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Beginner's Credit Information

Definitions, explainations, where to begin

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    • Greetings,
      I recently had 11 Chase credit cards closed. Seven were personal, and four were business cards. The combined lines were 186k. The balances on them were 211k. My overall utilization was 55% and overall credit lines were 474k. The credit scores at the time were around 700 each, and average age of accounts was 10 years. I had 22 total accounts.  I was paying close to $3k in interest monthly. A few days before the closures, I added four authorized users on three of the cards. I assume this may have triggered it. In total, I have spent over $15,000,000 on Chase cards in the last 10 years.
      In summary:
      -My total open accounts went from 22 to 11.
      -My average age of accounts went from 10 years to 6 years.
      These are my questions:
      1.      What would be the reasons why an institution such as Chase would take would such drastic measures without first discussing any possible issues directly with the customer?
      2.      Are there any state or federal regulations that banks need to follow when terminating relationships?
      3.      If banks do use rules and guidelines, are these rules and guidelines internal or can they be known by the public?
      4.      If the rules are internal, is there any state or federal regulatory agency that reviews the rules to make sure they are legal?
      5.      If there is, how can the public know that the government agencies are actually doing their job?
      6.      Has any of you had something similar happen to you?
      Any answers, tips, or comments are greatly appreciated.
      • 42 replies
    • What is the best way to remove inquiries, and also can i remove inquiries with accounts attached??  Please Help!!!!
      • 20 replies
    • I discovered fraud on my Walmart store card from CapitalOne and disputed the charges.  They have mailed me a replacement card.
      CapitalOne just wrote me:
      We do not believe we made these charges.
      How should we best proceed to try and recover the monies lost due to fraud?
      • 13 replies
    • I have over 8-9 accounts all in exceptional rating. No lates, no derogatory on all bureaus. 3 are AU’s and 6 are primary. 803 TU and 783 EQ. Looking to get a high balance credit card. My utilization is 0%!!!!Please advise me in right direction 
      • 29 replies
    • I'm trying to decide what step to take next regarding a collection.
      I don't think this place is officially a "collection agency", but in doing some research, it seems like an attorney who does a lot of collection, so they are supposed to abide by the FDCPA. However, I am pretty sure that they are violating the FDCPA after looking up what fees my state allows them to charge as a tax lien buyer/holder.
      But even if they are violating the FDCPA, and I have written documentation, does it do me much good? It seems like my only options are to file complaints with my state agencies or get an attorney to threaten/negotiate. From what I read, the CFPB would just forward my complaint to this collection place and keep a record of it, not much else.
      I feel like a really good attorney could help, but that it would be hard to find a good one who doesn't need upfront payment and charge a lot. I could afford it, but I'm worried about the chance of spending even more money. If the attorney doesn't have success with reducing the debt more than the attorney fees, that is. I feel like it's only worth my time if the attorney could get the debt significantly reduced, and the odds of that are very low, right?
      Also, I know I could send something like a debt validation letter, but I feel like they would respond and what good has it done?
      I feel like they are probably charging excessive fees to many broke people in my area, which makes me very mad (and they also did something else which upsets me but it's way too hard to prove), but due to some personal circumstances, I don't think I have the luxury of caring about justice for other people or myself, sadly.
      So I'm thinking of doing nothing (and letting them collect the unfair fees from me), but I would like input in case I am overlooking something.
      • 10 replies
  • Posts

    • Good Afternoon, I recently purchased a home in summer of 2019.  We are thinking of selling it next year around May 2021 or so and purchasing a different home north of where we live to be closer to my husbands job.    I know its more challenging for a homeowner to accept an offer with a selling contingency, although I know I wont have an issue selling this home as its in a desirable neighborhood with a good school district and its updated.  I am trying to plan ahead as much as I could and I was wondering if it would be better for us to move out and put the home on the market and rent until we find a new home or stay in our house and put offers in with the contingency?  We would need to try and save accordingly.   Also, would there be any tax consequences with selling and buying?  If we make any money on the home it would be used in the down payment for the next home.   Any advice or experience sharing would be greatly appreciated.   Thank you in advance!
    • I was unable to locate my old card which I looked for when folks suggested the actual card was used for chip reading.  I let CapitalOne know the card is missing and they reinstated the fraud claim.  The online charge (which was much less) remains open, they said since online, they have to send to Walmart.com to look into it.
    • Link:  https://www.theguardian.com/money/2020/sep/21/britons-eu-uk-bank-accounts-closed-lloyds-barclays-brexit
    • That's interesting and makes sense. Most cloning fraud is done by just recording the mag stripe but the card itself is just any old random old card with a mag stripe. Requiring the store to enter the card number manually after swiping is a lot more secure since only the high end crooks have the means to physically make an actual CC with numbers that match the mag stripe they recorded.   There aren't that many high end crooks but the ones that exist have a central operation and use mules to take the cards out to buy stuff. The mules get a cut.
    • I see it as something more useful for biz owners to link biz accounts. when you link, you are asked to denote if the account is personal or biz.

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