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New Member
always_asking
Posts: 4
Registered: ‎11-20-2009

Re: myFICO Insider's Guide to 2010 credit card reform and new FHA mortgage rules

pjtrader,

 

Introductory or teaser rates must last for a minimum of 6 months according to the act. The 12 month rule applies only to the standard rates on the card. 

 

In response to another post, where concerns about closing an account hurting a credit score: Since the account remains on the report for an extended period of time, the age factor on the credit scoring models is not affected, HOWEVER, the debt utilization ratio can increase which can result in a dramatic drop in score. For people that are carrying balances, the total of the balances divided by the total of the credit limits on all of the cards gives you your debt utilization ratio. A high ratio can result in a lower score. By closing an account, you have not lowered the total of your balances, however you have lowered the credit available to you. This means the ratio will increase. As I tell all of my clients, the best way to keep a score high is to keep your credit card balances at zero. 

Established Member
Omaha_Nick
Posts: 21
Registered: ‎05-14-2007

Re: myFICO Insider's Guide to 2010 credit card reform and new FHA mortgage rules

Regarding FHA...

 

Just from the start and it gets on my nerve... Upfront MIP to 2.25%... !!!  I remember 2008 Upfront MIP changed 3 times. and it gets worst and worst by the year. Bank's love this..., The more you pay in fees to the government - The less money you would have to pay towards the principal - The more interest you'll end paying them. If you wish to refinance.... get ready for more of the same.

New Visitor
pjtrader
Posts: 2
Registered: ‎03-02-2010

Re: myFICO Insider's Guide to 2010 credit card reform and new FHA mortgage rules

thanks always_asking, good info I was not able to find elsewhere.
New Visitor
phillip18
Posts: 1
Registered: ‎03-04-2010

Re: myFICO Insider's Guide to 2010 credit card reform and new FHA mortgage rules

Since universal default is no allowed any more does that mean ones creditors will not be able to look at one's credit, or simple not suposed to?  Some (Amex) check every six months.  A credit freeze should now mean no soft or hard inq. 
Frequent Contributor
upinflagstaff
Posts: 365
Registered: ‎07-16-2008

Re: myFICO Insider's Guide to 2010 credit card reform and new FHA mortgage rules


phillip18 wrote:
Since universal default is no allowed any more does that mean ones creditors will not be able to look at one's credit, or simple not suposed to?  Some (Amex) check every six months.  A credit freeze should now mean no soft or hard inq. 

As a creditor they can still pull your credit - to check if you continue to meet their "standards". They just can't look at late payments to jack your rate. I suppose it's possible that they can give you a credit line decrease though.

Regular Contributor
ABattle
Posts: 207
Registered: ‎10-26-2007

Re: myFICO Insider's Guide to 2010 credit card reform and new FHA mortgage rules

Does anyone know when we will receive communication from our current credit card companies about the changes? 

 

Such as the set due date every month?

How do you opt out?

Over the limit fee's?  How does the consent thing work?

New Visitor
alethjones
Posts: 2
Registered: ‎03-13-2010

Re: myFICO Insider's Guide to 2010 credit card reform and new FHA mortgage rules

thanks for posting this!...i have just finshed reading the rules and it seems very helpful! thanks!

New Member
flame
Posts: 3
Registered: ‎03-15-2010

Re: myFICO Insider's Guide to 2010 credit card reform and new FHA mortgage rules

Hello! This is my first visit to this forum, how do i see the forum like a chat room?

New Member
flame
Posts: 3
Registered: ‎03-15-2010

Re: myFICO Insider's Guide to 2010 credit card reform and new FHA mortgage rules

Help! How does tis forum work?

 

New Member
flame
Posts: 3
Registered: ‎03-15-2010

Re: myFICO Insider's Guide to 2010 credit card reform and new FHA mortgage rules

Hi Barry, Can you help me to download your post? Thanks!


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