Two Plus Two Publishing LLC Two Plus Two Publishing LLC
 

Go Back   Two Plus Two Poker Forums > >

Notices

Other Other Topics Discussion of arts & entertainment, pop culture, food & drink, health and exercise, fashion, relationships, work, and just about anything else in life except poker, sports, religion and politics.

Reply
 
Thread Tools Display Modes
Old 11-14-2012, 05:26 PM   #51
34TheTruth34
Mark's Dirty Sanchez
 
34TheTruth34's Avatar
 
Join Date: Feb 2003
Posts: 8,416
Re: Credit Primer & Discussion w/ JL

great OP!

so i have this cc that has a $3 monthly fee. i dont use the card anymore but i dont want to cancel it either, both because its helping my credit score and because i might need it someday. so even though its <$40 a year total the fee still tilts the hell out of me. what options do i have for getting it removed? is there any chance that if i called them and threatened to close the card if they didnt remove the fee that theyd actually get rid of it? tia.
34TheTruth34 is offline   Reply With Quote
Old 11-14-2012, 06:37 PM   #52
JL514
because i can
 
JL514's Avatar
 
Join Date: Nov 2006
Posts: 9,410
Re: Credit Primer & Discussion w/ JL

What kind of card is this?
JL514 is offline   Reply With Quote
Old 11-14-2012, 06:38 PM   #53
34TheTruth34
Mark's Dirty Sanchez
 
34TheTruth34's Avatar
 
Join Date: Feb 2003
Posts: 8,416
Re: Credit Primer & Discussion w/ JL

its a mastercard. other than that im not really sure. it doesnt have any title on it or anything.
34TheTruth34 is offline   Reply With Quote
Old 11-14-2012, 06:59 PM   #54
JL514
because i can
 
JL514's Avatar
 
Join Date: Nov 2006
Posts: 9,410
Re: Credit Primer & Discussion w/ JL

That's kind of weird. Most credit cards don't have monthly fees, they have annual fees. It's more typical of debit cards to have monthly fees.
JL514 is offline   Reply With Quote
Old 11-14-2012, 07:16 PM   #55
wackybrak
veteran
 
wackybrak's Avatar
 
Join Date: Oct 2006
Location: paying my rent in euro
Posts: 2,479
Re: Credit Primer & Discussion w/ JL

So I've been getting calls from a CA called cbe group. They've claimed I owe 50~ from around four years ago.

I called them, spoke to a supervisor, and asked about negotiating a "pay for delete". He said Verizon owns the debt and that he couldn't negotiate a deletion of the collections account off my credit report. I also mentioned the debt hasn't been validated and he said they sent a letter to my address (which I don't live at) and the mail wasn't returned.


So what's my play? I'm not sure how much of what he said is true and overall how scummy the CA is. I don't give a **** about $50 dollars but the cost of having that TL on my credit report is obv something I'm concerned about.
wackybrak is offline   Reply With Quote
Old 11-14-2012, 08:15 PM   #56
34TheTruth34
Mark's Dirty Sanchez
 
34TheTruth34's Avatar
 
Join Date: Feb 2003
Posts: 8,416
Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by JL514 View Post
That's kind of weird. Most credit cards don't have monthly fees, they have annual fees. It's more typical of debit cards to have monthly fees.


ok but this credit card has a monthly fee. so what would you recommend?
34TheTruth34 is offline   Reply With Quote
Old 11-14-2012, 08:49 PM   #57
JL514
because i can
 
JL514's Avatar
 
Join Date: Nov 2006
Posts: 9,410
Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by wackybrak View Post
So I've been getting calls from a CA called cbe group. They've claimed I owe 50~ from around four years ago.

I called them, spoke to a supervisor, and asked about negotiating a "pay for delete". He said Verizon owns the debt and that he couldn't negotiate a deletion of the collections account off my credit report. I also mentioned the debt hasn't been validated and he said they sent a letter to my address (which I don't live at) and the mail wasn't returned.


