OMG! My son recently received an application for a new credit card – and being the snoopy Mom that I am, I peeked at the terms (then threw it away! Shhhh!)
He’s a Senior in College, and he’s wanting to get a credit card that help him skip out of town for Spring Break!
Well, the card application was for a $350.00 credit limit. It had upfront charges, BEFORE he even “charged anything,” of over $200!” So he would have to PAY $200 to have access to $150? Just doesn’t make sense!
There are new bills before Congress that will make sweeping changes to Credit Cards. The companies are seeing a ton of defaults! Well with practices like this – NO Wonder! WOW!
If you have questions about your credit or FICO score and want to know how your credit score might impact your ability to qualify for a mortgage to purchase or refinance – please call Steve and Eleanor Thorne at Mortgage Banker in Cary , 919-649-5058.