Lowe's says I am not the kind of customer they desire
- Thread starter iheartmaytag
- Start date
andrewinorlando
Well-known member
- Joined
- Oct 18, 2004
- Messages
- 1,392
This is a good opportunity for the American public to go back to the old days of paying CASH! When banks and credit card companies realize that they are losing large amounts of business to the old greenback, they'll quickly change their ways.
Just remember something everyone....just because you pay your balance off every month, interest free, DOES NOT mean you are not lining a bank's coffers. They charge the merchant a transaction fee for every single purchase on your card, up to 6% in some cases, so even though you're not paying interest, the merchant, in effect, is. If you can pay cash, then dammit, pay cash, and don't allow banks and CC companies to further profit in this way. This includes purchases made on Visa or MC debit cards also. As inconvenient as this can be for large purchases, it's the only way to start sending the message loud and clear folks. Use cash or checks as much as possible...at the grocery store, department stores, etc., or ask your bank for a plain debit-only card, if they offer one.
Like I said, when they start understanding that American consumers are speaking loud and clear that they won't have this nonsense, it will stop, or they will be very short on profits.
Just remember something everyone....just because you pay your balance off every month, interest free, DOES NOT mean you are not lining a bank's coffers. They charge the merchant a transaction fee for every single purchase on your card, up to 6% in some cases, so even though you're not paying interest, the merchant, in effect, is. If you can pay cash, then dammit, pay cash, and don't allow banks and CC companies to further profit in this way. This includes purchases made on Visa or MC debit cards also. As inconvenient as this can be for large purchases, it's the only way to start sending the message loud and clear folks. Use cash or checks as much as possible...at the grocery store, department stores, etc., or ask your bank for a plain debit-only card, if they offer one.
Like I said, when they start understanding that American consumers are speaking loud and clear that they won't have this nonsense, it will stop, or they will be very short on profits.
launderess
Well-known member
Thing Is
Many consumers, not to mention the United States economy itself pretty much depend upon "easy" credit, without it the economy would almost grind to a halt.
By and large wages in the United States have not kept up with inflation for decades now, and households have used credit to bridge the gap between what is in the kitty versus lifestyle wishes and demands. Access to easy credit has almost become a right of every US citizen, you heard Obama and Congress pretty much saying as much as they beat up upon and hurled abuse at credit card companies; all in an effort to get them to loosen up the mousetrap.
Yes, many consumers have stopped using their credit cards, but most of them are comfortable enough that paying cash isn't a problem. With many others living from pay day to pay day, credit cards are the only means most have to make ends meet. Be it putting petrol in the car so they can get to work/take the children to school, to purchasing groceries and the lot.
L.
Many consumers, not to mention the United States economy itself pretty much depend upon "easy" credit, without it the economy would almost grind to a halt.
By and large wages in the United States have not kept up with inflation for decades now, and households have used credit to bridge the gap between what is in the kitty versus lifestyle wishes and demands. Access to easy credit has almost become a right of every US citizen, you heard Obama and Congress pretty much saying as much as they beat up upon and hurled abuse at credit card companies; all in an effort to get them to loosen up the mousetrap.
Yes, many consumers have stopped using their credit cards, but most of them are comfortable enough that paying cash isn't a problem. With many others living from pay day to pay day, credit cards are the only means most have to make ends meet. Be it putting petrol in the car so they can get to work/take the children to school, to purchasing groceries and the lot.
L.
strongenough78
Well-known member
Hey Iheartmaytag
You should send them a picture of you buying a new washer and dryer at Sears, along with a picture of your bare butt with a caption underneath saying KISS IT!!
You should send them a picture of you buying a new washer and dryer at Sears, along with a picture of your bare butt with a caption underneath saying KISS IT!!
I have given up on the CC 8 years ago after what I've gone with Sears.
I pay cash/check for large purchaes.. If I/we don't have the money, then we don't get it.
The only card I have is my bank card.
You are not the only one. I've heard from other people who cards has been closed by other company out there.. Not just Lowes or HD.
I pay cash/check for large purchaes.. If I/we don't have the money, then we don't get it.
