Toyota Yaris Forums - Ultimate Yaris Enthusiast Site
 

 


 
Go Back   Toyota Yaris Forums - Ultimate Yaris Enthusiast Site > Members Area > Off-topic / Other Cars / Everything else Discussions
  The Tire Rack

Reply
 
Thread Tools Display Modes
Old 12-25-2008, 03:50 PM   #1
YarisSedan
 
YarisSedan's Avatar
 
Drives: 08 Yaris Sedan
Join Date: Oct 2008
Location: California - Bay Area
Posts: 2,773
Send a message via AIM to YarisSedan
Problems with bank of america credit card

So the story is i used to have a capitol one credit card. But they have been giving me millions of problems. And i stopped using it for awile. They increased my limit a few times i guess trying to get me to use it again and then a month ago they cancled me i found out when i went to actually use it lol. Cause of inactivity.

So now I have a bank of america credit card with a 10k limit. I went through thier automated system for a credit increase to try to make up the loss of credit from my capitol one. I asked for a increase to 20k not that i think i could double my credit with them that easily but they will giv eyou anywhere between 1-10k increase depending on how they feel usually. I got kicked back saying i would recieve a letter. Also i applied for a american express card through bank of america. Now keep in mind ive had a account with them for 10 years both checking and savings. Ive had a credit card with them for about 5. Ive always payed on time and always very early. Sometimes twice a month to keep my balance close to zero as possible to lower my revolving credit.

Now that I have a car payment my revolving credit is at 50 percent. Wanting to by a home in a few years and trying to boost my credit raiting most lenders like to see a revolving credit adverage of 30 percent or less. How can i do this without paying off a huge part of my car loan? Simply increasing my credit limit thus lowering my overall debt to credit ratio.

So i dont know if this is some sick joke on bank of americas part but they approved my american express application for 5k but lowerd my max credit on my visa that used to be 10k to 5k. So my total credit limit is still 10k all together but now divided between 2 cards. Maybe they kinda knew what iw as doing but this is kinda rediculus. Plus i was never notified I am lucky i never made any huge purchases on my main card.

I tried calling them but since its the holidays they are not open.
YarisSedan is offline   Reply With Quote
Old 12-25-2008, 08:50 PM   #2
Shroomster
'07 to '12:2 wipers to 1?
 
Shroomster's Avatar
 
Drives: '12 5-door LE & '14 5-door LE
Join Date: Apr 2007
Location: Orlando
Posts: 1,999
you do realize that getting credit in that amount 'right now' is not going to happen? I highly doubt they know what your goal is but my suggestion is to keep paying it off because they want to see a high credit score not so much a debt ratio, but in all fairness all banks and lenders are different. the lender we went with wanted high credit scores, some want both that and a low debt ratio and in some cases want credit history (more than just a score) too.
Shroomster is offline   Reply With Quote
Old 12-26-2008, 12:07 AM   #3
TinyGiant
Tiny Giant Clothing
 
TinyGiant's Avatar
 
Drives: 2008 Blazing Blue Yaris 3D LB
Join Date: Oct 2008
Location: Rochester, NH
Posts: 3,394
i got mad with a card before over something simular..

every couple years if i have a few cards with balances I like to consolidate it to one car if i can get the 0% for another year or something.

so i called and was preapproved from one card (might have been B.O.A. ) so i put all the info online .. then a few days later recieved the new cards and they only put a little from each of thecards that i wanted to consolidate on to the new card.

I called mad because i told them on the phone the only reason i was doing this was to consolidate and if i couldnt do the full amount i didnt want to do it at all.. so after calling and talking to a few people i got them to take on the full balances to get my payments down to one bill again.

just call and talk to people until you get what you want.. heck i called a few weeks ago telling them i wanted better interest rates on all my cards that i have now.. got some to reduce the interest from 22% to 6% lol call and squawk enough and they'll do pretty much anything to keep you happy :)
__________________
Sold the yaris... rocking an 89 vw cabriolet now :)
TinyGiant is offline   Reply With Quote
Old 12-26-2008, 12:15 AM   #4
YarisSedan
 
YarisSedan's Avatar
 
Drives: 08 Yaris Sedan
Join Date: Oct 2008
Location: California - Bay Area
Posts: 2,773
Send a message via AIM to YarisSedan
Actually i subscribe to experian.com and they have this program that takes in your current credit score and calculates what would happen if your credit was increased lowering your debt to credit ratio. If i could increase my credit by 10k. My score would jump 20 points or more. I pay off my credit cards to zero every month. I never owe mroe than i have in my bank account. I actually stopped using my credit cards and just use my debt card now to pay for everything. I just use it for gas or minor stuff now and then pay it off immediately to keep my revolving credit line even lower. Following all the tricks in th ebook. My credit score used to be 666 3 months ago. Now its 702. So its starting to go up. Trying to get it to 800 in another year. I screwd up my credit nearly 7 years ago. When i was a teenager i didnt pay my bill for 2 months. And that one screw up has really jacked up my credit 6 years later. But i am hoping in another year it gets dropped my credit should go to near perfect after that.
YarisSedan is offline   Reply With Quote
Old 12-26-2008, 12:24 AM   #5
TinyGiant
Tiny Giant Clothing
 
