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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Bait and Switch NIGHTMARE!


GregB wrote:

creditwherecreditisdue wrote:

Ever think about asking Discover for an APR reduction? Even though the best current rate offered is 11.99% mine is lower and it has stayed lower for a long time. They put me on this rate, I did not have to ask for it. However, even though I rarely pay finance charges I am not shy about trying to keep my APR's low. That's why I have HSBC on a 6.99%F promo and Citi on 6.99%V, It can be done even in this less than fortunate climate.


I'm stuck paying off debts on CC that were caused by a divorce. I'm using low interest BT to keep my average interest below 5% as I pay them off. I would never actually pay 13.99% interest even if it was being offset by something else at lower rates. When the promo period expired on the Discover, I was using it for household expenses and collecting reward dollars. I would always PIF it. I found that many items that I purchase were not included in the 1% rewards and SockDrawered it since I was getting dinged on FICO for "too many accounts with balances". I hadn't used it for 4 months so decided that I should use it once to ensure it is not closed due to inactivity. I just did one single charge for $6,000 against the $10,000 limit. I will PIF that. That might get me a CLI or other response. We will see.


After you PIF that and the statement is cut call them and ask for an APR reduction. I would be surprised if they don't come up with something. Asking for a CLI from a rep is a little risky as you could end up with a hard INQ (although they will usually let you know before doing it). There is an automated system (phone only, I think it is option 5-2) for doling out CLI's. Some have it - some do not have it - if you have it and try it and it can't give you anything or you want more that it offers you will be directed to a CSR. Nice, easy and fast. Try it after you are PIF.

New Member
RunUndefined
Posts: 17
Registered: ‎09-09-2009
0

Re: Bait and Switch NIGHTMARE!

Hi and thanks..

 

It's actually been many years of hard work but we made it thru. 

We had many thousands in debt (over $50,000) about 12 years ago.

 

I wish I had known some of the things I have read here as we were working the debt down.. I think we could have cut our time allot.

 

We always have a primary when we apply for a card (never give both socials) and then add the other as a user.

This is the right way, correct?

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Bait and Switch NIGHTMARE!


RunUndefined wrote:

Hi and thanks..

 

It's actually been many years of hard work but we made it thru. 

We had many thousands in debt (over $50,000) about 12 years ago.

 

I wish I had known some of the things I have read here as we were working the debt down.. I think we could have cut our time allot.

 

We always have a primary when we apply for a card (never give both socials) and then add the other as a user.

This is the right way, correct?


Correct. AU over joint applicant. Holding any debt other that a mortgage in joint name is not good.

 

Great job getting that debt down! Congratulations!

Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007
0

Re: Bait and Switch NIGHTMARE!

With all due respect for your freind, I think he is completely wrong. The FICO scoring models are very complicated and a big secret. All of the known factors that I am aware of are exactly the opposite. You are scored on the percentage of utilization on your revolving accounts. Closing an account raises your utilization and lowers your FICO.

 

I was paying for monitoring from myFICO (EQ), CreditExpert (EX) and TrueCredit (TU) during the period that Amex was killing credit limits. They took one account from $82,000 CL to $11,800 in several steps until I closed it since it had a $250 Annual Fee. They took another from $28,800 to $3,100 in several steps. I could see FICO score change at most changes. 

 

There may be some penalty for "too much credit available" at scores close to 800 but I would be surprised. I am comfortable that it is not true during the period where I've been watching. My scores on EQ FICO started at 787 and have varied down to 686. Most of the time they have been in the 700-760 range.

 


RunUndefined wrote:

HI!

 

Ok... thank you.

The reason I am saying "too much avail. credit" comes from a phone conversation with someone at our BOA. (a friend).  I was asking why my FICO is higher than my husbands when we both are in the same situation and apply for everything together (his is high 700's) and she said because he has more credit avail to him in ratio to his income than you.  He is primarty on many of the cards.

 

I am holding off closing the act. until I learn more. 

I can't begin to tell you all how appreciative I am of this advise!

 

 


 

New Member
RunUndefined
Posts: 17
Registered: ‎09-09-2009
0

Re: Bait and Switch NIGHTMARE!

CreditWhereCreditIsDue,

 

You are the bomb.

 

Thanks.

 

New Member
RunUndefined
Posts: 17
Registered: ‎09-09-2009
0

Re: Bait and Switch NIGHTMARE!

Greg,

 

I am sure you are right. She's a very close friend but she's an accountant not a financial advisor.

 

I have heard about card companies lowering limits just exactly the way you describe. It happened to my sister. Every time she paid a chunk off, they lowered her limit.

 

I wonder how long until FICO scores will recover from things like this. It makes me personally angry to see people effected this way by nothing they actually did - actually by trying to be fiscally responsible.

 

I have so much to learn still and am SO glad to learn not to close that high limit card.

 

I have been well, shell shocked the last few days by the Cap One situation and started to make decisions that would have probably hurt much more than helped.

 

Thanks so much for your input.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Bait and Switch NIGHTMARE!

You'll be fine!

 

You can fix UTIL problems at your discretion and it will reflect in your scores as soon as the TL's report. AAoA can only be fixed by time. You many not have a problem there, you would have to look at AAoA values before and after your app'ing to find out. Remember, anything over 760 in High Achiever territory. Beyond that is a needless pursuit of perfection and bragging rights!

Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007
0

Re: Bait and Switch NIGHTMARE!

I had a problem with them.  I was upgraded to cash rewards card but evidently the man I talked to didn't complete the call.  I called again--got a retention specialist and she straightened everything out.  They had no record of the almost half hour conversation, however I did --on my cell phone.  Be careful.
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Bait and Switch NIGHTMARE!


casinoannie97 wrote:
I had a problem with them.  I was upgraded to cash rewards card but evidently the man I talked to didn't complete the call.  I called again--got a retention specialist and she straightened everything out.  They had no record of the almost half hour conversation, however I did --on my cell phone.  Be careful.

 

Who was this with?

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