Members Renfield Posted March 23, 2009 Members Share Posted March 23, 2009 Is that a Canadian thing? I know people who went through personal bankruptcy and had credit cards 2 years after the judgement. Can't you get another card from another bank? No, I can't... yet. Working on the other card angle soon. It could be a Canadian thing, most likely is, though I don't really know. Funny thing is, I have honestly considered bankruptcy over this even though the debt is (now) not too terrible (~$4k). Many people have told me all about someone they know that declared and were up and running within a few years. Most debts are erased, interest is frozen on those that aren't. Where I have to keep paying 27% until it's paid off entirely, then start a 7 year clock to get back on track. I will likely get my situation back on track faster by declaring bankruptcy than actually paying off my debts. Link to comment Share on other sites More sharing options...
CMS Author Craig Vecchione Posted March 23, 2009 CMS Author Share Posted March 23, 2009 No, I can't... yet. Working on the other card angle soon. It could be a Canadian thing, most likely is, though I don't really know. Funny thing is, I have honestly considered bankruptcy over this even though the debt is (now) not too terrible (~$4k). Many people have told me all about someone they know that declared and were up and running within a few years. Most debts are erased, interest is frozen on those that aren't. Where I have to keep paying 27% until it's paid off entirely, then start a 7 year clock to get back on track. I will likely get my situation back on track faster by declaring bankruptcy than actually paying off my debts. Since you're in Canada I have no idea what your personal bankruptcy laws are like, but they became stricter in the US a few years ago...today it's much more difficult, and would really not be worthwhile for that amount of debt...it'll cost you much more in legal fees here in the states. But perhaps in Canada it makes sense. I suggest you contact an attorney about your situation. Something doesn't sound right about this bank, and indeed, the 27% gouging and 7 year "waiting" thing doesn't sound right. Link to comment Share on other sites More sharing options...
Members Renfield Posted March 23, 2009 Members Share Posted March 23, 2009 I suggest you contact an attorney about your situation. Something doesn't sound right about this bank, and indeed, the 27% gouging and 7 year "waiting" thing doesn't sound right. In the process of doing the Bankruptcy homework now. Odds are it won't favour me, but I am looking into it all the same. I've been told the exact same thing by 3 reps at 2 banks now. There's a little more detail to it all that I don't care to share here, but the basic gist and end results of it all is what I've explained. I was told flat out that I will never get a debt reconcilliation loan (the thing I was there looking into to start), a credit card, a car loan, a.... anything involving the loaning of money to me for another 7 years still. I can go to private places that specialize in such things ("High risk" loans), but then I am paying a ton more on interest and such, and in most cases they want you to own a car as collateral and already have declared bunkruptcy to qualify. Link to comment Share on other sites More sharing options...
Members catphish Posted March 23, 2009 Members Share Posted March 23, 2009 Now you guys are gonna make me go check my interest rate. I never leave a balance on it so I don't have any idea what it is. Link to comment Share on other sites More sharing options...
Members Renfield Posted March 23, 2009 Members Share Posted March 23, 2009 Now you guys are gonna make me go check my interest rate. I never leave a balance on it so I don't have any idea what it is. Be afraid. Link to comment Share on other sites More sharing options...
Members GMOGreg Posted March 23, 2009 Members Share Posted March 23, 2009 hmm...I believe that my WF visa does not have any foreign currency transaction fees. Wells Fargo? Did a quick check and says that they charge 2%, still better than most... Link to comment Share on other sites More sharing options...
Members ec437 Posted March 23, 2009 Members Share Posted March 23, 2009 Wells Fargo? Did a quick check and says that they charge 2%, still better than most... I don't recall ever seeing any international transaction charges on it, and that's all I use it for. The reason I got it, actually. To be clear, I'm talking about the CC, not the debit card. Link to comment Share on other sites More sharing options...
Members The Real MC Posted March 23, 2009 Members Share Posted March 23, 2009 I just closed my GC card. Close behind is my AmEx, then I'll be down to one credit card from my credit union, whose rate has never gone up. Yeah you take a hit on your FICO but a) it will recover over time b) the hit is hardest with accounts you have owned over a long time, so the short ones aren't as bad. Credit cards are evil and I am working towards zero debt and only one card. Link to comment Share on other sites More sharing options...
Members Johnny_Crab Posted March 23, 2009 Members Share Posted March 23, 2009 Citibank likes it from both sides:Give them a bailout with YOUR taxes forever and now rape you again on your card. Cut it up OR do as Daniel suggests: The banksters don't give a rat's about you, why should you care about them? Link to comment Share on other sites More sharing options...
Members GMOGreg Posted March 23, 2009 Members Share Posted March 23, 2009 I don't recall ever seeing any international transaction charges on it, and that's all I use it for. The reason I got it, actually.To be clear, I'm talking about the CC, not the debit card. Might want to double check that before you travel again:http://www.cardratings.com/creditcardnews/2009/02/credit-card-foreign-transaction-fees.html I remember reading that some companies do not put the fee on your statement, but rather include it in the total transaction price.Regardless if you've used in the past and didn't feel you were charged too much I would worry. Wells Fargo may offer better exchange rates than most... Link to comment Share on other sites More sharing options...
