Comments on: Why Even Good Credit Might Get Cut http://www.mint.com/blog/goals/why-even-good-credit-might-get-cut/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Sun, 12 Feb 2012 05:07:51 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Brian Bartlett http://www.mint.com/blog/goals/why-even-good-credit-might-get-cut/comment-page-1/#comment-45802 Brian Bartlett Fri, 19 Feb 2010 00:58:32 +0000 http://www.mint.com/blog/?p=1331#comment-45802 Citi Card just raised my purchase APR to 29.99%. I have never been late, always paid way more than the minimum due an often paid down to a zero balance and this is how they repay me for being a good customer. Well I showed them. I had a balance of $2500 when they did this. I had been keeping $2000 cash in the house for an emergency fund. Well, decided I'd use that an show Citi what I thought of them messing with me. Last month I used that 2K to pay down my balance to 500. That hurt but felt REAL GOOD. Today Mint told me that I got HIT with a finance charge from CITI in the amount of $23.35 for an outstanding balance of only $478.00 That's the new 29.99% APR working. CRAZY STUPID. So I just took last weeks paycheck and paid off the whole damn thing. Zero Balance and feeling good. CITI Cards. You can take that and shove it. I'm closing my account as soon as everything clears and you can bet I'll be telling everyone I know what a crummy institution CITI Bank is. Citi Card just raised my purchase APR to 29.99%. I have never been late, always paid way more than the minimum due an often paid down to a zero balance and this is how they repay me for being a good customer. Well I showed them. I had a balance of $2500 when they did this. I had been keeping $2000 cash in the house for an emergency fund. Well, decided I’d use that an show Citi what I thought of them messing with me. Last month I used that 2K to pay down my balance to 500. That hurt but felt REAL GOOD. Today Mint told me that I got HIT with a finance charge from CITI in the amount of $23.35 for an outstanding balance of only $478.00 That’s the new 29.99% APR working. CRAZY STUPID. So I just took last weeks paycheck and paid off the whole damn thing. Zero Balance and feeling good. CITI Cards. You can take that and shove it. I’m closing my account as soon as everything clears and you can bet I’ll be telling everyone I know what a crummy institution CITI Bank is. ]]> By: Joyce http://www.mint.com/blog/goals/why-even-good-credit-might-get-cut/comment-page-1/#comment-45774 Joyce Wed, 17 Feb 2010 22:47:32 +0000 http://www.mint.com/blog/?p=1331#comment-45774 This happened to me! American Express lowered my limits, and then cancelled my card after they said I was a "credit risk" even though I paid my bill IN FULL every month. Now my credit score dropped and I can't get a card when 1.5 years ago i had a score of over 700. This happened to me! American Express lowered my limits, and then cancelled my card after they said I was a “credit risk” even though I paid my bill IN FULL every month. Now my credit score dropped and I can’t get a card when 1.5 years ago i had a score of over 700. ]]> By: Juanita http://www.mint.com/blog/goals/why-even-good-credit-might-get-cut/comment-page-1/#comment-44936 Juanita Sat, 30 Jan 2010 15:26:52 +0000 http://www.mint.com/blog/?p=1331#comment-44936 Following these tips will not ensure you dont get screwed. I had several cards with 0 balance get canceled or limits reduced substantially. (they reduce the limits up to the balance). i've never exceeded my limit, i've only missed 1 payment and that was 2 years ago and that was my credit union's overdraft line of credit which doesnt send a bill or statement. i have over 13 credit cards. missing only 1 in two years is pretty good! i thought i was a valued customer, paying all that interest to them after all these years lol i guess not. im going cash only from now on. scheduled to be out of cc debt by my 40th birthday! (in 3 years) Following these tips will not ensure you dont get screwed. I had several cards with 0 balance get canceled or limits reduced substantially. (they reduce the limits up to the balance). i’ve never exceeded my limit, i’ve only missed 1 payment and that was 2 years ago and that was my credit union’s overdraft line of credit which doesnt send a bill or statement. i have over 13 credit cards. missing only 1 in two years is pretty good! i thought i was a valued customer, paying all that interest to them after all these years lol i guess not. im going cash only from now on. scheduled to be out of cc debt by my 40th birthday! (in 3 years) ]]> By: Michelle http://www.mint.com/blog/goals/why-even-good-credit-might-get-cut/comment-page-1/#comment-44865 Michelle Fri, 29 Jan 2010 04:18:40 +0000 http://www.mint.com/blog/?p=1331#comment-44865 Did all that and Chase just cut our limit in half after I just made a $500 pmt. It doesn't matter what you do, you still get screwed from the credit card issuers/companies. I completely agree with CHAD...don't get a credit card. But in this age that's not as easy as it sounds. But just because we can obtain a credit card doesn't mean the companies can abuse the holders. ESPECIALLY when they follow those 3 steps. So please don't act like there is a failproof way to avoid these abuses. And don't even get me started on MSP's abuses of it's clients! Did all that and Chase just cut our limit in half after I just made a $500 pmt. It doesn’t matter what you do, you still get screwed from the credit card issuers/companies. I completely agree with CHAD…don’t get a credit card. But in this age that’s not as easy as it sounds. But just because we can obtain a credit card doesn’t mean the companies can abuse the holders. ESPECIALLY when they follow those 3 steps. So please don’t act like there is a failproof way to avoid these abuses.

