good or bad experience?let us

Discussion in 'Credit Talk' started by peeper, Oct 22, 2000.

  1. peeper

    peeper Guest

    If anyone has a good or bad experience with a credit card please share it with others on this board.Together we can all help each other from getting ripped off or takin' advantage of.My experience with capital one has been great even though i had a ch 7 in 1998 they have issued me 3 unsecured cards and even though there sub prime cards at least now i have a chance to establish credit.Providian also has issued me a card my total credit line with these 4 cards is 4600.00.
  2. Carrot

    Carrot Guest

    RE: good or bad experience?let

    So far I have had a good experience with my Providian Card and my Capital One. I've been with Providian since 1998 and now have a $4700 credit limit with them. I have also found Providian reps to be very helpful--I've had them to waive my late fee twice and lower my interest rate to 16.99% by threatening to close the account. I will use this tactic again to have them waive my annual fee as well. Capital one gave me a $500 limit increase after 3 months. Plus they have a grace period--Providian does not.

    If you are thinking of getting a Providian card, I suggest that you have them place a "do not promote" notation on your account. Otherwise,you will have reps trying to sell you this service or that service whenever you call. Also, do not accept any "offers" to increase your credit limit for a fee--Providian automatically reviews your account every three or four months for increases.

    Although I have had a good experience with Providian, I plan to pay off my balance over the next 18 months so I can get some prime credit. I will use my Capital One card instead because of the grace period. It only has a $700 limit, but I figure that's high enough to cover anything I need.
  3. bkonner

    bkonner Well-Known Member

    RE: good or bad experience?let


    Ten years ago I got into terrible trouble with too many credit card loans; not to mention too many other loans like motorcycle, car, and student loans. I will admit I was living on the edge financially. When the recession of the early 90's hit Massachusetts, I paid the price, BIG TIME!

    I have learned a valuable lesson. Unfortunately the lesson was expensive. I now have only one credit card. I use it only for emergencies or purchases that must be paid with a credit card; and then I send a check to Chase the same day to cover the expense.

    If I don't have the money, I don't buy it. I make good money now. I will never make the mistakes I made before. Only truly rich people should use credit cards because they can afford to pay off the balance each month.

    I often see on this page people who are able to increase their credit limit or are able to obtain several cards. I keep thinking they are going to regret it.

    I know there is a game, that you have to establish credit (???) but I am not totally convinced about this. Personally, I think there is only negative credit not positive credit. I am more impresses with someone who has a big bank account and no debts than some one with a small bank account and lots of debts.

    Finally, if you have a house, NEVER, NEVER take out a second loan on it to pay up expensive credit cards. Why? Because almost everyone I know who has done this ends up charging up the credit card(s) again and they are stuck with not only a more expensive home loan but the credit card debts too.
  4. creditwork

    creditwork Well-Known Member

    RE: good or bad experience?let

    Terrific post. I do feel debt should be used responsibly. I do think that credit can also be used to prosper. I take a lot of pride in maintaining an excellent payment history. I have taken advantage of my credit to build a company that has allowed me to lower my tax bill, increase my credit limits and lower my credit costs.
    I have numerous relationships with various financial companies.
    I have never had a bad experience with a credit company and when they have not come accross with what I feel is a reasonable offer, I have closed the account. Providian lost me because they would not lower their interest rate from 23%+.
    Chase has given me 4 accounts, great company.
    MBNA good limits, lots of teaser rate offers.
    First Union, not bad, reasonable rates.
    Capital One, nice offer to consolidate debt.
    First USA lots of teaser rate offers.
    First Card not bad.
    Fleet not the worst.
    Citibank not bad.
    Discover good balance transfer rates.
    Amex absolutely the best creditor around.
  5. dave

    dave Well-Known Member

    RE: good or bad experience?let

    Many of the people who write to this board have been in the same position you were in during the early nineties. There are some nice success stories here about cleaning up bad credit and moving into prime credit that encourage others to do the same. We are all learning here.

    It is extremely important for everyone to establish and use credit, not just the rich. When it comes time to finance a big ticket item like a house or a car, not having credit becomes very expensive. One or two points on a $200K mortgage is not trivial. No credit=high risk. Personally, I have found credit useful because of extreme variations in my income. For people who have money tied up in investments such as stocks or bonds who then need some cash, it may be better to borrow on a prime rate credit card for the short term than liquidate an investment such a stock or bond because this could lead to adverse tax consequences, maybe even a loss on the investment or a missed opportunity.

    As to taking out an equity loan to pay off cards, there are some dangers. One is that you are putting your house at risk to pay back what would otherwise be an unsecured debt. Most people who end up doing this probably will run up the cards again and put themselves in a deeper hole. Credit is so seductive and this society so consumer driven that people who do not have the financial control to avoid spending are better off not jeopardizing their homes. If they do, they should immediately reduce the amount of available credit by closing accounts and not carry a balance on the credit they have left. If the urge to spend is really severe, it could signal a mental health issue that requires immediate attention.
  6. Jim

    Jim Well-Known Member

    Good experience with Capital O

    I received a Capital One card in 1998 as I was filing for Chap 7 bankruptcy. Today that card has been upgraded to an unsecured Gold card with a $3 K limit.

    I turned down other $1 K cards from Capital One because of the $29 annual fee.

    To tell the truth, I am astonished that they ever gave a card to me let alone a $3 K card.
  7. r

    r Guest

    RE: good or bad experience?let

    I can't seem to get an account with Capital 1. I've been turned down even after receiving a pre-approved offer! Afterwards, I was very leary to apply for any others but I did. I since have received one from DMB and Orchard and have had pretty good experiences with both.

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