Members der oxenrig Posted March 24, 2009 Author Members Share Posted March 24, 2009 . Cut it up OR do as Daniel suggests: http://www.youtube.com/watch?v=DRper3L6xN8 {censored}ibank can go to hell. Once I'm done paying off this card, I'm going to look elsewhere for a different one. Link to comment Share on other sites More sharing options...
Members King Kashue Posted March 24, 2009 Members Share Posted March 24, 2009 Be afraid. If he never leaves a balance on it, he has no reason to be afraid Link to comment Share on other sites More sharing options...
Members Bigfiddle Posted March 24, 2009 Members Share Posted March 24, 2009 Credit card free for 10 years now! Link to comment Share on other sites More sharing options...
Members fretless Posted March 24, 2009 Members Share Posted March 24, 2009 I was complaining about this crap a month or 2 ago . Chase raised my monthly charge ( based on interest ) + a $10 fee ? Well this month it's back to normal and they refunded the additional fees . Do you think they are being pressured or have determined it may be illegal ? Link to comment Share on other sites More sharing options...
Members catphish Posted March 24, 2009 Members Share Posted March 24, 2009 If he never leaves a balance on it, he has no reason to be afraid Correct. If I did leave a balance on it I'd likely have been aware before now that my card that previously had a 5% interest rate is 12% now! Part of me doesn't give a {censored} since I pay it off, and the other half of me is kind of pissed. I can't think of any reason for it. On the bright side, I've had very good success with Chase's CS before. Maybe I'll call and tell them if they don't lower it back I'm going elsewhere, but I have all my non-savings bank business through chase for 10 years. I've had this card for 15 years! I got it when I was in high school. Link to comment Share on other sites More sharing options...
Members hawkhuff Posted March 24, 2009 Members Share Posted March 24, 2009 I just opened my Sears Gold Mastercard statement, and: Citibank had nearly doubled my interest rate from 11.49% to a whopping 21.99%! Needless to say, I was pissed. I have never missed a payment, always pay on time (and usually pay off most, if not all of the balance when possible). So I called them, and they said that because the Federal Reserve is {censored}ing everything up, they have to raise interest rates. But double? I don't {censored}ing think so. Eventually, I argued with them enough, and got them to lower it down to 13.24%, but the fact that they nearly doubled it has me extremely pissed off. What they are doing to you is quite common. I read an interesting article the other day about how banks can and will do this. First and most important point I got from this; don't use credit cards, especially from the department stores. The second is that these banks keep track of your credit history and if you were late on any other bill, they find out about it and will riase your rates even if you've made all your credit card payments on time. We dumped all our cards last year except one and that one we keep at a low or 0 balance. FTW. Link to comment Share on other sites More sharing options...
Members der oxenrig Posted March 25, 2009 Author Members Share Posted March 25, 2009 The second is that these banks keep track of your credit history and if you were late on any other bill, they find out about it and will riase your rates even if you've made all your credit card payments on time. I think that should be made illegal. Link to comment Share on other sites More sharing options...
Members GMOGreg Posted March 25, 2009 Members Share Posted March 25, 2009 I think that should be made illegal. not all banks do it... I forget what it is called but know that Chase doesn't do it. Credit cards can be great, if you use them as cash. I never buy anything with a credit card unless the money is in my bank account (well there was a couple of times that the money wasn't going to be there for another week, but that still left my plenty of time before the bill would be due). I also pay off my full bill every month. In about 2 years I have built from no credit history to close to 700. Plus a couple of times a year they give me $25 for spending what I would have spent anyways! Link to comment Share on other sites More sharing options...
Members hawkhuff Posted March 25, 2009 Members Share Posted March 25, 2009 I think that should be made illegal. Can't say that I disagree with that sentiment. However, right or wrong the bank calls it risk management. They want to know your history so they know they are going to get paid. Most banks do this. Link to comment Share on other sites More sharing options...
Members s4001 Posted March 25, 2009 Members Share Posted March 25, 2009 Basically, you're paying to use your own money. Do without them if you can. Link to comment Share on other sites More sharing options...
Members King Kashue Posted March 25, 2009 Members Share Posted March 25, 2009 Basically, you're paying to use your own money. Do without them if you can. If you don't carry a balance, you don't pay anything. That said, with visa check cards and mastercard debit, you can use a debit card in 99% of the places you can use a credit card. Link to comment Share on other sites More sharing options...
Members chunky-b Posted March 25, 2009 Members Share Posted March 25, 2009 Credit card free for 10 years now! WooHoo!!! Congrats! Life is so much better that way. I have one crappy Juniper card that the Apple people sent me but it has a $250 limit, is for emergencies only, and gets paid off every two weeks on payday. (I also financed some living room furniture, but it is getting paid off with no interest before the year is up.) Life is good being (almost) debt free... Link to comment Share on other sites More sharing options...
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