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Flyingifr

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  1. Let me know when they start sending out credit cards made from dried cow manure. I may use them at the local Agway store to buy fertilizer for my garden (but then again, I could just put the credit card in water ans skip the Agway part).
  2. At the time I had no idea who Cross River was. I seldom app for credit, relying on my $50K or so Credit Card lines when needed, which I pay off in full every weekend.
  3. In matters like this I make no distinction between the OC and the CA because under the Uniform Commercial Code Laws of Agency, the Principal (the OC) is liable for the misdeeds of the Agent (the CA), as well as the Agent being liable for their own misdeeds.
  4. I bet if she DIDN'T pay the rent on time they would report THAT for free. Get this "deal" in writing and the first month they "forget" to report it, I would use Small Claims Court to sue them for Breach of Contract, and if they retaliate against her by reporting that she paid late when she didn't, I would then sue them for the FCRA violation. Congratulations, they started this "I can be a big prick" contest, let's see who wins it. And... since you are the Guarantor, you also have standing to sue them on your own for exactly the same reasons.
  5. Thanks for the response. I have an Upgrade card, although I have never used it. My FICO scores are 800+/-15 depending on the direction and speed of the tides in Hohhot, China. I have no idea what its terms are because I have never used it. I have also gotten Adverse Action letters with absurd "reasons" - including, like you "too many inquiries" (in that case the bank sending the AA letter was the ONLY inquiry on my CRA file), "Too much outstanding debt" (It was $0 at the time), "mortgage payments too high in relation to income" (I had paid off the mortgage 6 months earlier so there was no mortgage) and my all-time favorite "There is another mortgage lender located closer to you home" (in this case that lender was across the street from the lender declining the loan). Given that my FICO scores are in the 800's and i have $4,000 a month in guaranteed income and absolutely no debt I am still in disbelief that Cross River classified me as "subprime" but from what you and others have said, they don't know how to look at anyone who is NOT subprime, so therefore everyone is subprime in their view. I declined the loan. I don't need it, the home improvement will happen with or without it.
  6. Don't want to re-start the SOL? That's easy - just ignore them - no calls, no letters, no payments. Other than try to re-age the account (which they seem to be doing regularly) there is nothing a creditor can do that would re-start the SOL - if there was they would all be doing it all the time. Filing a FCRA and/or FDCPA suit against them does not re-start the SOL.
  7. It is common sense that lenders make more money classifying you as a poor credit risk than a good one. I had this go-around with Cross River Bank yesterday. I am putting a new boiler in my home (approx cost $6K), I have more than enough cash to just write a check, but I figured I would see what I get offered to not do that). Anyway, I soft apped to Cross River Bank, and get an adverse action letter denying because they were "unable to retrieve record from credit bureau". Funny, because no one else has that problem. It would be a soft pull anyway, so I figured I would talk with them and see what they had to say. I called. Seems they could not pull by TU because they didn't have my Social. Their Prequal web site never asked for it. I re-verify that it will be a soft pull, they re-confirm. OK, I give it to them. They they want to know about my income ($4,000 per month Social Security and Pensions) and my mortgage payment (None, I paid cash for my house). Any other debts, they ask? Nope. Planning on any other debts within the next 60 days they ask? Nope. Car payments, they ask? None. Student Loan debt they ask? Not since the 1970's. My FICO scores all came in over 800. So, now the loan looks like this - $4,000 monthly guaranteed income, no debt, own a house and 2 cars free and clear, financing a boiler for a house with a cost not to exceed $6K. If I don't make the payments and they get a judgment they will be a first and only lien holder on the house. I am asking for $6K and they conditionally approve for $15K, more than double what I am asking for. They don't even know about my $200,000 in the stock market and bank accounts, money I can raise in less than a week if I need it. That is $200,000 cash plus $85,000 home equity to secure a $6,000 loan. I used to be in the credit industry and I don't know anywhere that would not consider that a pretty secure loan. Sounds like a pretty solid loan, right? Not so fast, all of a sudden I am sub-prime!!!! Their interest rate starts at 20% and goes up to 36% depending on how long I want to drag the payments out. So.... they were willing to lend me more than double what I am asking for, so at that point I was obviously not sub-prime. With 800 scores, I am obviously not sub-prime. Five minutes later, when the question of interest rate comes up, all of a sudden I am sub-prime? What gives? It seems they don't consider the fact that I have no mortgage, and $4,000 a month is just too little to make their $350 or so payment. After all, EVERYONE has a mortgage, even if they paid cash for the house. Lesson learned. Pay cash for the boiler and to hell with them.
  8. As a tax accountant I will not accept any client that is involved in Virtual Currency transactions. Period. It's me or the Crypto, not both. With the fall of FTX and the or so lawsuits to be filed against the celebrities who touted the company, the legal exposure is just too high, although my policy far pre-dates FTX.
  9. OP - you have several issues here wrapped around a dead fish that is stinking up the whole thing. You need to know DOLA as well as DOFD, but for different reasons. You need DOFD for tracking the 7 year reporting period under FCRA (actually it is 7 years 6 months because the Feds give the creditor 6 months to start the FCRA clock). You need DOLA (actually, Date of Last Payment, DOLP) for determining when your State Statute of Limitations for suing you expires. Most States are 6 years and that clock starts when the first payment is missed, and in many states the date re-sets with each payment made after the account went delinquent). Your rights under Federal Law will rest on Fair Credit Reporting Act (FCRA) and possibly Fair Debt Collection Practices Act (FDCPA). If you live in California you have the State Rosenthal Act and if you live in New York City you have the City Department of Consumer Affairs regulations backing you. You don't want to rock the boat until the Collection Statute has expired. That strips the creditor of their right to sue you and get a judgment for the defaulted lease. FCRA and FDCPA have a 1-year SOL to sue under them, but each violation carries its own separate SOL, so while an occasional TL showing the account current may seem innocuous, it actually represents a separate FCRA violation of deliberately reporting false and inaccurate information, and "poisoning" your credit file as well as the FCRA violation of "re-aging" the delinquency, and, if the creditor is a Debt Collector as defined in FDCPA, it also represents a violation of the prohibition against false and misleading representations. It is interesting that a POSITIVE TL entry could trigger a FCRA and/or FDCPA lawsuit, but ANY false statement rises to that position. Hegemony has asked you a couple of times who is doing this reporting. I am now asking the same question, so that we can all help you with not just the FCRA action, but the possible FDCPA action also. I am sure your creditor would just LOVE to get sued twice for a debt they are powerless to counter-sue you over.
  10. Flyingifr

