myFICO Insider's Guide to 2010 credit card reform and new FHA mortgage rules

[Barry]

• Are you aware of the changes that came about on February 22, 2010 as a result of the Credit CARD Act of 2009?

• Have you heard that FHA will be tightening up on lending requirements over the next few months?

Download the Credit CARD Act and new FHA rules PDF (below) to learn about these upcoming changes that are sure to affect all credit card holders and many future mortgage applicants.  And let us know what you think!

[Uborrow-Upay]

Thank you, Barry!

This is a very handy guide to the upcoming changes.  Beats the heck out of reading through a lot of legalese!

I've got a question on one portion of the new law, though.  With the payment date having to stay the same day each month, wouldn't that mean that the banks would likely change the statement date every month, to avoid giving up even 1 cent in potential interest income? 

If true, that makes it a little tougher for those of us who don't like balances reporting...especially if the lender doesn't disclose the statement date in advance.

Any insights on this?

Thanks.

[MarineVietVet]

Thanks for posting this. I just saved it to my hard drive.

[BungalowMo]

Thanks Barry!!  I'm certainly liking the sound of this...especially the cc rules.  I know the banks aren't too happy, but I guess with certain customers, as always, they can close your acct at their disgression...as well as balance chase.  They'll still do what they can get away with! 

For now, I'm happy with the cards & such that I have.  Not one had RJ'd, BC'd or AA'd me at all.  In fact, nearly all cave me a CLI & kept me at approx 10% apr.  In these times...I cannot complain!

[Eurosooner7]

HUGE step for consumers. Glad to hear this.

[Anonymous]

Will this new rule also apply to Bank Visa Debit Cards?  If anyone knows please let me know.  Thanks!

[Anonymous]

Thank You Barry !

[Anonymous]

I have 4 Credit cards. 3 paid off in full. All 4 sent me letters informing me that my interest on the cards was going up to 29.9%. Haven't been late in over 3-4 years and always pay above my minumum. I feel like I just got jacked!

[BBYGRL]

Thank you for posting this Barry! This is very helpful... I will be sure to pass along the link.

[WD]

Great post / info!  Thanks.

It's at least a start in the right direction.

Side note... I didn't think you could get an FHA loan now unless you had a score of 620.  I plan on applying for a FHA mortgage soon and the info I've seen pointed to 620 being the minimum (FYI, my score is higher).