Credit Cards

[psusue]

Originally Posted by knight_shadow

That's the gas station, not the card. If you pay at the pump, gas stations will sometimes preauthorize a set amount that will get cleared up when they submit their receipts for processing.

You can get around this by going inside and paying up front.

Thank you so much for this. I'd always wondered why it did this (my car can't even take more than 10 gallons of gas at a time, so the $75 hold is absurd for me) but now I'll do that instead. Debit it (with my pin) or go inside. Thanks!

[amanda6035]

Originally Posted by KSUViolet06

No. Totally different.

Your parents weren't on your accounts when you weren't old enough to have them on your own?

No, it's not totally different. Parents getting credit cards on behalf of their child, with or without his/her consent is identity theft.

I didn't have a CREDIT card until I was 19 years old and in the military (and I got it on my own). When I was 16, in high school, and working a part time job, I had a checking account with an ATM only card. My mother's name was on that checking account because I was a minor. There was no "credit" involved at all.

[AlphaFrog]

Originally Posted by KSUViolet06

Credit cards aren't windfall, though. I don't mean to be rude, but I hope you're not planning to finance an NYC move all on credit cards.

Oh, heck no. I've got enough in my account to pay for the move and a few month's rent, etc. I'll put it on a card, but then pay it off right away. I just meant that if I got into an emergency situation, I'll have a bit of backup.


I just had a monkeywrench thrown into the works, though. The appraiser on my re-fi appraised my house TWENTY FREAKING THOUSAND DOLLARS less than it was appraised for in 2009 when we purchased it from my parents. And the Tax Value is $6000 higher than the 2009 appraisal. Even Zillow says my house is worth $11,000 more than this appraisal. It doesn't make sense, though, since he noted in his report that prices were trending UP in my neighborhood. I think what really hurt us was that I had paid my parents rent for almost 5 years before we bought it from them, so they counted that money towards the purchase and so the selling price was extremely low. I now have to research and present them three similar properties in my neighborhood that are higher value that what he appraised this for.

[ree-Xi]

Originally Posted by PiKA2001

PREACH!! I raised an eyebrow myself when I read that. Quite the dangerous path there....

IMHO credit cards are like alcohol, the only "bad" thing about them is that most people abuse them. I have about 9 credit cards and my main problem is the banks closing some accounts due to lack of activity on my part. I just don't use them. A few of my cards are store cards (Best Buy, Crate and Barrel, Mattress Firm) but I only use(d) them because of the no interest financing they offer. I paid all of them off before the promotion ended and didn't pay a penny of interest. It's kind of nice not having to drop $2,000 in one day. Best Buy is particularly good with 18 months of no interest on most larger purchases.

I had this happen to me first with a Major CC. The CC companies do not have to notify the customer, either. I had physically lost one of my cards and called the CC company to send me a new one. They told me they would send a new card with a new number, without sacrificing my history. While waiting, a letter had crossed in the mail stating that my account was being closed due to inactivity. When I called the CC company to complain - why couldn't they have warned me when I had to reorder a physical card? - they said that they didn't know at the time - a difference of about four or five days. They also said it's not their policy to warn customers.

It's annoying as hell, because we work really hard to not carry large balances, and the companies punish you for not wracking up huge amounts of debt. This card had a high limit, no fee and low interest rates, and I was proud of my history with them (10 years!). I get it, they are for-profit entities, but it's poor service to dump customers without notice. If I wanted to reopen the account, I would have to reapply and essentially "start over" with them. No thank you, I said.

I now make sure to use my other cards once in a while to ensure they don't get closed.

[Mevara]

Originally Posted by AlphaFrog

I just had a monkeywrench thrown into the works, though. The appraiser on my re-fi appraised my house TWENTY FREAKING THOUSAND DOLLARS less than it was appraised for in 2009 when we purchased it from my parents. And the Tax Value is $6000 higher than the 2009 appraisal. Even Zillow says my house is worth $11,000 more than this appraisal. It doesn't make sense, though, since he noted in his report that prices were trending UP in my neighborhood.

Don't use zillow as a reference but as a starting point to appraising a house. As much as they try there is too many variables they don't/are not taking into account. Also the tax assessor will almost always raise your property taxes without verifying if you property is actually worth what they claim it is worth. Right after the bubble burst and my condo had dropped at least $20k the tax assessors were trying to raise my taxes!!

[SOPi_Jawbreaker]

Originally Posted by amanda6035

Parents getting credit cards on behalf of their child, with or without his/her consent is identity theft.

This happened to a former co-worker's husband. He was John Jr and his dad was John Sr. A credit card company sent an application for Jr to Sr's house by mistake. The mom and dad filled out the application and got a credit card in their son's name and then maxed out the credit card buying new furniture and going on a lavish vacation. When the son found out, he didn't want to press charges against his parents and he ended up paying off the charges over the next several months (because his parents couldn't afford to pay it). My co-worker was not happy about her husband having to pay for what his parents had done. She referred to his parents as the outlaws instead the in-laws. She also said if she has kids, she would not name her kid John III because it makes it identity theft by family even easier.

