Don’t forget: Rules vary between companies too

We all agree that there are basic steps you can take to maintain the highest credit score possible --like pay your bills on-time and avoid going over your limit.  However, never have I heard anyone address the subtle differences between companies when it comes to credit rules. 

Some of the differences, I suppose, are obvious based on the type of credit history or credit card product you have. For example, a top-tier customer with a credit score of 785 would have more leniency or flexibility than a customer with a score of 615 or vice versa.  And of course each company has their own proprietary data mining techniques and risk assessment models.  Also, there are different benefits to having certain cards for rewards, rebates, and the like. 

Has anyone seen a comprehensive rating of credit card companies based on how lenient or flexible a creditor is?  For instance, some banks do not charge interest on purchases for 90 days.  Likewise, some banks allow you to pay your bill on the day it is due until 12 midnight while others require you to pay your bill that day before 5 p.m.  Please share any information you may have. 

Comments

[Linda]

The tough economic times are impacting all of us and I too have been struggling to ensure all of my cards are paid on time because they will own you for the rest of your life if they are not. AND I for sure don't see how when you are struggling with your payments raising the interest rates help anyone but the credit card companies line their pockets. I do want to give props though to 2 cards I have through Credit Unions. They have never charged me a late fee, an over the credit limit fee, nor have they ever raised my rates (7.9%). If I needed flexibility re my equity line --- no problem. Also, they don't compound interest rates daily or charge fees for their cards. Someone told me once long ago to bank with credit unions because they are more flexible and can/will do more to help you. I have found this to be true on every front and cannot recommend highly enough that folks join a good credit union.

[Mary Lyons]

Great story on GMA this morning! I've been struggling to keep up with my bills in these tough economic times, primarily to ensure my credit card rates stay intact. I've always paid my credit cards early and pay more than the minimum required. What is my recent reward? Like millions of others I've received notice that my rates are more than quadrupling - most to over 25%! Citibank gets bailed out by the federal government and turns around and "sticks it" to their customers. Great reward, huh?

[Lisa Goldberg]

I can't believe some of the different "rules" that these credit companies come up with. It makes me very angry to see that the credit companies can get away with having these outlandish policies. Thank you Kevin for exposing them and the trickery they have used to exploit consumers for so many years.

[Theo Harvey]

I wholeheartedly agree, within the Mortgage Business we see this ALL the time. I generally work with my people to ensure that they get the best rates possible by educating them on the various ways credit can be wrecked. I am glad that you are putting together this website as this Recession will see a lot people's credit scores decline due to foreclosures and repossessions.

[FB]

This is ridiculous. It's a system almost set for failure. Who can remember or keep track of all these bogus rules, especially when the fine print always provides for a clause that allows a change in policies without transparent communications to consumers? Kevin maybe as part of this new effort you should work on an RSS feed for credit card rules and policies for an as-it-happens update to consumers. I wonder if Scambusters has any of the information you are seeking as well? If ever there was a scam, it's the trickery that you have uncovered.