creditjunkee

Will do, thank you again, I will report back soon.

I just found out that there is a "help I've been served" section. was wondering if admin can move this thread there cuz that would be a triple post ugh. sorry. will post in that section and have it linked here if possible. Brndnh721, she does have a mortgage but its being paid by two family members since her stroke cuz they live there too, and she does have her name on a vehicle but its not hers. She used her name to purchase it for a family member and he is paying for that. She also has a few unsecured credit cards with about 13k debt thats all gone to collections. Other than those, I don't think she has her name tied to anything else. So since its a summons, she has to respond to that attorney within 30 days of notice or they get a default judgement. Would it be wise to transfer ownership, then start to file bankruptcy before the 30 days is up or should she still respond to the summons?

well i talked to her about bankruptcy, but i didn't know if bankruptcy would cause them to shut down the business because that would put 4 other family members out of work too. she said she has no problem filing bankruptcy if there was a way to keep the business for the rest of the family. But as far as doing what you mentioned about transferring, can that be used against her if they see that she transferred ownership after recieving a summons? I'm gonna read up on bankruptcy for her and see if theres a difference for a business type bankruptcy and what it involves. I am learning as we go.

thanks brndnh721 for fast reply The business operation is under her name, but the building itself is under a different family member's name. I don't know much about business but is there some kind of ownership transfer since she is no longer a part of that business? If thats possible, it would allow other family to keep and continue to operate the business right? Please forgive my lack of business knowledge. Am also wondering if WF is willing to accept a very small payment plan or something like that. Mom applied for disability after stroke and was diagnosed with type1 diabetes and multiple sclerosis. Maybe if she gets approved for disability, she can use some of that money to pay them a little bit at a time. I wonder if they will accept something like that.

originally posted this in the credit forum but was advised to ask it here in the business credit section. hello all...need some advice to help my mother out. Mom owned a small fast food joint in Mississippi..she needed money and opened a businessline credit account from wells fargo bank. Got approved for 30k credit line in 2008. Used the money to fix up the business and maxed it out. She paid the 30k balance down to 22k and in 2009, she suffered a stroke and was hospitalized. During this time other family members continued to run her business. She tried to come back to work but with her condition and orders from doctor she could no longer do what she used to. Medical bills had piled up and she could no longer pay the businessline. Just today she recieved a summons of a civil suit from local attorney acting on behalf of wells fargo bank. Her business was family operated and since her absence, other family memebers ran it and paid themselves a paycheck. The business doesn't make alot of money, it basically makes enough to pay whoever works there a salary, and mom used to be one of them that recieved a paycheck for working there. Please help with any advice as to what options she has now. She can no longer work and the business is still in her name. Is filing Bankruptcy an option? What will they do to her. I wish I could help her financially but I cannot so I am here helping her this way. Also I don't really know the details of what the wells fargo businessline are. Don't know if it was a secured or unsecured debt but am looking into it. All I know is the credit card had her name and DBA (doing business as) the restaurant. Thanks for any advice.

Thanks Coco, I didn't even realize they had a business credit section. I guess I will post it there.

hello all...need some advice to help my mother out. Mom owned a small fast food joint in Mississippi..she needed money and opened a businessline credit account from wells fargo bank. Got approved for 30k credit line in 2008. Used the money to fix up the business and maxed it out. She paid the 30k balance down to 22k and in 2009, she suffered a stroke and was hospitalized. During this time other family members continued to run her business. She tried to come back to work but with her condition and orders from doctor she could no longer do what she used to. Medical bills had piled up and she could no longer pay the businessline. Just today she recieved a summons of a civil suit from local attorney acting on behalf of wells fargo bank. Her business was family operated and since her absence, other family memebers ran it and paid themselves a paycheck. The business doesn't make alot of money, it basically makes enough to pay whoever works there a salary, and mom used to be one of them that recieved a paycheck for working there. Please help with any advice as to what options she has now. She can no longer work and the business is still in her name. Is filing Bankruptcy an option? What will they do to her. I wish I could help her financially but I cannot so I am here helping her this way. Also I don't really know the details of what the wells fargo businessline are. Don't know if it was a secured or unsecured debt but am looking into it. All I know is the credit card had her name and DBA (doing business as) the restaurant. Thanks for any advice.

