Business Credit
Information on establishing business credit and creating a business credit score.
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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.-
- 61 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.-
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- 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?
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- 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
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- 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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By TeeSharice · Posted
https://www.wsj.com/finance/banking/jpmorgan-in-talks-with-apple-to-take-over-credit-card-from-goldman-67b24d14 “The team at JPMorgan negotiating the deal wants to pay less than the full face value of the roughly $17 billion in outstanding balances in the Apple credit-card program…Apple has both subprime exposure and terms associated with its current program that could be costly to take on for any issuer…JPMorgan also wants to do away with…Apple’s requirement that all cardholders receive their statement at the beginning of the month” -
Does Amazon Store Card have a CLI button? My only first hand with Synchrony is Verizon Visa and I never called ‘em for CLIs. Just mashed the luv button every few months and slowly worked CL from 4k to 20k. Stopped when the denial reason changed to some variation of “You have the maximum credit limit allowed for this account.” Did the same with Discover and worked it from 1.5k to 31k. I batted close to .500 with Synchrony and around .300 with Discover. Some singles (Disco once graced me with a $300 increase, lol) and a few home runs ($8,000), most in the middle of those two extremes. YMMV but discounting local FCUs (that still use human underwriters, crazy idea) I have never talked to a human to get CLIs. Play the algorithm and what will be will be. -
It sounds like you’re outlining promotional pulls? I’m opted out of those and have none on any of my reports. I’ve been opted out for decades and don’t get random credit card offers in the mail. I occasionally get them through existing business relationships (e.g., Alaska Airlines, NFCU, Amex) but there’s no underlying promotional “pull” associated with those. This shows up with the rest of the monthly “Account Review” pulls from nearly all of my institutions.
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That's how a "Fee Harvester Card" works - give a $500 CL and use it up with $490 in fees. Next time, tel;l her to open a Secured Card - that way the extra money that the Fee Harvester would have charged her will go to increasing her credit line. -
A soft pull is not initiated the same way a hard pull is. A hard pull is initiated by the consumer apping for credit and the lender pulling that person's credit file to make a lending decision. A soft pull work differently - the lender gives the CRA a list of criteria that they want to solicit - it could like this: FICO score over 720, 3 active CC TLs in good standing, no delinquencies over 30 days, at least 5 years of credit history" --- on and on. Anyone who meets their criteria will have a soft pull. Because the consumer did not initiate the pull, it cannot be counted against the consumer in figuring the FICO score. If you really want to stop the FCU from soft pulls, get a couple of delinquencies in your file and the sift pulls will all stop pretty quickly. So will the approvals, but at least you won't have those annoying soft pulls. Many people (myself included) look at soft pulls as a kind of "atta boy" for having good credit.
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