After CC Reform...

[SPalin]

For those that have applied for a CC since the 1st of February, has it been harder to obtain a CC since the CC reform has kick-in? I need to apply for a V or MC for business travel and besides Cap1 (I bk'ed on them) what would be the best chance of approval HSBC or Merrick (Hooters)? My myfico for TU is 619, and 629 EQ, before filing TU was 520 and EQ was 530.

[BobMango]

I applied for HSBC before discharge and was approved for $500 with a $39 annual fee and 14.9% rate. I use it for my fuel purchases and pay it off in full each month. I figure the $39 fee is just what I have to pay to rebuild my credit. Otherwise I have no interest (pun intended) in obtaining credit cards. HSBC does a soft pull and tells you whether they will approve you before doing a hard pull.

[AMISLANDER]

I have a Racetrack card which has now become totally Juniper. I've had it since a year out of BK, so that'd be since Jan. 2008. Beginning limit $2K. I just recently got notice due to CC reform that (even with much larger than min. payments on the balance) they increase my interest from 14% to 20% and gave me a $1000 increase.

Needless to say, I just paid the balance off today & locked up it will stay.

If this is how the reform goes; I'm not impressed...it's just going to cause another round of credit bankruptcies as interest/min. payments go up & people, once again, begin to rack up unexpected debt.

[rose1]

For those that have applied for a CC since the 1st of February, has it been harder to obtain a CC since the CC reform has kick-in? I need to apply for a V or MC for business travel and besides Cap1 (I bk'ed on them) what would be the best chance of approval HSBC or Merrick (Hooters)? My myfico for TU is 619, and 629 EQ, before filing TU was 520 and EQ was 530.

Well, my fico was 640 and hooters denied me. HSBC only approved me for a secured card, then later denied me because I was on chexsystems. I would still go for capital one. I bk'ed them less than 6 months ago and they still approved me. I just got my capital one platinum card in the mail today.

[dscurlock]

For those that have applied for a CC since the 1st of February, has it been harder to obtain a CC since the CC reform has kick-in? I need to apply for a V or MC for business travel and besides Cap1 (I bk'ed on them) what would be the best chance of approval HSBC or Merrick (Hooters)? My myfico for TU is 619, and 629 EQ, before filing TU was 520 and EQ was 530.

I would imagine this question would be hard to answer
right now. Your date is off..from what I am reading:

the new cc reform kicks in on:

Feb 22 2010

I bet some of you did not even know that some of the new reform
went into effect as early as Aug/2009

But do not think that a reform will be in the consumers favor...
after all, who is really in the favor of the consumer?

http://www.defendyourdollars.org/2009/05/when_do_the_credit_card_protec.html

Where there is an action, there is always a re-action...

There will always be loopholes - and banks will always
attempt to take advantage on where they can...

I blame the president of this...he should have put this new law into effect immediately,
rather then doing this, he allowed banks/creditors to rape their cc victims...

I will surely not vote for this idiot next term...
(for various reasons)

Thank Pres Obama everyone...

[lrprn]

I blame the president of this...he should have put this new law into effect immediately, rather then doing this, he allowed banks/creditors to rape their cc victims...

Ummmm, no president, including Obama, has the power to do this. You need to blame the congressional representatives and senators (Republicans and Democrats) who put the legislation together along with the dates the parts of the law would go into effect and then voted for it. As president, all Obama could have done is to veto the whole thing, and why would he do that since the law was going to help millions of people avoid being raped by the cc companies eventually?

Imho, having some legal brakes finally put on the outrageous and unethical financial practices cc companies who have been screwing us with for decades is better accomplished later than never.

I will surely not vote for this idiot next term...(for various reasons)

Well, your vote will have to be based on the other various reasons, because this one isn't legit.

I suppose you could blame the writers of our US Constitution if you wish, because that is where the balance of power and responsibilities for making, implementing, and enforcing laws between the legislative, executive, and judicial branches of our government was originally created.

[dscurlock]

Ummmm, no president, including Obama, has the power to do this. You need to blame the congressional representatives and senators (Republicans and Democrats) who put the legislation together along with the dates the parts of the law would go into effect and then voted for it. As president, all Obama could have done is to veto the whole thing, and why would he do that since the law was going to help millions of people avoid being raped by the cc companies eventually?

Imho, having some legal brakes finally put on the outrageous and unethical financial practices cc companies who have been screwing us with for decades is better accomplished later than never.

Well, your vote will have to be based on the other various reasons, because this one isn't legit.

I suppose you could blame the writers of our US Constitution if you wish, because that is where the balance of power and responsibilities for making, implementing, and enforcing laws between the legislative, executive, and judicial branches of our government was originally created.

ok, so i blame everyone...but regardless whom i blame, if it
landed on the pres desk, and he signed it, pushed it threw
as ok to screw the consumers, then it is his fault..it means
he was part of it...he obviously was not against this new
law, he was for it...obam is no different then anyone
else, before person gets to the office, "I promise to stop
the war, I promise to help consumers, I promise..." it is
funny how very little has gotten done, other to get
this country deeper into debt...

try watching CNN sometimes...

you can not tell me this new law that was delayed to
go into effect did not affect millions of people. You can
not tell me it did not destory credit scores on people
that otherwise had a perfect score, and never missed payments?

nah, obama does very little for consumers, he is for financial
banks, institutions, creditors, etc...

Obama is for WALL STREET, NOT MAIN STREET...

[HakunaMatata]

DS-

I understand your frustration. However, I suggest you expand your current framework. While the delay in credit card reform may have adversely impacted many in today's world, there are plenty who will benefit in the future. This reform wasn't designed exclusively for current card carrying folks. We have future generations to consider. You may feel as if current credit card users were "screwed". Is it terrible the President doesn't want future card holders to endure the same?

[viking64]

Obama is for WALL STREET, NOT MAIN STREET...

I suspect he's for both Wall Street and Main Street. He's just limited in what he can do politically. Some find that a relief. Others find that a disappointment.

We have a capitalist economy where everything is inter-related. Any reform is like a finger in a dike holding back a flood of water. Plug this hole, and another hole will pop open some place else. That flood of water is the profit motive and regulation is the dike. The dike (regulation) is necessary to avoid destroying the village (consumer) below, but some water (profit) needs to get through the dike for the village to flourish, and water will always seek it's level.

Any corporation is going to do everything they legally can to increase profits. If they have to answer to shareholders, they really don't have any other choice. As a stockholder in a major corporation, i want them to do everything they legally and morally can to make me a buck while staying true to their corporate mission.

No matter what reform any congress passes and any president signs into law, the banks are going to find a way to earn money. If they can't charge outrageous fees, they'll figure out more fees to charge or jack up interest past loan shark levels (witness First Premier's 59% offer).

Unless you want to limit how much money a bank can make on a card (which wouldn't be capitalism), banks are going to gouge the consumer. Fortunately, we also have the protection of having options - don't like this offer, take a different offer.

Credit Unions are a nice option to banks. They have different goals and different communities to serve. In my BK recovery, I'm doing everything I can to move away from big boys and working with those who are genuinely invested in the community they serve. Fortunately, in a capitalist economy, I have that option.

We can get angry, and we should get angry when we're being taken advantage of, but there is no perfect system. All we can do is make sure the system isn't grinding us up into hamburger.