And don’t even get me started on MSP’s abuses of it’s clients!

]]> By: First Data Merchant Credit Card Processing Services http://www.mint.com/blog/goals/why-even-good-credit-might-get-cut/comment-page-1/#comment-43089 First Data Merchant Credit Card Processing Services Mon, 14 Dec 2009 05:03:02 +0000 http://www.mint.com/blog/?p=1331#comment-43089 Tips for people to maintain their credit cards and remain in good standing with major companies: 1. Pay your bills in time each and every month. 2. Never exceed your credit limit. 3. Try to avoid using not more 30% to 55% of your credit maximum to ensure good credit ratings. Tips for people to maintain their credit cards and remain in good standing with major companies:

1. Pay your bills in time each and every month.

2. Never exceed your credit limit.

3. Try to avoid using not more 30% to 55% of your credit maximum to ensure good credit ratings.

]]> By: Tina http://www.mint.com/blog/goals/why-even-good-credit-might-get-cut/comment-page-1/#comment-43080 Tina Sun, 13 Dec 2009 20:51:48 +0000 http://www.mint.com/blog/?p=1331#comment-43080 Yes. I agree with the moves your planning to make Juanita. I too have good credit. I had a credit card with Chase for a long time. I've never missed a payment, never over limit. But yet they cut my credit limit from $4000 to half that. The reasoning: low usage of card and length of credit history. Really!! I had just made a purchase last month. I paid it down to zero though. I have over a 15 year excellent credit history on my credit report. Their reasons are bogus and unreliable. They didn't even notify me. I actually found out thru mint. That's ok. I decided to close my account that same day. All of those years with them just flushed down the toilet. You would think that would mean something, having a relationship with your financial institute. Just because the banks are in trouble and carelessly managing things doesn't mean they should be penalizing all of those good customers with well established credit. We've kept our end of the deal up by maintaining a good credit history. What about them(the banks)? They basically change the rules to suite the bank. I too will be utilizing my credit union more often too. Everyone else should consider leaving these big institutes also they are just plain bullies. Yes. I agree with the moves your planning to make Juanita. I too have good credit. I had a credit card with Chase for a long time. I’ve never missed a payment, never over limit. But yet they cut my credit limit from $4000 to half that. The reasoning: low usage of card and length of credit history. Really!! I had just made a purchase last month. I paid it down to zero though. I have over a 15 year excellent credit history on my credit report. Their reasons are bogus and unreliable. They didn’t even notify me. I actually found out thru mint. That’s ok. I decided to close my account that same day. All of those years with them just flushed down the toilet. You would think that would mean something, having a relationship with your financial institute. Just because the banks are in trouble and carelessly managing things doesn’t mean they should be penalizing all of those good customers with well established credit. We’ve kept our end of the deal up by maintaining a good credit history. What about them(the banks)? They basically change the rules to suite the bank. I too will be utilizing my credit union more often too. Everyone else should consider leaving these big institutes also they are just plain bullies. ]]> By: Chad http://www.mint.com/blog/goals/why-even-good-credit-might-get-cut/comment-page-1/#comment-42792 Chad Sun, 06 Dec 2009 01:23:27 +0000 http://www.mint.com/blog/?p=1331#comment-42792 The best thing to do - don't give the credit card company your business in the first place.25 years ago you wouldn't see people regularly charging a credit card to go out to eat or buy clothes - they would live within their means. If you can't afford to pay cash - it shouldn't be bought. Credit card companies want you to earn "rewards" so you are more likely to spend 17% more than the typical cash buyer. Sure there are some people that can "take advantage" of the system and "make" money - but do you think there is a single millionaire out there that attributes their wealth to credit card reward programs? It is because they live within, make that below, their means and don't pay interest on purchases. By even using the credit card you are rewarding bad behavior (credit card companies in general) and taking more money away from the merchants you buy from. I would rather pay them cash and save them the 1-3% a credit card company charges to process a transaction. And don't get me started on the predatory practices they have on college students... Let's put them out of business by not using their business. The best thing to do – don’t give the credit card company your business in the first place.25 years ago you wouldn’t see people regularly charging a credit card to go out to eat or buy clothes – they would live within their means.

