Credit Cards
Simple Tips for Managing Your Credit Cards [K] [i] [n]
Janel Morris (Kindle Edition) James J. Jones 2009-06-14
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does that mean?? if i send them my ss# card are they going to approve me..i need a credit card to build credit..is this right?
They are requesting a "copy" of your SS card to verify you are who you say you are.
It's not unusual for them to request copies of SS cards, drivers licenses, utility bills, etc. and they "usually" don't request it from someone who they are going to deny.
Generally, if they are requesting verification info, your chances of being approved are higher than being denied, though there is still the chance you may be denied
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What's better:
1. Paying off one credit card debt fully and closing the credit card. (ex.: Paying $2000 from a balance of $2000)
or
2. Partially paying off another credit card (ex.: Paying $2000 from a balance of $4000) with the intention of closing the credit card when it is fully paid.
In the long run, which decision would save me more money?
If saving money is the primary concern, you should put the money on whichever card has the highest interest rate. Whether it's the one that would be completely paid off or not, this is the option that's going to cost the least.
If you would rather get one paid off and then start tackling the other, pay off the one that you can pay the full balance on.
If you pay off the one that you can clear the entire balance, you shouldn't cancel it, at least until you pay off the other one as well. If you do, your credit score will either go down or it won't go up which it would if you left the card open.
Part of your credit score calculation is based on the balance you have on your credit cards versus the total credit that's available to you. If you cancel the card that is fully paid off, this ratio goes up which causes your credit score to drop.
eg. Using your examples, you have $6000 of outstanding credit, with at least $6000 total credit available (assuming both cards are maxed). So you have 100% credit usage. If you pay off $2000 of the debt, you now have $4000 outstanding on $6000 total available, or 67% usage. Canceling the $2000 card would keep you at 100%.
Cut up the card so you can't use it, but keep the account active.
i just applied bank of america credit card, and i got a message "Thank you for your application. We regret we're unable to approve your request at this time. We will mail you information regarding our decision in the next 7-10 days" does this mean i got denied or still under review?
Denied, they will send you a letter with the reason(s) you were denied and the credit bureau that they obtained the information from.
Are there credit cards that I can get approved for and then be able to buy stuff with them online right away? Obviously I wouldn't have the physical card yet but they would give me the relevant information to make online purchases?
It's kind of a unique situation, I have excellent credit and will be paying off the balance of this card immediately.. not that it's really any of your business :P
sure.. how do you think idenity theft works. Just listen to the police scanner and when you hear a social security number and it comes back with the name and date of birth use that to apply for a credit card.
Its a defensive move on their part. Congress ahs announced it's intention to regulate how much a cc company can raise rates. Well that caused the entire industry to move at once, and jack rates to the highest possible legal rate now. they can always lower rates under the new legislation, but not raise them.
It's typical of the "for every action there is a reaction" posit. They are only protecting themselves. No different than if Congress announced that in June they would impose a 500% tax on tuna fish. Everyone that eats tuna would immediately buy all the tuna they could.
congress needs to address the deeper issues of credit cards, instead of regulating what rates will be. Ironically, this law will greatly effect the core constituency of the democratic Party, the primary people they are trying to protect. In the future, low income and marginal credit risks will not qualify for cards period. the entire concept of interest rates is those with the lowest risk pay the lowest rates (Republicans), those with the highest risk (Democrats) pay the highest rates. so if you force the cc companies to lower the rates for the highest risks, they will simply eliminate the ability to get credit.
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Certain economic factors, like unemployment and credit card default rates are intertwined. So it’s absolutely natural that in an economic climate where experts are predicting a ten plus percent unemployment rate before the end of the year, credit card companies will have to change the way they do business in order to remain safe and profitable. As we all know, most issuers have been doing this by raising interest rates on both new and existing customers.
Wells Fargo has recently joined its peers in announcing that it too will raise the rates on the credit cards it offers. According to Kevin Rhein, group head of card services at Wells Fargo, “this is something we’ve been contemplating for quite a period of time… We had just reached the point that we don’t think we can offer credit cards at the current pricing and keep credit flowing.” Rhein’s announcement is interesting because it seems to suggest that Wells Fargo waited as long as it could before instituting these new rates. He states that the impetus for this change was the bank’s recognition that the flow of credit was actually in danger, which is another way of saying that the profitability of Wells Fargo’s credit card department was at risk. This, and the fact that the rate hikes are not scheduled to go into effect until November 30, one day before Congress’ new suggested enactment date for the CARD Act , suggests that Wells Fargo really has waited until the last minute before raising rates.
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