Senate preserves unlimited credit card rates

[dbackjon]

UCABEAR - you might want to start a separate thread to get blueballs, etc attention.

[GannonFan]

i paid my credit cards on time and even to a zero balance. My rate WAS 4.9% fixed, one that I could live with even with a small balance. They jacked it up to 16.99%..why I asked them. Their reply, " You've always paid on time, you now have a zero balance, but it's the economy. " So the economy is the reason they were allowed to jack it up? Sick. Paid everyone of them off and shut them all down.

Same thing happened to me on one of my cards. Easy solution, though, as with yours, was to just drop the card. I had another one with a much better rate so my business went there. The beauty of choice.

On another note, my mortgage company is charging me PMI. Icalled them to get it stopped and they told me that I had to reach 78% of my Loan to Value before they could do that without an appraisal. I injected a couple of thousand dollars into my mortgage and brought it down to 77.4% and when I called to get the PMI cancelled..guess what? I still needed an appraisal! When I nicely reminded the customer service individual that according to the FTC that when a client reaches that magical number PMI isn't necessary any longer, she told me that my "date" to get it automatically dropped wasn't for another 3 years! So all that federal law and prepayments didn't count for anything. INTERESTING. I filed a complaint with the FTC.

Any ideas on how I can get this PMI dropped without an appraisal? Any financial people out there want to take a swing?

Yeah, that does suck. I'd keep bugging them - sometimes the squeaky wheel approach works. Doesn't make it right, but that does tend to work. It's like insurance companies that just deny everyone on the first request - most people don't ask twice.

[AZGrizFan]

Threaten to refi it.

[UCABEAR]

Threaten to refi it.

I like it! Heck, I could get a rate of about 4.6% now so my 5.75 would drop anyway..and that rate of 4.6% is on a 15 year mortgage..I have 23 years left. Sounds like a good idea..thanks AZGrizFan!

[JohnStOnge]

I think the people involved in issuing credit cards are disgusting. However, government should not be involved in telling them what interest rates they can set. Everybody knows, or should know. what a trap credit cards are. If you get yourself in trouble with credit cards it's your fault. Period. We shouldn't be promoting the idea of government telling a bank what they can charge in interest. People enter into a voluntary agreement. The lender agrrees to loan at a certain interest rate and the borrower agrees to borrow. Government shouldn't be interferring with that.

[HI54UNI]

Threaten to refi it.

I like it! Heck, I could get a rate of about 4.6% now so my 5.75 would drop anyway..and that rate of 4.6% is on a 15 year mortgage..I have 23 years left. Sounds like a good idea..thanks AZGrizFan!

Try here.

https://www.nationwideadvantagemortgage ... ?site=NAMC

4.125% with 0.25 points

[UCABEAR]

I think the people involved in issuing credit cards are disgusting. However, government should not be involved in telling them what interest rates they can set. Everybody knows, or should know. what a trap credit cards are. If you get yourself in trouble with credit cards it's your fault. Period. We shouldn't be promoting the idea of government telling a bank what they can charge in interest. People enter into a voluntary agreement. The lender agrrees to loan at a certain interest rate and the borrower agrees to borrow. Government shouldn't be interferring with that.

WHAT???? Let's see, if you have too much CC debt, you hurt your credit score. If you don't use your open credit cards and carry a zero balance, you hurt your credit score. The government should be DIRECTLY involved with credit card sharks because of those two reasons alone! Plus the fact that part of our economic outlook is based on credit card debt! AAAAAAAAnd it involves federally issued money! I understand we don't want tight government control of how we make money, but there has to be some sort of limit on that much "shark" behavior! Thank goodness I paid all of them off! Guess my credit is screwed now..

[bobbythekidd]

I think the people involved in issuing credit cards are disgusting. However, government should not be involved in telling them what interest rates they can set. Everybody knows, or should know. what a trap credit cards are. If you get yourself in trouble with credit cards it's your fault. Period. We shouldn't be promoting the idea of government telling a bank what they can charge in interest. People enter into a voluntary agreement. The lender agrrees to loan at a certain interest rate and the borrower agrees to borrow. Government shouldn't be interferring with that.

WHAT???? Let's see, if you have too much CC debt, you hurt your credit score. If you don't use your open credit cards and carry a zero balance, you hurt your credit score. The government should be DIRECTLY involved with credit card sharks because of those two reasons alone! Plus the fact that part of our economic outlook is based on credit card debt! AAAAAAAAnd it involves federally issued money! I understand we don't want tight government control of how we make money, but there has to be some sort of limit on that much "shark" behavior! Thank goodness I paid all of them off! Guess my credit is screwed now..

