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!
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).
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.