Jump to content

eelb

Members
  • Content Count

    877
  • Joined

  • Last visited

About eelb

  • Birthday 01/27/1953

Contact Methods

  • Website URL
    http://
  • ICQ
    0

Profile Information

  • Location
    Deep Southern Illinois
  1. I think you're confusing your state's SOL for lawsuits, with the FCRA's 7 year reporting period. If the account went delinquent in 2012, it will be on your reports until 2019.
  2. Trying to figure out how to play a shell game with this, to get my utilization down. As I understand it, mid-cycle would be about a week or so after the due date. So if one pays in full by the due date, and then restrains from using the card until mid-cycle, their balance would report as zero. Then between mid-cycle and the due date, use the card. Rinse and repeat. Am I missing something here? I have the income to do this, but have been remiss with timing the reporting dates apparently.
  3. Case dismissed. The plaintiff either spoofed the call, or just flat out lied. http://www.courthousenews.com/2013/08/12/collier.pdf
  4. What's the balance on the Cap One card? If the utilization is high, and near the credit limit, this will have a great affect on the credit score. How old is your oldest account? This affects the score as well. I seriously doubt that one black mark from 2009, is going to affect your score to the point that it's down to 574.
  5. Whether or not a renewal reappears on a CR, is dependent on if a new case file is assigned. This differs from state to state, and even among courts. If a refiling is required for renewal, with service, court appearance, etc., it's likely going to show up as new to a CRA public record gatherer. If the creditor just has to file a memo or something, to renew, it probably won't show up as new on a CR. Public records is one area with human involvement in CRA reporting. They pay people to go to courthouses and collect this information.
  6. eelb

    Bankruptcy!

