02-11-2010 04:49 PM - edited 03-18-2010 02:47 PM
Download the Credit CARD Act and new FHA rules PDF (below) to learn about these upcoming changes that are sure to affect all credit card holders and many future mortgage applicants. And let us know what you think!
Formerly consumer affairs manager, media spokesman and myFICO Forums community manager at FICO, I'm now freelance writing for CreditCards.com, where you can find my stories on the home page every Thursday, and my own site, SpeakingOfCredit.com.
02-12-2010 08:50 AM
Thank you, Barry!
This is a very handy guide to the upcoming changes. Beats the heck out of reading through a lot of legalese!
I've got a question on one portion of the new law, though. With the payment date having to stay the same day each month, wouldn't that mean that the banks would likely change the statement date every month, to avoid giving up even 1 cent in potential interest income?
If true, that makes it a little tougher for those of us who don't like balances reporting...especially if the lender doesn't disclose the statement date in advance.
Any insights on this?
02-16-2010 04:59 AM
Thanks Barry!! I'm certainly liking the sound of this...especially the cc rules. I know the banks aren't too happy, but I guess with certain customers, as always, they can close your acct at their disgression...as well as balance chase. They'll still do what they can get away with!
For now, I'm happy with the cards & such that I have. Not one had RJ'd, BC'd or AA'd me at all. In fact, nearly all cave me a CLI & kept me at approx 10% apr. In these times...I cannot complain!
02-16-2010 07:34 AM
02-16-2010 11:01 AM
02-16-2010 11:41 AM
02-16-2010 04:50 PM
Great post / info! Thanks.
It's at least a start in the right direction.
Side note... I didn't think you could get an FHA loan now unless you had a score of 620. I plan on applying for a FHA mortgage soon and the info I've seen pointed to 620 being the minimum (FYI, my score is higher).
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