TinyGiant's Avatar
 
Drives: 2008 Blazing Blue Yaris 3D LB
Join Date: Oct 2008
Location: Rochester, NH
Posts: 3,394
I hope to pay all my cards off in the next year (in 8-9 months if things go as planned) (starting in jan) have about $7k in credit card debt right now.

it'll be nice to be out from under that. then next will be hammering down the yaris.. then we'll just have the house to deal with :) (we bought a house december 10 2007, foreclosure , hoping the housing market rallies and we'll be sitting on a goldmine :) ) if it does i might just refi the car into the house .. that would be ideal
__________________
Sold the yaris... rocking an 89 vw cabriolet now :)
TinyGiant is offline   Reply With Quote
Old 12-26-2008, 12:38 AM   #6
Red Horse
 
Red Horse's Avatar
 
Drives: 2008 Yaris sedan A/T
Join Date: Oct 2008
Location: Costa mesa, California
Posts: 353
Bank of america gave me a platinum student visa credit card even tho i'm not a student but, it's a 5 yrs w/ 0% interest
__________________

Red Horse is offline   Reply With Quote
Old 12-26-2008, 01:15 AM   #7
Shroomster
'07 to '12:2 wipers to 1?
 
Shroomster's Avatar
 
Drives: '12 5-door LE & '14 5-door LE
Join Date: Apr 2007
Location: Orlando
Posts: 1,999
Quote:
Originally Posted by TinyGiant View Post
I hope to pay all my cards off in the next year (in 8-9 months if things go as planned) (starting in jan) have about $7k in credit card debt right now.

it'll be nice to be out from under that. then next will be hammering down the yaris.. then we'll just have the house to deal with :) (we bought a house december 10 2007, foreclosure , hoping the housing market rallies and we'll be sitting on a goldmine :) ) if it does i might just refi the car into the house .. that would be ideal
never a good idea to put a car into a house refi...NEVER

not being condescending.
Shroomster is offline   Reply With Quote
Old 12-26-2008, 02:55 AM   #8
YarisSedan
 
YarisSedan's Avatar
 
Drives: 08 Yaris Sedan
Join Date: Oct 2008
Location: California - Bay Area
Posts: 2,773
Send a message via AIM to YarisSedan
Quote:
Originally Posted by Red Horse View Post
Bank of america gave me a platinum student visa credit card even tho i'm not a student but, it's a 5 yrs w/ 0% interest
Man why cant i get that lol. I would just pay my car loan off with my credit card. And not have to worry about interest and pay it off in 5 years like i normally would on my car loan.
YarisSedan is offline   Reply With Quote
Old 12-26-2008, 06:13 AM   #9
Bob_VT
 
Bob_VT's Avatar
 
Drives: 08 Yaris LB
Join Date: Oct 2008
Location: Vermont
Posts: 1,704
Quote:
Originally Posted by YarisSedan View Post


Now that I have a car payment my revolving credit is at 50 percent. Wanting to by a home in a few years and trying to boost my credit raiting most lenders like to see a revolving credit adverage of 30 percent or less. How can i do this without paying off a huge part of my car loan? Simply increasing my credit limit thus lowering my overall debt to credit ratio.
If you get into a financial position to "buy a home" ........... too much "available" credit can hurt you. When I bought my home I was actually told to cancell accoumts because I had too much credit available. Just keep that in mind.
__________________
some people are little slinkies. . . . .they are really good for nothing. . . .but they still bring a smile to your face when you push them down a flight of stairs.


Come to the DARKSIDE..... We have candy
Bob_VT is offline   Reply With Quote
Old 12-26-2008, 07:41 AM   #10
Shroomster
'07 to '12:2 wipers to 1?
 