So what's my play? I'm not sure how much of what he said is true and overall how scummy the CA is. I don't give a **** about $50 dollars but the cost of having that TL on my credit report is obv something I'm concerned about.
Does it show up on your creditkarma or credit report? Technically CAs are not supposed to give PFD because the bureaus don't like them deleting stuff, as the bureaus get paid for being accurate. CAs are much more likely to provide PFD as an option when the debt is very large, but it's not worth the potential blowback from the bureaus for a $50 debt.

I would post on creditboards as they will know much better than I do. If he doesn't have your current address you might be able to avoid the debt and then petition for validation through the bureaus as he has an incorrect address. But if you do that you better make sure the address he has isn't listed somewhere on your credit report or you end up validating the debt by accident.

Quote:
Originally Posted by 34TheTruth34 View Post
ok but this credit card has a monthly fee. so what would you recommend?
I don't know. I would cancel a card that was charging me any kind of fee if I wasn't using it or getting a benefit. Call, ask why you're being charged a fee, ask if there is any way to not be charged a fee, ask if there is a fee free card the account can be downgraded to (will still keep the history this way), or close the card. Closed cards still show up on your report for a while anyway.
JL514 is offline   Reply With Quote
Old 11-14-2012, 11:16 PM   #58
gtpitch
making sick bumps
 
gtpitch's Avatar
 
Join Date: Oct 2007
Location: posting topless
Posts: 33,696
Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by JL514 View Post
Yes. In the US the interchange fees charged by the banks are much higher. According to that wiki, they (Visa & Mastercard) make over 30B a year in interchange fees.

If you don't want to click over, the interchange fee is the fee the card issuer charges the merchant for processing the CC transaction. Typically it's a fixed amount plus a % of the sale including tax. A lot like what you pay to use paypal.

If the card issuer makes the bulk of their money from the interchange fees, and these fees are controlled and kept low, they can't offer great rewards. The customer they would offer great rewards to would be the customer who is not going to make them money in late fees and interest payments anyway so they don't have a good way of offsetting the costs of a rewards program.
Just like the CFPB recently adopted on financial institutions in the US!
gtpitch is offline   Reply With Quote
Old 11-14-2012, 11:21 PM   #59
gtpitch
making sick bumps
 
gtpitch's Avatar
 
Join Date: Oct 2007
Location: posting topless
Posts: 33,696
Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by wackybrak View Post
So I've been getting calls from a CA called cbe group. They've claimed I owe 50~ from around four years ago.

I called them, spoke to a supervisor, and asked about negotiating a "pay for delete". He said Verizon owns the debt and that he couldn't negotiate a deletion of the collections account off my credit report. I also mentioned the debt hasn't been validated and he said they sent a letter to my address (which I don't live at) and the mail wasn't returned.


So what's my play? I'm not sure how much of what he said is true and overall how scummy the CA is. I don't give a **** about $50 dollars but the cost of having that TL on my credit report is obv something I'm concerned about.
If the collection is really that old I would probably just pay it and move on. After 4 years it is having such a small effect on your credit score that I doubt it is worth a lot of hassle.

Actually FICO's newest score model (FICO 2008) actually ignores a collection if it is a small amount and is the only derogatory information reflected on your bureau.
gtpitch is offline   Reply With Quote
Old 11-16-2012, 03:20 PM   #60
Byrung
too late axe in car
 
Byrung's Avatar
 
Join Date: Aug 2011
Location: angleshooting bingo sloots
Posts: 4,360
Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by Jim14Qc View Post
First off, great OP. The information really sets off discussion.



I just bought my credit report from Equifax (in Canada, you can get them for free once a year but only by mail and I can be impulsive). It seems the only late payments are those above 30 days (they are categorized as 30 days late, 60 days and 90 days+). I have only one in my credit history back in 09 or 10, for example, but I know for a fact I missed some payments by a few days or even a week or two since then. Some, the bank has removed for me but others slipped through for sure.

Second, my score in Canada is 703 (good). It seems the scale is the same and the credit agency is the same (Equifax or TransUnion). However, they also show the Canada Population spread and it goes like this:

4% Poor (300-559)
10 Fair (560-659)
15% Good (660-724)
14% V. good (725-759)
57% Excellent (760+)

Is it Canadians being badass since our housing market is going up up up or is it similar in the US? I was somewhat surprised to be this low in the quintiles (didn't expect to be great since I'm young, but still, only at 23% percentile sucks...).

Last point: I got a mortgage in June and an auto loan in March, and my score has definitely been going up. When I applied for the mortgage the banker told me I was high 600's (he also said it was not terrible but not very good). So, it's up. I haven't missed payments since then.

Anyway I've been curious for a long time and your OP made me plunge for the $23 credit report on Equifax, I'll try to get the TU one for free by mail some time when I'm not busy.

Also, I don't think taking on credit for the sake of building credit makes sense (unless you have 0 credit, obviously everyone should have a card or something for emergencies... you never know what could happen). Paying interest to up the score just a bit, at least in Canada, doesn't make sense. Maybe credit is harder in the US with the crisis from '08 however.
I just did mine through transunion Canada and my score is 702

With this score it states:

I am rated as fair.

Your credit ranks higher than 35.93% of the Canadian population

That score is with a perfect payment history and Ive had lots of loans. One for a $22.000 truck a $16,000 car ..all 3 of my credit cards and rogers bill

I have some pretty solid credit card debt going on right now so I checked my score. I was thinking about going into my bank to see if I can consolidate it. I wonder if a 702 score would be good enough to get that loan

Last edited by Byrung; 11-16-2012 at 03:49 PM.
Byrung is offline   Reply With Quote
Old 11-18-2012, 11:07 AM   #61
JL514
because i can
 
JL514's Avatar
 
Join Date: Nov 2006
Posts: 9,410
Re: Credit Primer & Discussion w/ JL

A quick bump to remind everyone that AmEx Small Business Saturday registration starts today. Free $25 statement credit for every amex you have if you spend $25 at a "small business" on saturday. Amex has a map of what they consider small businesses.

https://www.americanexpress.com/us/s...id=15440867574

Examples:

My favorite restaurant is classified as a SB, so I can go and buy 3x$25 GCs and get them all for free.
The local liquor store is classified as a SB, so I can go restock the liquor cabinet

Last edited by JL514; 11-18-2012 at 11:20 AM.
JL514 is offline   Reply With Quote
Old 11-18-2012, 02:35 PM   #62
kkcountry
BBV MS Paint Rapid Response Squad
 
kkcountry's Avatar
 
Join Date: Jun 2006
Location: dimichele ripped
Posts: 31,084
Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by JL514 View Post
A quick bump to remind everyone that AmEx Small Business Saturday registration starts today. Free $25 statement credit for every amex you have if you spend $25 at a "small business" on saturday. Amex has a map of what they consider small businesses.

https://www.americanexpress.com/us/s...id=15440867574

Examples:

My favorite restaurant is classified as a SB, so I can go and buy 3x$25 GCs and get them all for free.
The local liquor store is classified as a SB, so I can go restock the liquor cabinet
Sorry if this is a repost, there's also a $25 statement credit with a $100 Costco purchase available through syncing with Facebook - http://slickdeals.net/permadeal/8227...-pizza-kitchen
kkcountry is offline   Reply With Quote
Old 11-18-2012, 02:36 PM   #63
kkcountry
BBV MS Paint Rapid Response Squad
 
kkcountry's Avatar
 
Join Date: Jun 2006
Location: dimichele ripped
Posts: 31,084
Re: Credit Primer & Discussion w/ JL

I will be buying $25 of booze on Saturday as well
kkcountry is offline   Reply With Quote
Old 11-18-2012, 02:38 PM   #64
JL514
because i can
 
JL514's Avatar
 
Join Date: Nov 2006
Posts: 9,410
Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by kkcountry View Post
Sorry if this is a repost, there's also a $25 statement credit with a $100 Costco purchase available through syncing with Facebook - http://slickdeals.net/permadeal/8227...-pizza-kitchen
Yeah there are a lot of AmEx sync deals on FB, twitter, foursquare, and xbox. They can be very valuable.
JL514 is offline   Reply With Quote
Old 11-18-2012, 06:26 PM   #65
RunDownHouse
Allez Biere!
 
RunDownHouse's Avatar
 
Join Date: Aug 2004
Location: Nashville
Posts: 12,820
Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by JL514 View Post
A quick bump to remind everyone that AmEx Small Business Saturday registration starts today. Free $25 statement credit for every amex you have if you spend $25 at a "small business" on saturday. Amex has a map of what they consider small businesses.

https://www.americanexpress.com/us/s...id=15440867574

Examples:

My favorite restaurant is classified as a SB, so I can go and buy 3x$25 GCs and get them all for free.
The local liquor store is classified as a SB, so I can go restock the liquor cabinet
The link specifically says you can only get one $25 credit per enrolled card.
RunDownHouse is offline   Reply With Quote
Old 11-18-2012, 09:17 PM   #66
Waterfall
grinder
 
Waterfall's Avatar
 
Join Date: Feb 2006
Location: Fenway Park
Posts: 667
I think he has 3+ AmEx cards
Waterfall is offline   Reply With Quote
Old 11-18-2012, 09:17 PM   #67
JL514
because i can
 
JL514's Avatar
 
Join Date: Nov 2006
Posts: 9,410
Re: Credit Primer & Discussion w/ JL

Yes I know that. I should have put OR in between my examples. I was showing the different options available.

@waterfall, I think he's implying that my example looks like I think I'm going to get 3 giftcards and then 3 bottles of booze with 3 amexs, which was not what I meant.
JL514 is offline   Reply With Quote
Old 11-18-2012, 10:07 PM   #68
Waterfall
grinder
 
Waterfall's Avatar
 
Join Date: Feb 2006
Location: Fenway Park
Posts: 667
Re: Credit Primer & Discussion w/ JL

It was worded funny I guess, thanks for the link though I would not have known about this deal and signed up for it after you posted it
Waterfall is offline   Reply With Quote
Old 11-19-2012, 04:51 PM   #69
RunDownHouse
Allez Biere!
 
RunDownHouse's Avatar
 
Join Date: Aug 2004
Location: Nashville
Posts: 12,820
Re: Credit Primer & Discussion w/ JL

Yeah, I got all excited planning my shopping spree before realizing that there was no way AmEx would give me that much free cash.
RunDownHouse is offline   Reply With Quote
Old 11-19-2012, 06:00 PM   #70
Greggers
banned
 
Join Date: Aug 2012
Posts: 632
Re: Credit Primer & Discussion w/ JL

Good tip for those who have a cash back with 5% at grocery stores (e.g. AMEX Blue Cash) and shop a lot at say Amazon.

Go to Vons/Safeway/Wherever, buy a lot of Amazon gift cards with your AMEX Blue Cash/Whatever, spend the money you were going to spend at Amazon anyway with gift cards -- profit with 5% savings on Amazon purchases.
Greggers is offline   Reply With Quote
Old 11-19-2012, 11:18 PM   #71
JL514
because i can
 
JL514's Avatar
 
Join Date: Nov 2006
Posts: 9,410
Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by Greggers View Post
Good tip for those who have a cash back with 5% at grocery stores (e.g. AMEX Blue Cash) and shop a lot at say Amazon.

Go to Vons/Safeway/Wherever, buy a lot of Amazon gift cards with your AMEX Blue Cash/Whatever, spend the money you were going to spend at Amazon anyway with gift cards -- profit with 5% savings on Amazon purchases.
Blue Cash Preferred is 6% at grocery stores and Blue Cash Everyday is 3%. Amex recently capped the bonus earnings at $6,000 per year, so this is not as lucrative as it once was.

