Credit cards

[bokiwen]

Just a question if you SO has applied / or tried to get credit cards. My wife is working two jobs, and recently applied for a credit card and got a $1000 limit with a great 22.99% interest rate. Just curious what type of rates/limits other SO's have received. I thought this was a little bit of low limit and high interest, but I realize this probably has something more to do with the current financial situation, the recent credit card reform, and her limited financial history.

 

Interesting that since my wife started working, she wants to establish her own "financial" independence. She has insisted on purchasing groceries for the week the last two times, along with paying for her own gas in her car. I think she feels a little guilty about living in America for 1 year before being able to get a job, and now wants to be able to do more.

[Randy W]

What we did was to first put her on my credit card (second card), buy her a car in her name, and then wait for a good credit card offer in the mail (to her).

[xiaofeizhu]

I had my husband on my credit cards since we arrived. I am able to get decent credit cards (for my age and job, a student!) but hubby is not able to get anything when he tries on his own...not even Macys!!! (To quote my sister, "OMG, EVERYONE gets approved for Macys, even me!") He has no loans under his name, but neither do I. We decided to try again after January because that would make over a year since he last tried and hopefully him being under my name will at least allow him to have some kind of credit history. I can't even access his credit reports from any of the bureaus...they always say I (he) need(s) to call to blah blah blah.

 

Good to see that Liyin seems to be doing good. Tell her I said hi and keep up the good work!

[Guest Tony n Terrific]

We all must have credit in the tax, spend and debt economy that was sold to us by the International Bankers in the 70s. They are the profiteers from this.

[Argyle]

Hi Bokiwen,

 

22.99% seems really high. I know the economy's in pretty bad shape, but for an interest rate like that, a mask and a gun should be involved!

 

If the card doesn't charge any fees, and you pay it off in full every month, then you can use it to help build a good credit history. Otherwise, I'd keep looking around.

 

Best Wishes

[Guest Tony n Terrific]

Hi Bokiwen,

 

22.99% seems really high. I know the economy's in pretty bad shape, but for an interest rate like that, a mask and a gun should be involved!

 

If the card doesn't charge any fees, and you pay it off in full every month, then you can use it to help build a good credit history. Otherwise, I'd keep looking around.

 

Best Wishes

Credit card companies are equivilant to a W. 42nd Street Schill game. They have raised their interest rates on a number of their good customers by more then double. Their greed can only be sustained by the corrupt political offices of this counrty.

Icons of the Banking Industry, Chase, Citi-Bank and Bank of America are just a bunch of crooks and financial gangsters.

[dnoblett]

You would think an interest rate would be unlawful, Usery laws in most states prohibit interest rates like that. Looks just ab bad as a loan shark.

 

NEW YORK, the legal rate of interest is 9%; the general usury limit

is 16%

 

MORE: http://www.lectlaw.com/files/ban02.htm

 

When is the .gov, and the general public going to WAKE UP?

[b.c]

You would think an interest rate would be unlawful, Usery laws in most states prohibit interest rates like that. Looks just ab bad as a loan shark.

 

NEW YORK, the legal rate of interest is 9%; the general usury limit

is 16%

 

MORE: http://www.lectlaw.com/files/ban02.htm

 

When is the .gov, and the general public going to WAKE UP?

 

Gov, never. People will wake up when its too late....right about now.

[Guest Tony n Terrific]

You would think an interest rate would be unlawful, Usery laws in most states prohibit interest rates like that. Looks just ab bad as a loan shark.

 

NEW YORK, the legal rate of interest is 9%; the general usury limit

is 16%

 

MORE: http://www.lectlaw.com/files/ban02.htm

 

When is the .gov, and the general public going to WAKE UP?

These credit card pirates set up dummy corporations in South Dakota where credit card interest rates are very laxed. I am sure they have their Lobbyist (Bagmen) working overtime in Pierre.

[dnoblett]

You would think an interest rate would be unlawful, Usery laws in most states prohibit interest rates like that. Looks just ab bad as a loan shark.

 

NEW YORK, the legal rate of interest is 9%; the general usury limit

is 16%

 

MORE: http://www.lectlaw.com/files/ban02.htm

 

When is the .gov, and the general public going to WAKE UP?

 

Gov, never. People will wake up when its too late....right about now.

Yep, I just saw my DL renewal go up by $50 to $180, and the silly Governor wanted to replace all the license plates with a newer design oh yes for $25 per car/truck, the state changed them only a few years ago and at that time the cost was ZERO!

 

We are dealing with a recession people, that means many cannot AFFORD higher fees, higher taxes, higher interest rates.... If revenues are down, this means time to cut services, NOT hit people where it hurts their pocket book.

