Comments for Credit Card Addict http://www.creditaddict.com feeding your credit card addiction... Fri, 27 Jan 2012 05:46:14 -0500 http://wordpress.org/?v=abc hourly 1 Comment on Can Merchants Require a Minimum Purchase for Credit Card Transactions? by Mike P http://www.creditaddict.com/archives/can-merchants-require-a-minimum-purchase-for-credit-card-transactions/comment-page-1/#comment-2602 Mike P Fri, 27 Jan 2012 05:46:14 +0000 http://www.creditaddict.com/archives/can-merchants-require-a-minimum-purchase-for-credit-card-transactions/#comment-2602 Actually, there is no law. Merchants can set any minimum they choose. Yes, Visa and MasterCard can pull their terminals from a business, but there is no law in any state on paper or approved that does not allow merchants to set a minimum to use a credit card. Not in any state! Actually, there is no law. Merchants can set any minimum they choose. Yes, Visa and MasterCard can pull their terminals from a business, but there is no law in any state on paper or approved that does not allow merchants to set a minimum to use a credit card. Not in any state!

]]> Comment on Credit Card Rates: Gap Grows Between Rewards And Non-Rewards Cards by Ganesh http://www.creditaddict.com/archives/credit-card-rates-gap-grows-between-rewards-and-non-rewards-cards/comment-page-1/#comment-2592 Ganesh Tue, 22 Nov 2011 11:26:58 +0000 http://www.creditaddict.com/?p=2242#comment-2592 Test jen Test jen

]]> Comment on Protect Yourself Against Reduced Credit Limits by spookiewon http://www.creditaddict.com/archives/protect-yourself-against-reduced-credit-limits/comment-page-3/#comment-2582 spookiewon Tue, 11 Oct 2011 18:27:29 +0000 http://www.creditaddict.com/archives/protect-yourself-against-reduced-credit-limits/#comment-2582 I'm not really sure what's going on with all of you, but I have 7 cards with a total available credit of $40,000.00. I have asked for, and received, credit line increases on 4 of those cards in the last year. In each case I simply clicked the "Request Increase" button on the website and an increase was approved on the spot. Could it be because carry no revolving debt except for the occasional "X months no interest" balance if there's an opportunity? I currently owe $200 on one card because I bought some jewelry "6 months no interest" but I'll pay that off before the 6 months are up. I wonder if you are getting your credit reduced because you have too much of your available INCOME tied up in paying your existing debt. I’m not really sure what’s going on with all of you, but I have 7 cards with a total available credit of $40,000.00. I have asked for, and received, credit line increases on 4 of those cards in the last year. In each case I simply clicked the “Request Increase” button on the website and an increase was approved on the spot. Could it be because carry no revolving debt except for the occasional “X months no interest” balance if there’s an opportunity? I currently owe $200 on one card because I bought some jewelry “6 months no interest” but I’ll pay that off before the 6 months are up. I wonder if you are getting your credit reduced because you have too much of your available INCOME tied up in paying your existing debt.

]]> Comment on Protect Yourself Against Reduced Credit Limits by spookiewon http://www.creditaddict.com/archives/protect-yourself-against-reduced-credit-limits/comment-page-3/#comment-2572 spookiewon Tue, 11 Oct 2011 18:02:59 +0000 http://www.creditaddict.com/archives/protect-yourself-against-reduced-credit-limits/#comment-2572 Janine, you make it sound like you're doing them a favor because you "work two jobs just to pay that nearly $700 in old purchases plus $700 in new purchases." That is why they lowered your limit. You're not doing them a favor, you made purchases using their money; you paying it back plus the interest rate you agreed to when you used the card, and in a timely manner, goes without saying. They have no obligation to, and it's not in their best interest to "help" you. You are already overextended. If Experian is "reflecting your credit negatively" it is because you you have too big a percentage of your income already tied up in monthly payments on what you've already charged. AMEX's concern is that pretty soon you'll have charged more than you could ever pay off, and you'll declare bankruptcy or default on the account. So now you know why they did that. Best advice? Pay off all your unsecured debt ASAP. Even if that means doing without things like cable TV, or anything other than the most basic cell phone service. Commit to not putting anything else on the credit cards you have, and to paying some portion of the existing debt every month until you're debt-free. Janine, you make it sound like you’re doing them a favor because you “work two jobs just to pay that nearly $700 in old purchases plus $700 in new purchases.” That is why they lowered your limit. You’re not doing them a favor, you made purchases using their money; you paying it back plus the interest rate you agreed to when you used the card, and in a timely manner, goes without saying. They have no obligation to, and it’s not in their best interest to “help” you. You are already overextended. If Experian is “reflecting your credit negatively” it is because you you have too big a percentage of your income already tied up in monthly payments on what you’ve already charged. AMEX’s concern is that pretty soon you’ll have charged more than you could ever pay off, and you’ll declare bankruptcy or default on the account. So now you know why they did that. Best advice? Pay off all your unsecured debt ASAP. Even if that means doing without things like cable TV, or anything other than the most basic cell phone service. Commit to not putting anything else on the credit cards you have, and to paying some portion of the existing debt every month until you’re debt-free.

