Re: myFICO Insider's Guide to 2010 credit card reform and new FHA mortgage rules
02-26-2010 12:49 PM
Yes. This is a big win for consumers. The credit card companies are upset but they got so greedy that they killed the goose that laid the golden eggs. Now they must get their profits the old fashioned way - they must earn them. A friend of mine paid a credit card off a few years ago. An annual fee was of $25 was charged to his account. He got the bill but didn't open it immediately because he knew there was no balance on the account. By the time he got around to opening the mail it was too late for him to mail the payment on time. He called the credit card company and they refused to work with him. They reported his payment as late and it showed up on his credit report. Fortunately, when he bought his house the lender could see what happened and gave a good interest rate, but who knows how many hundreds or thousands it may have cost him in higher credit card interest on his other cards.