If you can’t afford to pay cash – it shouldn’t be bought. Credit card companies want you to earn “rewards” so you are more likely to spend 17% more than the typical cash buyer.

Sure there are some people that can “take advantage” of the system and “make” money – but do you think there is a single millionaire out there that attributes their wealth to credit card reward programs? It is because they live within, make that below, their means and don’t pay interest on purchases.

By even using the credit card you are rewarding bad behavior (credit card companies in general) and taking more money away from the merchants you buy from. I would rather pay them cash and save them the 1-3% a credit card company charges to process a transaction.

And don’t get me started on the predatory practices they have on college students… Let’s put them out of business by not using their business.

]]> By: kyler http://www.mint.com/blog/goals/why-even-good-credit-might-get-cut/comment-page-1/#comment-42581 kyler Tue, 01 Dec 2009 04:12:34 +0000 http://www.mint.com/blog/?p=1331#comment-42581 Lets get a republican in office and all our problems will be solved. Lets get a republican in office and all our problems will be solved. ]]> By: Juanita http://www.mint.com/blog/goals/why-even-good-credit-might-get-cut/comment-page-1/#comment-41975 Juanita Wed, 11 Nov 2009 14:06:49 +0000 http://www.mint.com/blog/?p=1331#comment-41975 correction, i think my income at the time i bought my house was over 40K, right now it is 55K, and I'm loving my mortgage payment, especially since the boyfriend moved in. Its cheaper than renting. correction, i think my income at the time i bought my house was over 40K, right now it is 55K, and I’m loving my mortgage payment, especially since the boyfriend moved in. Its cheaper than renting. ]]> By: Juanita http://www.mint.com/blog/goals/why-even-good-credit-might-get-cut/comment-page-1/#comment-41974 Juanita Wed, 11 Nov 2009 14:04:44 +0000 http://www.mint.com/blog/?p=1331#comment-41974 Mom- I understand your troubles. However raising the minimum payment should really help you because you are paying more of your balance that way - i think thats a good thing all around. I'm not sure about the games Discover plays, so far I only have one card where i'm paying off a balance transfer, and the introductory rate will expire this month. I've had it for a year, no surprises yet. Credit unions are not all that for me. I've been member of two credit unions in two states for 20 years and 10 years. When I applied for a house loan 3 years ago at my local credit union, they wouldnt approve much more than an OLD 2 bedroom shack in a bad neighborhood and they wouldnt budge. My salary at the time was well over 35K. The loan I ended up getting was from a small broker for a new 2bdr in a new neighborhood for 15K more. The reason I qualified for more is because the broker took alot of time with me and found there were stupid things killing my score and in my interview determined I'm not a big risk. Compare that to countrywide on the other extreme who wanted to give me a loan for about 30K more (4bdr home) which I declined. My second credit union boosted my credit card interest rate to 23% after i missed one payment. It was the only payment I ever was late for for 6 years (i also had two NEW car loans with them paid off in total, never late). I've tried to negotiate with them to take it off, but to no avail, and its STILL killing my credit score. After several years of this, i finally managed to get the interest down on that remaining balance to 7.99% ($800) but my purchase interest is still 23%. I'll never use that card again. Mom- I understand your troubles. However raising the minimum payment should really help you because you are paying more of your balance that way – i think thats a good thing all around. I’m not sure about the games Discover plays, so far I only have one card where i’m paying off a balance transfer, and the introductory rate will expire this month. I’ve had it for a year, no surprises yet.

Credit unions are not all that for me. I’ve been member of two credit unions in two states for 20 years and 10 years. When I applied for a house loan 3 years ago at my local credit union, they wouldnt approve much more than an OLD 2 bedroom shack in a bad neighborhood and they wouldnt budge. My salary at the time was well over 35K. The loan I ended up getting was from a small broker for a new 2bdr in a new neighborhood for 15K more. The reason I qualified for more is because the broker took alot of time with me and found there were stupid things killing my score and in my interview determined I’m not a big risk. Compare that to countrywide on the other extreme who wanted to give me a loan for about 30K more (4bdr home) which I declined. My second credit union boosted my credit card interest rate to 23% after i missed one payment. It was the only payment I ever was late for for 6 years (i also had two NEW car loans with them paid off in total, never late). I’ve tried to negotiate with them to take it off, but to no avail, and its STILL killing my credit score. After several years of this, i finally managed to get the interest down on that remaining balance to 7.99% ($800) but my purchase interest is still 23%. I’ll never use that card again.

]]>