Some Credit Card helpful information
Date: Sat, 12/23/2006 - 16:32
If you have insurance on your credit card and you need to get it activated you MUST call before your payment is past due. If your payment is past due then the insurance will not activate and don't let any customer service rep tell you that it will be because believing that you will find your send 90 days out and then into a collection agency.
If you do not have insurance on your credit card then you need to call to defer payments. Speaking with the customer service rep you can determine a deferment plan that will work the best for you.
Spending over 30% of your credit limit reflects negativly on your credit report.
Most credit card agencies are on a 90 day cycle. Once you have missed 3 months worth of payments your credit card balance will be called due in full. It was in that fine print that most people never read when getting a credit card.
Your intrest rates will skyrocket when you miss payments. So try to take some of the above mentioned steps to prevent this from happening. You will also be held accountable for late fee's as well as the late intrest and eventualy an over the limit fee until it's charged off. And even then a possible yearly intrest rate.
Most creditors do not sue for amounts less than 500 dollars but no one can guarentee that you won't be sued for any amount.
When you fall behind on one credit card there is a chance that your good creditors will see this and close your account and then demand the balance in full. This is also somehting you agree to when signing up for credit cards.
On credit cards, your creditors will do a credit check that will not hurt your credit score. This is how they know to send you offeres on different credit cards like an upgrade from a silver to a gold and how to increase your limit.
A good tip to follow. If you can't pay for it by the end of the month and it isn't vital to your needs then it isn't that important to have.
Also, setting up pmt's and agreeing to let then take a certain a
Also, setting up pmt's and agreeing to let then take a certain amount out of yuor checking account will more times than not lower your intrest rate. You will need to remeber that this is not an unlimited amount of time. It is usualy for 6 months to 1 year. You are the one that must reestablish your payments because it is not your creditors responsibility to call you and remind you.
Very good advice, FYI! Thanks for posting that - I'm sure many
Very good advice, FYI! Thanks for posting that - I'm sure many people will find it most useful, especially at this time of year, when heavy credit card use is so common.
FYI, that is some great advice. If I may ad this ole addage "do
FYI, that is some great advice. If I may ad this ole addage "do I want it or do I need it?'
I still think the age-old practice of putting the credit cards o
I still think the age-old practice of putting the credit cards out of easy reach (not carrying them in your purse or wallet) is a good idea. Unfortunately, cards are somewhat of a necessary evil in today's world - required for car rentals, etc.
Here are a couple of ideas that I've heard of:
-freeze the credit/debit card in a block of ice in your freezer at home. (You can immerse it in a bowl of water or ziplock bag of water and freeze it.) This way, if you want to use the card, you have to wait for it to thaw, giving you time to think it over. And make it a thick enough block of ice that running it under warm water won't thaw it quickly. And DON'T microwave it - you will ruin the card, making it unuseable.
-put the card in a safe deposit box at a bank. If you decide to use it, you have to wait until the bank is open (lobby hours being greatly reduced from what they used to be). The only drawback to this is if you have an emergency and need the card in the middle of the night and can't get to it.
-give the card to a trusted (very trusted) friend or relative to hold, and give them a list of the situations in which they are allowed to give it back to you. And stick to it.
I remember about 10 years ago I had cut a credit card up and I k
I remember about 10 years ago I had cut a credit card up and I kid you not the bank took it cut up in four pieces when I asked them for an cash advance off of it, IT WAS CUT UP! I don't do credit cards anymore. Block of ice, man I would hammer that sucker to death, remember Edward Scissor hands ice sculpture, that would be me to get to the card
LOL Ashley! I'm sure many of us can identify with that desperat
LOL Ashley! I'm sure many of us can identify with that desperation to get at the card!
I was thinking though if I was Edward Scissorhands and sculpted
I was thinking though if I was Edward Scissorhands and sculpted the ice I would cut throught the card BUT hey banks will take a cut up card now won't they...hmmmm?????
I have ONE pre-paid debit Mastercard that I use - NO credit card
I have ONE pre-paid debit Mastercard that I use - NO credit cards. I've had bad experiences with them, so I've sworn them off. I can have whatever amount I want direct deposited to that card from my paycheck, which works out nicely.
I have one of the Wired Plastic prepaid visas and it seems to be
I have one of the Wired Plastic prepaid visas and it seems to be all that I need. I once had the Rewards 660 card and paid it off, not to mention, that I am still trying to get the status changed on my CR..
I have 2 cards, which I rarely use...And when I do, I pay it off
I have 2 cards, which I rarely use...And when I do, I pay it off as soon as I get paid.
I have a mastercard, and a macy's card....The only time I use my Macy's is when they have a sale where you get a further discount for using it...Then I immediately make a payment at the register.
Thanks Sue...I'm really not trying to pay that 22% interest...lo
Thanks Sue...I'm really not trying to pay that 22% interest...lol But if I can save an additional 30%...YAY Macy's card! Then YAY payment at the register! LOL
Good post FYI. Lately I've been using just my bank card (can't
Good post FYI. Lately I've been using just my bank card (can't spend money that's not in there); I also have a HSBC Mastercard I got several months ago, that I've been paying in full every statement.
I have a Discover card that is from several years ago, and is the only one that wasn't charged off from back then. Discover was good about setting up a payment plan for 12 months, dropping the interest/late/overlimit fees and they took it right from my bank account. I paid off that plan about a year ago and my balance was about $1200. Now they just send me monthly statements with about a $27 minimum due. What I do now is to look at the interest they charge for the month, and then add $50 to it and send in that amount. That way I know my balance goes down $50 every month, right now it is about $750. One day when I get my credit all fixed, maybe the will un-suspend my account...
Just a question about insurance... have never paid for it, but isn't it only good for situations where you become disabled or unemployed? I didn't think you could use the credit insurance for times when you "just can't pay."
To my knowledge, and from reading over a few "terms" from variou
To my knowledge, and from reading over a few "terms" from various credit card companies, that insurance they offer is only if you become disabled or lose your job. It's not a payment deferment program for times when you don't have the money due to other causes.
I used to carry it on my credit cards when I had them, but never had to use it. It's kind of like the supplemental insurance you buy at work for accidents, hospitalization, cancer, etc. If you don't ever use it, it seems like a waste of money. But if you ever need it and don't have it, you might wish you did.
Just my $0.02