Ferrari Mailing List: Re: NFC.Credit card BS

[Michael James (cavallino_rapante]

If Credit Card companies were even-the-slightest-bit ethical, the Govt. 
wouldn't be considering Credit Card legislation currently.  As-witnessed, this 
is legalized extortion.  Granted, Banks make huge profits from such activities, 
and they need every profit-making avenue available to them to crawl out of the 
hole they dug for themselves, but I fail to see how a 3-day-late payment 
qualifies for a 21% APR increase....is this Capitalism at its finest?  Or 
larceny?
 
Been there, done that, got the T-shirt.  I found-out that if you have a credit 
card with a Huge credit-line on your credit report, and the account is dormant 
for years, your individual Credit Score/Rating soars.  Actually closing a 
long-term account, even one that is financially-raping you, is BAD for your 
credit rating.  It negatively impacts your Credit-to-Earnings ratio, payment 
history, and other parameters the Banks use to figure out if you qualify for a 
Mortgage or Car Loan (and how much they'll give you).  I would recommend paying 
off those high-interest accounts, or transferring them to low-interest 
vehicles, but do NOT close them.  Shred the cards, toss them in a safe, feed 
them to the dog - whatever you want to do.  But if you have any upcoming 
financial plans that require the use of your Credit Score, you'll want to 
maintain or improve your existing number by any means necessary.
 
M

--- On Wed, 5/13/09, Brian E. Buxton <BrianBuxton [at] BuxtonMotorsports.com> 
wrote:


From: Brian E. Buxton <BrianBuxton [at] BuxtonMotorsports.com>
Subject: Re: [Ferrari] NFC.Credit card BS
To: "Michael" <Cavallino_Rapante [at] yahoo.com>
Cc: "The FerrariList" <ferrari [at] ferrarilist.com>
Date: Wednesday, May 13, 2009, 11:53 PM


Banks are doing this to collect as much $ as possible before the Gov't 
puts new controls on them.

Brian



ferrariguy [at] verizon.net wrote:

>   Sorry for the NFC but I want to let people know about what happens
>   when you are 3 days late making a credit card payment.
>
>   I opened my statement yesterday and could not believe that my rate
>   went from 9% to (get this, I am not making this up) 30%. Naturally I
>   get on the phone and tell them that there must be a mistake as I have
>   never been late in over 10 years. They replied that because I was 3
>   days late they had every right to change my rate. What gives? Has this
>   happened to anyone else?  Thanks for listening to my rant, carry on.
>
>
>
>   ps: a buddy of mine attended the World Class Driving tour and said the
>   Ferrari 430 was by far the best car of the group.
>
>
>
>   Tom
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