I disagree. What you are complaining about is not the CC companies but the Credit Bureaus. The CBs are the ones that determine your credit scores and how they are evaluated. CC companies (and everyone else) pay them for the score. Just try to get the Fair Issac formula from one of the 3 CBs... They are the ones who operate under the radar, with all the control and no accountability.

The only way to avoid it is to pay cash, like others have suggested.

[bobbythekidd]

To add to that..

If you pay in cash, your credit score will be 0. It looks like a bad credit score, but that really doesn't matter if you pay cash for everything.

[native]

34 Democrats and 1 Republican sided with consumers over Wall Street

Akaka (D-HI)
Begich (D-AK)
Bennet (D-CO)
Boxer (D-CA)
Brown (D-OH)
Burris (D-IL)
Cardin (D-MD)
Casey (D-PA)
Cochran (R-MS)
Dorgan (D-ND)
Durbin (D-IL)
Feingold (D-WI)
Feinstein (D-CA)
Franken (D-MN)
Gillibrand (D-NY)
Harkin (D-IA)
Lautenberg (D-NJ)
LeMieux (R-FL)
Leahy (D-VT)
Levin (D-MI)
McCaskill (D-MO)
Merkley (D-OR)
Mikulski (D-MD)
Nelson (D-FL)
Reed (D-RI)
Reid (D-NV)
Rockefeller (D-WV)
Sanders (I-VT)
Schumer (D-NY)
Stabenow (D-MI)
Udall (D-CO)
Udall (D-NM)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR

You have it exactly wrong, jon.

Rewarding irresponsible consumers with credit card rates lowered artificially by government regulation rather than market-determined rates based on credit worthiness punishes the vast majority of responsible consumers.

[mainejeff]

Why do WE have to "opt out" of everything if we didn't ask for it in the first place???........

Effin corporations and politicians.

It's a way to keep the Post Office running - there'd be lots of days where many people would get no mail at all if not for mailings that you have to "opt out" of.

Now THAT is one government run entity that needs to put up an "Out of Business" sign!

[YoUDeeMan]

i paid my credit cards on time and even to a zero balance. My rate WAS 4.9% fixed, one that I could live with even with a small balance. They jacked it up to 16.99%..why I asked them. Their reply, " You've always paid on time, you now have a zero balance, but it's the economy. " So the economy is the reason they were allowed to jack it up? Sick. Paid everyone of them off and shut them all down.

Wait, so your credit card company upped your interest rate, a rate that you didn't pay anyway, and you got so upset that you closed your accounts? Where have I heard this one before?

BTW, welcome to the world. Someone steals something from a store, the store builds the loss into their other prices. Katrina hits N.O, the insurance companies lose money, and they jack up their rates to people in the rest of the country. Some dirtbags go belly up on their credit card debt, others lose their jobs and stop paying their bills and the rest of the people pay for that, too.

BTW II, by cutting up and cancelling your cards, you most likely negatively impacted your credit scores.

[UCABEAR]

i paid my credit cards on time and even to a zero balance. My rate WAS 4.9% fixed, one that I could live with even with a small balance. They jacked it up to 16.99%..why I asked them. Their reply, " You've always paid on time, you now have a zero balance, but it's the economy. " So the economy is the reason they were allowed to jack it up? Sick. Paid everyone of them off and shut them all down.

Wait, so your credit card company upped your interest rate, a rate that you didn't pay anyway, and you got so upset that you closed your accounts? Where have I heard this one before? BTW, welcome to the world. Someone steals something from a store, the store builds the loss into their other prices. Katrina hits N.O, the insurance companies lose money, and they jack up their rates to people in the rest of the country. Some dirtbags go belly up on their credit card debt, others lose their jobs and stop paying their bills and the rest of the people pay for that, too.

BTW II, by cutting up and cancelling your cards, you most likely negatively impacted your credit scores.

My points exactly. Copy and paste is easy huh? The balance wasn't the issue. My point was that you don't do that to good customers..or they leave! Which hurts the economy! But then again, if they don't get that small 16% out of me, they'll get that 29% out of someone else to make up for it. Nice. If I'm going to have negative credit for carrying a balance or not carrying a balance, then I prefer no balance. At least I don't have to be a slave to those companies. So you're right it is a choice..and I made mine..and I hope many on here have too.

