Automotive Financing
Discussion of Automotive Financing
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Our picks
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Collections, but Comcast didn't let me pay.
FixTheProblems posted a topic in Credit Forum,
Hello good folks,
Background: last October, Comcast locked my account because *a stranger* (mistakenly) paid for it with a credit card, and later disputed the charge with their credit card company and did a chargeback. Comcast made it so I couldn't use any type of credit/debit cards to pay. It took some give months to even expose this issue, as agents didn't know why my account was locked. I cancelled my account but they still wouldn't let me pay. Eventually, they sent it to collections, which very promptly hit my credit history with a "Collections" derogratory record.
Unfortunate timing, because I'm in the market right now for a mortgage. Without this note, my credit history is close to perfect, with FICO8 of 835+, and VantageScore3 of 810+. With this, the scores drop to about 710 and 760 respectively. Meaning, either mortgage denial or higher interest rate, leading to huge sums wasted.
My questions are:
1) What is the best way to get this rectified and get this record off my history?
- Is it possible to do a "pay for delete"?
- Should I be talking to Comcast or to the collections agency?
- Is there something I need to to in the interim, like disputing the record?
- What would be the fastest way to deal with this? Ideally, I want to apply for a mortgage in the next week if possible. If not possible, in the next 3-8 weeks.
2) Are there particular mortgage lenders that use a more favorable scoring so this one single negative record doesn't hurt my mortgage rate?
- My understanding is, FICO8 has this 120+ point drop for the first negative record, while other scores (like VantageScore3) doesn't drop so dramatically. Is this correct?
Thank you very much in advance.- 67 replies
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Titty Bank Wants More Smoke
RehabbingANDBlabbing posted a topic in Credit Forum,
So my DH had a Citi/Best Buy card that was charged off in 2017. After beginning our credit repair process, I noticed the account was reporting the payment history inaccurately on Equifax and Experian. We disputed many times, then ended up suing them for FCRA violations. They settled the case by forgiving the debt and deleting the account from all reports.
But now they’re back! In 2020, they sent us a 1099-C for an amount just a little bit shy of the balance. I believe it was just the principal balance, which amounted to $4,600. Well, as you know, it’s tax season. And who decides to send us another 1099-C for the same account/debt? Titty bank. They put the full amount of the debt this time; which was about $600 more than the first 1099-C they sent.
I have consulted my lawyer because it seems illegal for them to write off the same debt twice. He has advised we should sue them again. While I’m sure we can win the case, litigation and settlement takes about a year to do, based on our past experiences. It ended up costing us an extra $1,200 in taxes this year. What do y’all think? Should we spend more time and effort on this situation? I’m pretty sure Titty also violated terms in our settlement agreement for the FCRA case as well, in regards to them not pursuing further collection activity.
Any advice would be appreciated.- 24 replies
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American Express Member Since
MP80 posted a topic in Credit Forum,
I have come across a credit topic involving data point information that concerns AmEx's D* policy (which no longer exists) which triggered and raises an important question that may be of interest to anyone who has an AmEx credit card in their relationship history with AmEx.
This is to give credit and courtesy to an excerpt from the @cashnocredit post...
"I had an Amex in 1974, which closed in the early 80s. Opened a new one in 2011 but they didn't backdate me then. Had no record of it (which was always paid on time)."
Question?
Does AmEx have all your previous applications and cards approved and store all positive and negative data indefinitely?
- 42 replies
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Vig's Points, Miles, Cash Back, Earnings, Redemptions, and Shenanigans 2023 Edition
TheVig posted a topic in Credit Forum,
I decided to continue another year of my glorified spreadsheet. 2022 was a disappointment in the shenanigans dept. Most of the dive hotels I stay at did remodels during the pandemic. Not too many WTH moments. Disciplining myself to go under 5/24, allowed me to add a Chase CSP and CFU to the mix in 2022. The various dumpster dive apps I use paid off. To the tune of about $2000 in value.
Inflation being what it is, I'm more hyper sensitive than ever on what spend goes on what card, to maximize spend multipliers.
Credit Cards:
Amex Gold & Every Day MR 441,390
Amex Delta SkyMiles 205,415
Citi MileUp MC American Airlines 69,345
FNBO Amtrak Guest Rewards MC 135,948
Chase CSP / CFU Signature Visa UR 101,559
Chase IHG Traveler MC 66,064
BofA Customized Cash Rewards Visa (3% Travel) $0.88
Citi Double Cash MC (2% CB / TYP Everything) 21,186
Citi Premier MC Thank You Points 34,280
Choice Privileges Visa Signature 360,660
WF Active Cash Signature Visa (2% CB Everything) $87.44
Shopping Portals and Apps / Stacking Opportunities:
DOSH (CB) $18.56
Rakuten Amex MR Earning. Pays out quarterly. Points Pending: 6857
Fetch Rewards (GC) 27,439 Points
Ibotta (CB or GC) $7.65
Upside (CB or GC) $14.15
CoinOut (CB or GC) $8.65
Payce (CB) $18.97
Receipt Hog (CB or GC) 3156 Coins
Receipt Jar (GC) 2013 Points
Receipt Pal (GC) 4725 Points
Shell Fuel Rewards (Earning AA Miles 2miles/gal.)
