tag:blogger.com,1999:blog-57270645604762990022009-12-14T02:29:14.192-05:00American Express American Express Platinum APR credit history balance transfers bank of america bankruptcy bmw business credit cards cash chase citibank credit card application credit card blog credit cards credit unions creditboards.com equifax experian Fair Isaac FICO 08 fico higher limits beget fees juniper mastercard maxed out merrill + Visa merrill lynch nasa nasa federal credit union navy federal credit union pentagon federal credit union saks fifth usaa utilization visa washington mutualCreditMattersBlog.comhttp://www.blogger.com/profile/18327104673014019997plastic101@gmail.comBlogger617125tag:blogger.com,1999:blog-5727064560476299002.post-7946764627279643592009-05-15T07:10:00.038-04:002009-08-25T19:08:44.707-04:00

Law school has ended. Graduation is over. And the bar exam is in the rear-view mirror. My legal direction is all figured out. But what about CreditMattersBlog.com? That's what today's blog entry is about. Many people have asked this question during the past six months: what's going to happen to the blog after graduation? I've always maintained that I would like to keep the blog going -- even

CreditMattersBlog.comhttp://www.blogger.com/profile/18327104673014019997plastic101@gmail.com168tag:blogger.com,1999:blog-5727064560476299002.post-50842239867008139042009-05-15T00:01:00.003-04:002009-05-20T15:40:15.913-04:00

The blog has more than 600 entries. Additionally, there are well over 17,000 comments. Not surprisingly, some threads, though long and interesting, are old. Some of my readers are not likely going to post in those old threads -- for fear that no one will see them (except me). As an aside, I get an email any time someone posts a comment at CreditMattersBlog.com. I have a LOT of email. Anyhow, one

CreditMattersBlog.comhttp://www.blogger.com/profile/18327104673014019997plastic101@gmail.com1271tag:blogger.com,1999:blog-5727064560476299002.post-70080395356079282432009-05-14T01:36:00.002-04:002009-05-17T10:32:35.012-04:00

Cash-carrying customers could catch a break if a couple of Senators have their way. Senators Durbin and Bond are trying to push legislation that, if passed, would allow retailers to offer discounts to debit-card users and put an end to restrictions that payment networks such as MasterCard and Visa place on retailers who charge less for non-credit-card transactions. From the Wall Street Journal:"

CreditMattersBlog.comhttp://www.blogger.com/profile/18327104673014019997plastic101@gmail.com23tag:blogger.com,1999:blog-5727064560476299002.post-53145367872389666562009-05-13T09:35:00.005-04:002009-05-17T10:33:00.799-04:00

Whether it be debt collection or credit-card solicitation, those in the card industry know everything about you. They know where you shop; they know what you buy; and they know what each purchase means. The card industry has built psychological profiles to figure you out. And figure you out it has. From the New York Times Magazine:The exploration into cardholders’ minds hit a breakthrough in 2002

CreditMattersBlog.comhttp://www.blogger.com/profile/18327104673014019997plastic101@gmail.com26tag:blogger.com,1999:blog-5727064560476299002.post-37444847986637517152009-05-12T10:09:00.004-04:002009-05-17T10:33:13.523-04:00

Beginning next month, Advanta credit-card customers will no longer be able to use their credit cards to make purchases. The card issuer says that customers will be able to pay their existing balances over time. The halt in credit-card lending, which takes place on June 10, will affect some 1 million customers. From Bloomberg:Advanta has reported three consecutive quarterly losses and has seen its

CreditMattersBlog.comhttp://www.blogger.com/profile/18327104673014019997plastic101@gmail.com40tag:blogger.com,1999:blog-5727064560476299002.post-743181603402795432009-05-11T10:21:00.002-04:002009-05-17T10:33:26.187-04:00

Credit-card issuers have been vilified. These "monsters" have been slashing credit limits, instituting fees, and raising interest rates to levels that would make the mafia blush. So it's not surprising that editorial cartoonists have had plenty of material to work with lately. Here are a few recent cartoons from Stuart Carlson (hat tip Shawnee, via creditboards, for the excessive rates cartoon):