The only card I have is my bank card.
You are not the only one. I've heard from other people who cards has been closed by other company out there.. Not just Lowes or HD.
appliances4me
Well-known member
- Joined
- Sep 13, 2008
- Messages
- 88
OMG
all my ge accounts just got closed to my cards best buy and lowes. I always pay them off. I think they want people who carry a balance.
all my ge accounts just got closed to my cards best buy and lowes. I always pay them off. I think they want people who carry a balance.
angus
Well-known member
My question is if the issuer closes the account for whatever reason, what does this do to your overall credit score?
launderess
Well-known member
Angus
FICO scores usually decrease when an account is closed for whatever reason. Even if a person requests a credit grantor close an account, it still can lower the score. This is why many credit consumer groups are advising not to run and close a credit account just to "get even" with a change in terms or such you do not like.
Another thing is that the older the account is the worse the hit to one's FICO score it will be if closed. While the exact nature of caculating FICO scores is unknown except to the aforementioned company, it does seem that the number of accounts, length of time they have been opened, amount of credit used (should never be more than 1/3 of the limit), and of course payment history are all factors.
The above is why so many persons get angry when a credit card company closes their account for "no reason" and without warning. One also needs to watch out for credit limits being decreased without notice. If you have a Visa card with a $5000 limit, and have a balance of $3500, you are using slightly more than 1/3 of the limit. However if that card has it's limit cut to $4000 or worse $3000, you are in trouble. The former means you are now using more than 1/3 of the limit (bad for FICO scores), the later makes you over your limit.
What we try to do is use cards at least once every two months or so, even if a small amount is charged and paid off then the bill arrives. At least this way the account is not seen as "dormant". In fact just purchased some items from Sears yesterday (online), because of a good sale and extra percentage off offer. However at 27% interest, make no mistake about it, that bill will be paid in full when it arrives.
L.
FICO scores usually decrease when an account is closed for whatever reason. Even if a person requests a credit grantor close an account, it still can lower the score. This is why many credit consumer groups are advising not to run and close a credit account just to "get even" with a change in terms or such you do not like.
Another thing is that the older the account is the worse the hit to one's FICO score it will be if closed. While the exact nature of caculating FICO scores is unknown except to the aforementioned company, it does seem that the number of accounts, length of time they have been opened, amount of credit used (should never be more than 1/3 of the limit), and of course payment history are all factors.
The above is why so many persons get angry when a credit card company closes their account for "no reason" and without warning. One also needs to watch out for credit limits being decreased without notice. If you have a Visa card with a $5000 limit, and have a balance of $3500, you are using slightly more than 1/3 of the limit. However if that card has it's limit cut to $4000 or worse $3000, you are in trouble. The former means you are now using more than 1/3 of the limit (bad for FICO scores), the later makes you over your limit.
What we try to do is use cards at least once every two months or so, even if a small amount is charged and paid off then the bill arrives. At least this way the account is not seen as "dormant". In fact just purchased some items from Sears yesterday (online), because of a good sale and extra percentage off offer. However at 27% interest, make no mistake about it, that bill will be paid in full when it arrives.
L.
peterh770
Well-known member
Wait until they have another zero interest deal, go in and open a new account with the purchase. You will probably get an extra discount for becoming a "new" charge customer.
whirlcool
Well-known member
Bring On The Fees!
I just heard on the television news that CC companies are ready to launch new fees at consumers. Things like "franchise fees", inactive account fees unless you spend a certain annual amount on the card and the return of annual fees just to have the card.
More screw the consumers before the new CC laws kick in next year.
Personally, I think delaying the new CC laws was one of the worst ideas ever. It gave the CC companies time to rip us off to the max until then.
I just heard on the television news that CC companies are ready to launch new fees at consumers. Things like "franchise fees", inactive account fees unless you spend a certain annual amount on the card and the return of annual fees just to have the card.
More screw the consumers before the new CC laws kick in next year.
Personally, I think delaying the new CC laws was one of the worst ideas ever. It gave the CC companies time to rip us off to the max until then.
