12-19-2008 10:52 AM
I agree with you. I have always driven small cheap on gas cars my honda accord gets 27 mpg and my last car nissan maxima driven until 270000 miles got 25 mpg .. And I agree I would never sign anything that would put me in over my head . People have to be smart and read the fine print and don't buy on Impulse thats what these banks and stores rely on. But some people have no choice but to take those high fee credit cards and they don't deserve to be ripped off while building or rebuilding set limits on those banks and reel in those excessive fees ! The whole system needs an overhaul if you ask me and I hope our new President makes those changes.
12-19-2008 10:57 AM
12-19-2008 11:02 AM
Lending won't get any harder, except for possibly those just starting out. In most cases, a secured card is a better deal than a fee generator.
These new laws will be seen as another screw up by the Feds. What we have here are Federal price controls on credit cards. Is that what we really want? To have the Government dictating to the credit industry how much they can charge for a product? I don't think so.
The Fed's new rules will regulate how card issuers price their products and how they can adjust those prices to changing credit conditions. The result, as with all price controls, is likely to be restricted consumer credit at the very moment that the federal government is desperately trying to keep credit markets liquid. If the banks can't raise prices on the riskiest borrowers, they will either limit to whom they lend or raise rates on everyone -- or both. So the low FICO people complaining about getting rate jacked will have their problem solved by the industry just cancelling their CL's, and the rest who use credit responsibly will be rewarded by higher interest rates to make up for the cancellation of the problem credit lines.
Our friends in Congress, led by good old Barney Frank, have long wished to implement these sorts of controls. Now they get their wish. There were plenty of things that needed adjusting in the CC industry, but this sort of heavy handedness is NOT what was needed. It is the old law of unintended consequences. It reminds me of the old line from National Lampoon's Vacation, "You think you hate it now, wait till you drive it".Message Edited by Watchmann on 12-18-2008 11:50 AM
12-19-2008 11:40 AM
I am not complaining about the price of my car, nor am I complaining about my monthly payments, I am complaining about the fact that I can't get a good credit card because of this BS we are in.
You steadfastly refuse to understand that you cannot get a good credit card because:
1) You failed to develop your credit, and
2) The credit record that you have built contains negative information.
That's it. I has nothing to do with the "BS" we are in. If you want to have good or excellent credit you have to develop it. That takes the inclination to do so and time.You have to learn to crawl before you can walk and to walk before you can run. For whatever reasons in the past you decided not to participate in the credit system and build a credit record for yourself, or at least not one containing much positive information. Now that you are participating in the system good things will come to you, in time, assuming you continue to meet your obligations on time and further build upon the base you are laying.
On another, serious note - and this is not an attack: It would be nice if you could participate in/contribute to a thread topic without TJ'ing the topic and making it be all about you. Constantly TJ'ing is really bad form.
12-19-2008 11:55 AM
Thanks for your input jmbfl... for the record I did not TJ (I assume you mean Topic Jack not Tijuana) this forum. I was simply agreeing with the other poster about how the Auto bailout does not deserve to happen, and how this new law can make it difficult for people in my situation to obtain new CC's.
I was putting in my two cents and I added what happened to me to prove my point. It is not like I said "I won't ever buy a Ford" and had no reason to back up why I won't buy one.
Then, I started being attacked, by people who do not know anything about my situation. I responded to them, So if I did TJ it was unintentional, but what I had to say to them needed to be said so they would STFU and not attack someone for no reason.
By the way "Forums" are supposed to be for us to share our ideas and experiences, not just answer with a "Yes/No/Maybe". How else are we to learn?
12-19-2008 12:14 PM
The is the first AND final warning! Keep your posts friendly and supportive, otherwise this thread will get locked. If anyone has issues with a certain post(s), please bring it to the attention of a mod. This can be done in two ways: PMing a mod or sending us an abuse report.
--fused, myfico moderator
12-19-2008 07:50 PM
12-19-2008 08:50 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO