Re: Re: Re: Thought credit was A-1 -- Now this! What does time have to do with this equation? A credit card is a revolving account, not a installment account. Time is infinite in this equation. Geez :/
Re: Re: Re: Thought credit was A-1 -- Now this! The only reason time would play into it is time to pay it off. But, you're only fueling my argument. You don't know how much has been paid on the balance each month and what the new charges are, so how can you compute anything? Reread my last post. Not enough info to infer rate, only possibly the minimum payment.
Re: Re: Re: Re: Thought credit was A-1 -- Now this! To compute the interest rate (APR) for the total amount due for the month being reported why would I need to know what the new charges are? All I need to know is the amount due and the minimum payment to determine the interest rate. That is simple math. I throw my hands up and shake my head in exasperation. I give up :/
Re: Re: Re: Re: Thought credit was A-1 -- Now this! The point is that you can't compute the APR from the minimum payment. The minimum payment is a PERCENT OF BALANCE. The only way to infer APR would be to know the minimum percentage, know that the minimum is all that was paid, and see the change in balance between two months. Then you know how much of that minimum went to the principal, and the rest is interest. But without that comparison, you can't compute it. And if charges are made or more than the minimum paid, you can't figure how much went to interest. The minimum payment doesn't change based on APR--it changes based on BALANCE. To know how much of the payment was interest, we have to have ALL OTHER THINGS EQUAL and see the CHANGE IN BALANCE. For example, my balance is $5,000 and my minimum payment is $100. Based on your theory, what is my APR?
Re: Re: Re: Re: Re: Re: Thought credit was A-1 -- Now this! But I was close!! Actually my calculations came out to 4.1% but I decided to pad it a little to be on the safe side My point being, your APR can be guessed at from the information on your cr. And I rest my case
Re: Re: Re: Re: Re: Thought credit was A-1 -- Now this! Read the interest calculation at the bottom of one of you cc statements. It will usually give you a daily periodic rate (annual rate/either 360 banker's year or 365) and your corresponding interest rate, and number of days in that month's billing period. You absolutely must know time to figure interest. Pop quiz Balance 867.48 Minimum Payment $29.00 What's my interest rate?
Re: Re: Re: Re: Re: Re: Thought credit was A-1 -- Now this! Obviously this is a trick question, but I'll humor you anyway. 0% BT (balance transfer)
Re: Re: Re: Re: Re: Thought credit was A-1 -- Now this! You could only figure that out on two reports back to back with nothing else charged, and knowing what the prior payment was. It would be a rough guess because the 1-99 cents are not reported.
Richguy, I hadn't visited that MSN thread since I came here and found TRUE support. Your comment prompted me to go back and review what they'd said. You're right, the jerk did say I'd be told not to pay the account by the "militants" here at CreditNet. There were a lot of jerks that piped in on that thread, very rude and judgmental. There were some thoughtful and friendly voices that chimed in, too; I hope some of them are also visitors and/or contributors here. What struck me the most was the difference between the advice the MSN people were offering and the advice I've gotten here. Over and over, they were telling me not to waste time and energy fighting Chase's rate hike, to pay off the balance and then close the account. Just the opposite of what you guys have been telling me. And your arguments are backed by real-world logic. They just called me names and told me to shut up and pay up like a good little consumer. Makes me wonder ... Is it possible that the CC companies hire people to post messages on MSN to intimidate and demoralize people in debt and discourage them from fighting back against unfair lending practices? Or am I just being a conspiracy buff. Anybody seen Fox Mulder around here lately? ;-) The truth is out there ...
Ok, I duck when the lemon merangue starts flying (usually there's not much true mud) but I do love the conspiracy theory about MSN and wouldn't doubt it in the least. All of these boards are watched, which is one really good reason not to ever list much trackable info about yourself. The whizzes here are smart enough to spot a "troll" at 50 feet and alert the rest of us to the scam Poochie
Re: Re: Thought credit was A-1 -- Now this! Well ... I know it won't happen to me anymore cause I've made it beyond this point, but I do know what I would do in this case. Wait until the CC is reporting and then close it by consumer. Inculde a "consumer statement" which says; "CLOSED BY CONSUMER FOR INSUFFICIENT CREDIT LIMIT". The CL is small enough not to have much of an affect on your utilization. Let that be a message to the next joker who offers a $300 card. If the next creditor takes your message to heart, they may issue a decent CL, which WILL have a nice affect on your utilization. LOL .
