Newbie looking for help lowering APR or balance transfer

[trumpet-205]

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@youngandcreditwrthy wrote:
All banks arw required to review your cc accts for better terms every six months per the card act. You need to call the Cus Service dept Nd remind them of that. 

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Problem is, APR review and decrease only apply to pre-existing balance, balance that were before penalty APR trigger.

Example,

Let's say I missed my credit card due date with $100 balance, and it triggered 29.99% penalty APR. My APR went from 14.99% to 29.99%. If I pay minimum amount of $15 for the next 6 months, I have $10 excluding fee and interest left. Let's also assume that I charged $500 during this 6 month period and $200 more after. CARD Act mandates that remaning $10 to be charged at 14.99% APR, BUT does NOT mandate that transactions happened after the penalty APR trigger to be subjected to APR decrease. In other words my $700 balance will still be at 29.99% APR.

CARD Act is half-baked and poorly written law driven by politcal motivation, not leveling the play field. It is another failure after overdraft reform and Dodd-Frank reform.

[youngandcreditwrthy]

Lol I don't think that's how it works ...but okay. I know a few friends who had a late pmt w Chase and got a 29.99% apr, then after six months, it was auto-reduced back down to the original rate.


I do agree, however, that the CARD Act could have been implemented sooner and with broader consumer protections. The reality, however, is that to be creditworthy...you must NEVER EVER NEVER NEVER miss any payment on anything that can be recorded on any credit report. Lol

[Anonymous]

*her scores

2nd job not possible at present. I'm coming off a major illness, my cc balance doesn't begin to paint the entire picture of the waters I have navigated in medical bill charges. Truly I should be getting 50 gold stars & 0% apr up to my eardrums in recognition for my ability to pay my bills this past year, but TU, EQ, etc just isn't rigged for that type of story and frankly, it's times like these when I come back to the truth that this whole credit thing is a scam (sorry, living overseas opened my eyes. Moving on..). But that's not to say I can't make the system work for me..

AU is a possibility, I will ask, great idea. And I can't believe you would offer that to a complete stranger!! You're kind, really. Do not live in FL.. quite the opposite actually with the snow and sleet outside... I will keep in mind if I get desperate.. lol.

As far as incurring more debt, I am dwindling my medical expenditures over the next few months, so I do not forsee needing to use the cc imminently. It just hurts when $75 goes to interest fees when I have much worthier causes at hand. Sooo I will get on decreasing my util pronto..

Really appreciative of the input everyone, thanks for not scolding me too much..

[Anonymous]

Wow. I NEVER got a distinction between pre-penalty interest and post-penalty interest. I carried a balance and I'm sure the balance went up after I broke my kneecap, but I never saw different APRs in my bill. That was in 2009. Perhaps this legislation occured after my injury? Hmmm..

Agreed with the shady reform - friends who live overseas had a LOT of questions for me concerning our legislation with ccs and mortgages - it's difficult to explain to people how a bank could charge 29.99% interest on cc debt, when that is so far beyond being illegal elsewhere, people are rendered speechless..

[distantarray]

for future reference ALWAYS set up auto pay for minimum payment

[trumpet-205]

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@youngandcreditwrthy wrote:
Lol I don't think that's how it works ...but okay. I know a few friends who had a late pmt w Chase and got a 29.99% apr, then after six months, it was auto-reduced back down to the original rate.

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It is entirely up to lender's decision to whether reduce your APR completely. CARD Act does not force lender to drop APR.

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@sandinmishoes wrote:

Wow. I NEVER got a distinction between pre-penalty interest and post-penalty interest. I carried a balance and I'm sure the balance went up after I broke my kneecap, but I never saw different APRs in my bill. That was in 2009. Perhaps this legislation occured after my injury? Hmmm..

Agreed with the shady reform - friends who live overseas had a LOT of questions for me concerning our legislation with ccs and mortgages - it's difficult to explain to people how a bank could charge 29.99% interest on cc debt, when that is so far beyond being illegal elsewhere, people are rendered speechless..

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CARD Act went into effect at 02/2010.

In some countries like Brazil, you have APR like 240% for a credit card due to unstable economy there.

[distantarray]

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@trumpet-205 wrote:

CARD Act went into effect at 02/2010.

In some countries like Brazil, you have APR like 240% for a credit card due to unstable economy there.

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sounds like fun =)

sounds like charge cards in brazil ftw

[Anonymous]

I'm in agreement with everyone else here MsPeach. Paying down your balance will reap instant fico points. I was maxed out on my AMEX for two years and was afraid to even peak at my credit score. I've been paying any extra cash I have towards my balance for the last six months and recently saw a 9 point jump after making a $300 payment. (I only signed up with score watch a few weeks ago)

[Anonymous]

Update:

I did app for Barclays - instant approval for $3k!!

Am going to wait on apping for Cap 1 for another few months..

Meanwhile, while I have run up Barclays a bit over the holidays, I have paid down Chase to ~$2100..

I am hoping to BT this amount by the end of the month to a new card, and then pay down Barclays while paying min on BT..

I have signed up with a really great CU in my state and am set to transfer to good cash into that account. They offer prime CC rates so am hoping to open a CC with them as well..

Stay tuned for more updates as they roll in..

Thank you thank you for the advice everyone!

I am also disupting inaccuracies on my CRs from the BK TLs.. that fight has proved to be quite complicated and I am super confused at the moment.. So on to researching the boards..