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It used to be that the card industry could predict credit-card losses by tracking the unemployment rate. No more. During the most recent earnings season, card issuer after card issuer talked about loss rates outpacing unemployment rates in the near future. The upshot is that it'll be a lot more difficult to predict just how bad -- and how high -- loss rates will ultimately get. From the New York

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I've been waiting for the perfect time to introduce my readers to one of my favorite bloggers -- and blog. Today is that day. One of my readers, CaughtShort, tipped me off to this blog back in March. I've been reading it ever since. The blog, Bad Money Advice, is operated by Frank, an unemployed hedge-fund manager who writes with a sharp pen. Frank, who started the blog back in January, says that

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If you've got some down time, you might want to check out some of Bernie Madoff's American Express statements, which are tied to his business platinum card. The statements, which are from last year, paint a picture of just how prolific these Madoffs were (there are a lot of "employees" on the account) -- when it comes to spending. This is the stub for January 2008 (hat tip Josh):Here is the stub

CreditMattersBlog.comhttp://www.blogger.com/profile/18327104673014019997plastic101@gmail.com54tag:blogger.com,1999:blog-5727064560476299002.post-331061901511361712009-05-07T09:21:00.002-04:002009-05-17T10:30:58.848-04:00

It really doesn't matter how much Congress attempts to curb credit-card abuses. Some consumers are too addicted to credit; no amount of legislation is going to help these folks. Michelle Singletary, writing for the Washington Post, says that some of the measures being pushed through Congress contain a number of exceptions and conditions that would allow card issuers to continue punishing

CreditMattersBlog.comhttp://www.blogger.com/profile/18327104673014019997plastic101@gmail.com23tag:blogger.com,1999:blog-5727064560476299002.post-75064455344661100432009-05-06T00:19:00.005-04:002009-05-17T10:30:47.417-04:00

Apparently the stress test didn't go well for Bank of America. The bank needs some $34 billion or so to shore up its ailing capital position. The Wall Street Journal, citing people familiar with the situation, said that an official announcement is expected Thursday after the market closes. From the Journal:At Bank of America, the government's findings are likely to set off a scramble over how to

CreditMattersBlog.comhttp://www.blogger.com/profile/18327104673014019997plastic101@gmail.com33tag:blogger.com,1999:blog-5727064560476299002.post-39859417764180377802009-05-05T10:02:00.002-04:002009-05-17T10:30:17.317-04:00

Did you catch this ruling yesterday? The Supreme Court of the United States ruled -- unanimously -- that an identity-theft law, a fan favorite among prosecutors, cannot be used against illegal immigrants who get caught using fake Social Security numbers. Instead, the Court held, illegal immigrants who use Social Security numbers to commit other crimes must know that the identification number

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Credit-card issuers remained busy in March. Reuters, looking at Equifax data from March, reports what many of us already figured. There were fewer card offers being made (a lot less), issuers closed 20 million card accounts, and credit limits fell by some $425 billion. From Reuters:In March, lenders closed 20 million card accounts, sending the total down by 58 million from a July 2008 peak to 380

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As I've said before, readers send me quite a bit of email. Readers with all sorts of issues feel compelled to shoot me their stories (which I appreciate). Sometimes, the story is even compelling enough for me to write about. Often, though, I don't do anything with the story at all. Why? Because the story wouldn't exist if the customer had taken care of business. Take Fred Wilson's story, for

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Credit-card issuers are easy targets these days; everyone is taking a whack at them. Sure, they've done some sleazy things, which warrants some of the new legislation that's being implemented, but some of the things that consumers -- and politicians -- have railed against miss the mark. Instead of vilifying card issuers for raising rates and slashing limits, Americans should be applauding. So

CreditMattersBlog.comhttp://www.blogger.com/profile/18327104673014019997plastic101@gmail.com40tag:blogger.com,1999:blog-5727064560476299002.post-31175138178123629372009-05-01T21:54:00.003-04:002009-05-17T10:29:03.987-04:00