Starbucks / Delta SkyMiles (Earn 1 SkyMile for every $1 spent at Starbucks)
AA Simply Miles
Airline / Hotel Dining and Shopping Portals
- 170 replies
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When will this last baddie actually drop off??
tps7c posted a topic in Credit Forum,
Hi Everyone!
I have one last bad account, unfortunately a repo, that is still on my Experian and Equifax reports. Before Experian changed their report format, at some point last year the repo account said "on report until April 2023." Well, it's April and it's still showing. Could it be until the END of April? Would it be worth calling Experian's backdoor number and asking about it? Maybe sweet talking them to delete it early? lol
What do you guys think? In comparison, this account was scheduled to drop off my Transunion report in January and was gone in December. Equifax is the worst and it show dropping from the report in July.
Thanks guys!- 15 replies
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Posts
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Someone once said that a banker is a person who will approve a loan application only when you can show you don't need the loan. Now that my credit scores on all 3 bureaus is over 800 and I have six figures in the bank and I own 5 houses free and clear, I certainly don't need any loans. I wonder if I will still get these *Admin prohibits insults that reference an individual's intelligence.* AA letters. Based on the OP's post, probably. -
Keep in mind that when a lender decides they don't want to do business with you they will make up ANYTHING for the Adverse Action letter they are required to send you. Lenders typically cite at least three factors for the AA letter, and facts have nothing to do with it. Here are some of the AA reasons I have gotten in the past and the truths behind them. #1 on the list - too many recent inquiries for credit. Truth - at the time, their own inquiry was the ONLY one on the CRA they cited. #2 - High balances in relation to credit lines. Fact - the account they cited had a $25,000 credit line and was reporting a balance of $8 at the time. #3 - Insufficient collateral value. Fact - this was to be a passbook loan of $1,000 and $5,000+ was in the account I was offering as collateral. I found that with that bank it was far easier to fill out a withdrawal slip than a credit application. #4 - Previous experience with debtor. Fact - that "previous experience" was Identity Theft and they knew it. #5 - FICO score too low. Fact - at the time my FICO score was within 5 points of 800. It is now in the 820's.
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I have never heard of Wells Fargo using the VantageScore 3 model for credit applications; Wells Fargo has always used FICO scores. I hold a Wells Fargo Reflect credit card; at the time I submitted my application, the bank utilized the FICO 9 credit scoring model, and it has since managed and maintained my credit account monthly. Today, I received an email from the bank offering a promotional incentive: a 0% Annual Percentage Rate (APR) on balance transfers for up to 15 months. Under this offer, the fee for balance transfers is 5% (with a minimum charge of $5). -
By Wildchilde36 · Posted
I never thought nothing about it, applied the husband for the 21 month 0 interest Wells Fargo card. They denied him, I was surprised but waited for the letter. When the letter came I had thought someone had stolen his information and was applying for credit and got a new loan. The reasons were: Too many inquiries or applications for credit in the last 14 days. (we have not applied for credit) amount on on bank cards to high relative to the credit limit in the last 6 months. (it was about 26% as new charges were put on just before statement date.) Too few months since most recent personal installment account opened. (new truck back in September 6 months ago.) Too many inquiries in the past 12 months. (1 inquiry 6 months ago for auto loan) Credit score is a 719 I scrambled to find out who the inquiry or application for credit was, why the low score and there's NOTHING. No inquiry at all nor a new loan/account reported, I'm not quite sure where they got the information. It says it came from Experian. Come to find out after pulling all reports from 3 different places this is an Experian Vantage score not a Fico score. The day his credit was pulled his vantage score was 719 and his FICO score was 771. Maybe I am just over reacting but when it said inquiries or credit in the past 14 days my heart sank thinking with all the security breaches going on that someone had stolen his identity. All Wells Fargo calls it is a "Credit score they did not specify vantage or fico in their paperwork so beware. They are using Vantage scores. Unknowing that to automatic credit line increases and me applying him for this card even crashed his vantage score. This leads to another question I have thought about for some time because if I think of applying for a low interest loan or something at a credit union I always ask if they use the fico score or vantage score because there is such a huge difference. If it's a vantage score most of the time I drop it and think see ya later. BUT.... the credit bureaus are essentially private owned. they are there to make money. So this whole Vantage score thing makes perfect sense. You create your own scoring, which is lower than fico, offer businesses a cheap rate to pull the vantage score over fico and in turn they can say your score is low and offer a higher interest rate. I it's just a theory but that's the way it seems to pan out. Why would a business not benefit from using the vantage score over a fico score when it makes them more money? It seems to me a way to work over the consumer. Just my rant for the day. -
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