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MP80

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  1. After no changes in 5 consecutive months, finally... 797 (+2)
  2. The National Credit Union Administration caps interest rates at 18 percent. For most loans, the maximum allowable annual interest rate (APR) a credit union can charge on a loan is 18%. However, there are exceptions for loans under the NCUA short-term small loan program offered by federal credit unions. These short-term small loans can charge annual interest rates of up to 28% under certain conditions. This is why people hold several credit union credit cards to maintain high balances over long periods to pay as little as possible.
  3. Yes. No mention of adverse action. They even send you a series of code numbers starting with B5 and 6 more numbers to call in to decline the new APR, but if you do this your account will be closed. PenFed suffered heavy losses last year, and NFCU also lost money, but PenFed credit union executives mismanaged their operations and eliminated good products that members liked to use. Sadly, members have expressed their intention to close their memberships. It seems only the top banks make the money (JPM Chase). Discover Financial and Capital One publicly announced earnings of 67% and 47% less than the previous year respectively.
  4. Both entities are tangential to my card collection portfolio, a matter of duration before spearheading them to closure. It's a bad omen for the folks who have had both credit card accounts with the creditors, particularly those customers sitting at high credit limits on both accounts. I think those folks who have a $50K Discover card need to be stressed by Capital One notorious act towards CLD if the credit line is not utilized satisfactorily. It's just untenable to continue to have a high-limit credit card in the coming days with Discover Bank if the regulators allow such a merger to go through. Anecdotally, the administration has established an executive order in 2021 that hinders bank mergers, citing antitrust and lack of diversified competition. The parties may assiduously navigate several hurdles so the path to successful mergers may remain a difficult one.
  5. I have always believed that for security reasons, payments you make to a specific financial institution must at least be logged in repetitively to verify the account to confirm that the ACH payment is clear to avoid any miscalculations. Additionally, to avoid any potential roadblocks with one checking account, a second checking account is essentially a must. To hope for the best suggested up thread, you can write a goodwill letter in good faith of advice to Capital One in the hope that they will remove the 30-day late.
  6. When Capital One sent me balance transfer checks a few years ago, those checks were consigned and issued by Wells Fargo. How long their relationship lasted is unknown to me, I haven't received a check from Capital One since then, and the last three balance transfers came via email rather than by mail. At first, I thought it was odd that the bank would entrust another bank to provide the check instead of issuing the check themselves. If one looked deeper into this issue, there could very well be coincidental underlying errors between them.
  7. The new Navy Federal website adds button links for accessing CLI functionality. Previously, this feature did not exist when building the upgrade site.
  8. MP80

    I'm Back

    Hey Burgers, nice to see you, and welcome back! Yeah, I have had this constant hacker threat a few times a week alongside those they called "Smishing" on phone messaging, plus email scams that are easy to identify as scammers by masking to be legitimate banks and corporations. I mainly accuse organizations that sell consumer information to other businesses of being cavalierly careless and allowing personal information to end up in a dangerous domain, allowing the bad guys to get their hands on your information to commit fraud. Additionally, sometimes companies neglect to protect and update their systems to keep their customers' information safe and prevent hackers from penetrating their systems. However, there is no absolute security, and everyone is susceptible to scams.
  9. @greendeh I'm glad you took the trouble and put effort into referencing the nuances. I don't have quotes that I can dig up from credit forums to show a correlation to signify the relevancy, I'm not good at detective work, but maybe, our CB detective Kat58 is a master at it and she can dig up anything. YMMV, many things the folks who act in their interest lead to unintentional consequences, and many issues have to do with their credit card accounts. People can debunk anything they like until they experience the truth.
  10. It’s not just American Express; some companies are uncomfortable and flinched from these issues, leading them to take action. American Express has another esoteric view of posture that is similar to overpaying in a month, which is clicking the power spend button too many times.
  11. The excessive payment to credit accounts spearheading unintentional consequences. Weekly payments to creditors come with a prelude warning, which may result in a POI or a request for a financial review of bank statements. The above situation has happened before to customers with good or bad credit. My advice on the safe side is to pay your credit card bill monthly instead of weekly.
  12. All comments said by our senior members regarding credit utilization beyond a specific percentage will lead to AA by your current creditors. As Shifter pointed out: "If you have a balance and they closed it you'll want to PIF as soon as possible as it will be a maxed-out account for FICO purposes." This is a disaster for FICO scoring, just one max-out tradeline will ultimately cost you roughly 40-50 points. Furthermore, the truth of the matter said by HD is: "Dip below 630-650 and you're at risk of creditor adverse action." These are empirical statistics and factual outcomes that many debtors have experienced. Times have changed, unlike 20 years ago when most creditors used algorithms and logarithms, now AI assists in monitoring all of your credit reports, so if there is any deviation from the norm, the algorithms will pick up and act swiftly. These are the main reasons why people PIF their balance every month. It's a tricky game, be aware!
  13. I know the old website had many useful tools for people to cope with and manage their finances. Some tools were critical for finance adaptation. Overall, the consensus is that the CLI options shown are must-have access for members, and ruling out such alternatives and calling live personnel for CLI is likely to be met with intense interrogation and HP that no one wants to accept. I hope that with every additional useful tool, the Navy Federal gradually integrates, it will update and upgrade all necessary functional equipment to operate effectively. The only thing I like them added to the new website is the debit card to make it look better.
  14. I logged into the new Navy Federal website and noticed that the CLI button on both credit card accounts was gone and they had removed the link to apply for the CLI. I've reached the $80,000 maximum and the button to that link is irrelevant and moot. However, the old website still has the CLI button, and maybe that's why a lot of people are upset that the CLI link is gone on the new site. Maybe one day it will come back, it's a member access dilemma, similar to what American Express was with a few years ago. At first, I thought it was a new design for the website, but no one seemed happy about it, some even called Navy Federal to complain, but CSR was reticent and unwilling to answer any questions at the moment about the new site. The new website omits FICO 9 but provides V3 scores for learning and monitoring credit. NFCU app continues to have FICO 9, but no V3 score on the mobile app. If the folks want the CLI, they will need to access the Navy Federal mobile app to do so for now anyway.
  15. Hahahaha!!!! @Aglet, you must have mistakenly gotten the quotation wrong between me and Mr.Vig. I have never applied for a credit card from First National Bank of Marin, I only knew their infamous brand name from public credit forums. However, to be fair, every customer is treated differently, and some are treated particularly poorly than others; just as some people have better luck getting credit limit increases at certain banks, others have a harder time getting their first increase. I would say First National Bank of Marin is definitively a better bank than Cross Country Bank.
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