Comments on: Reading and Understanding Your Bank’s Disclosures: Part I http://masteryourcard.com/blog/2009/05/22/reading-and-understanding-your-banks-disclosures-part-i/ The best Credit Card Debt Blog online Thu, 02 Feb 2012 13:31:13 +1100 http://wordpress.org/?v=abc hourly 1 By: Kristy http://masteryourcard.com/blog/2009/05/22/reading-and-understanding-your-banks-disclosures-part-i/comment-page-1/#comment-43569 Kristy Thu, 11 Jun 2009 23:16:27 +0000 http://masteryourcard.com/blog/?p=1213#comment-43569 @ Dawn - hahaha! Thank you! It would be nice if we could do something like that, but there's compliance issues and then legal we'd have to go through. Basically, a whole bunch of hoops that banks don't feel like messing with. So, I basically try my best to give customers the rundown of the disclosure as best I can. @ 444 - Sorry it's taken me so long to get back to you on this! Things have been super hectic for me. Ok, to build the best credit using this particular card, I would recommend that you go no higher than 45% of the "limit" they give you. So, let's say their "limit" is $5000, then your balances should never be more than $2250. The credit bureau looks at that as part of the equation of determining your credit score and having cards pretty close to their limits will negatively impact you. I always recommend paying it off every month. As long as you're making your payments on time and staying within a decent range, your score will eventually improve whether you pay it off or carry a balance. I just personally don't think it's a good idea to carry a balance on a credit card because it means you're spending more than you can afford. So, it's just a good idea to keep purchases to what you can pay off every month. But remember, 35% of your score is based on your payment history, so making your payments on time goes a long way to keeping your score in good shape and rebuilding it. As far as frequent or infrequent, that doesn't really matter so much. As long as you're paying your balances and keeping the balances low, you'll be fine. Does that answer the question? I'll also send you an email to make sure you get this since I took so long to answer you! Again, my apologies on that! @ J - Well, I'm glad you like it, lol! Hopefully by the time I'm down with these series you can say that you've sort of read your disclosures! @ Dawn – hahaha! Thank you! It would be nice if we could do something like that, but there’s compliance issues and then legal we’d have to go through. Basically, a whole bunch of hoops that banks don’t feel like messing with. So, I basically try my best to give customers the rundown of the disclosure as best I can.

@ 444 – Sorry it’s taken me so long to get back to you on this! Things have been super hectic for me. Ok, to build the best credit using this particular card, I would recommend that you go no higher than 45% of the “limit” they give you. So, let’s say their “limit” is $5000, then your balances should never be more than $2250. The credit bureau looks at that as part of the equation of determining your credit score and having cards pretty close to their limits will negatively impact you. I always recommend paying it off every month. As long as you’re making your payments on time and staying within a decent range, your score will eventually improve whether you pay it off or carry a balance. I just personally don’t think it’s a good idea to carry a balance on a credit card because it means you’re spending more than you can afford. So, it’s just a good idea to keep purchases to what you can pay off every month. But remember, 35% of your score is based on your payment history, so making your payments on time goes a long way to keeping your score in good shape and rebuilding it. As far as frequent or infrequent, that doesn’t really matter so much. As long as you’re paying your balances and keeping the balances low, you’ll be fine. Does that answer the question? I’ll also send you an email to make sure you get this since I took so long to answer you! Again, my apologies on that!

@ J – Well, I’m glad you like it, lol! Hopefully by the time I’m down with these series you can say that you’ve sort of read your disclosures!

