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kaishek posted:It is unclear when they "grab" these numbers for your latest scores because it depends on when the card reports. I would recommend waiting one full billing cycle from close to close with low utilization to be sure. However I don't actually think that a temporary high utilization will be particularly problematic. You can tell them please be aware I had a high utilization last month, which is partly why I'm requesting this increase in limit. I paid off all my credit cards in July, and went for a new car loan in August. They told me that it took 6 months from the time you pay off your cards for it to really show on your credit report. Probably BS, but you never know...
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Oct 8, 2011 19:12
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NickArtcade posted:Thanks! To add to this, interest can never make you go over the limit as you are paying the upcoming interest in advance (sort of). It never really capitalizes unless you are 60 dpd.
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Oct 8, 2011 19:36
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Medullah posted:I paid off all my credit cards in July, and went for a new car loan in August. They told me that it took 6 months from the time you pay off your cards for it to really show on your credit report. Hmm yeah it wasn't clear to me if he had permanent utilization or if it was just a "spike" in utilization. If it was a spike that you clear out, probably no big deal.
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Oct 9, 2011 00:40
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kaishek posted:Hmm yeah it wasn't clear to me if he had permanent utilization or if it was just a "spike" in utilization. If it was a spike that you clear out, probably no big deal. Three month spike. Only time I've been almost maxed out since I got credit cards.
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Oct 9, 2011 05:20
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Medullah posted:I paid off all my credit cards in July, and went for a new car loan in August. They told me that it took 6 months from the time you pay off your cards for it to really show on your credit report. 100% bullshit. Your balance is reported every billing cycle. Everything a car dealer/salesman/employee says is bullshit. They were probably saying that to get you into a higher interest rate.
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Oct 11, 2011 20:10
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Medullah posted:I paid off all my credit cards in July, and went for a new car loan in August. They told me that it took 6 months from the time you pay off your cards for it to really show on your credit report. I’d also be curious to know where they were going with that. It is true that your balance is updated monthly. But when you are establishing credit, it takes 6 months of continuous reporting of the same account before a credit score is calculated. I also tell people that I deny for delinquent credit that if they want to try again, it takes about 6 months of good behavior before there is a significant improvement in the score, but that is only a guideline. I’m a nice guy so I will err on the side of some type of misunderstanding or something being lost in translation before I say that there is outright deception going on.
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Oct 11, 2011 20:25
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Can anyone comment on Ally Bank, ING, or online banking in general? I'm not happy with the transition to Wells Fargo and I'm considering moving my checking and savings to my credit union (where my money market and a minimum balance checking account to keep it are). The rates at Ally seem pretty nice, although I can't see good reason to drop the credit union account entirely and lose the lower rates when I eventually want a loan.
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Oct 12, 2011 04:21
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A while ago I hosed up with paying my community college bills which tanked my credit, and ever since I've been declined by most sources of credit cards. What can I do to get it back up?
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Oct 12, 2011 15:26
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Last Celebration posted:A while ago I hosed up with paying my community college bills which tanked my credit, and ever since I've been declined by most sources of credit cards. What can I do to get it back up? Have you already paid them and pulled your credit to make sure they are reported as paid? Assuming you have, look at getting a secured card and a secured loan and never be late with anything again. Time is the only thing that will heal your credit, and if you are never late with anything again and keep your debts low, in a couple years you will be fine. Also, even if these are reported paid, check every year and before you try to obtain credit. I assume they went to collections? Paid collection accounts can sometimes be sold to other collectors, either due to fraud or accounting errors, and when that happens it shows as unpaid all over again. They have a weird tendency to do this at the worst possible time. If you have letters that say they are paid and a zero balance, save those letters the rest of your life.
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Oct 12, 2011 15:44
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Zeta Taskforce posted:Have you already paid them and pulled your credit to make sure they are reported as paid? Assuming you have, look at getting a secured card and a secured loan and never be late with anything again. Time is the only thing that will heal your credit, and if you are never late with anything again and keep your debts low, in a couple years you will be fine. I've already paid it off (it happened in like '09), but hadn't made sure that it was reported. I'll make sure to do all that stuff, thanks.
