and what they are doing to non-promo accounts are two different things.
I don't carry a balance either, and have not had any credit cards raise their rates- not sure why they would, b/c historically I haven't had to revolve in over 3 years...
I fully believe they do this to customers that have balances- after all- this is where they make their money. Not "bad customers" like us that don't revolve a balance and pay a fee for using their money.
I am sure I could also get a business line of credit based on my personal credit score.. however, it might be different after weathering 30 years of business cycles- using your line of credit for actually business purposes.. what a business line is there for- and then having the rules changed, your lines cut, etc... this has been happening to countless businesses.... I've been hearing it constantly in the field.. so while maybe banks are out there lending- they arent' lending like they used to be.. or even as much as they SHOULD be- with the tightened requirements.
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| Posted 10/20/09 8:50 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: PSA- check your credit card due dates- esp if you don't get mailed statements
Business cards are the best though. Better than personal cards.
Are you carrying a credit card balance that you believe is huring your credit score? Want to eliminate the balance from your credit report?
Here is Ave's tip of the month. Transfer the balance to a business credit card. 
Beauty of business cards, they don't show up on your personal credit report. Banks can't see your business cards when you apply for stuff like car loans, mortgages, etc. It's also possible that if you are late on a business card, that won't show up as a delinquency on your personal credit report too (but don't try this!)
Granted there are a few business cards that report on personal credit reports like Discover. But I have business cards with Bank Of America, Amex, Citi, Chase, and Juniper, and none of them show up on my personal credit report.
So if you are carrying a card with a 15k balance... transfer it to a business card. Watch your credit score go up 30 points.  When applying for the credit card, just say you are starting up a new business. 0 years and 0 revenue and are doing a sole proprietorship. Tell them something silly like you want to sell on ebay and need the card to buy capital. I've never been declined business credit.
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| Posted 10/20/09 10:52 PM |
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