Screen shot please? I was mistaken. It was 3 hards on all three bureaus. I didn't see the Experian one cause it was on the same line as TU. Was that really necessary for an account review? Sheesh. Guess so I took a snapshot of the inq, but haven't figured out how to post the image yet. sorry. I think I figured it out. Thanks Ris.

To answer some ?'s, the 17k was paid in 3 months time. 6k,6k,5k. The 17k was accumulated over about 6 months time. Most of the accrued purchases was used to rebuild my primary home I had purchased 8 months ago. I found a nice little fixer upper that needed some work. Anyhoot, I will post back when I get the letter explaining the details. I may pursue this matter further, it depends really on what that letter says. To me USAA is a great bank, generous with their limits, but their rates for me wasn't all that great. 18 and 16 percent on both cards. I'll also try to call in to try and have the hard inqs removed, but like I said, my next move depends on whats in that letter.

If this question has already been asked I do apologize: The OP said he was declined when going to use the card on day at Ruby Tuesdays, called to find out why and was given the story about being a credit risk, I’m guessing the accounts are closed as the card did not work. At the beginning of his post he said recevied a call today informing him the accounts are closed after an account review yet the account was reviwed when he called about the RT problem. When were the accounts actually closed? Did they call you, did you call them? I think am missing something here. I live in MS. I went to Florida on vacation and used USAA as my primary charging card. I usually call in to let them know I'm traveling. I used the card for about 4 days no problem. So no declines I didn't bother to call in. On the 5th day, card was declined. I tried to call in and was transferred to the fraud department. I verified all my info and said they'll call me back. 3 days go by and no word, so i called back after coming back from vacation only to be told that my account is under review and that they will call me. Next day I got the call about the closures. To add to the drama, I just checked my reports, and there are 2 new hard inq's from USAA bank on TU and EQ. None on EX. What a nightmare. Could be worse I guess.

when USAA became my primary card to use, I used it for everything. The highest balance I had on the platinum card was 17k and was paid off within 3 months time. That was about 2 months ago. The increase request was for the Amex 1 month prior to paying off the entire balance. It might have been, not really sure anymore.

No, I'm non military, grandfathered in before the 2006 policy change. I've had both cards over a year. Since opening them, I've gotten Amex Clear 25k, Amex Blue 10k, Citi Simplicity rewards 20k, BofA Plat rewards 15k. In total I have 6 cards with balances totaling a whopping 7568 accross the board. I have a total of 14 cards, the rest with zero balances. I tried speaking to a supervisor, and they told me what triggered it was a limit increase I did back in January for the amex. Amex was 23k and I asked for 2k to make it a cool 25k. Because of that increase request, they did a full review of my credit report and saw a chargeoff for 2k thats due to fall off this july. Mind you that the same chargeoff was already there when they approved both cards, but they didn't want to hear it. I really wanted to keep the history and asked if they could just lower my limits if they feel I'm a risk, but no go. In a sense, I feel like there was nothing I could do to talk her into keeping accounts open. Kinda like they want to get rid of me because I'm non-military. My reported household income was 140k, and yet they said I'm still a risk. Beats me. Anyone know a good place to write a letter to? I was 2 months away from refinancing my home with them. This kinda puts a dent in our relationship. edited to answer a question i missed. SG I've only carried a balance for about 2-3 months. Always paid in full by the third month. Nothing that sounds out of the ordinary. Doesn't seem like a 6+ year old chargeoff would be cause for account closure. Did you speak with a supervisor, or did they not let you past the CSR. Even carrying a balance shouldn't trigger adverse action. I guess you never know anymore. Sorry this happened to you Thanks CG. I just got off the phone with them again. I tried to negotiate in terms of them reporting it as closed by consumer. I knew it was a long shot but i figured I give it a shot. So that was a no go also. As for the reason, everything led back to being too high of a risk. They said I'll be recieving a letter soon. I then asked the supervisor of the underwriters, since I was non-military, and the only accounts I had with them were these 2 cards, could I still apply with them when I became less of a risk. And his reply was "you were grandfathered in since you already had these accounts, but since these two accounts have been closed, you are no longer a member of USAA unless you have military in your family that can get you back in". My jaw almost dropped to the floor when he told me this. Not only did they close my cards, but they also revoked my membership since I no longer have accounts with them. Not only that, but my wife was grandfathered in like me, and since our household only had those 2 cards now being closed, she lost her membership there also. Thus preventing us from applying with them ever again....unless by some miracle I find out a family member is military LOL. Not likely. Like I said, lesson learned, and I'm glad I have back ups to fall back on. But just when you thought it was safe with a certain bank. They giveth, but they can also taketh away even faster.

