I just got my first credit card offer in the mail yesterday in over a year...
Economic indicator of healthy credit markets???
maybe you guys have been getting them all along? My income isn't that great and I have a lot of debt in student loans, so my credit score isn't in the 800's or anything.
I find it very interesting. It was from Capital One.
Forum > Maybe just came across a good economic indicator?
Displaying all 14 forum posts
|
Posted November 04, 2009 (11:16AM)
|
|
Posted November 04, 2009 (11:19AM)
to note, before the whole credit market freeze i would get at least 1 or 2 a day.
|
|
Posted November 04, 2009 (11:48AM)
I recently paid the balance off on a platinum after they jacked the rate, the next month they raised the limit another $1200....they're also not dropping the rate, which is why I paid it off.
I feel like a football coach watching the opposing team try to re-use the exact same strategy that has repeatedly worked over and over and over all season and expecting me to fall for it. Fool me once, you're the fool, fool me twice...not me buddy. I'll wait until Obama's regs are official before making any moves with any credit cards, I have to wonder of they aren't intentionally trying to provoke defaults for more bailouts or a tax write-off, all things credit equate to the instinctive feeling to keep looking over my back. |
|
Posted November 04, 2009 (12:21PM)
I don't think they sent me the offer thinking I will default, my score is in the 700's I believe, so I don't think I view myself as a high credit risk. |
|
Posted November 04, 2009 (12:40PM)
PRD - we can not comment on your individual situation, in general incubus is right - the credit card companies are trying to sign-up as many new customers as they can before the new rules are implemented
|
|
Posted November 04, 2009 (12:46PM)
once the new rules are implemented all previous card memberships have to revert to those new rules? |
|
Posted November 04, 2009 (01:07PM)
PRD, nobody's trying to challenge your credit standing, but I'd look in the fine print, or you might call the representative in India...find out whether they can charge annual fee's or increase the minimum payment due on balances.
I have heard that some cards are randomly doubling the size of minimum payment from 2% to 5% with no notice when balances are maxed..this then leads to almost guaranteed monthly late fee's they can charge. I recently used one of my cards that I almost never use to make a large pruchase figuring it would look good if I maxed it then paid it back within a month or two, I made the first payment with only the minimum due and figured I'd pay off the entire balance the next month. They charged me a $40 over limit fee because the interest pushed me over the limit by less than $3, granted they removed the fee as soon as I called, but this is the type of underhanded tactics you need to watch out for...that card is in shreds now, balance long since paid, I was particularly irritated with the foreign rep that decided to debate my statement that it was a sneaky thing to do, his choice of words was that it was my own fault, but they'd be kind enough to waive the fee despite my error. The sudden rush to lure in new customers has me with an ear to the ground, there is likely a grandfathered rule that they are allowed to continue certain practices the new regs won't permit and I suspect they want all the new passengers on board before they're not allowed to gouge with fine print anymore. |
|
Posted November 04, 2009 (02:53PM)
Oh, I know, I'm not going to take it...
I'm just saying the fact that they even offered me one indicates that they are lending where they weren't before. My credit cards recently had limit downsizing and interest rate hikes as well. I'm with you 100% on their practices. I was just viewing the fact that the offers are coming again means that something else has changed. |
|
Posted November 04, 2009 (03:19PM)
PRD, it has been a while since I have received any offers either. Given the fact that there is a rule change taking place shortly, I don't think that I would consider it an indicator yet, but we'll see. I can't complain about missing the the mailbox stuffing.
Too funny! And yet, unfortunately true. |
|
Posted November 04, 2009 (03:22PM)
PRD, I'm not saying you're not on to something, just offering a possibloe alternative perspective.
One scenario, in knowing the current admin is all over the financials like white on rice...maybe defaults actually make them money via insurance and they figure if they can't ream folks who don't read the fine print, they might as well go the other ectreme. You'd more likely know more about that process than me, much like first quarter earnings for banks that surprised a lot of expectations, we learned after the fact that a lot of that was insurance settlements via AIG from mortgage defaults...which came out of our pockets anyway with the fact that we'll probably never get all that money back, and also justified Goldman Sachs to pay out record bonuses. Smoke and mirrors, much like the way CDO & CDS's were created, financial engineering that always works out to benefit the "engineer" at the expense of the public. |
|
Posted November 05, 2009 (12:32PM)
I was just commenting the other day about our credit cards and how many line of credit increases we have had over the past year. We carry 2 cards thru Chase and 1 thru BofA. Our line of credit has been increased on each Chase card twice this year and on the BofA card once. I just thought it was weird so many people were getting they're lines cut and rates spiked, and were getting increases in lines and no rate increases. We have always paid on time and more then the minimum, and never really carry much of a balance on any of the cards, around 500 bucks on Chase Home Improvements and 100 on our Chase BP gas card. BofA never carries a balance. I really figured they would go after us since they are not that old of accounts.
|
|||||||||||||||||||
|
Posted November 05, 2009 (01:25PM)
Reed, make sure BofA hasn't recently added an annual member fee.
|
|
Posted November 05, 2009 (07:54PM)
Yeah, I was just reading about that the other day Inc. I was kind of lead to the conclusion those would be on reward cards and what not, which ours is not, but that would explain them trying to get us to turn our card into a reward earning card for the past 3 months. Who knows with those guys.
|
|||||||||||||||||||
|
Posted November 05, 2009 (08:24PM)
I've stopped getting the credit card offers too. I feel so lonely and unwanted now. Plus, Chase has stopped sending me "convenience checks" offering to lend me money at special low rates. The last time they did it, I went ahead and borrowed 20k from them at 5% interest. Maybe they don't like the deal anymore.
|
|||||||||||||||||||
Displaying all 14 forum posts
|
You must Log In to post to this forum.
|