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Everything posted by direct

  1. I'm watching the YouTube videos on this as well by others that have been burnt by paying for what they thought was credit repair. Apparently, Mike's ploy was not to sell credit repair but to sell educational courses as it is illegal to take upfront money for credit repair but not illegal to charge upfront for educational courses. That would all make sense if it was made clear to the people that paid thousands upfront with the implication that their credit would be repaired by the people at the credit game. Amusingly enough, everything the credit game "teaches" is available for FREE right here at the creditboard.com.
  2. Why would a car dealer want to deal with that aggravation as well as the attorney and court costs when they could just do what they are doing now...limiting their exposure to credit card purchases.
  3. Mike Rando who has a popular YouTube channel regarding credit repair and related topics and trades at the "credit game" shut down by the FTC... https://www.ftc.gov/news-events/news/press-releases/2022/05/ftc-acts-shut-down-credit-game-running-bogus-credit-repair-scheme-fleeced-consumers
  4. Other than the % paid to process the card which is usually around 3% of the charge, the dealer is open for the possibility of a chargeback as there is no lien placed on the car compared to a traditional car loan. In the event of unauthorized use of the card or other cardholder dispute whether legitimate or not, the dealer could be subject to a total loss if they were to take full payment of a car by credit card. This is not to say that no dealer would entertain the possibility of doing it or to say that no dealer has ever done it, but this is the reason why most dealers wouldn't accept a credit card other than for a deposit, down payment or other small % of the purchase price. The dealers that I have done business with usually have a max exposure of anywhere from $2k to $5k for a credit card. Some that I have dealt with, will take a higher amount with a debit card but no more than $5k max.
  5. Bank of America Chase Comerica Bank These 3 banks have issued high credit limit cards out of the gate and all have 0% APR introductory offers. If you bank with Bank of America and show consistent deposits and a growing balance (as in you actually have a successful growing business) they will review your business checking accounts and payment history on your business credit cards and work with you regarding credit line increases to accommodate your growth. I started off with a single $20k card at Bank of America about 11 years ago and now have 4 business cards with the largest one at $75k. Couple of data points... Other than carrying a balance during the 0% intro period, I've always paid the cards off on a monthly basis and on many occasions came close to maxing out the main card. That demonstrates to the bank that you can responsibly handle the credit line and can reasonably handle more. Now if you are constantly carrying a balance and only making minimum payments, then your success with getting larger credit line increases may not be so good.
  6. I started off 2021 with 2 current auto leases that were close to 2 years old each. My FICO 8 credit scores were either at or near 850 on each each bureau. In May 2021, one of my cars was involved in an accident and the car was totaled. Insurance and GAP paid off the lease. Score still remained high. At the end of October 2021, I was able to have a car dealer pay off my 2nd car lease and I walked away with a check for the difference in equity in this crazy car market. A first in my life time. Also, just before this transaction, I purchased a car off the dealer's lot (new loan) to hold me over until two ordered cars arrived which wouldn't arrive until the beginning of March. When the 2nd car lease was reported paid, my score dropped 30 points. When the new car loan reported about a week later, my score went up 6 points...So now I have 1 new car loan reporting and both leases reported paid....Net result...a 24 point drop. As time progressed from the 24 point drop in November, my score gradually went up about 5 points. In March, both ordered cars arrived the same day. I decided to lease both of them and ran each one through a different lease company. I also traded in the car I purchased in October 2021. So about two weeks later, the car loan from October was reported paid and the first of the 2 new car leases reported on my credit reports. Net result, a 6 point gain. When the 2nd car lease reported, my score increased 15 points. So now a 21 point gain. Bottom line, having 2 new car leases report resulted in an immediate net gain of 21 points and my score was almost back to where it was before the previous 2 car leases were reported paid. So having 2 car leases reporting from day 1 has increased my FICO score more than having 1 car loan reporting and paying off both of the previous leases resulted in a big drop. This is the opposite result of paying down credit card balances. It's actually better for my credit score to show 2 car leases instead of 1, even though it increases overall debt on my credit report rather considerably. Another interesting fact was the inquiries from the Car loan in October 2021 and the 2 new Car leases in March of 2022 didn't seem to drop my scores more than 1 or 2 points on each bureau.
  7. I really think someone tried to apply for credit with some of your information. The fact that L/N doesn't have your info correct and now your phone number is in a risk database. Either that or your info was hacked during a data breach and that's why your phone number is showing up in that database.