No, I'm non military, grandfathered in before the 2006 policy change. I've had both cards over a year. Since opening them, I've gotten Amex Clear 25k, Amex Blue 10k, Citi Simplicity rewards 20k, BofA Plat rewards 15k. In total I have 6 cards with balances totaling a whopping 7568 accross the board. I have a total of 14 cards, the rest with zero balances. I tried speaking to a supervisor, and they told me what triggered it was a limit increase I did back in January for the amex. Amex was 23k and I asked for 2k to make it a cool 25k. Because of that increase request, they did a full review of my credit report and saw a chargeoff for 2k thats due to fall off this july. Mind you that the same chargeoff was already there when they approved both cards, but they didn't want to hear it. I really wanted to keep the history and asked if they could just lower my limits if they feel I'm a risk, but no go. In a sense, I feel like there was nothing I could do to talk her into keeping accounts open. Kinda like they want to get rid of me because I'm non-military. My reported household income was 140k, and yet they said I'm still a risk. Beats me. Anyone know a good place to write a letter to? I was 2 months away from refinancing my home with them. This kinda puts a dent in our relationship. edited to answer a question i missed. SG I've only carried a balance for about 2-3 months. Always paid in full by the third month.

After loving USAA for so long, and extensively using their cards because they've been so generous with their limits with me. I received a call today telling me that after review of my account, that they are now closing both my cards. MC with 25k and Amex with 23k. I was never late on a payment, never over-limit, in total i've used about 19k in purchases and have paid off 18k recently with about only 1k remaining as balances. All of this in 1 years time. Then one day, my card was declined for a 54 dollar bill at Ruby Tuesdays. I later then called in to USAA to find out why. The reason they gave me was because I had asked for an increase on one of my cards back in January on my amex to go from 23k to 25k, and after reviewing my request, they saw that I was a huge credit risk with the amounts that they had already given me. Also, they mentioned that since my opening of accounts, they saw that I had more credit cards opened and most of them with average of 20k limits. Still trying to get over the shock. It's like having a best friend and throwing all your trust into him, and making them money, only for them to take that money and leave you hanging. I even asked them "why not just reduce my limit instead of closing my accounts so I don't lose the history", Underwirter's reply was, "why don't you just reapply?" So now both accounts will be noted closed by credit grantor. I'll be paying off the rest of the balance and begin my life without USAA LOL. Lesson learned.

You're right. Very clever marketing. Made me feel all warm and fuzzy inside thinking I was special. And I didn't know it was a sticker, i thought they sent you a new card, but looking closer at it, the small print said "sticker should not cover any embossed information" Thanks for the heads up all, I'll pass on this fine once in a lifetime prestigous opportunity LOL.