Hi everyone! I am looking for a card to apply for that approves those with less than perfect credit. My BK from 1992 will not allow me into the world of Prime credit cards, so I am looking for a *MID* prime card to apply for. I define prime as Amex, Citibank, Chase, MBNA, First USA (I know, questionable!), Discover, etc..... I would define *MID* prime as Nextcard, Juniper, etc..... (or do we consider them Prime?) I recently got a Nextcard and tranfered some balances. I would like to get another card so that I can transfer and consolidate all of my subprime cards (Providian, Cap 1, Direct Merchants, etc...). Any ideas? Anyone with BK or derogs getting approved for these so called *MID* prime cards? MIDPRIME - **I'm not sure I can define which cards fit into this category, but I think you folks understand which type of cards I am referring to** TIA, chet
RE: *Mid* Prime card for balan Hoping to find a card that approves online! Juniper (those rat b*stards) already denied me! chet :0)
RE: *Mid* Prime card for balan Neither Discover nor First USA are truly prime. Discover approves people with (far) less than perfect credit, and uses 2-cycle billing, which is lame and a clear subprime indicator. First USA, as Doris K asserts, requires prime credit but only offers subprime products, questionable customer service and illegal business practices. Saar
RE: Two Cycle Billing I'd like to know how this works too. I have Discover, $2800 balance, my interest was only $6.66 on my last statement. How does 2 cylce billing work and should I expect to pay higher interest next month?
RE: Two Cycle Billing Two-Cycle Average Daily Balance, Including New Purchases. This balance is the sum of the average daily balances for two billing cycles. The first balance is for the current billing cycle, and is figured by adding the outstanding balance (including new purchases and deducting payments and credits) for each day in the billing cycle, and then dividing by the number of days in the billing cycle. The second balance is for the preceding cycle
Example! From : http://www.ohio.com/bj/business/2000/June/19/docs/007580.htm "Here you can get in trouble if you do not pay the first month's balance in full. Say you charged $1,200 the first day of the first month's billing cycle. You were a bit short of money when the bill came and paid off $1,000 instead of the full $1,200. You might assume that from this point on you would be charged interest just on the $200 difference, or what you owe. No such luck. Under the two-cycle average daily balance method, your card issuer is still counting all those days during the first month when your balance was $1,200. Therefore, your average balance over the two-month period -- and the amount of interest you owe -- will be higher than under the one-month average daily balance method."
More Example! "Assume a consumer starts the first month with a zero balance and charges $1,000, of which the minimum amount due (listed on the statement) is paid. The next month, another $1,000 is charged and then the entire balance due is paid off. The same pattern is repeated three more times during the year. The stated interest rate on all cards is 19.8% APR. The yearly finance charge varies from $66.00 to $196.20. -------------------------------------------------------------------------------- Figure 2. Finance Charge Computation Methods* Average Daily Balance (excluding new purchases), finance charge is $ 66.00 Average Daily Balance (including new purchases) finance charge is $132.00 Two-Cycle Average Daily Balance (including new purchases) finance charge is $196.20 Two-Cycle Average Daily Balance (excluding new purchases) finance charge is $131.20 " From : http://www.montana.edu/wwwpb/pubs/mt9802.html
RE: More Example! So, I guess I should pay this off as planned by June, which is the end of my intro rate of 5.9%. Right or wrong?
RE: *Mid* Prime card for balan It's being screwed without being kissed. Especially if FirstUSA has anything to do with it.
