Barack Hussein Obama vows to protect credit card users HA HA HA

[nutsy54]

The point was credit card reform, not the fact that Obama shares the same name as a middle-eastern dictator.

Then why have so many people in this thread not been able to simply discuss credit card "reform"?

[RIKTER]

...no. are you serious?

Then why try to make those as racists who say Hussein??

[freeheeler]

Odd...I have Discover and my interest rate was not changed. You must have bad credit somewhere. Stop crying.

Here's the heading from my letter

Dear **** ********

We are making changes to your account in response to new federal law and regulations that impact all credit card companies. Some changes may help you save more and manage debt better, while some other changes may increase your finance charges or fees


So stop bitchin' and keep worshipping your messiah

[voltio8836]

Clearly this is the only alternative to this new legislation, right?

well i love how libertarians cry at every and any legislation involving new regulations so i offered the best alternative that would make you libertarians orgasm:

which is no government involved at all

[Melkor]

well i love how libertarians cry at every and any legislation involving new regulations so i offered the best alternative that would make you libertarians orgasm:

which is no government involved at all

I love how you can't make a post without making an incorrect generalization that makes you look like you don't have any idea what you're talking about.

Libertarians don't support "mafia-isc" (whatever that is.. do you mean mafia-esque?) lending.

Most libertarians see a role for government in some capacity.

[codhead]

well i love how libertarians cry at every and any legislation involving new regulations so i offered the best alternative that would make you libertarians orgasm:

which is no government involved at all

Since you like government so much go live in USSR circa 1935.

See how silly the argument is?

[markymark69]

Maybe he got his letter 2 days earlier than you.

Yours is on the way

My letter arrived yesterday


My credit score is 806

Maybe because you worship the messiah yours will not go up

You know your tri-merge score? Weird...the public cant get it anymore...how did you get yours?

Nope. Didnt vote for him.

Amex didnt change either.

Maybe its because I live below my means and dont carry a balance on any of my cards?

Stop crying..live within your means...then CC interest rates wont bother you.

[markymark69]

Here's the heading from my letter

Dear **** ********

We are making changes to your account in response to new federal law and regulations that impact all credit card companies. Some changes may help you save more and manage debt better, while some other changes may increase your finance charges or fees


So stop bitchin' and keep worshipping your messiah

yeah...still havent gotten my letter.

Like I said..live below your means. You are the one crying and moaning about your rate change.

Again...you cant pull your tri-merge. Experian put a stop to US consumers receiving their tri-merge months ago....so you dont know your credit scores

[markymark69]

Step 1: Close your account
Step 2: There is no step 2

Result: They stop making money off you, you stop paying interest that you describe as a "phucking joke". Profit.

PS: Yes, I did this with one of my longest-held cards. They jacked up the rates, and lost a customer. The only card I carry a balance on has a rate of 7.75%

Did they lower your credit limit putting you over the limit? If so..it doesnt matter if you closed it..your fico score took a 70-100 hit

I've been meaning to check what my interest rates are now... I've never bothered to check since I have my balances auto-paid 15 days ahead of time.

However, I can certainly understand why some folks are seeing their rates hiked. It's unfortunate, but I don't see how it could have been unavoidable. In the long run, the implications of these changes in law will be for the better.

Rule of thumb: Never have a credit card with a limit higher then what you consistently have in your checking account. Otherwise, you are setting yourself up for disaster.

Sadly most people use credit cards to facilitate their lifestyle.

More arrogant hand-holding by Big Mommy Government, because the peasants are too stupid to think for themselves, can never make things "better"...

I wonder what other decisions from our business and personal lives will next be usurped by Congress?

Our business lives? You work for the government. What exactly is your business life? Pushing paper on the tax payers dime?

Here is a clue nutsy...since you have never worked in private industry:
Out in the real world, if you are an exempt employee..almost aways a potential emlpoyer (or current employer if its time for your annual review) pulls your FICO score. If it falls below a certain point, you are let go. If it is not high enough...you are not hired.

Now there is one aspect that would effect you...if you have a TS clearance...fall below 600 and you lose it. So all I can say: Hope they dont lower your credit limit below your current balance...otherwise you might be joining us commoners (the ones that have to worry about employment and health insurance).

[anonymous]

Out in the real world, if you are an exempt employee..almost aways a potential emlpoyer (or current employer if its time for your annual review) pulls your FICO score. If it falls below a certain point, you are let go. If it is not high enough...you are not hired.

wut

[freeheeler]

yeah...still havent gotten my letter.

Like I said..live below your means. You are the one crying and moaning about your rate change.

Again...you cant pull your tri-merge. Experian put a stop to US consumers receiving their tri-merge months ago....so you dont know your credit scores

Try reading before you post..

Never had a balance, always paid off Had Discover for 7 years and never missed a payment, now they have lost a customer. My Capitol one card has a rate of 8.9% so I'll stay with them.

I received my credit score last December, it's fine so don;t worry yourself. Keep struggling with your health insurance, mine's free, along with dental of $4000 a year and optical

No mortgage and no car loans so I don;t need to borrow.

I'm complaining about the interest rate hike because of Obama's interference in order to protect dickheads who live above their means., probably like you

we all know you have gotten your letter, you are just trying to be a big boy here.

[voltio8836]

Since you like government so much go live in USSR circa 1935.

See how silly the argument is?

the difference between me and you is that I evaluate each legislation on an individual basis. e.g. I believe in liberalizing laws on marriage, liberalizing laws on marijuana etc.

Whereas for you guys, every single time there's a any new regulation, there's always a good chunk of you guys screaming and cursing the government.

