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Selling Stock with Bad Credit???

lugger26

By lugger26
in Money Management

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The last post in this topic was posted 7397 days ago. 

 

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lugger26

lugger26

Posted
Posted

I hope someone can please help. I have 4 shares of stock in certificates and was going to just sell them today because I no longer want them. I went to scottrade and they pulled a hard inq and told us sorry we can't open an account. The shares are worth 105.00 each currently and wanted to know if anyone can tell me how I can get rid of these or am I just stuck with them? The bank does not liquidate them aNd they saId we have to get a broker to do it. I have been trying to clean up my credit and do not need the inquiries on my file.


centex

centex

Posted
Posted

When you say you "went" to Scottrade, do you mean a local brick and mortar location or you attempted to open an account online specifically to facilitate the sale?

 

If it was a local broker, then I would keep calling other brokers and just ask up front whether they are going to pull the report on a simple sale that is going to generate commission for them (albeit a token figure).

lugger26

lugger26

Posted
  • Author
Posted
When you say you "went" to Scottrade, do you mean a local brick and mortar location or you attempted to open an account online specifically to facilitate the sale?

 

If it was a local broker, then I would keep calling other brokers and just ask up front whether they are going to pull the report on a simple sale that is going to generate commission for them (albeit a token figure).

I went into the local scottrade..I spoke with the manager and he said we are just stuck with the stocks until our credit is better.

centex

centex

Posted
Posted (edited)

When you say you "went" to Scottrade, do you mean a local brick and mortar location or you attempted to open an account online specifically to facilitate the sale?

 

If it was a local broker, then I would keep calling other brokers and just ask up front whether they are going to pull the report on a simple sale that is going to generate commission for them (albeit a token figure).

I went into the local scottrade..I spoke with the manager and he said we are just stuck with the stocks until our credit is better.

 

I'd keep looking through the phone book...perhaps one of the small houses that isn't affilliated with the large mega-groups and might be hungrier for the $40 in commission that the odd-lot sale would generate.

 

Barring that, you might contact investor relations for the company in whom you hold the four shares and inquire about whether they have plans for odd-lot buybacks in the foreseeable future...many companies will do that as it is cheaper to buy it back than to keep sending out quarterlies to a small holder. When the company does the buyback, it also usually means you get the proceeds without a commission being taken off the top...

Edited by centex
GEORGE

GEORGE

Posted
Posted
I hope someone can please help. I have 4 shares of stock in certificates and was going to just sell them today because I no longer want them. I went to scottrade and they pulled a hard inq and told us sorry we can't open an account. The shares are worth 105.00 each currently and wanted to know if anyone can tell me how I can get rid of these or am I just stuck with them? The bank does not liquidate them aNd they saId we have to get a broker to do it. I have been trying to clean up my credit and do not need the inquiries on my file.

A HARD TO SELL???

 

WHAT IS THE PP???

 

EVEN "IF" THEY HAVE PP...WHAT IS THE BUSINESS NEED???

Athena53

Athena53

Posted
Posted

That's weird. You have the certificates- it's not as if you're selling something and promising to deliver the certificates later, so why do they acre about your credit?

 

My guess is that they looked at your credit rating and decided (rightly or wrongly) that there's little potential for them to develop a long-term relationship with them so they're not interested in a one-time transaction.

lugger26

lugger26

Posted
  • Author
Posted
That's weird. You have the certificates- it's not as if you're selling something and promising to deliver the certificates later, so why do they acre about your credit?

 

My guess is that they looked at your credit rating and decided (rightly or wrongly) that there's little potential for them to develop a long-term relationship with them so they're not interested in a one-time transaction.

The branch manager told us that they run a credit check and if you are a high risk then they cannot open an account. He says the reason for this is in case the certificates come back stolen or something?? Give me a break. We offered to let him check them first? The stock certificates are Cummins Engines and they were closing yesterday at 105.00 each. :)

lugger26

lugger26

Posted
  • Author
Posted

I hope someone can please help. I have 4 shares of stock in certificates and was going to just sell them today because I no longer want them. I went to scottrade and they pulled a hard inq and told us sorry we can't open an account. The shares are worth 105.00 each currently and wanted to know if anyone can tell me how I can get rid of these or am I just stuck with them? The bank does not liquidate them aNd they saId we have to get a broker to do it. I have been trying to clean up my credit and do not need the inquiries on my file.

A HARD TO SELL???

 

WHAT IS THE PP???

 

EVEN "IF" THEY HAVE PP...WHAT IS THE BUSINESS NEED???

Not sure what PP means?

