Fed just slashed another 1/2%

Discussion in 'Credit Talk' started by Hope, Oct 2, 2001.

  1. Hope

    Hope Well-Known Member

    Wonder how long before we see some relief in the cc market.
  2. RichGuy

    RichGuy Well-Known Member

    It depends on the bank. It can take up to 6 months for some of their formulas to reflect a prime rate cut (which typically takes place soon after a rate cut by the Fed.)
  3. MikeB

    MikeB Banned

    I have heard 6-9 months for it to trickle down to consumers in some cases. So Alan Greenspan is actually just making the banks richer for several months. Why doesn't FHA lower their damn rates quicker? I hear all this talk about "buy a car, buy a house", well, lower the mortgage rates some more, Uncle Sam.
  4. the other

    the other Well-Known Member

    It really depends on the bank. Some update monthly, some quarterly. My credit union is pretty quick. Chase and Citi are pretty slow.
  5. breeze

    breeze Well-Known Member

    Mine go down the next month. Citi also.
  6. RichGuy

    RichGuy Well-Known Member

    Breeze, it sounds like you don't have any more subprime cards. :)

Share This Page