Thank you Barry!
Question: Does this new credit card law applies for transactions made in 2009? For example if I was late for 30 days or less in 2009 and the credit card company raised my interest rate, should they now bring my interest down as I was paying on time for more than 6 months after that late payment?
Thanks Barry, very informative. It explains why one of my credit cards (Chase Visa) increase their APR rate to 29.9% as of February. Probably before the credit card reform went into effect and to make up for there lost in overdraft fees . I personally transfer that credit card to a debt consolidation program and what disgusted me the most was that Chase agree to lower the interest rate to 2% with the consolidation program. However, I rather my credit score take a hit then give Chase all my money! I have to say, I've learned a whole lot about credit cards the pass couple of years and made a promise to myself to keep only one credit card and only use it for emergency purpose only!!
Thanks Europa )
Won't these new credit rules eventually result in lower scores for many? If banks jack up the rates and/or impose annual fees, many of us would close those accounts (either right away or after paying off the balance). And then we would lose credit history on those cards, which would affect our score, right? I wish they would require the CRA's to keep credit history of closed accounts to avoid this.
Am I seeing this right?
Thanks much for the reply, welcome and links to more education. There's always something to learn!
In regards to the FHA portion of the pdf.
Will this apply to borrowers who are currently under contract but don't close until after the rule goes into effect (will it grandfather?)? Or will only apply to those who sign a contract after the rule goes into effect?
I'm currently under contract, but don't plan to close until after May 1st.
Thanks in advance for your assistance.
Thank you Barry,
One question of clearification;
Does the new rule “the interest rate must stay at the opening rate for at least 12 months” apply to introductory offers?
thanks for you help,