Other things to keep in mind is often stores will run GC promos. A store by me is offering 4x gas points for money spent on GCs. That means, for every $100 in GCs you buy with the amex BCP, you get $6 in cash back and $.40 off per gallon (around $6 on a normal tank). So you get a 12% rebate on GCs that you will use anyway.

There are a lot of cards with highly bonused spend that can leverage opportunities like this. The Hilton cards get 6x at gas stations, grocery stores, and drug stores. The Ink cards get 5x at office supply stores.

Finally, there is the trick of GC "upgrading". Buying Sears physical GCs at 5x or 10x from the Chase shopping portal, and then going to Sears or Kmart and buying gift cards you want and paying with the Sears GC.
JL514 is offline   Reply With Quote
Old 11-19-2012, 11:55 PM   #72
nutsfl0pper
old hand
 
Join Date: May 2012
Posts: 1,298
Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by JL514 View Post
Blue Cash Preferred is 6% at grocery stores and Blue Cash Everyday is 3%. Amex recently capped the bonus earnings at $6,000 per year, so this is not as lucrative as it once was.
.
Do you spend over $100k per year on groceries or over $200k in general? Am I missing something?
nutsfl0pper is offline   Reply With Quote
Old 11-20-2012, 03:26 AM   #73
KatoKrazy
veteran
 
KatoKrazy's Avatar
 
Join Date: Jan 2009
Location: Roch, MN
Posts: 3,120
Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by nutsfl0pper View Post
Do you spend over $100k per year on groceries or over $200k in general? Am I missing something?
Grocery stores often sell gift cards that you can buy for the other places you shop and get 6% cash back there too.
KatoKrazy is offline   Reply With Quote
Old 11-20-2012, 11:03 AM   #74
JL514
because i can
 
JL514's Avatar
 
Join Date: Nov 2006
Posts: 9,410
Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by nutsfl0pper View Post
Do you spend over $100k per year on groceries or over $200k in general? Am I missing something?
Sorry, I phrased that incorrectly too. They capped the spending that earns 6% rewards at $6000, not the cashback earned at $6000.
JL514 is offline   Reply With Quote
Old 11-20-2012, 02:23 PM   #75
Greggers
banned
 
Join Date: Aug 2012
Posts: 632
Re: Credit Primer & Discussion w/ JL

Quote:
Originally Posted by JL514 View Post
Blue Cash Preferred is 6% at grocery stores and Blue Cash Everyday is 3%. Amex recently capped the bonus earnings at $6,000 per year, so this is not as lucrative as it once was.

Other things to keep in mind is often stores will run GC promos. A store by me is offering 4x gas points for money spent on GCs. That means, for every $100 in GCs you buy with the amex BCP, you get $6 in cash back and $.40 off per gallon (around $6 on a normal tank). So you get a 12% rebate on GCs that you will use anyway.

There are a lot of cards with highly bonused spend that can leverage opportunities like this. The Hilton cards get 6x at gas stations, grocery stores, and drug stores. The Ink cards get 5x at office supply stores.

Finally, there is the trick of GC "upgrading". Buying Sears physical GCs at 5x or 10x from the Chase shopping portal, and then going to Sears or Kmart and buying gift cards you want and paying with the Sears GC.
Great post - oh and to explain - for my AMEX Blue, I'm actually grandfathered into an older deal (hence the 5% groceries), but when I looked at it last time for my spending habits, the older deal was better than AMEX Blue Preferred Cash (which I believe is now their standard offering for cash back weighted with higher Grocery/Gas/Pharmacy rewards, and I can switch to). I should probably look at that again...

My favorite rewards card when I traveled a lot more was AMEX Starwood. AMEX Gold and Platinum looked great for higher spending levels and traveling than where I am.
Greggers is offline   Reply With Quote

Reply
      

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Forum Jump


All times are GMT -4. The time now is 11:54 PM.


Powered by vBulletin®
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
Copyright © 2008-2010, Two Plus Two Interactive
 
 
Poker Players - Streaming Live Online