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InvisibleBanez
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Registered: 09/23/05
Posts: 15,181
credit cards.
    #6458026 - 01/14/07 11:37 AM (14 years, 4 months ago)

alright, im not sure if im getting raped or not, i really dont have any way of comparing.. it sure looks like i am, but im not positive

my APR is like 20%
and my annual percentage or something is 185%

is that somewhat normal for a first time card holder??


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InvisiblePrisoner#1
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Re: credit cards. [Re: Banez]
    #6458051 - 01/14/07 11:44 AM (14 years, 4 months ago)

you should scream... you're definately getting raped. last card offer I recieved
was a 12% interest rate, I did like I always do, tossed it, I dont need their
stinking offers, my mom has a 7.5% rate on the only card she has

my first offer was 24.9%, it's steadily declined with every non-response
maybe you should have waited instead of jumping at the first one that came in the mail


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Offlinefunkface
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Re: credit cards. [Re: Prisoner#1]
    #6458127 - 01/14/07 12:08 PM (14 years, 4 months ago)

try shopping around for another card. CC companies want your business. they will want to hold onto your business as long as they can. look for a 0% card, they are EVERYWHERE now. you might be able to get one of those as a first time card holder.


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Invisibleblink
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Re: credit cards. *DELETED* [Re: Banez]
    #6458146 - 01/14/07 12:17 PM (14 years, 4 months ago)

Post deleted by blinkidiot

Reason for deletion: Im sorry



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Invisiblememes
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Re: credit cards. [Re: blink]
    #6458158 - 01/14/07 12:21 PM (14 years, 4 months ago)

i'm pretty sure my rate is ~8% or something like that.

I don't know for sure because i pay it off in full every month.


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Invisibleblink
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Re: credit cards. *DELETED* [Re: memes]
    #6458162 - 01/14/07 12:22 PM (14 years, 4 months ago)

Post deleted by blinkidiot

Reason for deletion: Im sorry



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Invisiblememes
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Re: credit cards. [Re: blink]
    #6458166 - 01/14/07 12:24 PM (14 years, 4 months ago)

Quote:

Kidiot of Blin said:
Quote:



that's the best way to do it.

my card is 18% but I don't pay any annual or monthly fees for it.

I should probably argue them down to 10 at some point.



Yah, just tell them you got an offer from X company for X percent and they'll probably drop your rate down a notch.

My credit limit keeps going up every 8months or so.


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Invisiblebadchad
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Re: credit cards. [Re: memes]
    #6458186 - 01/14/07 12:28 PM (14 years, 4 months ago)

It depends on the card.

Since I pay my balance iun full each month I went with a rewards card. Because of the "rewards" my interst rate is super high, %20 or so.


--------------------
...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


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Invisibleblink
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Re: credit cards. [Re: memes]
    #6458257 - 01/14/07 12:55 PM (14 years, 4 months ago)

Quote:

meams said:
Quote:

Kidiot of Blin said:


that's the best way to do it.

my card is 18% but I don't pay any annual or monthly fees for it.

I should probably argue them down to 10 at some point.



Yah, just tell them you got an offer from X company for X percent and they'll probably drop your rate down a notch.

My credit limit keeps going up every 8months or so.




If they up my limit, I complain.

If I have all that credit and I'm not using it, it works against me when I apply for any kind of loan/mortgage or line of credit.


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InvisibleBanez
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Re: credit cards. [Re: blink]
    #6458415 - 01/14/07 01:52 PM (14 years, 4 months ago)

it doesnt sound too bad then, i got this card right after i turned 18 a little over a year ago..

i used to pay the balance in full and they continue to up my limit, but because of my current financial situation, ive been just paying the minimum


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Invisibleblink
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Re: credit cards. [Re: Banez]
    #6458448 - 01/14/07 02:00 PM (14 years, 4 months ago)

Quote:

Banez said:
i used to pay the balance in full and they continue to up my limit, but because of my current financial situation, ive been just paying the minimum




That's exactly why they upped your limit, to get you to spend beyond your resources so they could make their real profit.