    Credit

    Depends on how late, how long the account was late and who the creditor is. There is no stock answer that says "yes" or no" nor is there a list that shows which will and which won't, although a list of which won't would probably be much longer and more reliable than a list of which will.
  11. Objection Overruled - once the debt is paid, it is paid, as long as the payment occurred before the TL was entered. Strict liability Statutes are funny that way. Whether the account actually went into default or not is irrelevant, it was paid. OP says before the TL was put onto the CRA files. Where the OP lives now or later is also irrelevant. The only thing that is relevant is whether the debt was owed or paid when the TL: was reported - all else is smokescreen.
  12. It could be 100% for all I care, I don't ever plan on using the cash advance feature anyway.
  13. It shut down some years ago
  14. As a Junk Debt Buyer they are subject to Fair Debt Collection Practices Act. They reported a paid account as a Collection Account without giving you the opportunity to dispute it? How about you file a lawsuit for the FDCPA violation of Misrepresenting the Legal Character of the Debt (15 USC 1692e, FDCPA Section 807(2)(A)) claiming $1,000 Statutory Damages without giving them the opportunity to correct it? After all, FDCPA is a "Strict Liability" statute, maning once the violation is committed, they cannot un-violate it. As a lawyer will put it, "You can't put the fart back into he elephant."
  15. New Castle
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