[2.0Tsunami]

wut

Yeah, that happens...especially w/ jobs that require security clearances. Although, outside of jobs w/ security clearances, I've never heard of someone being fired b/c their credit score dropped to low. I don't really doubt it could happen though.

[nutsy54]

Yeah, that happens...especially w/ jobs that require security clearances. Although, outside of jobs w/ security clearances, I've never heard of someone being fired b/c their credit score dropped to low. I don't really doubt it could happen though.

And even then, a simple explanation (especially when everyone knows the current economic and credit climate), will usually take care of any questions.

I had a huge drop in my credit score just before my last clearance investigation started - because of an falsely reported series of "late payments" that never happened. I mentioned it during the initial interview (while also working to correct the credit reports), never heard another question about it, and my clearance continued without a hitch.

[Trashard]

I got a letter from Discover yesterday, haven't opened it yet....I kind of assumed it would be some of those blank checks they send you (which i usually just throw away). I'll have to check tonight once i get home to see if this is what that letter is.

I have not used my Discover card in years (always paid in full when I did use it) and I've been meaning to close it, just been lazy. If it is a rate hike on that letter, I just got a good excuse to do so.

As far as it affecting your credit, from what i understand, as long as you dont have a balance on it and it is not your oldest card (or the one with the highest credit limit); closing the card won't ding you much at all.

I've been using my Amex for the last few years because i don't like carrying cash, but I pay it off fully every month. I have one more card I got in College which I just keep because it is my oldest and has the highest limit. Closing the Discover card hopefully shouldn't hurt me much....

Like someone else said, its about living within your means and paying off your full balance every month.

[markymark69]

Try reading before you post..

Never had a balance, always paid off Had Discover for 7 years and never missed a payment, now they have lost a customer. My Capitol one card has a rate of 8.9% so I'll stay with them.

I received my credit score last December, it's fine so don;t worry yourself. Keep struggling with your health insurance, mine's free, along with dental of $4000 a year and optical

No mortgage and no car loans so I don;t need to borrow.

I'm complaining about the interest rate hike because of Obama's interference in order to protect dickheads who live above their means., probably like you

we all know you have gotten your letter, you are just trying to be a big boy here.

Hmmm you didnt keep a balance on your Discover...and you closed it because they raised the interest rate??!!

You eliminated a trade line thereby reducing your fico further.

If Obama's inteference was the root cause of the interest rate hikes...then why wasn't your Capital One card effected?

Either you are lying (no reason to close an empty trade line) or you are not very bright. I suspect it is the latter.

If you think your FICO is still the same from last Dec you really do not understand FICO.

As for your reference to healthcare...I'm puzzled...where did I state I was struggling with it?
I have gold plated insurance with my company.
Its with my LLC that providing an affordable insurance plan to my employees that is proving difficult.
If you want to mock that...please dont call yourself a conservative.

[markymark69]

wut

Yeah, that happens...especially w/ jobs that require security clearances. Although, outside of jobs w/ security clearances, I've never heard of someone being fired b/c their credit score dropped to low. I don't really doubt it could happen though.

Outside of jobs that require TS clearance, it is dependent on the industry and position.

If you work for a bank, your FICO is checked every quarter. Depending on your position you will be let go.

When I worked for Framatome ANP even positions with out a clearance, if you were listed as an exempt employee (mostly managerial and IT positions) if your FICO fell below 600 8/10 times you were let go. You were considered an embezzlement or industrial espionage risk.

I know alot of people would say: Hard to get below 600 unless you are a deadbeat. That used to be true. However, lets say you carry a total of $5k available credit. You have a card that has a $2k limit and you are carrying $1k on it.
According to FICO you are golden. Only carrying a 20% debt load. No over the limits, no lates, etc.

During the credit crunch many people saw their limit on that $2k card reduced to $500. From a FICO standpoint, you are 100% over the limit. You will be dinged at least 100 points for that.
Even if you close the card, the CC company will still report the high balance being 100% of the limit.

Many people are just not aware the effect of having a bad FICO score.
Like I said...almost ALL jobs that are professional in nature...they pull your tri-merge report during the employment pre-screening process, and pull it annually. I have not worked at a job in the last 8yrs where they did not do that.
Business are not required to tell you they pull it. When you consent to the background check, in the small print you give them the authority to continuously run the check during your employment.


I cant believe most of you did not know this.

[markymark69]

Yeah, that happens...especially w/ jobs that require security clearances. Although, outside of jobs w/ security clearances, I've never heard of someone being fired b/c their credit score dropped to low. I don't really doubt it could happen though.

Most states are at-will employment therefore the employer does not reveal why the person was terminated. I know when I worked at Framatome, we never informed an engineer the reason for their termination. We just gave them a 4-6month severance package and had security escort them out the build.

Again I have only seen this applied to exempt employees...never seen it applied to non-exempt employees.

[jackamo2887]

Yeah yeah yeah..blame the big bad corporations and not the irresponsibility of the individual.

"It's not MY fault that I spent money I don't have! It's not my fault I was loaned money from the credit companies when I knew I couldn't pay it back! It's THEIR FAULT!"

[markymark69]

And even then, a simple explanation (especially when everyone knows the current economic and credit climate), will usually take care of any questions.

That may be true in the military...not true in private industry.

[powerman2000]

Yeah yeah yeah..blame the big bad corporations and not the irresponsibility of the individual.

"It's not MY fault that I spent money I don't have! It's not my fault I was loaned money from the credit companies when I knew I couldn't pay it back! It's THEIR FAULT!"

^^^That^^^