    the way rebuilding post bk is easier than those trying to rebuild with old COs, late payments, etc. is that if done correctly, the BK provides a clear divide between past bad behavior and (post BK) good behavior. I have a BK from years ago -- more than a decade -- and before I was married and I still have to disclose it even though it is long gone from my reports. One intangible advantage of BK that is purely anecdotal is when asking for reconsideration I've always been able to point out how since my BK my credit is perfect and I've learned to handle my finances to a point where our DTI is under 10%. I don't there is a best or easy way to rebuild. for example, someone who is not technically financially BK should (IMHO) not file BK just to help him or her rebuild credit. but then there are a lot of people who would have been better off filing BK instead of trying to deal with scumbag CAs for 456 years. Hege - when does this cloud ever go away? Not even in 20 years? I know it drops from reports after a decade, but I guess it will always come up in other repositories for the rest of our lives? never; it is a public record and any time I am asked have I ever filed BK (such as on a mortgage app, job app, etc) I have to disclose it. I've never seen "have you ever had a charge off" FWIW I think when the reporting period is up..others like L/N and such should be required to delete them as well, I think they are one of the ones that keep them listed after the CRA's drop them - or the courts should ex-sponge the record..lol I just got my third Chex report since BK - now this last one I see, they are now reporting the presence of PR's and BK's How old are the PR's and BK's, that ChexSystems is reporting? This is the first I've heard of this. Have you posted this info over in the Chex forum?
  7. I hate hippies and JDB's. Tough call... tough call... Bingo! I'd have more confidence in this endeavor, if some other group was spearheading it.
  8. The various Midland class action suits around the country, will result in more debt forgiveness, than what these clowns are proposing. Far, Far, more.
  9. Can you explain? Because you're not dealing with something that is static and finite. For a single entity to buy up every debt portfolio in America, and do it on an ongoing basis, is a financial improbability. My guess is that this is strictly a publicity stunt geared toward media attention. I would look for the "Occupy" group to isolate the debt of some prominent group members who have a horrendous amount of defaulted debt. Then use their "moles" within the debt buying industry, to purchase the debt, and henceforth forgive it. A demonstration will then be held with a burning of the loan documents or something. The press will give them another 15 minutes of fame, and the concept will soon be forgotten. For an idea like this to become a widespread business practice, it requires that someone make a profit doing it. There are not enough philanthropic debtor sympathizers to make it work. As for doing this on an individual basis, it would be like finding a needle in a million different haystacks. One would need the competence of a professional debt buyer before even attempting it. what if they were to do this under a non profit organization? like, be a credit repair / debt forgiveness agency who focuses on forgiving debts of people along with teaching and repairing credit? That's pretty much what they're doing. They're not only buying up and forgiving debt, but providing education. It's an interesting concept. As far as other comments here... no one is saying it's going to become a "widespread business practice," and the people doing it have no INTEREST in "making a profit." Not everyone is motivated by the desire for profit. It will work as far as it can work. Whether it helps out 10 people or 100 people or 1,000 people, it still helps people. And that's what it's about. Helping as many people as you can. Holding a canned food drive is not a long-term business model either, but it does what it sets out to do... help as many people as you can, when they need it. It's certainly not a symbolic gesture like a bonfire where people throw in all their credit card statements. Read the Salon.com link I provided to get a better idea what it's all about. Whether you agree with it or not, at least learn about it. I've read all the articles and moved on. It won't work. And anyone who knows anything about the debt buying industry, knows it won't work. Like I said, they'll isolate some debt of some prominent group members, buy it, forgive it, hold a press conference, and that's the last you'll hear of it.
  10. Can you explain? Because you're not dealing with something that is static and finite. For a single entity to buy up every debt portfolio in America, and do it on an ongoing basis, is a financial improbability. My guess is that this is strictly a publicity stunt geared toward media attention. I would look for the "Occupy" group to isolate the debt of some prominent group members who have a horrendous amount of defaulted debt. Then use their "moles" within the debt buying industry, to purchase the debt, and henceforth forgive it. A demonstration will then be held with a burning of the loan documents or something. The press will give them another 15 minutes of fame, and the concept will soon be forgotten. For an idea like this to become a widespread business practice, it requires that someone make a profit doing it. There are not enough philanthropic debtor sympathizers to make it work. As for doing this on an individual basis, it would be like finding a needle in a million different haystacks. One would need the competence of a professional debt buyer before even attempting it.
  11. Why would they report? It's not a credit product. All prepaid cards are backed by a bank somewhere. Most don't have the branding power of AmEx, and don't advertise in the marketing of the cards. The bank behind the majority of prepaid cards, is Metabank in South Dakota. But you will only see the cutesy name of the card, and have to read the fine print to see the name of the bank. Prepaid cards have always been subject to levy through judgment enforcement. What makes them attractive to judgment debtors, is that a creditor would have to jump through several hoops to get to them. A secondary reason for prepaid cards, is that many judgment debtors have difficulty getting legitimate checking accounts. Whether an AmEx backed card is easier to levy than others, remains to be seen. But if one has ever defaulted on an AmEx credit product (judgment or not), I would steer clear of this card.
  12. I know MyFico is considered the gold standard as far as scores go, but I have experienced disparities with lenders as well. These weren't connected to auto loans either I've seen the most accuracy with CreditKarma and TU scores.
  13. And there's more: http://blog.bennettandbennett.com/2012/10/meet-gurstel-chargo-and-edward-obrien-honest-americans.html
  14. http://www.insidearm.com/daily/debt-collection-news/debt-collection/debt-collection-law-firm-responds-to-horrific-allegations-in-lawsuit/ Appears as though the call wasn't recorded. By either side. No doubt this will be an interesting case to follow.
  15. Yes, and while I'm no expert I think that in practice it can be difficult to get done. Most people just figure "well I'm garnishment and levy-proof" which when it comes down to it in court is true, but before it gets to court then punks pull shenanigans like they did on the Colliers. The complaint stemmed from a bank levy, in which the Colliers got a judge to exempt the funds, but the CA refused to comply with. Rather than return to court to get the order enforced, they engaged in a p-ssing contest with the CA over the phone. That's when the violations occurred. The offenders were an attorney and a paralegal, who should know better.

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines