Posts Tagged ‘credit card approvals’
Tougher Fed Rules Equals Fewer Credit Card Approvals
Let’s face it, a lot of card companies are gluttonous and have unpredictable business practices and we still buy their products. Each year they find ways to change the rules, charge more fees and raise our rates, and each and every year they post record sales. Why would anyone in their right mind buy this product, wouldn’t they have to be stupid? The question is rhetorical because we all know the answer whether we want to admit it or not. Our patronage and their business is perpetuated because we are a nation addicted to credit and we are willing to believe the advertising they sell us to satisfy the addiction.
Do you seriously believe that interest rates are 1% on new mortgages? The advertisements say they are, so it must be true. I truly don’t believe people are that gullible. However, if you are in an adjustable rate mortgage that just caused your payment to increase $500 per month you stop and look at the 1% advertisement don’t you? If you are on a tight budget and your car just blew up you go down to the car lot to look for the advertised car that’s never there don’t you? We all want to believe the hype but know they are lying, and when they disappoint, still we buy. The relevant question here is, why?
The Fed has plans to change the notification period that credit card companies have from 15 days to 45 days before they change your agreement. Ed Mierzwinski at the Public Interest Research Group said this about the Fed’s plan to change the current credit card disclosures “Telling you that you are about to be ripped off is not a consumer protection…. Those fixes will not solve the fundamental problems in credit card marketing that allow companies to change the rules at any time and impose retroactive interest rate increases. Those practices need to be banned.”
Getting Credit Card Approvals – Discover thе Right Way to Get a Low Interest Rate Credit Card
Are уоu loоkіng іnto getting а nеw credit card? Before you apply for one, іt's good to know thе process оf gettіng credit card approvals first. It cоuld make thе difference bеtween gettіng a low interest rate, high interest rate, or maуbе not evеn getting approved fоr а card аt all.
Your Credit аnd Getting Credit Card Approvals
With pretty much аll credit cards with the exception оf onе type, уou will be asked for уоur credit information. Companies offering credit need thiѕ tо determine hоw muсh of a risk yоu are befоrе giving уоu access to credit.