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Chase just lowered my Disney Visa rate to 5.24%, and last week my CU lowered my rate to 6.9%.
Any idea why they are doing this? The CU card just turned 16, maybe that's why. And maybe Chase likes that I carry a 3k balance?
I feel really lucky. I am sorry to those being RJ'd.
This is because of your fantastic FICO scores. If you ever are late on one payment you will see how fast they will reverse your low interest rates.
That is what happened to me back in 2004. I forgot to pay one credit card on time and now my scores are much lower because of it. Although it was over 4 years ago I still have one late charge that I paid and I never had a rebound to my high 780 scores.
Ouch, about 6 months ago I was 1 day late on my Chase card. They just said don't do it again for another 6 months.
I was not charged a late fee or anything.
@Anonymous wrote:This is because of your fantastic FICO scores. If you ever are late on one payment you will see how fast they will reverse your low interest rates.
That is what happened to me back in 2004. I forgot to pay one credit card on time and now my scores are much lower because of it. Although it was over 4 years ago I still have one late charge that I paid and I never had a rebound to my high 780 scores.
@Anonymous wrote:Ouch, about 6 months ago I was 1 day late on my Chase card. They just said don't do it again for another 6 months.
Normally you won't get a ding on your CRs until you are 30 days late on a CC payment. Most CCCs won't report you before then, however, they very well can keep track of it internally.
@Anonymous wrote:This is because of your fantastic FICO scores. If you ever are late on one payment you will see how fast they will reverse your low interest rates.
That is what happened to me back in 2004. I forgot to pay one credit card on time and now my scores are much lower because of it. Although it was over 4 years ago I still have one late charge that I paid and I never had a rebound to my high 780 scores.
Thats just plain wrong. I thought over time, it counted less against your score to have a late payment/BK/CA/ etc...
@Anonymous wrote:
Thats just plain wrong. I thought over time, it counted less against your score to have a late payment/BK/CA/ etc...
They usually start to ding less on anniversaries.
You are correct, however, back in those days I did not review my accounts online. I didnt know that I forgot to make a payment until the next statement arrived. At that point it hit my credit report as a 30 day late.
It is now 4.5 years since but I am still taking a hit for it. I wrote to HSBC several times but they refuse to remove it.
@Anonymous wrote:I wrote to HSBC several times but they refuse to remove it.
Keep writing! I know at least one forum member has had GW luck with HSBC.