[travelinman67]

34 Democrats and 1 Republican sided with consumers over Wall Street

Akaka (D-HI)
Begich (D-AK)
Bennet (D-CO)
Boxer (D-CA)
Brown (D-OH)
Burris (D-IL)
Cardin (D-MD)
Casey (D-PA)
Cochran (R-MS)
Dorgan (D-ND)
Durbin (D-IL)
Feingold (D-WI)
Feinstein (D-CA)
Franken (D-MN)
Gillibrand (D-NY)
Harkin (D-IA)
Lautenberg (D-NJ)
LeMieux (R-FL)
Leahy (D-VT)
Levin (D-MI)
McCaskill (D-MO)
Merkley (D-OR)
Mikulski (D-MD)
Nelson (D-FL)
Reed (D-RI)
Reid (D-NV)
Rockefeller (D-WV)
Sanders (I-VT)
Schumer (D-NY)
Stabenow (D-MI)
Udall (D-CO)
Udall (D-NM)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR

...and who voted against it...

Alexander (R-TN)
Barrasso (R-WY)
Baucus (D-MT)
Bayh (D-IN)
Bennett (R-UT)
Bingaman (D-NM)
Bond (R-MO)
Brown (R-MA)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Cantwell (D-WA)
Carper (D-DE)
Chambliss (R-GA)
Coburn (R-OK)
Collins (R-ME)
Conrad (D-ND)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Dodd (D-CT)
Ensign (R-NV)
Enzi (R-WY)
Graham (R-SC)
Grassley (R-IA)
Gregg (R-NH)
Hagan (D-NC)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Inouye (D-HI)
Isakson (R-GA)
Johanns (R-NE)
Johnson (D-SD)
Kaufman (D-DE)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Kyl (R-AZ)
Landrieu (D-LA)
Lincoln (D-AR)
Lugar (R-IN)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Murray (D-WA)
Nelson (D-NE)
Pryor (D-AR)
Risch (R-ID)
Roberts (R-KS)
Sessions (R-AL)
Shaheen (D-NH)
Shelby (R-AL)
Snowe (R-ME)
Tester (D-MT)
Thune (R-SD)
Vitter (R-LA)
Voinovich (R-OH)
Wicker (R-MS)

[89Hen]

34 Democrats and 1 Republican sided with consumers over Wall Street

21 Democrats sided with the nays. Your point?

[travelinman67]

34 Democrats and 1 Republican sided with consumers over Wall Street

21 Democrats sided with the nays. Your point?

I think dback meant to say the following Democrats support Wall Street over the consumers...

Baucus (D-MT)
Bayh (D-IN)
Bingaman (D-NM)
Cantwell (D-WA)
Carper (D-DE)
Conrad (D-ND)
Dodd (D-CT)
Hagan (D-NC)
Inouye (D-HI)
Johnson (D-SD)
Kaufman (D-DE)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Landrieu (D-LA)
Lincoln (D-AR)
Murray (D-WA)
Nelson (D-NE)
Pryor (D-AR)
Shaheen (D-NH)
Tester (D-MT)

...which...

...since the Dems are the party of the working middle class...( )

...would indicate that the aforementioned Dems are two-faced liars undeserving re-election.

Isn't that what you wanted to say, Jon?

[blueballs]

34 Democrats and 1 Republican sided with consumers over Wall Street

Akaka (D-HI)
Begich (D-AK)
Bennet (D-CO)
Boxer (D-CA)
Brown (D-OH)
Burris (D-IL)
Cardin (D-MD)
Casey (D-PA)
Cochran (R-MS)
Dorgan (D-ND)
Durbin (D-IL)
Feingold (D-WI)
Feinstein (D-CA)
Franken (D-MN)
Gillibrand (D-NY)
Harkin (D-IA)
Lautenberg (D-NJ)
LeMieux (R-FL)
Leahy (D-VT)
Levin (D-MI)
McCaskill (D-MO)
Merkley (D-OR)
Mikulski (D-MD)
Nelson (D-FL)
Reed (D-RI)
Reid (D-NV)
Rockefeller (D-WV)
Sanders (I-VT)
Schumer (D-NY)
Stabenow (D-MI)
Udall (D-CO)
Udall (D-NM)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR

...and who voted against it...

Alexander (R-TN)
Barrasso (R-WY)
Baucus (D-MT)
Bayh (D-IN)
Bennett (R-UT)
Bingaman (D-NM)
Bond (R-MO)
Brown (R-MA)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Cantwell (D-WA)
Carper (D-DE)
Chambliss (R-GA)
Coburn (R-OK)
Collins (R-ME)
Conrad (D-ND)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Dodd (D-CT)
Ensign (R-NV)
Enzi (R-WY)
Graham (R-SC)
Grassley (R-IA)
Gregg (R-NH)
Hagan (D-NC)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Inouye (D-HI)
Isakson (R-GA)
Johanns (R-NE)
Johnson (D-SD)
Kaufman (D-DE)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Kyl (R-AZ)
Landrieu (D-LA)
Lincoln (D-AR)
Lugar (R-IN)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Murray (D-WA)
Nelson (D-NE)
Pryor (D-AR)
Risch (R-ID)
Roberts (R-KS)
Sessions (R-AL)
Shaheen (D-NH)
Shelby (R-AL)
Snowe (R-ME)
Tester (D-MT)
Thune (R-SD)
Vitter (R-LA)
Voinovich (R-OH)
Wicker (R-MS)

I'd be interested to see how much $$$ the banks and their lobbies have given, along with the nepotism hires and promotions, to these fine representatives in exchange for their throwing the public under the bus.

[blueballs]

i paid my credit cards on time and even to a zero balance. My rate WAS 4.9% fixed, one that I could live with even with a small balance. They jacked it up to 16.99%..why I asked them. Their reply, " You've always paid on time, you now have a zero balance, but it's the economy. " So the economy is the reason they were allowed to jack it up? Sick. Paid everyone of them off and shut them all down.

On another note, my mortgage company is charging me PMI. Icalled them to get it stopped and they told me that I had to reach 78% of my Loan to Value before they could do that without an appraisal. I injected a couple of thousand dollars into my mortgage and brought it down to 77.4% and when I called to get the PMI cancelled..guess what? I still needed an appraisal! When I nicely reminded the customer service individual that according to the FTC that when a client reaches that magical number PMI isn't necessary any longer, she told me that my "date" to get it automatically dropped wasn't for another 3 years! So all that federal law and prepayments didn't count for anything. INTERESTING. I filed a complaint with the FTC.

Any ideas on how I can get this PMI dropped without an appraisal? Any financial people out there want to take a swing?

Is your mortgage conventional or FHA?

[native]

...I'd be interested to see how much $$$ the banks and their lobbies have given, along with the nepotism hires and promotions, to these fine representatives in exchange for their throwing the public under the bus.

QFT!

[YoUDeeMan]

My points exactly. Copy and paste is easy huh? The balance wasn't the issue. My point was that you don't do that to good customers..or they leave! Which hurts the economy! But then again, if they don't get that small 16% out of me, they'll get that 29% out of someone else to make up for it. Nice. If I'm going to have negative credit for carrying a balance or not carrying a balance, then I prefer no balance. At least I don't have to be a slave to those companies. So you're right it is a choice..and I made mine..and I hope many on here have too.

I'd love to explain in more detail that you are not making sense, and that there was something else you could have done, but it seems as though you've closed your mind, so I will shut up and wish you well.

[AZGrizFan]

My points exactly. Copy and paste is easy huh? The balance wasn't the issue. My point was that you don't do that to good customers..or they leave! Which hurts the economy! But then again, if they don't get that small 16% out of me, they'll get that 29% out of someone else to make up for it. Nice. If I'm going to have negative credit for carrying a balance or not carrying a balance, then I prefer no balance. At least I don't have to be a slave to those companies. So you're right it is a choice..and I made mine..and I hope many on here have too.

I'd love to explain in more detail that you are not making sense, and that there was something else you could have done, but it seems as though you've closed your mind, so I will shut up and wish you well.

IF only more people would make their choice by PAYING OFF their balance instead of walking away from it, your interest rate might not have been raised, BEAR.

[ALPHAGRIZ1]

34 Democrats and 1 Republican sided with consumers over Wall Street

Akaka (D-HI)
Begich (D-AK)
Bennet (D-CO)
Boxer (D-CA)
Brown (D-OH)
Burris (D-IL)
Cardin (D-MD)
Casey (D-PA)
Cochran (R-MS)
Dorgan (D-ND)
Durbin (D-IL)
Feingold (D-WI)
Feinstein (D-CA)
Franken (D-MN)
Gillibrand (D-NY)
Harkin (D-IA)
Lautenberg (D-NJ)
LeMieux (R-FL)
Leahy (D-VT)
Levin (D-MI)
McCaskill (D-MO)
Merkley (D-OR)
Mikulski (D-MD)
Nelson (D-FL)
Reed (D-RI)
Reid (D-NV)
Rockefeller (D-WV)
Sanders (I-VT)
Schumer (D-NY)
Stabenow (D-MI)
Udall (D-CO)
Udall (D-NM)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR

This list would be a damn good start at burying these losers in the Gulf, to try and plug that oil spill. No loss if any of them were to never breathe again.