i also just pre qualified for a capital one classic platnium, i never thought i would be able to qualify for it. anyone have a suggestion on what i should do? i want to close first premier and move on. should i go for household bank/hsbc? or capital one?

Hello everyone. i know i said i wouldnt apply for any more credit cards for a while, because of so many inquaries.... more than i want to say. i have just begun rebuilding really, i h ave had a first premier card for 9 months now, opened a second first premier account 2 months ago, and have crown jewelers account also. i did the pre-qualify thing for household bank today, and was approved for the platinum credit card through them, but only if i send them a $49 processing fee. has anyone heard of them doing this before? is it worth sending in and then dumping the first premier card that i have had for only 2 months? last month my scores were 509, 509, 516. this month they are 509, 543, and 536.

Have a credit card question:

Have two credit cards with BOA:

• If I owe $100 on Credit Card (a) and have a $100 credit balance on Credit Card (b) can I pay off Credit Card (a) with Credit Card (b) ?

My chase (formally wachovia) statement says effective annual percentage rate of 50.76% umm what does this mean? thanks


FINANCE CHARGES
Finance Charge Transaction
Daily Periodic Rate Corresp. Average Daily Due To Fee / Accumulated FINANCE
Category 30 days in cycle APR Balance Periodic Rate Service Charge Fin Charge CHARGES
Purchases V .02805% 10.24% $23.64 $1.00 $0.00 $0.00 $1.00
Cash advances V .06367% 23.24% $0.00 $0.00 $0.00 $0.00 $0.00
Total finance charges $1.00
Effective Annual Percentage Rate (APR)]
Please see Information About Your Account section for balance computation method, grace period, and other important information.
The Corresponding APR is the rate of interest you pay when you carry a balance on any transaction category.
The Effective APR represents your total finance charges - including transaction fees
such as cash advance and balance transfer fees - expressed as a percentage.

They had to figure that minimum finance charge of $1 into the APR. I have never seen that done before for a minimum finance charge. They usually do that with cash advances. The cash advance finance charge is calculated into that APR percent.

thank you meya

NO problemo:cool:

Thank you CG101, for all the valuable information. I am humble and willing to hear what you and anyone has to tell me or give me advice. I have been a deadbeat as far as my credit and I am suffering but I am optimistic. I am thankful that I have been blessed with a present mindset to correct the cycle before it got any worse. I have time and I am not in a hurry to try to get anything that I cant afford anyway.

Please do not feel that paying ANY interest (be it .99% or 50%) is good. If you can understand that, you will be halfway there. In the beginning, like you, I thought that giving the bank some interest would be better than sliced Wonder bread. The banks, nor FICO scoring do not care, one way or the other. What matters is that you show a little bit of a balance, but the trick is to never pay interest (which is what I do, and have done). Because at the point you are at now, if you revolve your accounts, it won't matter what your APR is, the banks will still make their money off of you with both the AF from you and the transaction fees from the merchants. Interest from you is just gravy (and very tasty, delicious gravy at that). As someone who has learned to use his CCs like cash in hand for almost 2 years, I can say with certainty that my scores have risen (coupled with hardcore credit repair).

As far as the interest rates, I deserve it because I cant be trusted right now. I failed and I have to pay for it. I accept that it is all my fault. I just want to slowly move correctly to a good credit standing.

Listen, we've all made mistakes. However, what seperates adults from children is that adults will see their mistakes, learn from them and move on so that they're not repeated. Oh, yes the same can be said for children, but a child tends not to repeat a mistake not because they understand, but for fear of reprisal (mind you, that is generally speaking). When that child becomes an adult, the adult tends to have a fuller understanding. Mileage will always vary however. Point being, take heart in knowing and accepting that you will not see a 700 FICO score tomorrow or next week. It is going to take time, sometimes a year, sometimes 2, maybe even 3 but it will take time. What has to happen now though is both a rebuild and a repair, and you need to take steps to repair your credit. I can't stress that enough. Just please heed what I said earlier about paying folks to do it for you...DON'T!

I just want to be proud 5 to 7 yrs in the future that I have a good credit rating.