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Oct 12, 2011 16:09
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WeaselWeaz posted:Can anyone comment on Ally Bank, ING, or online banking in general? I'm not happy with the transition to Wells Fargo and I'm considering moving my checking and savings to my credit union (where my money market and a minimum balance checking account to keep it are). The rates at Ally seem pretty nice, although I can't see good reason to drop the credit union account entirely and lose the lower rates when I eventually want a loan. I've been using ING Direct for a "high" yield savings account for years now, and I've got no complaints. The website is fairly intuitive and easy to use, there's no fees for anything, and I can transfer money around instantly with my Sharebuilder account as well. I haven't taken the plunge into strictly online-only banking, as I still do all my day-to-day banking with my Credit Union (which I love). Transfers from/to my CU checking account usually take about 3 business days, but other than that I've never had a problem. The only thing I'd warn about ING is that they were recently bought by Capital One. So far nothing has changed as an ING customer, but if/when the rates/services go downhill or get less competitive I'll be shopping around. Fortunately, with just a savings account switching is incredibly easy. Guinness fucked around with this message at 17:42 on Oct 12, 2011 |
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Oct 12, 2011 17:40
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WeaselWeaz posted:Can anyone comment on Ally Bank, ING, or online banking in general? Guinness posted:The only thing I'd warn about ING is that they were recently bought by Capital One. whatupdet fucked around with this message at 17:56 on Oct 12, 2011 |
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Oct 12, 2011 17:53
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Zeta Taskforce posted:I’d also be curious to know where they were going with that. It is true that your balance is updated monthly. But when you are establishing credit, it takes 6 months of continuous reporting of the same account before a credit score is calculated. I also tell people that I deny for delinquent credit that if they want to try again, it takes about 6 months of good behavior before there is a significant improvement in the score, but that is only a guideline. Yeah, he was going with the 6 months of good behavior. He definitely was trying to get me into a higher rate, which I understand. My goal is to wait 6 months to a year and refinance through a credit union once I've had a decent track record.
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Oct 13, 2011 01:04
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Does anyone have any experience with USAA as a bank? Currently, I have my checking and savings with Bank of America, and due to recent events, am looking for a new bank/credit union. I have my auto insurance, homeowner's insurance, and AmEx card through USAA because my Dad is a Vietnam vet. I've been nothing but pleased with them and their service since I've used them, but I don't know anything about how they are with providing banking services.
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Oct 13, 2011 14:22
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This doesn't answer your question but USAA insurance OWNS.
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Oct 13, 2011 14:55
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Feces Starship posted:This doesn't answer your question but USAA insurance OWNS. I agree! When my 2002 Chevy Cavalier was totalled back in 2003 due to a tire blow-out, USAA cut me a check for the blue book value of a NEW 2003 Cavalier. Which I used to buy a Hyundai Elantra.  No joke, though, the times I had to deal with USAA insurance, it's been easy, pleasant, and with people who knew what the hell they were doing. Which is one of the reason I'm considering them as a bank, if the customer service exists in that branch too.
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Oct 13, 2011 15:03
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CobiWann posted:Does anyone have any experience with USAA as a bank? I just moved my checking account to USAA and I'm very pleased with the service. Since you are a 'full' member with a military connection, you will be eligible for Deposit@Home and Deposit@Mobile which allow you to make deposits by scanning or photographing your checks. You can also mail in your deposits using the free prepaid envelopes they provide. The checking account comes with free checks for life, and they reimburse you for ATM fees charged by other banks.
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Oct 13, 2011 15:09
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My wife got a new credit card at my behest to take advantage of some round trip flight offers (something that I do all the time, but have a spreadsheet to keep track of). This being her first new card in a while, she forgot to make the payment due until about a week late. Will this negatively impact her, and/or can I call up Chase and say "hi, this late payment was totally our fault, we've had other cards with you for X years, please take the late payment off her record?"
