?s about credit cards interest rates crackdown

[farmgirlie1031]

I sure hope so. I was once charged $50 in fees for a $0.01 mistake. Geez!

 

[EweSheep]

Our bank dont have that kind of overdrawn account protection. I will have to pay a visit to them soon so we dont end up paying too much fees when we do ahve the money in another account. UGH!

 

[Calebs Acre]

If your bank is doing its job, when you present a debit card for a purchase, the amount is supposed to be held from your account immediately. But, I think they will still let pre-authorized deductions overdraw your account, not sure about that.

The bank loves you to overdraw so they can get those crazy fees!!

 

[rancher hicks]

Allow me to share.
I have 3 accounts w/ same bank. Mine, Ours, and My savings
(she has hers chking and sav. at her work crdt union)

What I like is that I can check my account online and be sure I have money.
I don't us debit cards. I have one on my account and it is activated cause if it ain't we get charged. Still I don't use it.

Get a bank and account you can check on line. Save money w/ direct deposit.


Have same w/ credit cards and pay on line. I'm former letter carrier please trust me. Your payment can be late. Id theft is not that common and usually the information is stolen from a third party. ex. store, bank, . Yes I know there are exceptions.

My son is in the military and computer security. Make sure your virus protection software is updated regularly. I hope you all know how to do it.


Anyhow I just thought I'd share how I monitor my accounts.

 

[HarlansHollowFarms]

May be you should switch to a bank with overdraft protection, most will still charge a fee but it will not be as much. Be careful with overdraft protection because some bank will charge a fee and transfer funds even though the transaction is still pending. This means they are charging you before you have a chance to transfer the money on your own at no charge, and if youcancel the transaction, the bank has already charge you a fee. If you let your account get that low in funds, check it daily or you will be out money. If you call the banks they will normally drop the charges, but it is a pain. Most banks nowadys, rely on your savings account to be your overdraft protection, and the fees they charge are simple to prrform an electronic transfer which you can do yourself on the computer for free, so Beware.

 

[beak]

Quote:
Your right on in every respect. Right now Obama is trying to get the cc companies to do it voluntarily. If they don't he will encourage Congress to pass legislation. It's doubtful anything will be retroactive though.

 

[beak]

Just a note. If you have 2 accounts in one bank, they are both tied together for collection actions. In other words if you have an automatic mortgage deduction each month and for some reason you don't have enough money in your primary checking. The bank can and will usually take any shortage from your savings account in the same bank. I keep my checking and savings in different banks for that reason.

 

[Calebs Acre]

On a totally different tangent, if I had MY WAY, including the fortitude to do it, I would start a group of people to totally revamp the credit reporting system (FICO). It is arbitrary and I do NOT think that it accurately represents the ability, stability and willingness to pay of individuals and is unreasonably slanted in favor of the creditor.

You are supposed to have THREE established lines of credit to even HAVE a score. A friend of mine has had ONE credit card her entire life and she has a score of 780. Of COURSE she does. She had ONE credit card with a $2500 limit and she seldom uses it and pays it off every time in 30 days. She has NO IDEA how to manage credit. She lives with her parents (at almost 40 years old)...NEVER bought a new car....has had one used car for 15 years and she paid cash for it...$1500.

But, a person can make $225,000 a year and if they use their VISA for major purchases and that purchase goes over 40% of their available credit line, they get hit on the credit score. What if they have that credit card at 1.95% rate for a promotional period and decide to buy a car with it? Say they pay it off within the promo period...say 12 months? They still get hit every month that balance is more than 40% of their available credit on that one card. It can hit their score 100 points!!!

I can go on for HOURS on this subject, but I think it is a flawed system and I think they have WAY too much power.....

 

[EweSheep]

I agree, since my hubby didnt have ample credit because he pays things mostly with cash, saves his money and paid off loans way before their time is up. I, on the other hand, had excellent credit and then I lost my job and filed bankruptcy. It sucks! If you have NO credit or very little credit, then you would not be able to get a loan. Why in the heck we really need a credit card if we dont need it? I can see having one for emergencies but not for credit power!

I agree with Cownancy on that one! It's a deception practice on those credit companies!

 

[Calebs Acre]

I would just like the credit reporting agencies to have to follow established criteria so (a) we know what we have to do to establish a certain score, keep it and/or restore it.

We know, in general, what to do, but two people can have the same basic credit history and totally different credit scores. I also think that there is a huge difference if two people each have available credit of $100,000, but one makes $50,000 a year and another makes $500,000 a year.

I've looked at tons of credit reports over the years and it is amazing how they differ between people with very similar histories.

I also find it interesting that the credit bureaus can change your FICO score if the economy changes. Two years ago, A person could have a 750 credit score and just because the economy turned, that score could now be 700 or lower? That's nuts.

See, wind me up and I am like the Energizer bunny complaining!