[2mike&jin]

I had my husband on my credit cards since we arrived. I am able to get decent credit cards (for my age and job, a student!) but hubby is not able to get anything when he tries on his own...not even Macys!!! (To quote my sister, "OMG, EVERYONE gets approved for Macys, even me!") He has no loans under his name, but neither do I. We decided to try again after January because that would make over a year since he last tried and hopefully him being under my name will at least allow him to have some kind of credit history. I can't even access his credit reports from any of the bureaus...they always say I (he) need(s) to call to blah blah blah.

 

Good to see that Liyin seems to be doing good. Tell her I said hi and keep up the good work!

 

XiaoFeiZhu;

 

Well your husband isn't the only one that can't get a credit card at Macy's. When Jin first arrived in Hawaii, we were over buying some new "Bedding" at Macy's (perhaps a $1,000.00 worth) and the lady at the cash register was "badgering Jin" to get an instant 20% off with a new Macy's card - and she could gurantee that Jin would have the card approved in only 5 minutes. We weren't in a big hurry, I was drinking a starbucks - so I thought I would let.... "Miss Pushy Salesperson" proceed since she wouldn't listen to my warnings that Jin probably couldn't get a card since she was new to the US.

 

I stepped back to watch the fun....Jin had only been here in Hawaii 1 week (3 weeks in Las Vegas) and barely could answer the basics of where we lived, her new cell phone number, no job, no local bank account, no drivers license, etc etc. Well about 10 minutes later the computer responds to the request and the "Miss Pushy Salesperson" says...gee I don't know what happened - it's disapproved!!!!

 

I just smiled - and of course got to say; perhaps next time you will listen to someone when they tell you that they don't think their wife can get credit and save all of us a waste of time.

 

Jin pulled out her "Platinum Amex" and paid for the purhcase!

[2mike&jin]

Just a question if you SO has applied / or tried to get credit cards. My wife is working two jobs, and recently applied for a credit card and got a $1000 limit with a great 22.99% interest rate. Just curious what type of rates/limits other SO's have received. I thought this was a little bit of low limit and high interest, but I realize this probably has something more to do with the current financial situation, the recent credit card reform, and her limited financial history.

 

Interesting that since my wife started working, she wants to establish her own "financial" independence. She has insisted on purchasing groceries for the week the last two times, along with paying for her own gas in her car. I think she feels a little guilty about living in America for 1 year before being able to get a job, and now wants to be able to do more.

Not to worry. I think financial independence is a really big thing for them. Best thing you can do is support what she wants to do. I remember when Xiahong got her first paycheck and how proud she was - she cashed it and bought something for me.

 

On the card, use it and pay it off so she starts to build a credit history. Some say to leave a balance, I say it is a waste of money. Having a card and showing activity is enough. It's OK to have a few cards, but don't get too many open at one time. Too many will actually hurt her credit.

 

Don;

 

This is correct, no need for a balance to build credit. I haven't paid a cent in interest in 30 years on either of the 2 cards I've had (Amex & MC) - and I"m only 28 points from a MAX credit score. I also haven't bought anything using credit for about 20 years (last time was a Ford 0% 4 year car loan) - so pay the bills, avoid the interest, and your credit score will be high - in the event you need it.

[Guest Tony n Terrific]

You would think an interest rate would be unlawful, Usery laws in most states prohibit interest rates like that. Looks just ab bad as a loan shark.

 

NEW YORK, the legal rate of interest is 9%; the general usury limit

is 16%

 

MORE: http://www.lectlaw.com/files/ban02.htm

 

When is the .gov, and the general public going to WAKE UP?

 

Gov, never. People will wake up when its too late....right about now.

The people of the United States are the government. The reason we have so many unqualified persons making vital decisions is because the true visionaries and leaders are so full of apathy that no one gives a damn right now. We will soon.

Since 1865 the American people have decide their opinions and political differences by the ballot. If the seeds of the special interests continue to germinate we will experience a new Ft. Sumter.

[xiaofeizhu]

PS...I'm not too shocked about the 22.9% interest. I work at a jewelry store and we finance through GE at that rate. First year no interest, you forget about it, and then BAM!

 

Just try to make sure she pays it all off as much as possible. My hubby and I never carry a balance but I think that has something to do with my credit union refusing to increase our credit

[Guest Pommey]

Credit , my favorite subject.

 

Before we beat up the politicians and companies any futher,lets look at what credit is:

 

Buying stuff you cant afford and using someone else's money to do it.

 

Like Mike & Jin we dont use credit cards, we use cash/ debit cards.