People here often talk about the end of the 0% money or CC companies singling us "rate surfers" out. However on NPR this morning mixed in with some complaning about CC companies being able to change terms whenever they want one of the CC spokesmen said that about 50% of people pay in full each month. Think how much free float that is. Our little BT games are a drop in the bucket.

As usual I'd like to thank the other 50% of the people who don't PIF.

mhesidence said:People here often talk about the end of the 0% money or CC companies singling us "rate surfers" out. However on NPR this morning mixed in with some complaning about CC companies being able to change terms whenever they want one of the CC spokesmen said that about 50% of people pay in full each month. Think how much free float that is. Our little BT games are a drop in the bucket.

As usual I'd like to thank the other 50% of the people who don't PIF.

I listen to NPR, but somehow missed this... It's all good only as long as the 50% that don't PIF are not FW folks taking advantage of 0% for X months

This is a TERRRIBLE post. no clue as to what or why apporama is, just one simple clear paragraph would help 100s,,,oh, i get it , if u r tht stupid, to heck with you ??

I have a couple of newbie questions, sorry if this was posted before...

1) Can I BT an amount X from CC A to CC B where X is less than balance on CC B i.e. I want to BT only a portion of balance avaialble on target CC ?

2) When we talk of CC utilization whether it's across all the CC one have in his name or it's CC specific ?

Using to many Credit Card Convenience Checks will cause "Universal Default" on your accounts and interest rate to rise with very short notice.

Here is what happened to me:

I wrote three different Credit Card Conv checks to my self and deposited them in my high yield savings and checking accounts and started to watch the money come in from all that interest. I paid the minimum balance well before the due date and paid all my bills on time. I received a letter from one of my Credit Cards that had given me a ZERO percent Conv Check offer for 6 months. It said they were raising my interest rate effective in 15 days due to changes in my Credit report, to much debt I later found out. My FICO score had taken a big drop when I went into $50K in debt using those Conv Checks. I had to pay off the account immediately and lost money because I had paid a $75 fee to write the check to myself.

I got messed up due to UNIVERSAL DEFAULT. Anyone else experience this while attempting to make money using Credit Card Conv Checks to make interest income?

conversationist said:Using to many Credit Card Convenience Checks will cause "Universal Default" on your accounts and interest rate to rise with very short notice.

Here is what happened to me:

I wrote three different Credit Card Conv checks to my self and deposited them in my high yield savings and checking accounts and started to watch the money come in from all that interest. I paid the minimum balance well before the due date and paid all my bills on time. I received a letter from one of my Credit Cards that had given me a ZERO percent Conv Check offer for 6 months. It said they were raising my interest rate effective in 15 days due to changes in my Credit report, to much debt I later found out. My FICO score had taken a big drop when I went into $50K in debt using those Conv Checks. I had to pay off the account immediately and lost money because I had paid a $75 fee to write the check to myself.

I got messed up due to UNIVERSAL DEFAULT. Anyone else experience this while attempting to make money using Credit Card Conv Checks to make interest income?

Man, you really have to come back and edit your post! If not for more (specific) information, then at least for things like "I paid the minimum balance." Also, I think UNIVERSAL DEFAULT is inability to pay ANY obligation -- sounds like you were pretty far from that ... and it's pretty hard to mess up due to universal default, usually it's the other way around -- if you mess up (big time) then you might end up in the universal default.

Someone said:

Man, you really have to come back and edit your post! If not for more (specific) information, then at least for things like "I paid the minimum balance." Also, I think UNIVERSAL DEFAULT is inability to pay ANY obligation -- sounds like you were pretty far from that ... and it's pretty hard to mess up due to universal default, usually it's the other way around -- if you mess up (big time) then you might end up in the universal default.
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Reply:

It was Chase that raised my rate due to Universal Default. I had been paying the minimium balance for a few months because I wanted to have access to as much of the money I got in my bank account from the proceeds of the Credit Card Conv Checks, so I could collect maximum interest as long as possible. Again I was paying all my bills on time.

What happened to me was all this new debt had reduced my FICO score and the Credit Cards saw this and used the Universal Default to change my interest rate.

Well, I just read the Default clause on Chase. One of the items says:\\

We may consider you to be in deafault if any of these occurs:

We obtain information that causes us to believe that you may be unwilling or unable to pay your debts to us or to others on time.

If we consider your account to be in default, we may close your account without notice and require you to pay your unpaid balance immediately.


What the hell does that mean? I guess they can pull the 0% at anytime. That is a bummer

I paid ALL my bills on time from Credit Cards and other places I owed money to. The Credit Card Companies all must have a way to find out how much I owed or they would not have pulled a UNIVERSAL DEFAULT on me.

What happened is I got a letter in the mail from one of the three Credit Cards I had a balance with (from Convenience Checks). They gave me 15 days to pay my account in full or I would be paying a high interest rate. I called them on the phone and found out that it was an issue of Universal Default. It was not because I did not pay a bill but because my FICO score dropped due to so much debt. The funny thing is my other two accounts with similar balances were not affected. I quickly paid off my account but took a small loss due to a $75.00 fee.

conversationist said:I paid ALL my bills on time from Credit Cards and other places I owed money to. The Credit Card Companies all must have a way to find out how much I owed or they would not have pulled a UNIVERSAL DEFAULT on me.

What happened is I got a letter in the mail from one of the three Credit Cards I had a balance with (from Convenience Checks). They gave me 15 days to pay my account in full or I would be paying a high interest rate. I called them on the phone and found out that it was an issue of Universal Default. It was not because I did not pay a bill but because my FICO score dropped due to so much debt. The funny thing is my other two accounts with similar balances were not affected. I quickly paid off my account but took a small loss due to a $75.00 fee. Doesnt sound right. COmpanies always (usually) give you the benefit of the doubt and honor their offers until you actually screw up. Have you checked your credit report to make sure negative info wasnt reported recently (dont trust what the CR said)? How much debt are we talking? You should have atleast insisted they refund the $75 transaction fee.....