]]> By: J. Money http://masteryourcard.com/blog/2009/05/22/reading-and-understanding-your-banks-disclosures-part-i/comment-page-1/#comment-42432 J. Money Mon, 01 Jun 2009 16:01:25 +0000 http://masteryourcard.com/blog/?p=1213#comment-42432 haha, YES broken down quite well - thank you :) big fan of the chunking & bolding it up, good work! (and nope, never read my policy...but that's def. not a good thing) haha, YES broken down quite well – thank you :) big fan of the chunking & bolding it up, good work! (and nope, never read my policy…but that’s def. not a good thing)

]]> By: Reading and Understanding Your Bank’s Disclosures: Part II | Master Your Card http://masteryourcard.com/blog/2009/05/22/reading-and-understanding-your-banks-disclosures-part-i/comment-page-1/#comment-42200 Reading and Understanding Your Bank’s Disclosures: Part II | Master Your Card Sat, 30 May 2009 17:10:16 +0000 http://masteryourcard.com/blog/?p=1213#comment-42200 [...] last time we talked about Privacy. It seems most of you were pretty comfortable with the privacy policy, so we’ll move on to [...] [...] last time we talked about Privacy. It seems most of you were pretty comfortable with the privacy policy, so we’ll move on to [...]

]]> By: 444 http://masteryourcard.com/blog/2009/05/22/reading-and-understanding-your-banks-disclosures-part-i/comment-page-1/#comment-41262 444 Fri, 22 May 2009 15:55:38 +0000 http://masteryourcard.com/blog/?p=1213#comment-41262 I don't want to post off-topic, but since you are the Card Master: That new card I was excited about yesterday turns out to be a "World Mastercard." I have been told it's a "NPLC" (no preset limit card) and I sort of understand the terms regarding the fact that I can go over the limit, to approximately double, but that my "carrying limit" (analogous to a credit limit) will be adjusted whenever they feel like it based on factors including but not limited to my spending patterns. I get that I should pay it off each cycle. Aside from that, do you have any pointers for me, Kristy, so that I can build up the best credit through usage of this card? e.g. small charges, pay them off, or large charges, pay them off, or infrequent usage, or frequent usage? You can reply on my blog so I don't muck up your thread. THANKS and sorry, but I guess this was sort of on-topic. I looked up a page all about "World Mastercards" on the actual mastercard page and it was pretty helpful but this is sort of new to me since I've never had a real Amex (I have a bank-issued one which looks like an Amex but acts exactly like a V or MC.) I don’t want to post off-topic, but since you are the Card Master:
That new card I was excited about yesterday turns out to be a “World Mastercard.” I have been told it’s a “NPLC” (no preset limit card) and I sort of understand the terms regarding the fact that I can go over the limit, to approximately double, but that my “carrying limit” (analogous to a credit limit) will be adjusted whenever they feel like it based on factors including but not limited to my spending patterns.

I get that I should pay it off each cycle. Aside from that, do you have any pointers for me, Kristy, so that I can build up the best credit through usage of this card? e.g. small charges, pay them off, or large charges, pay them off, or infrequent usage, or frequent usage?

You can reply on my blog so I don’t muck up your thread. THANKS and sorry, but I guess this was sort of on-topic. I looked up a page all about “World Mastercards” on the actual mastercard page and it was pretty helpful but this is sort of new to me since I’ve never had a real Amex (I have a bank-issued one which looks like an Amex but acts exactly like a V or MC.)

]]> By: Dawn http://masteryourcard.com/blog/2009/05/22/reading-and-understanding-your-banks-disclosures-part-i/comment-page-1/#comment-41259 Dawn Fri, 22 May 2009 15:17:02 +0000 http://masteryourcard.com/blog/?p=1213#comment-41259 I admit, I have never thoroughly read the disclosures. I have tried occasionally, but the language usually bogs me down. Of course, I have been with my credit union for 10+ years and very happy with them. I did, however, read your post and found it interesting. Maybe banks should have you write a "Why You Should Read This" quick guide to go with all the legal jargon! It was far more informative than anything I've tried to read from my bank before! I admit, I have never thoroughly read the disclosures. I have tried occasionally, but the language usually bogs me down. Of course, I have been with my credit union for 10+ years and very happy with them. I did, however, read your post and found it interesting. Maybe banks should have you write a “Why You Should Read This” quick guide to go with all the legal jargon! It was far more informative than anything I’ve tried to read from my bank before!

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