  8. I applied for the business version and the limit was about 65% of my personal apple card. I figured I would use it for a while and then request a higher limit. Business limits for me are usually substantially higher than my personal cards. Not sure if GS is more risk adverse or something else.
  9. I got the answer. They do the soft pull just like the Apple Card. I was approved but had to upload my drivers license. I locked my reports as soon as I was approved. Works just like the Apple Card. No hard inquiry on my reports.
  10. I applied for the GM business card from Goldman Sachs last week. They couldn't identify me either but didn't decline the app. They requested that I upload a picture of my Driver's License. It took a few days and they approved the app. By the way, it works the same way as the Apple Card. They do a soft pull to run your app, but they don't do a hard pull immediately. I locked my credit reports immediately after the application and no hard pull was completed.
  11. Has anyone applied for the GS GM Mastercard, got the soft pull preapproval, accepted the offer and then immediately locked their credit report? This was a trick done when the GS Apple Card came out as the hard pull was usually at least an hour after the preapproval was completed and if you locked your credit report immediately after the acceptance of the card, there was never a hard pull but everything went through anyway.
  12. I think that answers your question. If Lexus / Nexis is unable to find your information based on the info that YOU provided. Something is incorrect in their files. Perhaps someone fraudulently attempted to obtain credit at one point in the past and they have that info on file or perhaps they still have an old address or some other outdated info. Could be many possibilities. I would follow up with LN and see what it would take to update or start a file with them with the correct info.
  13. Here is what I suggest. Pay cash for a practical car like a Honda or Nissan in the $40k or under category. Hang onto it for the 1.5 years that the Chase account will take to fall off your credit report and when your lawyer settles the other debt, make sure a pay for delete is part of the agreement. So, in less than 2 years your credit should be well above the 700 level and you won't have an issue getting the car you really want.
  14. It's possible that your record at Lexus/Nexis has information that doesn't match your actual information or possibly even on your credit reports. This could cause the problem with your app. Last year I applied for a 2nd Chase business card, I already had one Chase business card in good standing. They needed me to email a Utility Bill and the first page of a bank statement to verify my address. I told them I already have a card, what is the issue? They said each account much stand on it's own and if they can't verify using whatever system they use, they need further proof.
  15. I have a very close friend that had limited credit (2 low limit cards and a 3rd low limit card that was closed and reporting closed and delinquent) reporting and a 550 Fico score. When the one delinquent account fell off her report after 7 years, her Fico score went up to the mid 600's. I made her an authorized user on 3 of my major credit card accounts. Each account had at least an $18k to $27k limit with little to no usage. Here mid 600 score shot to 805. She then applied for an auto lease and was approved at the lowest rate available. Perhaps some card issuers are more particular, but in my friend's case...Honda Financial had no issue that the bulk of my friend's accounts were authorized user and her address is different than mine. Now, she has one successful auto lease showing paid and a 2nd auto lease that is over a year old reporting. She has not yet applied for any cards on her own, but I'm thinking with the two car leases and 2 of her own cards still reporting, she should still have enough credit to be approved for at least a low to mid limit card on her own.
  16. There is another option. Find someone else that has high credit limits, long established accounts with low to no utilization and become an authorized user on their accounts. Have your parents remove you from their accounts. And now with the knowledge that you have, get a few new cards of your own and let them age.
  17. I have a very good friend that is an authorized user on a few of my cards. She somehow signed up for an offer that put her card into an automatic subscription which she didn't want, wasn't aware of, etc. Company must be a scam as I called to find out what the charge was for and they couldn't or wouldn't even tell me. The had to check and call me back which they never did. Merchant name is "Chozy Fitness LLC - Yo" they also have other merchant names that are similar but on different merchant accounts. I disputed with the card issuer (Barclays). They gave a provisional credit while they investigate and I asked them to block the merchant from charging again. Next month, charge shows up again. I call Barclays again, dispute again, gave provisional credit, I asked them to block the merchant, etc, etc. Third month, charge shows up again. This time, I'm pissed. I call Barclays, explain the situation and ask them to close the card and send a replacement due to fraudulent use. During the same conversation, rep said automatic charges may transfer over to the replacement card. I asked them what was the point of replacing the card if that can happen? Rep didn't have an answer. End result was The morons ending up replacing my card and not my authorized user's card. At this point I'm boiling. I call today...automated message at Barclays that their system is down and to call back again later. I logged into my online Barclays account and just removed my authorized user off the account and explained to her that it wasn't worth my aggravation any longer and I'm done spending time on this. I told her to use a different card and NEVER to sign up for automatic payments with any merchant other than a reputable company that she has done business with in the past. My question is...has anyone else had an issue like this and successfully got out of an automatic subscription without needing to close an account? Fortunately, I didn't have to close MY CARD but I'm curious as how to handle this situation if it ever happens again and if anyone else had subscriptions automatically carry over to a replacement card if the card was replaced due to fraudulent use. Ordinarily, I would think this would be very convenient but not in the case of a scam subscription.