Suze Orman caused quite a stir back in March when she recommended that people start paying just the minimum amount on their credit cards. In lieu of paying more than the minimum, she said that people need to build up an emergency fund that covers eight months of living costs. In this environment, she argues, that's more important than paying more than the minimum amount on credit cards. In

CreditMattersBlog.comhttp://www.blogger.com/profile/18327104673014019997plastic101@gmail.com35tag:blogger.com,1999:blog-5727064560476299002.post-9670626732241570812009-05-01T13:11:00.002-04:002009-05-17T10:28:40.872-04:00

I have to admit that I had to check the publication date on Newsweek's story about high credit scores. Given what's included in the story, I figured it was written about two or three years ago. Nope. It was written just yesterday. When you read the story, you'll see why I was wondering about the date. The first two paragraphs read like a throwback to yesteryear. From Newsweek:San Diego banker

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I've been chronicling the credit-card industry at CreditMattersBlog.com for exactly ten months. It's amazing how much -- and how rapid -- the industry has changed during that time. Rising losses have prompted card issuers to raise fees, raise interest rates, and cut credit limits. The moves have affected good customers and bad. The question is: have credit-card issuers gone too far? From

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Debit-card use is on the rise. It's now the preferred card of choice -- at Visa -- when it comes to purchases. On a dollar-volume basis, Visa-branded debit cards inched ahead of credit-card purchases during the last three month of 2008. From the Wall Street Journal (hat tip Don in SW OH): The urge to not splurge by thrift-conscious consumers is giving the debit-card revolution a new push. On

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One down and one to go. Today the House voted overwhelmingly in favor of legislation that would put limits on credit-card interest rates and fees. The vote was 357 to 70. The measure now heads to the Senate, which could vote as early as next week. From Bloomberg:The legislation would make credit-card companies give 45 days’ notice before increasing rates. That provision would take effect 90 days

CreditMattersBlog.comhttp://www.blogger.com/profile/18327104673014019997plastic101@gmail.com3tag:blogger.com,1999:blog-5727064560476299002.post-61638064574493531722009-04-29T09:57:00.003-04:002009-05-13T09:58:36.504-04:00

David Lazarus, a columnist over at the Los Angeles Times, must be living in a bubble. Must be. His story today on American Express is untimely and unenlightening (or at least it should be for most readers by now). What's more, I can't figure out what his headline means. Lazarus never says how American Express's risk cutting poses its own risks. For who? For the company? For the customer? If the

CreditMattersBlog.comhttp://www.blogger.com/profile/18327104673014019997plastic101@gmail.com20tag:blogger.com,1999:blog-5727064560476299002.post-41136675098215219612009-04-29T09:56:00.001-04:002009-05-11T10:23:56.510-04:00

Mary Pilon, who holds down the fort at The Wallet, takes a look at data that were released by TransUnion today. According to the Credit Risk Index, which TransUnion created about a decade ago, extending credit to American consumers is nearly 25% more risky than it was just ten years ago. From the Wallet:Lenders use the Credit Risk Index to determine creditworthiness in different geographic areas.

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Ben, a reader of mine, recently received a notice in the mail about his Bank of America credit card. Like others, his interest rate is climbing. What's more, fees are moving higher as well. Ben, whose FICO scores are around 825, decided that he would call the bank and find out why his account was targeted for these increases. What follows is not a verbatim transcript of the call. Instead, Ben

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Time.com wrote a story yesterday that entertained me. The story lays out the tactics that the card industry plans to use if Congress successfully pushes through tough restrictions aimed at curbing abusive and unfair credit-card practices. For their part, politicians say that they're prepared to do whatever it takes -- in response to industry moves -- to make sure that card issuers can't "screw"

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I've been a credit-card customer at Chase for almost 10 years. And yet, I only recently learned -- in the last three days -- that Chase has something called an "over-the-limit block." A friend of mine, who knows Chase's operations well, says that it's something the bank does not advertise. Still, the ability to block purchases that would take a card over its limit does exist. All it takes is a

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