What Chase has done is not a guarantee of what another CC company will do. I am advising that you explore "business/financial" options to HELP YOUR situation. You really have nothing to lose in seeking a better BT option. This gives you leverage over Chase, AND....wouldn't it seem that the "REVIEW FORMULA" they used to RAISE your rate, somewhat work in reverse when your balance now goes to $0? We are adding to much to the mix right now, too many "what ifs". This rate increase is hurting you financially right now, at that worst time (unemployed). Minimum payments at this rate will MORE THAN DOUBLE PAYBACK TIME! Let's get back to basics here: 1) StarStuff, if you can afford it, get you FICO SCORES from your reports (all 3). Check these boards for "cheaper options" on getting them. 2) Review the "Score Analyzers" for effect of "utilization ratios" on your score. 3)Shop around for the potentially best deal on a card. Check out http://www.bankrate.com for rates comparisons. or http://www.MONEY.com (Money Magazine), or http://www.insidersecrets.com for their ratings. 4) Most often your CL is determined by your income, credit history, other CLs. Go for the highest you can. Idon't know what your income level is, and please keep that to yourself. But you can always "quote other income" as additional income, or "houselhold" income (if that applies) 5) Do the "inquiry" re: a BT w/Chase...play a little "poker" with them. But until you have an option (ready) for a BT, you do not have many "cards" to play with. 6) Your priority is this exorbatant interest rate right now, NOT your credit report. Yes, your report may take a slight ding, but..your report seems strong enough to weather this temporary downturn. In a few months after working, your balances will be down, and you can recover your "A-1" status quickly. So, don't worry about your report right now, worry afterwards. There is nothing in this scenario that you can't bury with making payments to raise your scores back up. 7) As for "possible rate" on a "new CC", you won't know unitl you try. Just try to keep your "inquiries" to a contained time period (1-2 weeks) to make it appear as you're "shopping for the best rate", NOT HUNGRY FOR CREDIT. Good Luck
Re: Thought credit was A-1 -- Now t Thanks for the info and advice, jlynn. Makes a lot of sense. Things are kind of shaky in my area employment-wise, lots of layoffs. Mostly in manufacturing, but the education arena has taken a huge hit, too, thanks to massive budget cuts. That's where I took the hit. I'm lucky in that my profession is very hot and getting hotter according to all the job outlook information I can gather (desktop publishing -- I'm a writer and graphic designer). However, it's not so easy getting on salary around here, a small city in a basically rural area with mainly manufacturing concerns forming the economic base. Moving to a more metropolitan area isn't an option due to family considerations. I would probably have a lot more luck running a freelance writing/design business, taking outsourcing jobs instead of trying to get on staff. Businesses still need promotional materials even when business is down -- they need them more, in fact, though it seems only the smart ones realize it. Given that scenario, what answer do I give when asked about my employer and salary? What kind of proof are CC companies going to look for when they don't have an employer they can call for verification of salary? And given that businesses don't tend to turn much of a profit the first year or two in business (though I'm better situated than most, already having all the equipment and software I need and able to work out of my home instead of renting storefront or office space), would it be more advantageous to just work on paying down existing balances until I can prove I'm making a reliable income? Maybe I should start a new thread for this topic. Input, please!
One question: Why are you keeping this account open? bizwiz41 ================ Some CCs jack the rate just because you closed it. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Thought credit was A-1 -- Now t LOL it wasn't me that provided any intelligence in this thread I would start a new thread. Many have read this and it has meandered, so you might have better luck starting a new topic.
Re: Re: Thought credit was A-1 -- N Because I don't have the $1,400 or so I would need to close the Chase account, without jeopardizing the resources I need to pay my other bills, rent, food, etc. BTW, Bizwiz, when I thanked jlynn for the info it was the info you contributed that I was thankful for. Don't know why I thought it was jlynn's post. Senile, I guess ... Not that you're not helpful and I'm not thankful for your input, jlynn. Oh, God, I'm just digging my grave deeper, aren't I? I'm gonna quit while I'm ahead and start a new thread with my self-employment question.