  18. Well, we have a difference of opinion. Fortunately, for me, this just happened to me with a 2019 Lincoln Continental. Exactly 2 years to the day of leasing the car, a hit and run driver (driving a stolen car) smashed into the rear of my car at a high rate of speed. Fortunately, I wasn’t hurt, but the car was totaled. Had I put anything down on the lease, I would have kissed that goodbye. I walked away from the remainder of the lease just having to pay the deductible. My insurance cut a check over $50k to pay off the leasing company and Gap filled in the rest. Proceed at your own risk, but to think the odds of not getting into an accident with a new car vs an old car is a bit naive.
  19. I'm starting to see vendors that I do business with charge a fee to pay by credit card. I am also seeing advertisements for credit card processors that pass the fees to the purchaser rather than the merchant so I do think we are in the very early stages of what may become a trend. One way or the other, the merchant must build the fees into their pricing so either you pay iit as a surcharge or as a slightly higher cost for the merchandise or service you are buying.
  20. I like to lease my cars and since the chances of gaining equity in a car lease are slim to none, I like to put 0 down. In the event of an accident where the car is totaled, you will get nothing back from your insurance company unless you found a unicorn of car that is worth more than the payoff at the time of the accident. (Actually this is quite possible at the time I'm posting this due to the unique situation where car supplies are dwindling due to the chip shortage) but in ordinary times you will get nothing back. Gap insurance covers the difference between what your insurance company will pay and what is owed to the lender so it really doesn't make sense to put anything down on a lease.
  21. Once your credit score is 760 or over and your credit report is clean, most lenders auto approve your loan without requiring any proof of income (as long as the auto loan is under $100k).
  22. I have not followed up with Sam's Club Customer Service. My conversation thus far was with Synchrony. Sam's Club was the issuer of the annual rewards check. Accumulated Rewards activity does show up on the monthly statement but does not show up online when you check your account activity. Unless I click on the PDF statement, there is nothing on line that has the accumulated points. This is also new as the accumulated points used to show online as well. I will follow up with Sam's Club customer service and see if they will do anything. Thank you.
  23. I have a Sam's Club business Mastercard and I think the personal works the same way. They give you 3% back on restaurant purchases and 5% back on gasoline. Up until last year, they would send you a check once a year for the rewards that accumulated and you can bring the check into any Sam's Club and either cash it or spend it at Sam's Club. Last year they didn't send a check but added it to your card and you could essentially do the same thing. Bring your card into Sam's Club and get the cash or spend the rewards on merchandise. Due to the pandemic, I chose not to go to any bricks and mortar store and I figured I would get my rewards when things calm down a bit. I called support and they advised me the 2019's rewards had to have been redeemed by December 2020. I told them the reason why I didn't redeem the rewards earlier and no dice. I had over $600 rewards accumulated and it's gone. I also advised them that I did not get anything in the mail advising of the expiration date. (I'm sure it's in fine print on something that most people never read to cover their liability, but I never saw it.) After speaking to a supervisor who said there was nothing they can do. I decided to sock drawer the card and use another that has similar rewards but where you don't have to wait a year and can redeem them monthly. Just thought this may spread some light on their rewards practices to other people using the Sam's Club rewards cards. I'm sure a decent amount of rewards go unredeemed year after year due to this practice and the fact they no longer send the rewards checks in the mail.
  24. I don't like Cap one business cards because they report to your personal credit reports. One thing I learned years ago is that you don't want high balances reporting on your personal reports because it looks like in banking terms that you are "sufficiently obligated". The best way to obtain business credit with high lines is to have high personal credit lines reporting on your personal reports with low to zero balances. Owing 5 or 6 figures on your business cards is not an issue but showing those numbers on your personal reports will tank your scores and make it difficult to get approved for more credit down the road....even if things are going great in your business. The perfect way to get approved for business cards is to leverage your personal credit history with 800+ scores and relatively little to no balances reporting on your personal reports when the business cards pull your credit score. Bank of America and Chase do not report business cards on your personal reports and Bank of America has been very generous with business card credit line increases well beyond $50k.
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