Comments on: Shopping For A Credit Card During A Time Of Tight Credit

By: Michele

Michele — Tue, 23 Nov 2010 21:50:12 +0000

This is a great piece. One thing I wanted to mention are secured credit cards. Obviously when most young people start out they have a NA credit rating which used to mean they would just get a really high interest rate. Now it means that they actually have to PAY to get a credit card. Here is how it works. They offer a card with $200 secured limit. They send you a card in the mail that has a balance of $150.00 and you have to pay it down just to be able to use it.

Why is this such a problem? Besides the obvious fact that this puts young people in a hole from the start, the balance is over 50%. This means that when they report to the credit bureaus it can actually hurt your score because of the “high balance”

Just things to keep in mind…

By: Bobby

Bobby — Fri, 07 Aug 2009 22:53:14 +0000

Great piece. I don’t think folks realize how easy it is to lose track of their credit card’s policies and terms. It’s also possible to renegotiate your rate and even your balance (in extreme cases) with your credit card company. It starts with a phone call.

By: ASHLEY

ASHLEY — Tue, 21 Jul 2009 23:04:28 +0000

BUT WHICH CARD IS THE MONEY HANDLER

By: AJ

AJ — Thu, 16 Jul 2009 14:50:10 +0000

This made me realize I should check my discover card statement and terms. Thanks for bringing this to my attention

By: dawn

dawn — Tue, 14 Jul 2009 18:12:40 +0000

I absolutely disagree with your point #3, “stick with reputable credit card companies,” meaning “larger, well-known companies.”

If we’ve learned nothing else from the past year or two, it’s that being “large” and “well-known” has nothing to do with a bank’s ability to stick to sound lending practices,remain solvent or in fact do what’s in the best interest of consumers, instead of themselves.

In fact, I would say it’s just the opposite, that smaller, regional banks are safer becus they tend to be far more conservative and are more willing to compete for your business.

As for bailout money, i make it a point not to reward banks that can’t manage their finances with my business. the fact that a bank took taxpayer bailout money is hardly a point in their favor!

By: Journey

Journey — Tue, 14 Jul 2009 08:39:57 +0000

I would not even bother looking for a CC in these times.

By: Dean's Credit Ideas Guide

Dean's Credit Ideas Guide — Tue, 14 Jul 2009 01:15:48 +0000

I do remember the fiasco at Advanta – unfortunately it seems that any seeming reputable financial company is at risk nowadays…

By: Buffet

Buffet — Mon, 13 Jul 2009 22:58:48 +0000

Credit card companies are criminals. Period!

By: The Digerati Life

The Digerati Life — Sun, 12 Jul 2009 15:31:03 +0000

Thanks for the opportunity to guest post with you, Cap! These ideas were based on experiences I’ve had of late with regards to Advanta closing down customers’ accounts.