I'm stumped. I'm not so sure what is the right answer. I'll do some research in Google and get back to you if I bump into an useful answer. You should email the people at Discover Card as they probably could assist you..

CLD/TOTAL CLOSURE/APR JACKAGE.

(and that includes people who are not late or over-limit)..

SURE NOT GOING TO SEE ANY CLI's or APR's UN-JACKED or LETTER FROM BANKS SAYING THAT CLOSED THE ACCOUNT BY MISTAKE.

Or.

IF I CLOSED IT BECAUSE THEY DISSED ME WITH-OUT ANY LOGICAL REASON.

"IT IS JUST BUSINESS".

I SURE WON'T GET A LETTER SAYING THEY WANT ME BACK.

This post has been edited by.

GEORGE.

: 18 January 2010 - 03:30 PM..

The way banks acted pissed me off..

Whats REALLY gonna piss me off is in a few years, when.

Banks have recovered from their own hubris at OUR expense,.

These rates will not go back down..

Its a lot like the fuel surcharges a few years back..

Not seeing many/any of them rolled back..

29.9% APR will be the new standard for all.

But the best credit, because, for whatever reasons,.

However it happens, we, the public accept the.

New rates as normal, or will in a few years..

Why would they drop the APR? They sure as HELL.

Arent in the business of serving their customers and.

By continuing to slam the consumer in the shorts this way,.

They can continue to light cigars with 100s..

One can hope backlash from their antics and improved.

Consuming habits will make it moot, but we all know.

The least common denominator in America has about.

A 73 IQ and unfortunately is loud and proud of it...

This post has been edited by.

Sonicanatidae.

: 18 January 2010 - 03:36 PM..

Overall it is good for consumers, but there are still a lot of loop holes for card issuers. many, especially for-profit issuers, will continue to reassess their portfolio's risk and cull consumers that pose a higher risk by reducing their limits or closing their accounts. But this has been and probably will continue regardless of the CCARDA. business is business...

It is good for the AVERAGE consumer, and like many things that apply to the average, it is not so good for those who are not so average. Those who are responsible with credit and are therefore "bad customers" will see their access to credit limited, and those who are not necessarily bad customers but who have no history at all will be given very few chances to prove their creditworthiness..

Much like tarting up the horse after it's bolted, making a bunch of legislation to protect the banks from themselves will not sole the problem...

I got the.

DEBIT CARD.

Application ready.

I got the order ready for the 4 boxes of paper checks.

======================================================.

I was over $500,000.

"AVAILABLE".

I expect to be under $100,000 before all the dust settles.

I may be down to TARGET VISA and SEARS STORE and CHASE VISA and CITIBANK AA (only one of 3 left).

This post has been edited by.

GEORGE.

: 18 January 2010 - 03:44 PM..

What evidence is there that this is even a little bit true? you seem to assume people who PIF are bad customers?..

Interesting.. well here is what I am seeing that banks are up against and what someone could expect. (remember banks are a biz and like all other biz seek to make profit).

Under new credit laws an APR can not be changed at all for the first 12 months of the account being open regardless of how the account performs. After that the customer has to be notified 45 days prior to any rate change..

Also, any balance carried after the first 12 months the APR will be locked to that balance and only that balance. Only new balances made after the 12 months will be subjected to any rate change and when a payment is made it is allocated to the balance with the highest APR. Most everyone probably knows this..

But this totally changes how providers generate revenue. So how will they compensate? Well it goes with out saying low interest rates will be a thing of the past because the laws prohibit banks for adjusting to high risk behavior on an account. I am guessing that accounts are going to be evaluated after the 12 months and how they are performing will dictate what comes next. I see any account carrying a large balance and making min payments the first 12 months being closed right away because the potential for the issuer to turn a profit is almost zero. I also think that the issuer will be forced to take drastic action when account behavior starts to head south. So if someone is late or misses a payment you may not get an APR change but you could run the risk of the account being closed.

You have an account closed reporting a balance your fico will drop and it will be even harder to shop for a new deal to xfer that balance to an open account with better terms..

What do you think?..

To the banks, people who PIF are deadbeats. They cost the financial institutions money maintaining the account, rewards, mailings, etc but don't pay a dime in interest..

There is an interesting book, Maxed Out, which details this attitude..

My point was, due to this, consumers who pay in full and normally would be access basically infinite amounts of credit will see their access severely restricted based on the fact that the companies know they can't use the money from ratejacking, fees, etc from their less worthy customers to subsidize those who use credit responsibly...

I know what a deadbeat is LOL.

But my question was what evidence is there people who PIF are somehow going to suffer? card issuers still make tons of money off of "deadbeats"..

The banks have already compensated. The majority of accounts now have 15%+ APRs, so if a customer is carrying a large balance and making minimum payments, that bank will be raking in the profit during and after the first 12 months. No need to make any changes after their evaluation..

The banks have killed off (or at least minimized) low-APR long-term offers, and the ongoing CLDs will help cut future default losses. They'll make their money from merchant fees from the PIFers, and from high APRs from those who carry balances. Once they get past the current wave of default losses, they will have no problem making profit if/when the economy returns to any semblance of normalcy .....

There are many threads about it. Use SEARCH to find them...