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About insider

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    supervisor @ credit card co

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  1. If you the consumer, requests a credit line increase it would be a "hard" hit. It is very rare that it would be considered a soft hit. Credit card companies by law are required to tell you they will be pulling your credit report, thereby giving them permission.
  2. In the cardmember agreement there should be a section labeled "changing the Terms of this Agreement" When you use your card(this includes a balance transfer at time of application) you are agreeing to the terms. You do not even have to sign the back of the card. Even you apply over the phone 98% of the time it was because you were solicited by that company. From my understanding, credit card companies must give you 15 day notification if a change in terms is going into effect.(by the way, this does include mail time) Many consumers say they did not receive this cit, however if the credit card company can prove you have been receiving all other mail from them, you are pretty much stuck
  3. I know you guys would rather not hear from me. I am a supervisor at one of the top 5 cc companies. I take call after call regarding this issue. First, as a consumer, I do not agree with this practice. Second, cc companies lost billions in charge offs and bankruptcy last year alone. third, why are credit card companies doing this? We have our neighbors to thank. If so many of those "good" folks didnt charge up their cards and then not pay or go bankrupt, cc companies would not feel the need to pull credit reports. Also there is no customer loyality. Consumers have been going from credit card to credit card to get the lowest rate and yet cc companies are expected to show loyality to their card holders. Hogwash! This is becoming common practice among all the top cc companies. Pretty soon, you would not be able to get a credit card from anybody. Just FYI, credit card companies make most all their money from your purchases you make. Dont get me wrong, they make money from fees but the bulk is the 3% per transaction merchants pay them. I know that with my bank, we send separate notification about the reprice. And I tell you what, cardmembers will call and say they did not recieve it even though every month they receive their statements at the same address. Credit card companies can't win. When we send it in with the statement consumers complain. When we send it separately, consumers complain. Just how are they suppose to send it? The more I take supervisor calls, the more disgusted I get with consumers. They scream and yell at me and call me every name in the book. I would never dream of calling my credit card company and act this way. I understand this issue as a consumer(because it happened to me) and I understand from a business standpoint. Both sides have valid points. By the way, there has been legislation in congress since I believe last September about this issue. It has not passed through the house yet.
  4. I work in a well known cc as an account supervisor. I take all those esculated calls that service reps are not able to handle. I can tell you, yelling and screaming just makes us want to dig in our heels and say no. Making personal attacks really pisses me off. We are bound to our banks policies. As much as we would love to help most who call, we have restrictions and are held accountable for every fee we remove. What makes cc happy? A cardmember who makes many charges per month, uses less than 40% of credit line, unless paid in full every month. We have cardmembers who spend 100,000's of thousands of dollars with us every year...These are the ones we bend over backward for. Basically, we look for a credit bureau score over 690, no late pays, usage on all tradelines about 30% of credit limits, no sudden new tradelines (no matter what they are) Credit card companies have not pulled credit bureaus on a consistant basis since the mid 90's. Consequently have lost several million dollars in charge offs and bankruptcies. Believe it or not, they are not non-profit organizations. The market has moved all over the place since 9/11. The only thing I ask of anyone, is to treat me as a human being with feelings. I have been called every name, right down to the dreaded "c" word, women hate. I have to follow rules and regulations just like anyone else in a corporation. Don't tell me "I dont care", believe me I am a consumer just like you.
  5. Was your boyfriend on as an authorized user? The gas credit card issuer has no idea if it was you or your ex that used the account. The accountability would lie with the merchant. The consumer has 90 days to dispute an item on a credit card bill. If you did not dispute after that, the law clearly states the consumer would be responsible. I realize you may say you did not know he charged, however statements were sent out.
  6. When Bank One gave you notification of the change and gave you opt out date. Did you not opt out? They also listed 3 reasons why they would consider you a credit risk. It isnt just because of late pays on other accounts, although that would be the main reason. Unless something changes on your credit bureau report(such as the late pymnts being rmvd) they will not lwr your rate. Also, credit card companies are looking more and more at people who balance transfers from one account to another. They are looking at it as a risk. About 5 years ago, people were doing the same thing and all those good rates went away until just recently. If people keep opening and closing accts, the same thing will happen. I like the intro offers, but what I look for most is a low, long-term, fixed rate.
  7. I believe both of you are referring to collection accounts. Credit Card Companies buy portfolios from other credit card companies every day. It is not bad accounts they buy. For example, MBNA just bought some of the AAA accounts from Bank One just because Bank One was taking a loss servicing these accounts. The accounts were not bad accounts or charge off accounts or anything of the sort. Bank One felt they would make more of a profit by selling those accounts to another credit card company. Again, I have to say that I am not speaking of collection accts or bad debt accounts. The FCRA states that all information is reported accurately. It would be no different than you reporting a card lost/stolen. A new account number is set up therefore a new entry. The old entry showing the l/s status or in the case of an acquisition, it would show 2 accounts with different begin dates.
  8. I have read the opinion letters. As best as my legal dept can determine, the next creditor is not a collection agency. If the account was bad but not sold to collection by previous creditor all is legit. Usually those accounts are not sold in the acquistion
  9. I work as a supervisor for a major credit card company. They have acquired many, many acquistions in the 5 years I have worked there. I see it everyday. If the account was sold, the creditor it was sold to is the original creditor, providing it is not a collection agency. What you are referring to in the FDCPA, only applies to Collection accounts. The information is all there.
  10. When a credit card company acquires accts from other creditors they have all the same information the previous owners had on their systems. All that happens is all information is put on tape and shipped to new creditor. The new creditor runs tape onto their systems. All validation is done through this information. Paymnt history, late pays, charges and memoes are all there.
  11. hey paw67, almost every credit card company has automated pymnt systems. Also most all have outside vendors posting pymnts. They would have no idea whether it was a bt or a regular pymnt. The automation just scans the check for dollar amt and acct #.
  12. Closing a credit card account does not have anything to do with the apr. Whether an acct is open or closed they can and will increase your apr based on several factors, such as late pymnts or pulling a credit bureau.
  13. Alot of credit card companies will not let you close an account with a balance. The finance charges are based on your revolving balance. So, even if you close your account and you revolve a are still charged a finance charge. The only time you would not be subject to fees and finance charges is if you had a 3rd party contract stating this would not be valid.
  14. It was my understanding that unless you actually applying for credit, these inquiries that they do are considered "soft hits", meaning they do not effect your credit bureau score? Also, on credit card accounts, it states in the cardmember agreement, that they will pull your credit bureau report just to check up on you. I am wondering if this applies to ca.