Line Of Credit
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Answers
....is just a scam? I asked this question about a month ago, to see what others thought of the 'CC Holders' Bill of Rights' increasing the fine print.
http://answers.yahoo.com/question/index; _ylt=AjDZzTlDn6st5B7cYOk6Za_ty6IX;_ylv=3 ?qid=20090430111244AAArKDA
Since then, one of my family members has received a "Notice of Change in Terms and Right to Opt Out" from Citibank, the holder of their Shell gas credit card.
Section 3 of said notice has to do with default APR. The first 2 didn't surprise me any. You will go into default if you 1) do not make the minimum payment when due; and 2) go over the credit line. This is all pretty standard in the credit card industry. Here's the one that got my attention: 3) make a payment to us that is not honored.
If I'm reading that right, and I'm sure I am, that's saying that you can send them your payment (I'm assuming it would be on time) and they can choose not to honor it, just to put you in default! Now, I understand that they can and will do this if you send them a check that bounces. That's reasonable.
And by the way, default APR equals the greater of 1) the prime rate PLUS up to 23.99% or 2) up to 29.99%
Credit Card Holders' Bill of Rights? Yeah right. They just found a way to sneak us the shaft even more.
Have you seen any evidence like this?
haven't seen any evidence but they really should have capped the interest rates. I've worked in the credit field and it's absurd. The only thing a 20%+ rate does is keep the person who defaulted (usually because they had some financial difficulty) in perpetual debt. The credit card companies have already calculated the risk of default and potential losses and spread that amongst all their other cardholders.
DV-101 NOV 03 1998 VANCOUVER FRAUD WITH CREDIT CARD AT SHELL GASTATION ON MAIN ST
I was eligible for a master card and I had applied for it. When I received it, it already had charges of $179 on it for set up fees and that stuff. I didn't like that so I canceled the credit card right away. The person helping me on the other line warned me that rapidly canceling credit cards and accounts would make my credit score go down. Is this true??
I have a debit and credit card with BofA and a Shell card, and canceled the First Premier Bank card that I applied for. Would this harm my credit?
And is there any free sites to check out my credit score free of charge?
Thanks.
First part, yes your score has taken a hit and will now be lower. This is due to 2 things, first, the hard inquiry that was placed on your credit report when you applied for the card,(this remains on your report for 2 years: read the source)
Next you are reducing your debt utalization ratio which is based on how much credit you have available to how much you have used. When you opened the account you had more credit, so depending upon how much you owed on the other accounts, your utalization may have gone down, closing the account raised this utalization to what it was before.
Next part, there is no such thing as a free credit score Some credit card companies used to provide what is called a FAKO score, one that was usually way off but most of those banks went under.
Hope this answers your question.
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