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Oct 13, 2011 16:09
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kaishek posted:My wife got a new credit card at my behest to take advantage of some round trip flight offers (something that I do all the time, but have a spreadsheet to keep track of). This being her first new card in a while, she forgot to make the payment due until about a week late. Will this negatively impact her, and/or can I call up Chase and say "hi, this late payment was totally our fault, we've had other cards with you for X years, please take the late payment off her record?" They don't start reporting until 30dpd.
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Oct 13, 2011 17:12
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LorneReams posted:They don't start reporting until 30dpd. Phew!
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Oct 13, 2011 22:10
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kaishek posted:Phew! You'll probably get a $30 late fee, which you might be able to talk them out of.
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Oct 14, 2011 00:55
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WeaselWeaz posted:Can anyone comment on Ally Bank, ING, or online banking in general? I'm not happy with the transition to Wells Fargo and I'm considering moving my checking and savings to my credit union (where my money market and a minimum balance checking account to keep it are). The rates at Ally seem pretty nice, although I can't see good reason to drop the credit union account entirely and lose the lower rates when I eventually want a loan. Ally is great. Reimbursed ATM withdrawls, a call center in the states with a short/no wait time on the phone, quick to replace lost cards, low fees, overdraft protection if you use their saving account as well. Only downside is I wish you could deposit a check by taking a picture of it.
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Oct 15, 2011 04:01
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Is Charles Schwab the only online checking account that lets you deposit checks through your phone? I know USAA has the service, but it seems like they require you to meet other requirements too (be part of the military and so on) to use their @home service.
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Oct 15, 2011 10:21
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Niwrad posted:Is Charles Schwab the only online checking account that lets you deposit checks through your phone? I know USAA has the service, but it seems like they require you to meet other requirements too (be part of the military and so on) to use their @home service. Fidelity will let you if you've had a MyCash account (or whatever they call it now) for a few months and keep at least $2000 or so in it.
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Oct 15, 2011 10:26
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Niwrad posted:Is Charles Schwab the only online checking account that lets you deposit checks through your phone? I know USAA has the service, but it seems like they require you to meet other requirements too (be part of the military and so on) to use their @home service. Chase bank lets you do it with smartphones - you have to take a picture of the front and back of the check with your camera and send it in. It's a little wonky, but it works well enough.
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Oct 15, 2011 13:40
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The basic Chase checking account is $12/month though if you don't meet the requirements to waive the fee. Schwab is free which is nice.
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Oct 15, 2011 15:55
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Ganon posted:The basic Chase checking account is $12/month though if you don't meet the requirements to waive the fee. Schwab is free which is nice. True, but the requirements are hardly difficult to meet: $500/month direct deposit or $1500 minimum. Also they've got a student account that's free for up to 5 years so long as you're enrolled in college OR have a direct deposit of any size. Here's the site for those who are interested: https://www.chase.com/online/Checking/chase-checking-account.htm
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Oct 15, 2011 16:19
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Hopefully this is an alright thread to post this in. Someone stole my debit card number a couple weeks ago, and I'm seriously freaking out. I noticed it about a week after it happened (stupid, I know, I should be checking my account every day), immediately called my bank (Wells Fargo) and got everything locked down, and the claims filed for all the fraudulent charges. A couple days later I got the ~$150 credited back to my account, pending the results of an investigation. My new card should be here next week. I have no idea how it happened. I NEVER swipe it at stores, I always pay for real-world stuff in cash, and I don't use ATMs either. Additionally, I'm extremely paranoid about security on the computer I use for banking/ordering poo poo/important stuff like that, so I'm almost sure that it wasn't a keylogger or anything like that. Only thing I can think of is that some website I've done business with in the past got compromised or had disgruntled employees or something. That or it happened at the bank because I couldn't help but notice their computers are still using freaking IE6. tl;dr, I'm not an idiot. Anyhow, back on topic, about how worried should I be about the bank forcing me to the eat the loss? The money they credited back to me is supposedly only temporary and they'll take it back if they decide, in the course of the investigation, that it was in fact me using the card. Since I have no idea how it happened, I have no idea how much personal information might have been compromised alongside my debit card number. If whoever used my card number knew my full name and address, phone number, etc., I'm concerned that it might look suspicious to the bank. Plus, banks these days seem all too happy to screw over their customers over a few dollars, and...yeah. Anyone with knowledge of these matters have some input on this subject?
