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@NRB525 wrote:Ok, Playa
$100k in open balanced owed? I went through that a few years ago. Will be interested to see what your result is. Mine was pre-financial crisis, and the subsequent action was all my high limit cards were CLD balance chased, some closed. Chase, Citi, BofA, not CapOne. No experience here of Wells Fargo, US Bank or AMEX in that situation.
Can you put some details on that explanation? Which cards have cash advances against them? If you have cash in the bank, they aren't balance transfers, they are cash advances, should have a higher APR once any 0% concludes.
Just got my first CLD balance chase from Barclays. On the Barclays World Elite card. Dropped from $30000 to $28750
No negative impact on utilization from this, except that doesn't reflect that my utilization would otherwise have also gone down, highlighting a weakness in the FICO formula for demonstrating credit worthiness/eligibility.
damn Barclays.
thanks for the update, great thread
This has been an incredible read; thank you for sharing your enlightening experience.
10/10 would purchase this experience as a book.
@Avinion wrote:This has been an incredible read; thank you for sharing your enlightening experience.
10/10 would purchase this experience as a book.
Kickstarter ebook with a stretch goal for print book?
@baller4life wrote:
Very interesting thread! I've subscribed to see which creditors will stick by you through it and who will kick you to the curb. We already see Amex isn't down. Which is precisely why I NEVER carry a balance with them. I don't trust them. I have read too many horror stories of cld or closure for carrying a balance too long.
I actually view things the opposite way. I respect Amex WAY MORE now because of this thread. They actually pay attention to your credit profile, and when things start heading south in a major way, they take action. Shouldn't all banks be doing that?
If it were me doing this experiment, then I would only keep cards where the creditor goes into a slight panic mode due to my excessive balance, whether it's CLD or some other AA. To all the banks where they took no AA even when my balance climbed from <$20K to >$100K out of nowhere, I'd kick them to the curb for not paying attention.
Anyway, interesting thread indeed.
@onstar wrote:
@baller4life wrote:
Very interesting thread! I've subscribed to see which creditors will stick by you through it and who will kick you to the curb. We already see Amex isn't down. Which is precisely why I NEVER carry a balance with them. I don't trust them. I have read too many horror stories of cld or closure for carrying a balance too long.I actually view things the opposite way. I respect Amex WAY MORE now because of this thread. They actually pay attention to your credit profile, and when things start heading south in a major way, they take action. Shouldn't all banks be doing that?
If it were me doing this experiment, then I would only keep cards where the creditor goes into a slight panic mode due to my excessive balance, whether it's CLD or some other AA. To all the banks where they took no AA even when my balance climbed from <$20K to >$100K out of nowhere, I'd kick them to the curb for not paying attention.
Anyway, interesting thread indeed.
Why?
Their retail credit card products have no impact on their solvency, they collect 18-21% interest which is over 51 times the fed funds rate that they borrow at which is 0.25%, they have private insurance for actual defaults so who cares? None of this affects you. These institutions will take the risk of extending you five figure credit lines because one interest payment means they've made a huge profit.
@elim wrote:damn Barclays.
thanks for the update, great thread
So I got that from a credit karma update. Credit Karma uses Vantage Score 3.0, these are around 546.
The Barclays letter just came in the mail. The redundant message telling me they lowered my account credit limit, it contains an actual FICO score from transunion which is 633. Way higher than I thought, makes me happier and less worried.
Now remember, I have a cash credit line from Citi that I think about. It will actually be inconvenient for me if they lower this because I may have a purchase coming up.
Maybe I missed it, so I am going to ask, since a poster above thinks things "have gone south." Having been the guy that had to make margin calls on clients in the past...
Has any creditor so much as called and said "Hey! gen-specific, what's going on?"
@Anonymous wrote:Maybe I missed it, so I am going to ask, since a poster above thinks things "have gone south." Having been the guy that had to make margin calls on clients in the past...
Has any creditor so much as called and said "Hey! gen-specific, what's going on?"
No, It is very impersonal and robotic.
Yeah if I was leveraged up on a bad trade a broker would make a phone call quickly, but that all happens so much faster than the credit card system and really can affect the solvency of a brokerage firm. Just curious, do brokers even monitor client's FICO reports? Like, if I opened a new brokerage account in the future with my credit score so low, would they factor that in? Because you can get so, so SO much more credit to trade with from a broker than any of this credit card stuff.
@Anonymous wrote:Maybe I missed it, so I am going to ask, since a poster above thinks things "have gone south." Having been the guy that had to make margin calls on clients in the past...
Has any creditor so much as called and said "Hey! gen-specific, what's going on?"
During my time of CLD, none of the banks, Citi, Chase, BofA ever callsed me, because I wasn't missing any payments. They were simpkly taking action to limit my ability for future borrowing. This was driven home when I made a $25 Starbucks card reload using my BofA MC in December 2012, after not charging anything on the card for 4 straight years, only making payments. Literally days later I got another CLD letter in the mail. Citi simply worked things so accounts got closed, Chase also, to a lesser degree.
If I had missed any payments, you can bet the arrangement and communication would have changed immediately.