]]> Comment on Best Credit Cards for Back-to-School Expenses by Nancy http://www.creditaddict.com/archives/best-credit-cards-for-back-to-school-expenses/comment-page-1/#comment-2562 Nancy Tue, 20 Sep 2011 09:51:13 +0000 http://www.creditaddict.com/?p=2152#comment-2562 Hi, I am a member of some financial communities. I came across your website: creditaddict.com and found it very informative and helpful. I would like to send you an article as a guest post (relevant to your site). It will be my pleasure if I can contribute some quality content. Please kindly let me know how and where should I send you the article. Waiting for your quick response. Thanks and regards, Nancy Smith. nancysmith008(at)gmail(dot)com Hi,

I am a member of some financial communities. I came across your website: creditaddict.com and found it very informative and helpful. I would like to send you an article as a guest post (relevant to your site).

It will be my pleasure if I can contribute some quality content. Please kindly let me know how and where should I send you the article.

Waiting for your quick response.

Thanks and regards,
Nancy Smith.
nancysmith008(at)gmail(dot)com

]]> Comment on Rewards cards: Consumers Love ‘Em, Retailers Don’t by Ethan http://www.creditaddict.com/archives/rewards-cards-consumers-love-em-retailers-dont/comment-page-1/#comment-2552 Ethan Tue, 13 Sep 2011 03:26:02 +0000 http://www.creditaddict.com/?p=2122#comment-2552 If retailers don't like it, they should band together and produce an alternative. It won't work if they try to be proprietary about it. But if they create something that drastically lowers rates, is usable by all retailers, and then use their contact points with consumers to get the new cards into their hands, they can take on Visa/MC/Amex for sure. *I* certainly can't, however. Consumers are just dust in the wind in this game. All I can do is decide whether my purchases are going to subsidize card users, or be subsidized *by* non-card users. I'll get subsidized myself, thanks. If retailers don’t like it, they should band together and produce an alternative. It won’t work if they try to be proprietary about it. But if they create something that drastically lowers rates, is usable by all retailers, and then use their contact points with consumers to get the new cards into their hands, they can take on Visa/MC/Amex for sure. *I* certainly can’t, however. Consumers are just dust in the wind in this game. All I can do is decide whether my purchases are going to subsidize card users, or be subsidized *by* non-card users. I’ll get subsidized myself, thanks.

]]> Comment on Should You Co-sign for a Credit Card with Your Teen? by james http://www.creditaddict.com/archives/should-you-co-sign-for-a-credit-card-with-your-teen/comment-page-1/#comment-2542 james Fri, 09 Sep 2011 22:52:23 +0000 http://www.creditaddict.com/?p=2092#comment-2542 NO! Well in my case i wish to god i never cosigned with my mom. Out of school, i had no credit, so I cosigned with my mom. I used it once to buy a laptop, and gave my mother the money to pay it off over the next year. It was agreed not be used without letting the other know it was being used. Unbeknownst to me, she never followed through with this. Not only did she max it out, she had got another in our name, and max it out, at which point she stopped paying the bills. Since i had moved out months after signing, I had no idea what was going on until I went to buy a house thinking i had a good credit history. I was livid at that point, house purchase fell apart. And here I am 8 years later still suffering from the credit damage she caused me. I was able to remove the extra card from my credit, but the original one that i signed, still haunts me. So, no, I would not suggest cosigning... I'd also make sure if you do, you keep track of the payments, she had the gall to say i never paid her my portion of the bill, sadly i had no proof as I had given her cash to put to the bills 8( NO! Well in my case i wish to god i never cosigned with my mom.
Out of school, i had no credit, so I cosigned with my mom.
I used it once to buy a laptop, and gave my mother the money to pay it off over the next year. It was agreed not be used without letting the other know it was being used.
Unbeknownst to me, she never followed through with this. Not only did she max it out, she had got another in our name, and max it out, at which point she stopped paying the bills. Since i had moved out months after signing, I had no idea what was going on until I went to buy a house thinking i had a good credit history. I was livid at that point, house purchase fell apart. And here I am 8 years later still suffering from the credit damage she caused me. I was able to remove the extra card from my credit, but the original one that i signed, still haunts me.
So, no, I would not suggest cosigning…
I’d also make sure if you do, you keep track of the payments, she had the gall to say i never paid her my portion of the bill, sadly i had no proof as I had given her cash to put to the bills 8(