Shroomster's Avatar
 
Drives: '12 5-door LE & '14 5-door LE
Join Date: Apr 2007
Location: Orlando
Posts: 1,999
Quote:
Originally Posted by YarisSedan View Post
Man why cant i get that lol. I would just pay my car loan off with my credit card. And not have to worry about interest and pay it off in 5 years like i normally would on my car loan.
that 0% interest is most likely if he pays the card off every month in full.....
Shroomster is offline   Reply With Quote
Old 12-26-2008, 02:09 PM   #11
YarisSedan
 
YarisSedan's Avatar
 
Drives: 08 Yaris Sedan
Join Date: Oct 2008
Location: California - Bay Area
Posts: 2,773
Send a message via AIM to YarisSedan
Okay so i called them up today. From what i got from the very rude lady on the phone was that since i asked for a increased it put a inquiry on my account which resulted in a pull of my credit report and history not including my history with bank of america and also due to the economy resulted in a degrease in my credit line. Had i not asked for a credit increase i probally would not have a decrease. I kept asking many questions and the lady kept blaiming it on the economy.

The only thing she said i could do was apply again. But i said frankly if i apply again whats next i get another 60 or 75 percent decrease in my credit line?
YarisSedan is offline   Reply With Quote
Old 12-26-2008, 03:00 PM   #12
nemelek
DWEED
 
nemelek's Avatar
 
Drives: 3DR 2008 Metorite Metalic
Join Date: Oct 2008
Location: Arizona
Posts: 1,161
The rules have changed from 6-12 months ago. The lenders don’t give out credit like candy on Halloween. The credit to debt ratio isn’t the only factor the credit reporting agencies use. As Bob_VT stated too much credit can hurt as well.
__________________
Making a decision without following it with an action is still a fantasy.
nemelek is offline   Reply With Quote
Old 12-26-2008, 03:12 PM   #13
TinyGiant
Tiny Giant Clothing
 
TinyGiant's Avatar
 
Drives: 2008 Blazing Blue Yaris 3D LB
Join Date: Oct 2008
Location: Rochester, NH
Posts: 3,394
too many inquiries can lower a score too so let it settle for a little
__________________
Sold the yaris... rocking an 89 vw cabriolet now :)
TinyGiant is offline   Reply With Quote
Old 12-26-2008, 03:17 PM   #14
nemelek
DWEED
 
nemelek's Avatar
 
Drives: 3DR 2008 Metorite Metalic
Join Date: Oct 2008
Location: Arizona
Posts: 1,161
Quote:
Originally Posted by Shroomster View Post
never a good idea to put a car into a house refi...NEVER

not being condescending.
My step daughter refinanced and paid her cars off. Then she traded the cars for newer cars and leased them. I tried to explain that she now will be paying for a car for 30 years that she no longer owns. Her only chance out of the financial hole that she is digging is hope for an inheirtance.

In 2000 we took out a second against the house and used that to buy a Dodge diesel truck and new trailer. That was when you could easily use the interest as a tax deduction. The interest against the house was also lower than car loans at that time. We paid everything off in 3 years. In general it is not a good idea, but sometimes it works.
__________________
Making a decision without following it with an action is still a fantasy.
nemelek is offline   Reply With Quote
Old 12-26-2008, 04:14 PM   #15
Shroomster
'07 to '12:2 wipers to 1?
 
Shroomster's Avatar
 
Drives: '12 5-door LE & '14 5-door LE
Join Date: Apr 2007
Location: Orlando
Posts: 1,999
Quote:
Originally Posted by nemelek View Post
My step daughter refinanced and paid her cars off. Then she traded the cars for newer cars and leased them. I tried to explain that she now will be paying for a car for 30 years that she no longer owns. Her only chance out of the financial hole that she is digging is hope for an inheirtance.

In 2000 we took out a second against the house and used that to buy a Dodge diesel truck and new trailer. That was when you could easily use the interest as a tax deduction. The interest against the house was also lower than car loans at that time. We paid everything off in 3 years. In general it is not a good idea, but sometimes it works.
I can see the reasoning...sometimes necessity outweighs somethings....but from a score standpoint and trying to get financing currently it would do better to finance the car directly with a lender under a shorter term with a lower rate if possible....
Shroomster is offline   Reply With Quote
Old 12-26-2008, 05:05 PM   #16
nemelek
DWEED
 
nemelek's Avatar
 
Drives: 3DR 2008 Metorite Metalic
Join Date: Oct 2008
Location: Arizona
Posts: 1,161
I agree. The lenders today aren't as willing to give cash out or %125 loan to value refinancing. Shop the lowest bank, CU, or dealers APR and go with that.
__________________
Making a decision without following it with an action is still a fantasy.
nemelek is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
How do you sign your credit car slips? Black Yaris Off-topic / Other Cars / Everything else Discussions 17 12-29-2008 05:50 PM
Processing Credit Card Payments? RogueYaris Off-topic / Other Cars / Everything else Discussions 14 03-20-2007 12:41 AM
F-ing Bank of America!! Nutzoids General Yaris / Vitz Discussion 19 12-13-2006 05:09 PM


All times are GMT -4. The time now is 09:04 AM.




YarisWorld
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.