Get rid of that debt man, make it your number 1 priority, then have them lower your limit to something you can't outspend and demand that they not make any changes to your account unless you explicitly ask for it


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InvisibleLiz
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Re: credit cards. [Re: Banez]
    #6458487 - 01/14/07 02:13 PM (14 years, 4 months ago)

Your APR IS your annual percentage rate, so I'm not sure what you mean by  an annual percentage of 185%??  :confused: 

Also, if you don't have much credit, or a good credit score, you can pretty much expect to pay a high interest rate like that.  Pay it on time for a while and then call and ask them to lower it, or threaten to cancel the card. 

Also, some people have mentioned paying their balance in full every month.  Although that's a good idea in terms of paying less in interest, it actually hurts your credit score to have a zero balance on a revolving account.  You score less due to not "utilizing your revolving credit".  Your best bet is to pay more than the minimum, so that you're not ONLY paying the interested that is accruing, but leave a balance on there since it looks better than not having one.


--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.




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InvisibleJonnyOnTheSpot
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Re: credit cards. [Re: Liz]
    #6458530 - 01/14/07 02:23 PM (14 years, 4 months ago)

ummm...i don't know about that. i think paying it in full every month is the best way to raise your credit score. just pay for everything within your budget with the card and then pay it off every month.


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InvisibleLiz
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Re: credit cards. [Re: JonnyOnTheSpot]
    #6458549 - 01/14/07 02:29 PM (14 years, 4 months ago)

No, it's not. I analyzed credit reports as my career as an underwriter for 5 years, and had to take courses with each of the 3 credit reporting agencies, about exactly why they score people the way they do, so I know for a fact it's not good to pay it in full every single month.


--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.




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InvisibleBanez
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Re: credit cards. [Re: blink]
    #6458566 - 01/14/07 02:34 PM (14 years, 4 months ago)

yeah, they started me with a 100$ limit and i have worked myself up to 500$ and its always been my priority to keep it payed off, im just in a little financial slump.. everything should be fine in the next month or two though.


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InvisibleJonnyOnTheSpot
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Re: credit cards. [Re: Liz]
    #6458572 - 01/14/07 02:35 PM (14 years, 4 months ago)

wow..those crafty bastards.


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InvisibleBanez
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Re: credit cards. [Re: JonnyOnTheSpot]
    #6458578 - 01/14/07 02:37 PM (14 years, 4 months ago)

yeah, i have a shitty score.. i fucked up on my apartment lease.. so im going to be in the shitter for awhile.


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InvisibleLiz
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Re: credit cards. [Re: JonnyOnTheSpot]
    #6458583 - 01/14/07 02:39 PM (14 years, 4 months ago)

The credit agencies really are bastards.  They prey on the fact that people don't understand how they score or WHY they score the way they do.  People figure as long as they pay their bills on time they'll have a good credit score, but they have all sort of little tricks and standards that a lot of people don't know about, and that's where they screw you over :shrug:  On the other side of things, if your balance is high compared to your credit limit, they lower your score due to "proportion of balance to credit limits is too high".  :thumbdown:


--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.




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InvisibleLiz
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Re: credit cards. [Re: Banez]
    #6458587 - 01/14/07 02:40 PM (14 years, 4 months ago)

Apartment leases don't show up on credit reports, unless they sent your account to a credit agency. I've never in my life seen someone's rental situation appear on a credit report.


--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.




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InvisibleBanez
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Re: credit cards. [Re: Liz]
    #6458935 - 01/14/07 04:28 PM (14 years, 4 months ago)

well its on there.. its the only thing ive fucked up on.. my credit card, checking account, ect has always been in perfect standing

btw, this is what i copied and pasted from my statement, maybe someone can make some sense of this for me.

Finance Charges

Balance rate
applied to Periodic
rate Corresponding
APR FINANCE
CHARGES
Purchases $0.00 0.05699%P 20.80% $0.00
Cash $73.35 0.05699%P 20.80% $1.21

ANNUAL PERCENTAGE RATE applied to this period: 185.40%
For New York residents only: New York residents may contact the New York State Banking Department (1-800-518-8866) for a comparative list of credit card rates, fees, and grace periods.


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