]]> Comment on Protect Yourself Against Reduced Credit Limits by Janine http://www.creditaddict.com/archives/protect-yourself-against-reduced-credit-limits/comment-page-3/#comment-2522 Janine Tue, 06 Sep 2011 02:03:28 +0000 http://www.creditaddict.com/archives/protect-yourself-against-reduced-credit-limits/#comment-2522 I just closed my AMEX card today. I've been an account holder since 2003. I have three credit cards altogether. My credit limit was originally $2,500 in 2007. It was lowered to $1900 making it unusable in 2008. I have one other card that has never been lowered. And my third card was lowered in 2008 around the same time as AMEX and it hasn't been lowered since. Since 2008, I paid $700 on my balance and that doesn't include any new purchases. So they call me today to tell me that they lowered my limit to $1200. All the lady could say is that we're not a credit reporting agency and Experian is reflecting your credit negatively. However, I have a 700 credit score so I don't understand how the credit limit could drop like that. Appalled, I told them to close my account. I will pay off what I owe and that is it with AMEX. Eventually, I will work my way down to one card, Wells Fargo, which provides the best service out of Citi and AMEX. I was only keeping AMEX for emergency use, but only allowing a $200 balance on the card renders it useless to me and I'd rather pay cash now. I don't understand why they did that. They have definitely lost me as a costumer and I don't recommend anyone using them. I work two jobs just to pay that nearly $700 in old purchases plus $700 in new purchases and that's how they help me. Fine. Keep their card. I just closed my AMEX card today. I’ve been an account holder since 2003. I have three credit cards altogether. My credit limit was originally $2,500 in 2007. It was lowered to $1900 making it unusable in 2008. I have one other card that has never been lowered. And my third card was lowered in 2008 around the same time as AMEX and it hasn’t been lowered since. Since 2008, I paid $700 on my balance and that doesn’t include any new purchases. So they call me today to tell me that they lowered my limit to $1200. All the lady could say is that we’re not a credit reporting agency and Experian is reflecting your credit negatively. However, I have a 700 credit score so I don’t understand how the credit limit could drop like that. Appalled, I told them to close my account. I will pay off what I owe and that is it with AMEX. Eventually, I will work my way down to one card, Wells Fargo, which provides the best service out of Citi and AMEX. I was only keeping AMEX for emergency use, but only allowing a $200 balance on the card renders it useless to me and I’d rather pay cash now. I don’t understand why they did that. They have definitely lost me as a costumer and I don’t recommend anyone using them. I work two jobs just to pay that nearly $700 in old purchases plus $700 in new purchases and that’s how they help me. Fine. Keep their card.

]]> Comment on Borrow Against Your Home to Pay Credit Card Debt? by Shaun Spellman. http://www.creditaddict.com/archives/borrow-against-your-home-to-pay-credit-card-debt/comment-page-1/#comment-2512 Shaun Spellman. Fri, 02 Sep 2011 20:28:17 +0000 http://www.creditaddict.com/?p=1512#comment-2512 Hello, I own some quality financial websites on Mortgage, Real estate, Loan, Debt & other various finance topics. I write on several finance related topics like debt,loans, insurance, investment and so on. I came across your site: (creditaddict.com) while surfing through the net to find a suitable blog for writing articles. I would like to send you an article as a guest post (relevant to your site) which is absolutely free of cost. if you want, you can suggest me the topic also and I will write accordingly. Not only that, I give you the total rights to edit the article and modify it as per your needs. It will be my pleasure if I can contribute some quality content. Please kindly let me know how and where should I send you the article. Waiting for your quick response. Thanks & Regards, Shaun Hello,
I own some quality financial websites on Mortgage, Real estate, Loan, Debt & other various finance topics. I write on several finance related topics like debt,loans, insurance, investment and so on. I came across your site: (creditaddict.com) while surfing through the net to find a suitable blog for writing articles.

I would like to send you an article as a guest post (relevant to your site) which is absolutely free of cost. if you want, you can suggest me the topic also and I will write accordingly. Not only that, I give you the total rights to edit the article and modify it as per your needs. It will be my pleasure if I can contribute some quality content. Please kindly let me know how and where should I send you the article.

Waiting for your quick response.

Thanks & Regards,
Shaun

]]> Comment on Borrow Against Your Home to Pay Credit Card Debt? by Benjamin http://www.creditaddict.com/archives/borrow-against-your-home-to-pay-credit-card-debt/comment-page-1/#comment-2462 Benjamin Fri, 29 Jul 2011 00:48:51 +0000 http://www.creditaddict.com/?p=1512#comment-2462 Pretty solid advice! I cringe at the thought of having to refinance my house or take out a HELOC after my wife and I have worked so hard to pay the balance down (we still have a long way to go) but I do recognize some instances (such as those you've mentioned), when it "may" make sense to borrow money against your home for an unexpected financial expense. The key is not to make this a way of life! I know several families who bought their current homes 20-30 years ago for under $100,000 who now owe over $400,000 on their homes. It's sad, but as their home values increased, they borrowed more money for silly things (cars, vacations, "lavish" weddings for their children, etc.). I hope that isn't me someday, hopefully my large emegerncy fund will be able to cover most of my unexpected expenses. Pretty solid advice! I cringe at the thought of having to refinance my house or take out a HELOC after my wife and I have worked so hard to pay the balance down (we still have a long way to go) but I do recognize some instances (such as those you’ve mentioned), when it “may” make sense to borrow money against your home for an unexpected financial expense.

The key is not to make this a way of life! I know several families who bought their current homes 20-30 years ago for under $100,000 who now owe over $400,000 on their homes. It’s sad, but as their home values increased, they borrowed more money for silly things (cars, vacations, “lavish” weddings for their children, etc.). I hope that isn’t me someday, hopefully my large emegerncy fund will be able to cover most of my unexpected expenses.

]]>