Nice Chat About the Future of Credit Cards

[Anonymous]

TD bank has simply flexable visa which rate is based on the payment 4% or less 19.99 5-9.99% 13.99 10+ 7.9

[Anonymous]

well the FTc is already regualating them start july 2010

[Anonymous]

There's a nice commentary in form of a letter in the Wall Street Journal:

 We Are Raising Your Rate

[Imhotrodcrazy]

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@Anonymous wrote:

There's a nice commentary in form of a letter in the Wall Street Journal:

 We Are Raising Your Rate

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Ulan,    What a great article.  I got quite a chuckle out of it.   Thanks for sharing.

[Anonymous]

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@Imhotrodcrazy wrote:

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IMO, USbank speaks with a forked tongue.  I was denied a cc with them about 2 weeks ago.  They pulled EX to check my credit and I had a 790 score.  In addition, I have a perfect 17 yr perfect mortgage payment history with them.  Also,  I do not have one bad mark on my EX report.  Go figure.

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Did they happen to tell you the reasons for this? From what everyone says here on the forums you usually are given reasons for any adverse actions/

[Imhotrodcrazy]

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@Anonymous wrote:

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@Imhotrodcrazy wrote:

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IMO, USbank speaks with a forked tongue.  I was denied a cc with them about 2 weeks ago.  They pulled EX to check my credit and I had a 790 score.  In addition, I have a perfect 17 yr perfect mortgage payment history with them.  Also,  I do not have one bad mark on my EX report.  Go figure.

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Did they happen to tell you the reasons for this? From what everyone says here on the forums you usually are given reasons for any adverse actions/

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They said my DTI was a "little" bit high, which it is not.  However, I went to my local credit union and got the loan I wanted right away.  I just wont deal with USbank anymore. 

[Anonymous]

Glad to hear that you got what you wanted from your Credit Union. I have been a customer of US BANK for a long time and yes, they can get strange but I have eliminated that problem.

Over the last few years I have developed a nice relationship with the branch manager and anytime I have ever had an issue I went directly to them. They have immeadiate access to our deposit accts, can see how long we have been customers and have never failed to resolve any issues quickly.

It seems in this day and age people want the "instant decision" and unfortunately the machines can not see everything that a person can which is why I stress having a contact person at the bank. I think this has also been proven by the amount of people here who post of success by "recons" with the issuer.

[Imhotrodcrazy]

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@Anonymous wrote:

Glad to hear that you got what you wanted from your Credit Union. I have been a customer of US BANK for a long time and yes, they can get strange but I have eliminated that problem.

Over the last few years I have developed a nice relationship with the branch manager and anytime I have ever had an issue I went directly to them. They have immeadiate access to our deposit accts, can see how long we have been customers and have never failed to resolve any issues quickly.

It seems in this day and age people want the "instant decision" and unfortunately the machines can not see everything that a person can which is why I stress having a contact person at the bank. I think this has also been proven by the amount of people here who post of success by "recons" with the issuer.

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I tried the "recon" route twice, it didnt help.  So, I am off to better hunting grounds.  I am in the process of looking for a better bank.  More than likely, it will be my local credit union. 

[ma_fico]

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@Lyythine wrote:

While reading your post, I was struck by how similar this is to some European systems are run.  As I have alluded to in a couple posts, I have lived most of my childhood and adult life outside of the US (although I am a US citizen) because my mother has worked at several US embassies and consulates throughout Europe, Middle East, and Asia.  In most middle eastern and european nations, credit is based upon your prior banking history and what liquid assets you have available. Not like here in the US where someone making 50k a year, 5k in savings gets a 30k limit credit card which they will never be able to pay back in a reasonable amount of time if needed.  

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But FICO doesn't rule in Europe.  In the U.S., if you let a $5k balance report (PIF'd after statement or not), you'd better have $50k in credit available to keep your util at 10% (even lower would be better), to avoid AA and the domino effect it can have.

Until/unless FICO changes the scoring model, it's not at all unreasonable to have one's available limits be 10x what Europeans might be expected to have.  Available credit doesn't equal debt.

[Anonymous]

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@Anonymous wrote:

In a way, I was a bit hesitent about posting this, because my credit situation id different then most peoples, but since the board seems to be wondering about whats going to happen in the CC business, I thought I would relate a conversation I had with a dear friend this Friday.

Nice article DickC