CargoJon

CargoJon

Posted
Posted

Permissible purpose.

 

Find a local investment house that will help you out. Wha the salamander at scottrade can't figure out is that your credit won't be bad forever, and when it's better and you have some cash to invest, you'll be taking your business elsewhere.

Uncle Leo

Uncle Leo

Posted
Posted

What possible legitimate reason would there be a need for a credit pull??? If you have to money to buy it, you buy it. If you don't, you don't. If you want to sell it, you sell it. What's so hard about that?

Soccer Nut

Soccer Nut

Posted
Posted

You might want to check with Schwab. When I worked there, they would open a temp account, sell the stock and close the account after settlement. With all of their changes, I am not sure if they still do. Go into a local branch if there is one near you and ask the manager.

andol469

andol469

Posted
Posted

Scottrade pulls a hard for every account. Even non-margin accounts.

 

Most brokers do not pull hards for standard accounts, only for those margin accounts. They may check your credit, however.

Clarkfan2

Clarkfan2

Posted
Posted

Most brokers have a minimum of 2k to start an account unless it is a retirement account. Some will open a retirement account for $500.00.

 

 

Everybody else seems to be selling everything else on EBAY...wonder if it would be legal to do it on EBAY?

  • 2 weeks later...
pstall

pstall

Posted
Posted
Most brokers have a minimum of 2k to start an account unless it is a retirement account. Some will open a retirement account for $500.00.

 

 

Everybody else seems to be selling everything else on EBAY...wonder if it would be legal to do it on EBAY?

 

Since you have the stock certs you on the REGISTRAR of the Transfer Agent.

Just call the Transfer Agent about selling the stocks. They make ask you to send them in to them(TA) and they should be able to sell for you. Could charge you a physical processing fee.

 

The so called "hard" pulls for brokerage accounts are due to the Patriot Act and Anti Money Laundering Act.

Thank Osama for that one. :beee:

 

PS. I worked for a bank/brokerage firm for 7 years so I kinda know the ends and outs of these things...

GEORGE

GEORGE

Posted
Posted

Most brokers have a minimum of 2k to start an account unless it is a retirement account. Some will open a retirement account for $500.00.

 

 

Everybody else seems to be selling everything else on EBAY...wonder if it would be legal to do it on EBAY?

 

Since you have the stock certs you on the REGISTRAR of the Transfer Agent.

Just call the Transfer Agent about selling the stocks. They make ask you to send them in to them(TA) and they should be able to sell for you. Could charge you a physical processing fee.

 

The so called "hard" pulls for brokerage accounts are due to the Patriot Act and Anti Money Laundering Act.

Thank Osama for that one. :(

 

PS. I worked for a bank/brokerage firm for 7 years so I kinda know the ends and outs of these things...

THAT IS AN EXCUSE!!!

gregcjackson

gregcjackson

Posted
Posted (edited)

You can "thank" Osama for a lot of things, but that isn't one of them. It was a convenient excuse to push through policies that were attempted ( extensions of things like Know Your Customer provisions) but soundly defeated prior to 9/11 and had nothing to do with it. But then "9/11 changed everything" which meant it was OK to make otherwise stupid policies. Now, you can be reported to Homeland Security for paying off your credit card. As if terrorists would be worrying about paying OFF credit cards.

Edited by gregcjackson
pstall

pstall

Posted
Posted
You can "thank" Osama for a lot of things, but that isn't one of them. It was a convenient excuse to push through policies that were attempted ( extensions of things like Know Your Customer provisions) but soundly defeated prior to 9/11 and had nothing to do with it. But then "9/11 changed everything" which meant it was OK to make otherwise stupid policies. Now, you can be reported to Homeland Security for paying off your credit card. As if terrorists would be worrying about paying OFF credit cards.

 

 

Uhh notice my emoticon at the end of my post? I see the nerve that was hit was pretty sensitive and that wasn't even the goal.

 

I could debate some of those things but alas this is about credit and money management etc. Just trying to help the poor guy out...

HawaiiArmyDude

HawaiiArmyDude

Posted
Posted

Your best bet is to go on their website, get a hold of investor relations, and tell them you have a couple shares and want to sell them. I get offers all the time on odd-lots of shares, generally less than 100, all the time.

GEORGE

GEORGE

Posted
Posted (edited)

Dangersously teetering on politics in here, so let's get back on track.

huhhhh???

 

 

Refer to gregcjackson's post above george.

I DON'T SEE IT...BUT I HAVE A VISION PROBLEM

 

(assuming it is FACT)

Edited by GEORGE

The last post in this topic was posted 7397 days ago. 

 

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