Do you are anyone else feel that with these scores and red flags...i.e collections, chargeoffs, and even a repo.... I could get a store card? I do not know if I am ready for another card but with your experience and going through the same as I have. I will definitely consider that advice.

I do have a credit monitoring service through Equifax, but you stated that will not help with them. Thank you for answering my question as far as my car loan balance not decreasing as well. I thought it was because of the principal with the interest that I have and obviously it is the highest that a car loan can have...At least I think.

When you fixed your credit to the point that you have a good score, you will be proud. You will also never ---- it up again. You will guard your credit like it was the most valuable thing you owned (because...it will be).
I was able to get a Macys with a couple of COs, medicals, etc. It was only a $100. They are the easiest to get provided you have a decent income. What helped me too was that I got a Crown Jewelers account (Macys, AFAIK, pulled EX and CJ reports to TU and EX, but not EQ). With Macys though...as long as you buy stuff (and pay it, quickly), and call every 90 days, you will get a nice CL in a year after you open one. I did it online and I call the number. I use Macys so much I may actually get the Black card this year...lol (Elite, I am Platinum right now). As for the monitoring service......look for something that will help you "bump" your TU inqs away. As I said, that method will not work with EX or EQ. Just TU.

I needed the car badly and I was blessed to get it. I thought paying monthly on time would also lead to a better credit score and rating, but I think I maybe wrong. How does this work? But I do have a lot of bad items and that would be a good reason my credit is stagnate at the moment.

I am in the process of moving on from the past and my bad credit/financial practices. I am trying to move on from beating myself down. I think I woke up after hitting 30. I saw what I did to myself and I became depressed. Thank you for your honesty CG101. Everyone please help and offer any advice you have. I can handle all of your honesty. You all are just trying to help me. I am willing to listen.

Generally any installment loan (a car loan especially) will help you out. But paying 24% isn't exactly going to help you out financially. Do not think I am being judgemental though (I come from the school of "keepin' it real, sh'on..." LMAO. ). When I got my second car loan, I was already repoed. I had to take a 24% interest loan because after 5 years of not having a car, I decided enough was enough. After about 5 months (I was even giving extra payments during this time), I decided enough was enough and I refied with a more reputable bank. The interest was better (though still not great), but I have been with them for a year. I'm now 4 years away from payoff (or until my lemon law case wins...but that is a completely other story). According to myfico though, the score generally likes to see 35% of the original balance paid before you start seeing improvements. You personally will probably see that in about 1.5-2 years (assuming all you do is make regular payments).

Wouldn't you know it though....I myself was 30 when I started caring about credit. It's like in your 20s, all you want to do is party your life away. LOL. That's why I can talk what I talk. It will never be to put you down, ever. I just hope that I continue to light that fire under your (or others) behind. Keep the faith.

thank you meya

Here is the perfect link for your questions...lol
https://www.financeglobe.com/SocialNet/forum/showthread.php?t=361&highlight=Nice+cards+apply

Meya, definitely I got to say thank you for your past advice. To answer the question though, I did apply about five months ago for the BOFA secured card and I was denied unfortunately. I even went to my local credit union and applied for a secured card because I heard with present state of the economy they maybe a little more lenient (but not much than a bank) but again was denied.

I have a household card. I have been making payments for five months and I have had it for five months and paid it on time every month. Do you know of anything I may want to look into or any other advice. I know it is hard not knowing everything exactly on my credit.

Have you thought about the Bofa secured, or the HSBC Mastercard? My husband was just approved for the HSBC Mastercard and his credit is in the low 500's with baddies. He is going for the bofa secured soon. So far, Orchard, Hooter's, or secured cards has been approving, but i would say start off with Bofa first.

Thank you CG101, for all the valuable information. I am humble and willing to hear what you and anyone has to tell me or give me advice. I have been a deadbeat as far as my credit and I am suffering but I am optimistic. I am thankful that I have been blessed with a present mindset to correct the cycle before it got any worse. I have time and I am not in a hurry to try to get anything that I cant afford anyway.

As far as the interest rates, I deserve it because I cant be trusted right now. I failed and I have to pay for it. I accept that it is all my fault. I just want to slowly move correctly to a good credit standing.

I just want to be proud 5 to 7 yrs in the future that I have a good credit rating.

