all of the banks that issue risk credit cards, to rebuild credit or whatever charge all those fees, they kick in regularly all you have to do is slip once, i paid one of them off a few years ago for someone close to me, charged 1000 on the card ignored it for a couple years, got sued by the company, i settled it with them for 1700 bucks, they wanted 2300, yikes, dont do it, all i can say, dt
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A product of a pentecostal raisin, I am a hard man, just ask my children
experience that I have, but it was with Capitol one.
Most of those lending to those with imperfect credit have fees.. they are pretty much designed to give pain where it hurts most when the rules aren't followed to a T.... it hurts most in charging fees. I learned the hard way a few years ago... got mad, called and argued fees, they reversed a few... then I paid the card off and closed the account...all in one mad phone call.
Anyway, lesson learned and that is when i read up on rebuilding credit. This has been a very long process with me. I struggle with my credit rating not getting much higher even though i pay everything on time and have nothing but my car loan and house loan in oustanding debt...and both are w/banks and low interest.
I was told that they also look at income in ratio to debt/dependents...that the rating isn't just the timeliness of payments.. and it would be a while before I saw that number increase because of my income alone.. I don't know if I believe that totally..but I just keep pluggin away at it anyway.
i happen to love my Orchard credit card because it has a very user friendly website. I pay online and never late with anything... I watch it closely.
#1 lesson I learned in rebuilding credit... don't close charge accounts.. leave the open acct but it actually lowers your credit rating by close exhisting credit accounts.
Also.. in rebuilding credit... it is the available credit that makes your rating go up... use the credit card, but pay it off monthly..that will build the credit. At the very least, keep a large amount as open credit on the card... If you keep a credit card maxed out, it looks as though you are stretched to the limit... even if you are making faithful payments.
Dave Ramsey says dont rebuild your credit. instead get rid of all forms of credit so that you cannot have any.
__________________ If I do something stupid blame the Lortab!
I pay everything online to avoid this junk. Several years ago I paid my Capital One bill by mail -sent the bill out nearly THREE WEEKS BEFORE IT WAS DUE! But since it was December, the payment posted two days late and they tacked on another $25 charge.
No it is ALL done online and haven't had any problems with my WaMu card. (I DID cancel the Capital One though.)
Oh yes, I also have a Target Visa card. It is still open but in our lock box because of the way it charges interest. It starts accruing the day a purchase is made, which is THEN added on after the current bill cycle. The result is that it took three payments to pay it off! The balance was nearly a grand, which we paid (said it was now at zero). The next month we got a statement saying we owed about 18 bucks (interest from last months balance). Paid it off to zero. The NEXT month we got a bill with a balance under a buck. Paid THAT off to zero.
I have a credit card that I pay off every month...
know what the new thing is now they've done to me?
When I pay my payment, they put a HOLD on my account for the amount of the payment less $1 so that the payment doesn't post as a credit to my account, giving me additional credit, until the payment clears. They put the hold on for 14 days even tho the payment comes out of my bank the very next day. It's their "right" to do this they say...you know why they do it? b/c 1. I pay off my credit card every month to not incur fees and when my balance is high, if they can put that "hold" on my account before crediting the payment, sometimes it puts me over my limit and they can charge a fee....
how dirty is that??
and get this, they call me as if I'm late and have these nasty collection calls b/c I'm over my limit when in reality they havent credited my payment but also have an additional CHARGE on my account for the balance I paid...
I will be cancelling this cc.
So just a hint - those paying off credit cards each month, they have found a way around you not incurring fees.
and oh, I found they implemented this policy of "holding" funds till payment has cleared...(for 14 days) on ALL payments over $100.
So I started making my payment in $99 increments, one each day till it covers the balance..using their online standard payment option, that doesnt charge a fee.
and oh, I found they implemented this policy of "holding" funds till payment has cleared...(for 14 days) on ALL payments over $100.
So I started making my payment in $99 increments, one each day till it covers the balance..using their online standard payment option, that doesnt charge a fee.
They caught that and held $98 each day....
that sounds like a horrible card... I wouldn't put up with that one.
i don't mind my card...the interest rate is 12% and if I am charged interest, it doesn't bother me it is such a small amount.
Dave Ramsey says dont rebuild your credit. instead get rid of all forms of credit so that you cannot have any.
well, some people still need to finance cars and homes. So, I think you should try to keep the credit score as high as possible... it lowers what you pay in interest.
Yes, that is true! I worked for a bank. Even if your dealings with them are good, if you mess up on another bill/account that can(and will) be used against you.
I pay the 2 cards I use regularly online and never have any problems.
I heard a blip on the radio once discussing the fees people pay on ATM transactions....most of it from using an ATM other than their own bank. They quoted figures of $800 a year for one family. I'm just too cheap!!! I never use another banks' ATM...ever....
One of huge injustices of life....when you need the kindness, you don't qualify.
Currently I can have 4 free foreign ATM a month, among other things, due to my savings acct, cking acct, cd's etc. But those in need of the perks don't get anything.
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"Le sens commun n'est pas si commun."
(Common sense is not so common.)
Voltaire
Common sense is genius dressed in working clothes.
Ralph Waldo Emerson
Common sense and a sense of humor are the same thing, moving at different speeds. A sense of humor is just common sense, dancing.
William James
Re: Orchard Bank
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