What if I dont - Page 2

Maichena · 03-28-2007, 02:03 PM

The fastest way to fuck your credit up is by using credit cards. If you are not financially smart, stick to cash. I once paid a bill twice in a month and didn't pay the month after that (my payment was recorded on the month before so it looked like I paid twice in the month before). Chase took the liberty to raise my APR to 21%, not only that, they raised my other card to 21% as well. I tried to explain to them what happened but in the midst of resolving this, they charged me finance charges on 21% APR. I told them to go fuck themselves, transferred my balance to another card at 0% for 18 months and closed both accounts. I'll never do business with Chase again. I am a little POed with Citi too.

I agree that you should look at the fine print. They basically spell out how the credit card company can fuck your financial records up.

bassholic · 03-28-2007, 03:11 PM

if you are financially smart use cards!

Maichena · 03-28-2007, 03:29 PM

heck, now that you put it that way, I misspoke. Use cash if you're financially smart. I wasn't, that's why I got it in the ass real good. Still not smart enough to use cash.

PCHbreeze · 03-28-2007, 06:19 PM

I get 2% cash back on purchases, 5% on food/gas.
I dont like to carry cash.
I cant stop using cards. If I pay the full amount, I never pay interest or any other charge. There are industry standards that legally supercede any small print, and paying off a statement means its going to the items on the statement, not something accrued after it was printed. I understand that most people make mistakes with cards and get themselves in trouble but I know what I'm doing, and this issue is rooted in a mistake on their part.

This specific balance isn't something I can just pay off instantly, which is why I locked it for a fixed rate.

PCHbreeze · 03-28-2007, 06:20 PM

Quote:

Originally Posted by bassholic

if you are financially smart use cards!

I have a degree in accountancy, and got it from a school that required the same # of units as certain masters programs.

bassholic · 03-28-2007, 06:49 PM

so you are smart?

Choco · 03-28-2007, 07:23 PM

Quote:

Originally Posted by PCHbreeze

but I know what I'm doing,

not sayin ya dont, but would you be in this situation otherwise?

industry standard or not, the small print says they will apply payment how they see fit....i have 7 cards from 7 banks, and all are like that.

Mantis · 03-28-2007, 07:40 PM

Racing bikes is the other fastest way to fuck up your credit. I suggest keeping at least 3 cards and crashing out of practice 2 hours before your races are scheduled to begin, then just pile up the costs to fix the bike on cards and you're good to go ( I say this with the slightest amount of sarcasm and a healthy dose of experience).

Gimpdiggity · 03-28-2007, 08:03 PM

Quote:

Originally Posted by PCHbreeze

I get 2% cash back on purchases, 5% on food/gas.
I dont like to carry cash.
I cant stop using cards. If I pay the full amount, I never pay interest or any other charge. There are industry standards that legally supercede any small print, and paying off a statement means its going to the items on the statement, not something accrued after it was printed. I understand that most people make mistakes with cards and get themselves in trouble but I know what I'm doing, and this issue is rooted in a mistake on their part.

This specific balance isn't something I can just pay off instantly, which is why I locked it for a fixed rate.

I hate to say this, but if you have to ask on a message forum on the internet what happens if you stop paying your credit card you might not know what you're doing.

If you have to say "Oh, I forgot about collection agencies," then you might not know what you're doing.

If you don't realize that the small print on that paper is effectively a contract that you accepted when you activated the card, then you might not know what you're doing.

If you have gotten yourself into this situation, you probably don't know what you're doing.

And, you can claim all the education in the world...from the posts you've made in this thread, one thing is clear. I wouldn't hire you as an accountant. If you can't even get your own shit straight with your credit card, then why should I trust you to keep my finances straight??

Gimpdiggity · 03-28-2007, 08:03 PM

Quote:

Originally Posted by Choco

not sayin ya dont, but would you be in this situation otherwise?

industry standard or not, the small print says they will apply payment how they see fit....i have 7 cards from 7 banks, and all are like that.

I don't agree with Choco very much, but he is absolutely spot on with this statement.

Choco · 03-28-2007, 08:21 PM

^i think it may have hurt ya a bit to say that, eh?

PCHbreeze · 03-28-2007, 10:56 PM

Quote:

Originally Posted by bassholic

so you are smart?

Financially, yes. It's why I'm considering this. I'd consider bankruptcy also but its not worth that amount of effort. I can deal with seven years of a black spot on my record. I have many other accounts that shine, no late payments, credit limits with low revolving balances, paid loans, ect.

PCHbreeze · 03-28-2007, 10:58 PM

Quote:

Originally Posted by Choco

not sayin ya dont, but would you be in this situation otherwise?

industry standard or not, the small print says they will apply payment how they see fit....i have 7 cards from 7 banks, and all are like that.

I forgot what the legal term is (unconscionable? something like that), but its dis proportionally immoral, even if it was in large print. Payments should go to the statement balance.

Choco · 03-29-2007, 07:53 AM

^not arguing with ya there, im in a similar situation with amex...

but they are providing you a service, for which they make the rules. it sux, but such is life.

bassholic · 03-29-2007, 08:15 AM

A "Smart" man named louis, well he transfered a few G's to a 0% card for a year. Knowing that any purchases made on the card would be subject to 18%, and the 18% would not be paid off until the 0% was paid off first. He decided to hide the card in his bedroom and has no intent of using it.

Now this Louis charecter might not be the smartest, but i think you could have taken a lesson from him. The cards have done nothing wrong they are running a company. I bet you think it's the mortgage industry that is wrong for producing ARM's and then after 5 yrs the payments double..... Or if you have a loan with a prepay clause. You'd get upset for trying to pay off early, then realize you get a fee, all b/c you didnt read all the print?

Would the above be true?