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Oct 16, 2011 01:41
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AceSnyp3r posted:Hopefully this is an alright thread to post this in. Someone stole my debit card number a couple weeks ago, and I'm seriously freaking out. I noticed it about a week after it happened (stupid, I know, I should be checking my account every day), immediately called my bank (Wells Fargo) and got everything locked down, and the claims filed for all the fraudulent charges. A couple days later I got the ~$150 credited back to my account, pending the results of an investigation. My new card should be here next week. I had the exact same thing happen to me (debit card, Wells Fargo) except within a few days I knew exactly the culprit: MonoPrice had their systems compromised. After a while the investigation concluded and I got to keep the money. After the report I never had to do anything, so presumably they were able to look at all the charges their customers had made and who had reported fraud and connected the dots and figured out I was legit.
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Oct 16, 2011 01:58
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My debit card was compromised a few months ago, and as far as I know, nothing ever turned up as far as how it happened. What was strange was that it was processed as a debit transaction (i.e. you enter the PIN). It was for some strange PayPal stores (the account was never linked to my old, abandoned PayPal account). Anyway, I was able to get my credit union to reverse the charges, and they ended up finalizing the credit with just the original police report of "someone used my debit card; it wasn't me".
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Oct 16, 2011 02:20
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So I'm considering getting my first credit card. I honestly don't really need it, but my old Kindle broke, and I can get $40 off a new one by getting the Amazon Chase Visa. Now I can buy the Kindle outright, but I see no reason to not save $40. So I've done some searching and I haven't found any big negatives about this card, but I would like some first hand experience from anyone if they have it or general advice. I literally plan on paying the remaining $40 balance off the first month, can I cancel the card after that? Should I hold onto it with a 0 balance to build credit? Will I be charged a fee for not using it (I've heard about minimum balance fees and such bullshit)? The agreement states that there is a minimum interest charge of $1.50, will this interest accrue even on the first statement? How likely am I to be approved? No bankruptcy, but I live in a college town and moved to a cheaper duplex this year and have recently (past 6 months) changed jobs. My yearly free credit report has my current loans with no delinquency. Like I said, I don't plan on carrying a balance on this so I'm not worried about adding to my debt (which is only like $3k total, 2.5k student loans, 500 left on 1k from my credit union for some emergency expenses). Basically what I'm asking is if there are any gotchas that I haven't found/noticed.
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Oct 16, 2011 13:29
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BiohazrD posted:Now I can buy the Kindle outright, but I see no reason to not save $40. So I've done some searching and I haven't found any big negatives about this card, but I would like some first hand experience from anyone if they have it or general advice. Credit cards are very good things for responsible consumers, they save you money and make paying safer and more convenient. I have this card and it's a good one for use at Amazon. quote:I literally plan on paying the remaining $40 balance off the first month, can I cancel the card after that? Should I hold onto it with a 0 balance to build credit? Will I be charged a fee for not using it (I've heard about minimum balance fees and such bullshit)? The agreement states that there is a minimum interest charge of $1.50, will this interest accrue even on the first statement? Getting a card and immediately canceling it is rather silly unless you really don't think you can control your spending habits. There is no minimum usage/balance (  kind of card has that), and minimum interest only applies if you carry a unpaid balance from over 30 days past your last bill.quote:How likely am I to be approved? No bankruptcy, but I live in a college town and moved to a cheaper duplex this year and have recently (past 6 months) changed jobs. Fairly likely, but the Amazon visa is slightly on the difficult end to get approved for. It's impossible to say for sure, but it being a first card may actually weigh in your favor.
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Oct 16, 2011 15:19
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baquerd posted:Credit cards are very good things for responsible consumers, they save you money and... Please tell me how they save you money. Using plastic in general helps people spend approximately 12% more on average. 1% cash back really doesn't count, as anywhere where a substantial purchase can be made, cash can get a greater discount. I'm not against getting a credit card. I pretty much use mine exclusively on a day-to-day basis, but claiming they save you money is completely false. The whole point of a credit card from the banks' standpoint is for you to LOSE money through them.