Do you are anyone else feel that with these scores and red flags...i.e collections, chargeoffs, and even a repo.... I could get a store card? I do not know if I am ready for another card but with your experience and going through the same as I have. I will definitely consider that advice.

I do have a credit monitoring service through Equifax, but you stated that will not help with them. Thank you for answering my question as far as my car loan balance not decreasing as well. I thought it was because of the principal with the interest that I have and obviously it is the highest that a car loan can have...At least I think.

I needed the car badly and I was blessed to get it. I thought paying monthly on time would also lead to a better credit score and rating, but I think I maybe wrong. How does this work? But I do have a lot of bad items and that would be a good reason my credit is stagnate at the moment.

I am in the process of moving on from the past and my bad credit/financial practices. I am trying to move on from beating myself down. I think I woke up after hitting 30. I saw what I did to myself and I became depressed. Thank you for your honesty CG101. Everyone please help and offer any advice you have. I can handle all of your honesty. You all are just trying to help me. I am willing to listen.

Woooooooee wwhhhhoooo! I would be on the phone calling them and I would not care if the next available rep is till 6:00am what ever standard time. I would just be sleep with the phone next to my ear, or pop no-doze until the next rep answers:shocked:

I would be on the phone now asking that exact question, because too me it sounds like thats your APR at the moment and if that's the case I would def close that card in a heart beat (if possible)...

...

OUCH.

I don't fully know this board's policy in regards to discussion of credit repair, but man do you it, and badly. The crux of it will be whether you do it correctly or not. I have seen creditboards mentioned on this site, and man do you need their help. (DO NOT PAY ANYONE TO DO IT FOR YOU! NO LAW FIRMS, AGENCIES OR ANYTHING!! YOU MUST DO IT YOURSELF...partly to save yourself x amount a month, and partly (most important) to feel good about the credit you earned by "correcting" the mistakes of your past))

What I can tell you, because I have been where you are, is to tell you that it is good that you have been paying your auto loan, but because of the high interest rate (with those scores, I won't bother assuming if it's high or not), your balance isn't going anywhere without you attacking your principal somehow.

As for paying interest on those crappy bad-credit credit cards, stop doing that after June. You need to start using credit cards like I have learned to use them...as a revolving tool. If you don't have the cash to pay for it (or won't have it within the 20 days), do not buy it. With the state of the economy, it's just not wise to pay that ridiculous amount of interest. As someone who has rebuilt his credit in less than 2 years, I can definitely talk my talk, because prior to that, my scores were no better than yours.

Now yes, it will take time. But with you attacking your credit reports and cleaning them up, refi-ing your current high interest auto loan, you will see higher scores. You will want to see if you can get a Macys card. Despite what you read here, Citi is not the backer of their store cards (only the Visa). Federated backs Macys and Bloomingdales for their store only cards and the rest of their complicated credit structure (like the furniture, jewelry, etc).

One other piece of advice....don't ever be late on your cards. If it's a choice between eating or paying a credit card PAY YOUR CARD. (Because, hey...if you do, then you can use the card to eat! )

Oh...if you want to do something about TU INQs, find yourself a nice daily credit-monitoring service. Again, I'm not sure of this board's policy of naming names, but a daily credit monitoring service will help you TU. But not with EX or EQ.

My chase (formally wachovia) statement says effective annual percentage rate of 50.76% umm what does this mean? thanks


FINANCE CHARGES
Finance Charge Transaction
Daily Periodic Rate Corresp. Average Daily Due To Fee / Accumulated FINANCE
Category 30 days in cycle APR Balance Periodic Rate Service Charge Fin Charge CHARGES
Purchases V .02805% 10.24% $23.64 $1.00 $0.00 $0.00 $1.00
Cash advances V .06367% 23.24% $0.00 $0.00 $0.00 $0.00 $0.00
Total finance charges $1.00
Effective Annual Percentage Rate (APR)]
Please see Information About Your Account section for balance computation method, grace period, and other important information.
The Corresponding APR is the rate of interest you pay when you carry a balance on any transaction category.
The Effective APR represents your total finance charges - including transaction fees
such as cash advance and balance transfer fees - expressed as a percentage.