Sucking me back in: BofA and WAMU/Chase

[dee]

yes, capitol one will suck you in again and screw with you later, like all of them.  I heard capitol one is one of the worst to get involved with. 

[creditwherecreditisdue]

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@dee wrote:
yes, capitol one will suck you in again and screw with you later, like all of them.  I heard capitol one is one of the worst to get involved with. 

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That is far from true. There are many far worse actors out there, both currently and historically. Dealings with Cap1 are quite nuanced however, so a little foreknowledge and a good forum to rely on can come in quite handy!

[dee]

I don't have a capitol one card, but I read it on this forum the other night that you do not want to go with capitol one, but that is someone else saying that.  I do think by the end of this year, before the Reform starts up, things will get worse with all CC companies. 

[creditwherecreditisdue]

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@dee wrote:
I don't have a capitol one card, but I read it on this forum the other night that you do not want to go with capitol one, but that is someone else saying that.  I do think by the end of this year, before the Reform starts up, things will get worse with all CC companies. 

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1) We'll see. Some financial institutions actually don't like bad publicity. Some like BofA and Chase seem to think they are immune from its effects and ladle it on like I ladle gravy on my Thanksgiving mashed potatoes. Somehow I think the combination of TARP money, very hostile AA against their card holders and huge profits will not be winning the hearts and minds of future CC seekers.

2) One more reason to get thee to a CU! (The 13.99%F APR's on my PenFed PCR Visas that everyone thought were awful are going to look pretty good by next year I suspect.)

[dee]

I am applying to the Lendingclub as I type.  Their rate is 7.88 fixed, so i'll see what happens.  May only be able to get a small amount, but it's still a better rate with any of my cards, and those are not fixed.  Good luck!  I think we all will need it for awhile!

[creditwherecreditisdue]

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@dee wrote:
I am applying to the Lendingclub as I type.  Their rate is 7.88 fixed, so i'll see what happens.  May only be able to get a small amount, but it's still a better rate with any of my cards, and those are not fixed.  Good luck!  I think we all will need it for awhile!

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This is not for a CC.

Why lendingclub? Why not a nice stable CU?

You can find info on lendingclub here and by doing a web search: 

http://join.lendingclub.com/ 

http://www.crashmarketstocks.com/2009/01/my-lending-club-interview-answers-to.html

[dee]

No, it's not a credit card.  I'm done with them!  I want a fixed rate and one that is not 29.9%.  I have great credit right now and want to keep it.  Our local banks, in Florida are still higher than LendingClub.com.  I have been checking this site out and it looks good.  I do have a car loan that is almost paid off w/a credit union and I will check with them on Monday too.  Not sure what their rate is, but will double check.  I have not actually applied yet, just signed in and will decide on Monday.   Thanks.

[creditwherecreditisdue]

It is great to develop a relationship with a CU. I have two:

1) EFFCU div of SCCU (They have my auto note and were kind enough to help me on my way back up,), and

2) PenFed (They have really done great things for me.)

Each has played a major, but different, role in my credit redevelopment.

I cannot overemphasis the importance of a balanced attack. A good CU should be part of everyone's financial kit!

(PS - I live in South Florida.)

[dee]

Our Credit Union is Achieva in Belleair area, and their personal loan rate online today was almost 10%.  Not sure what the terms will be, but I will check on Monday.  With CC's you have all the time in the world to pay them off and keep your payment low if you want, but with CU I guess the terms will make my decision, as I don't want to strap myself.  I have one car loan payment left, so that will sure free up some cash.  Thanks. 

[creditwherecreditisdue]

I do have a car payment right now and that car note was the cornerstone of my credit rebuilding program. Beyond that I loathe car payments!