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Debt Consolidation, Counseling and Management
You're in debt and don't think you'll ever get out, maybe got some late payments, but are trying to work something out so you don't completely trash your credit. Discussion of Debt Management Programs, debt consolidation, settlement and consumer credit counseling programs.
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Our picks
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Chase closed all 11 of my credit cards with them !!
AlexR posted a topic in Credit Forum,
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.-
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- 42 replies
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Best way to remove inquiries
Wade3 posted a topic in Credit Forum,
What is the best way to remove inquiries, and also can i remove inquiries with accounts attached?? Please Help!!!!
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- 20 replies
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CapitalOne says Fraud on my Walmart Card benefited me?
Menta33 posted a topic in Credit Forum,
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?-
- 16 replies
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What should I apply for don’t want to be denied
Tavares123 posted a topic in Credit Forum,
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
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Should I file a complaint, request validation, get an attorney, or do nothing?
PoorGirl posted a topic in Credit Forum,
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
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Posts
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I've never had a stolen card before. All my other fraud issues have been with someone guessing the number somehow. It never occurred to me that someone had the physical card since I've never had that happen before so it did not occur to me to look for it. I don't recall what they asked me first time, they may have and I said yes, not thinking about it too hard. Better would have been for them to ask for the ccv number on the back to prove I still had it (or had previously recorded that number). The other strange thing I do recall about that call was fact that my wife's card number which I did have in hand was matching my account number even though they insisted her card had to have a different number than mine. Clearly their records were broken on that one since I had it in my hand with my number on it, not her authorized user number on it. They sent a replacement for her card, using same number as before for her card that I supposedly already had. -
Just to be clear: You dispute with the CRA's when you're hoping to get rid of adverse info that is actually legitimate, so disputing with the creditor isn't helpful. On the other hand, you dispute REAL inaccuracies with the creditor first, because they're ultimately in the driver's seat in assisting you to get this resolved. Why would you to go a middle man??? -
Just to "pile on" w/ cash ... I'm really surprised that, when you entered the dispute, one of the first things that the CSR asked wasn't, "Are you in possession of your card?"
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By cashnocredit · Posted
That certainly explains things to date including Cap1's initial rejection of the fraud claim. A chip verification is presumptive evidence the cardholder authorized the transaction. But, of course, a lost card that is found by someone and used to buy stuff won't be detected by a chip. Curious as to why you didn't look for the card right after first noticing the bad charge? Didn't Cap1 ask you whether you had the card in your possession when you first called them to report the fraud? That's what my bank did when my card was cloned and used to buy stuff in Australia. First thing I did when I noticed the charge online was check my wallet and had it out before I called the bank. Any idea where you might have lost the card? I strongly recommend you file a police report and provide a copy to Cap1. This should help your case because you put yourself in legal jeopardy if you had lied about losing the card. -
Still waiting for reports. Was GE Sports GECCC? We had one of those, but never late and paid off early. Never had a Sync account in the negative credit days. Current is Amazon Store always on time and PIF every time. AU -PPL MC also in good standing. Had Wally went to Cap 1 with others in good standing.
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