[MaryPoppins]

From one of my blogger friends (NMissCommentor) via a blogger friend of his (Dr. X) who is a mental health therapist in real life:

Through Bank of America’s fault, someone charged fraudulent items on Dr. X’s Bank of America account. Bank of American initially responded by taking the charges off, but then later put them back on and is now playing passive-aggressive telephone call system games, possibly in hopes he’ll give up and go away. Instead, he’s asking the internet to spread the word about how happy he is with Bank of America’s terrible customer support. So, pass this on!

http://drx.typepad.com/psychotherapy...-stealing.html

[AGDee]

Originally Posted by MaryPoppins

From one of my blogger friends (NMissCommentor) via a blogger friend of his (Dr. X) who is a mental health therapist in real life:

Through Bank of America’s fault, someone charged fraudulent items on Dr. X’s Bank of America account. Bank of American initially responded by taking the charges off, but then later put them back on and is now playing passive-aggressive telephone call system games, possibly in hopes he’ll give up and go away. Instead, he’s asking the internet to spread the word about how happy he is with Bank of America’s terrible customer support. So, pass this on!

http://drx.typepad.com/psychotherapy...-stealing.html

I just read his blog about the run around he is getting and I think I would ask them if they'd rather have my attorney's phone number and see what kind of reaction I got. We have a congressman in this area who would also take on this kind of fight for his constituents and I'd probably be contacting him. The state attorney general would probably also be interested in his story.

I was very relieved when BoA sold my mortgage (after BoA bought CountryWide, my original mortgage company), although the new mortgage company is WORSE than BoA in some ways, which I didn't think was possible. I have to call them every other month or so, they pay my property taxes out of escrow late, and I can't see detailed transactions through their online site. I keep a very close eye on them.

[aggieAXO]

My Bank of America ATM card number was stolen 3 months ago (I am assuming they read the card number through my purse). They notified me immediately (literally within 2 hours) and credited my account the amount that was used until the investigation was complete. They eventually found in my favor and the credit became permanent. I have had no problems with BofA and have been pleased with their customer service.

[aephi alum]

I have skimmed through this thread. My $0.02:

Get a credit card the day you turn 18. I got an Amex green card right after I turned 18 (they didn't have Optima or Blue or whatever back then - where did I leave my walker? lol) and immediately charged $2K for a computer - no problem. I paid it off in full when the bill arrived. Instant good credit record.

If you don't like annual fees (and who does?) get an Optima card, or a Visa or Mastercard. Charge a thing or three and pay in full. Instant good credit record.

If you are looking to finance a car or get a mortgage, don't have too much outstanding credit. Pay off cards you don't use and then cancel them. They'll still show up on your credit report, but they'll show as cancelled.

[knight_shadow]

Originally Posted by aephi alum

I have skimmed through this thread. My $0.02:

Get a credit card the day you turn 18. I got an Amex green card right after I turned 18 (they didn't have Optima or Blue or whatever back then - where did I leave my walker? lol) and immediately charged $2K for a computer - no problem. I paid it off in full when the bill arrived. Instant good credit record.

If you don't like annual fees (and who does?) get an Optima card, or a Visa or Mastercard. Charge a thing or three and pay in full. Instant good credit record.

If you are looking to finance a car or get a mortgage, don't have too much outstanding credit. Pay off cards you don't use and then cancel them. They'll still show up on your credit report, but they'll show as cancelled.

Agreed with everything, except the bold, as the length of time your credit accounts have been open is one thing that helps determine your score,

[AGDee]

As does available credit.

[flirt5721]

I started working with a personal financial advisor and he stated that if you have credit card the best way to use them to gain credit point is to revolve the card in a cycle. He said to buy something and when the bill comes pay most of it but leave a small balance then the next month pay off the remained. Everytime a credit card is reported paid to the credit agencies that add on 3 point to your score.

[KSUViolet06]

^^^This is what I do. Every few months, I'll buy something with my card (typically something I already have the cash for) and just pay it off in 2 payments.

Credit cards are not the devil. It's all in how you use them. The card companies bank on you being dumb and maxing them out. So don't.

[summer_gphib]

Originally Posted by KSUViolet06

^^^This is what I do. Every few months, I'll buy something with my card (typically something I already have the cash for) and just pay it off in 2 payments.

Credit cards are not the devil. It's all in how you use them. The card companies bank on you being dumb and maxing them out. So don't.

So true. When Forrest (the basset hound) got sick, and needed emergency surgery, we had to max out all the credit cards. I was glad to have them, and luckily we have very low interest rates. We have gotten about half of it paid off, and should have the other 11k paid off this year. It's been a hit on our credit report, but once it's completely paid off, it should go right back up again, I'd think. His medical bills ended up being over $35k, so only having 11 left kind of seems like a small amount. Any time I see a vet bill that is under $1,000 it seems small. LOL. That is so sad.