Need to apply for New Card, ASAP.. HELP!

[Anonymous]

Hello all!  I just got a mailer from Chase changing the terms on my Disney Visa to some crazy rate.  Here are my stats:

Equi- 688

TU- 654

Exp (FAKO)- 712

I have one credit card $5000 CL/ $452 balance (paid off yesterday) 

No inquiries

I do have a HELOC that is effecting my reports differently (I have posted about this...nobody can figure it out).

2 old medical collections ($27 & $54) that were a result of my ex-husband (paid them both).  Tried to do the Hippa.. to no avail.

Any help/advice would be great!!

THANKS! 

[Anonymous]

Why do you need a new card asap if you have no balance?  No matter what the rate is, if you don't carry the balance then the "effective rate" is always zero.

Don't jump into new apps just because of this RJ.  Stick to your credit plan.  If you are cleaning it up, continue to do so.  If you are in the market for new credit, then you should continue to shop....but with a zero balance I don't understand the sense of urgency unless you are planning to purchase and carry a balance soon.

Your scores are getting there, but they are not yet where you are going to be getting the best cards and rates, unless you can qualify for NFCU and PSECU.  In that case, you would do well to establish relations with them because they will offer credit and competitive rates at your scores.

Good luck

[Anonymous]

One of our members, wmarat, has a pretty good view on credit card interest rates and the ratejacking that is popular now with the banks. 

He says, "If you PIF (pay in full), your APR is 0%, regardless of what the bank thinks it is!"

I agree with that 100%, and it sounds as if you owe nothing to Chase at this moment, so you're not affected by that increase.

Unless you have some pressing need for additional credit, don't feel you have to apply for some other card just because Chase increased your rates.  They are all doing that right now.

I know this probably doesn't answer your question, but I hope it's something you might consider. 

Edit: txjohn, you're a very fast typist!  LOL!

Message Edited by Uborrow-Upay on 12-08-2009 03:03 PM

[Anonymous]

Thanks John.  I like to have a card with a fixed rate for emergencies.  The Disney one is now some variable + prime or something crazy.  Believe me.. I HATE cc... stupid ex-husband killed me!  I am gaining 10-15 points a month, bc I haven't had any lates, collections or anything since I left him 3 years ago.  Just figured I would get some info on some good cc options.   OH and my TU is 660.. not 654. 

[KimberH]

Care Credit will not report to CRAs until it is used (I acquired it in August and have not used it yet - it is not reporting)......

[Anonymous]

My mom has Care credit. She has not used it and it still reports.

[Anonymous]

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@Anonymous wrote:

Thanks John.  I like to have a card with a fixed rate for emergencies.  The Disney one is now some variable + prime or something crazy.  Believe me.. I HATE cc... stupid ex-husband killed me!  I am gaining 10-15 points a month, bc I haven't had any lates, collections or anything since I left him 3 years ago.  Just figured I would get some info on some good cc options.   OH and my TU is 660.. not 654. 

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I understand.  I suggest that you work very hard on an emergency fund that you can always count on, because there is no such thing as fixed rate credit cards anymore.

With the new regs, all have gone or soon will be variable rate, which is prime plus some number.  And they can change that rate at any time.  And even with new regs, they will only be limited on this right to raise rates on existing balances.  So, you are always in that potential rate jack position at any time, except on existing balances once the new regs kick in. 

But for now, I would figure out how to put 3 months expenses into emergency and then continue to work on getting to 6 months.  This is the best "emergency plan" because the CC's can always change terms, rates, reduce limits or even close the account.  And when you most need them, they may be least willing to work with you.  They are a double edged sword.

NFCU and PSECU have good rates and are stable.  But they are variable too.  Addison has great rates, but are more conservative and will be variable if they aren't yet. 

Good luck in whatever you do.

[Anonymous]

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@KimberH wrote:
Care Credit will not report to CRAs until it is used (I acquired it in August and have not used it yet - it is not reporting)......

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You might be an exception.  I applied in August and it reported within 3 weeks even though I did not use it.  Several friends and family members who applied after I did also experienced this....the TL reported with zero balance and did so fairly quick.

Message Edited by txjohn on 12-08-2009 12:25 PM

[Jazzzy]

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@Anonymous wrote:

Thanks John.  I like to have a card with a fixed rate for emergencies.  The Disney one is now some variable + prime or something crazy.  Believe me.. I HATE cc... stupid ex-husband killed me!  I am gaining 10-15 points a month, bc I haven't had any lates, collections or anything since I left him 3 years ago.  Just figured I would get some info on some good cc options.   OH and my TU is 660.. not 654. 

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I think you'll find that many credit cards have gone to variable rates in anticiaption of the new laws coming in February.

ETA: txjohn types faster than I do...he's right on.

Message Edited by LynetteM on 12-08-2009 12:28 PM

[Anonymous]

Fix rates are a thing of the past , they have to set rates high the can still turn profit if rates fall, to make sure they are not paying more to borow , then they lend

My mom used to have 4.5 fixed rate when shegot letter about the RJ the prime lending rat was below that, thay were losing money, not thay can increase rates without just cause , can't live with fixed rates