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Oct 16, 2011 16:03
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Dead Pressed posted:Please tell me how they save you money. Using plastic in general helps people spend approximately 12% more on average. 1% cash back really doesn't count, as anywhere where a substantial purchase can be made, cash can get a greater discount. Small purchases still add up. I've gotten ~$300 cash back so far in 2 years on all my cards (reward cards of course) and I don't actually spend that much money because I make so little.
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Oct 16, 2011 16:19
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Dead Pressed posted:The whole point of a credit card from the banks' standpoint is for you to LOSE money through them. I used to use the Amazon card as my primary card (I use a travel card now) and it was great since I bought lots of stuff off of Amazon. If you can qualify for it, it's a good first card. Use it responsibly!
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Oct 16, 2011 16:31
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I would beg to differ, Moana. Yes, the bank gets a few percent from whatever transactions you push through on those cards, but making up to 13-30% interest on revolving credit for the entire balance that people haven't paid off is the easy money gravy boat. Interest on cards is a multibillion dollar cash cow. Debit cards and their transaction fees are for the convenience of not having to carry cash. Rurutia posted:Small purchases still add up. I've gotten ~$300 cash back so far in 2 years on all my cards (reward cards of course) and I don't actually spend that much money because I make so little. Your, my, and others' around here anecdotes are the exception to the rule. Many people DON'T hang around financial forums, pay off the cards and do spend more thanks to increased credit limits. Bluntly stating "credit cards save money" is an irresponsible statement without the proper qualifiers attached to the comment. Just for shits and giggles: Approximately 74.9 percent of the U.S. families surveyed in 2004 had credit cards, and 58 percent of those families carried a balance. In 2001, 76.2 percent of families had credit cards, and 55 percent of those families carried a balance. (Source: Federal Reserve Bulletin, February 2006) Slightly more than half of Americans -- 51 percent -- said that in the past 12 months, they carried over a balance and was charged interest on a credit card. (Source: "Financial Capability in the United States," FINRA Investor Education Foundation, December 2009) Edit: Decided to make new post. Dead Pressed fucked around with this message at 18:39 on Oct 16, 2011 |
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Oct 16, 2011 16:57
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Dead Pressed posted:Bluntly stating "credit cards save money" is an irresponsible statement without the proper qualifiers attached to the comment. Well it's a good thing he used one then baquerd posted:Credit cards are very good things for responsible consumers Nice backpedal though
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Oct 16, 2011 17:47
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I wouldn't say 'responsible' is a proper qualifier. Responsible could mean many things to many different people. I view responsible as having the balance paid in full every month. Others, who aren't well informed financially may view it as just paying off the minimum amount monthly. That's a HUGE difference depending upon who hears it. Now, to directly answer your question: Typically, bouncing from card to card to take advantage in promotions is not a good idea. However, if you plan to keep this card around, shop at amazon a fair bit (note: there are better reward cards if you don't shop at amazon much), and desire to use it to build some credit history it's a fair idea. It sounds like you're hip-with-it, checking your annual reports and all. I wouldn't worry about it too much, as you've got your priorities straight. Getting it for the promo and immediately cancelling would not benefit your credit score.
Dead Pressed fucked around with this message at 18:39 on Oct 16, 2011 |
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Oct 16, 2011 18:35
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Dead Pressed posted:Your, my, and others' around here anecdotes are the exception to the rule. Many people DON'T hang around financial forums, pay off the cards and do spend more thanks to increased credit limits. Bluntly stating "credit cards save money" is an irresponsible statement without the proper qualifiers attached to the comment. It's confusing to me how so many people misuse credit cards. Keep a 10-15% max of credit limit load on your card, pay it off every month, win. If once in a blue moon you actually need the credit, it's nice to have. It really is that simple.
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Oct 16, 2011 19:30
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Dead Pressed posted:Yes, the bank gets a few percent from whatever transactions you push through on those cards, but making up to 13-30% interest on revolving credit for the entire balance that people haven't paid off is the easy money gravy boat.
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Oct 17, 2011 02:11
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