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daytonaoh

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  1. Commercial debt is not governed by any of the Federal Collection Guidelines such as the FDCPA. What are the defenses against such "debt" collectors? Not every state requires licensing of debt collectors, so licensing doesn't always apply. One can consult these state-by-state laws if they want: http://www.burtcollect.com/debt-collection-laws-state/ So just like there are sample letters for personal (consumer) debt, is there anything like for commercial (business) debt?
  2. Nowdays goodwill letters don't work even when you really have a strong case (e.g., being a co-signer (!) for an applicant that got mugged, beat up by street thieves, and spent 2 months in hospital thus getting 60 days late on credit report from Volkswagen [Audi Financial Services]. VW refused to remove the 60 days late, saying that it happened and tough luck for the co-signer or the poor main applicant that was recuperating).
  3. Progressive is one of the very few insurance companies that will insure a small (under 10 trucks) trucking company in its first year of authority (MC number). In your second year you will have many more choices. Progressive is not the most expensive as someone has claimed here. Cost depends on many factors. Many owner-operators I know pay about $1,100/month for Progressive for their truck plus refrigerator trailer. As a new business you will be paying a very high APR on any financing or leasing arrangements. I doubt you will be able to get anything lower than 8% unless you already have great (long) credit and industry experience (they want at least 2 years - yes, all dealers and financing companies ask for this). Finally, unless you have really good personal and business connections, you should not count on getting any direct shipper contracts. It's simple - put yourself in the shoes of any manufacturer or distributor -- do you really want to call a rolodex of small trucking companies on a daily, weekly or even monthly basis, or do you want to call a broker who has an endless supply of such small trucking companies? When you borrow money, do you borrow from a bank or directly from private lenders? When you buy food, do you go to a supermarket or drive to the farm? When you buy online, do you get it from Amazon or equivalent, or do you buy directly from the manufacturer? So all those newbie hopes about "I'm gonna get a direct contract and cut out the broker" are not based on reality.
  4. That's obviously a legend. There are Midwest-only regional banks that pull Equifax, for example. And any bank opening its doors has been on the radar of the credit bureaus long before it opens its doors. Indeed, to think that any bank would make a snap decision to use one credit bureau over other just because they got phone-called by an hour earlier is humorous.
  5. What are currently the best Visa/MasterCard business credit cards with no annual fees, that do not report to personal credit (unless there is a default)? Citi doesn't seem to offer much of a selection. American Express are not accepted at many places. US Bank has several cards, but most state they get easily turned down despite good credit. And by the way, are there any business credit card issuers that can check only TU/EQ? I know that some, like American Express Business SimplyCash claims that they accept only EX, but if you talk to them long enough, they will settle for dinging both TU/EQ. WF will only accept EX and nothing else, at least for East Coast.
  6. I agree with this. It's all about having a relationship. Big or small. At the end of the day if you're credit is not on point. You can get declined by big or small banks. If you have a relationship. Things change. Unless a "relationship" is truly close - as in close friend, school buddy, girlfriend/boyfriend - it is not so. And how are you supposed to have that "relationship" when in large banks like WF they always rotate their cadre seemingly every year? You can have 10+ of personal and business banking with large transactions, a business credit card, a nearly perfect personal (high 700s FICO, low utilization, good credit mix, no inquiries in the past 2 years) and business credit, but the terms promised in pre-screened offers will change to much smaller credit lines with maximum (!) APR's of 24% - actually, quite unbelievable, since even the crappy lenders like OnDeck et all offer you better terms with no years of "relationship", and any credit card can easily "offer" that with no need to supply any info, get new credit inquiries, etc. No matter how big or how many transactions you make with a bank, to me, that does not mean you have a relationship. You still have to go in there and BS with the bankers, have that personal banker that helps you with everything. Tell him her Merry Christmas/Happy Hannukah when you see them during the holidays. All that good stuff plays a role. If you go and deposit big money through the drive through. No one knows you in there. They might give a better credit line or opportunity to the guy that has a checking and savings account that's been using his 2k limit WF cc as if it were the best cc on the planet. All because he/she has a small relationship. I hear you. But it's very hard to do in large banks like WF in metropolitan areas - they do rotate them all the time, very fast. It's hard to keep up with such changes. There is very little "personal" left. And they are under pressure to sell you various "products" that you don't need. Moreover, at large banks they all have narrow specialty - the one's that sit in the bank, even "vice-presidents", can actually do very little when it comes to business needs. For that they need to call in special business bankers - who are shared by a dozen branches and specialize in business LOCs. Anyhow, I know WF pretty well, and have had extensive experience with them. I am glad to know that there are some who have a much more positive experience with them than me. And for what it's worth, WF is way better than BOFA.
  7. I agree with this. It's all about having a relationship. Big or small. At the end of the day if you're credit is not on point. You can get declined by big or small banks. If you have a relationship. Things change. Unless a "relationship" is truly close - as in close friend, school buddy, girlfriend/boyfriend - it is not so. And how are you supposed to have that "relationship" when in large banks like WF they always rotate their cadre seemingly every year? You can have 10+ of personal and business banking with large transactions, a business credit card, a nearly perfect personal (high 700s FICO, low utilization, good credit mix, no inquiries in the past 2 years) and business credit, but the terms promised in pre-screened offers will change to much smaller credit lines with maximum (!) APR's of 24% - actually, quite unbelievable, since even the crappy lenders like OnDeck et all offer you better terms with no years of "relationship", and any credit card can easily "offer" that with no need to supply any info, get new credit inquiries, etc.
  8. Very true, Very similar experience, I think I shared it here on the forum before. I complained to WF, asked to remove me from all future marketing. They are now like BofA - too big, too inflexible, too cocky, and just don't care.
  9. over the years my business partner and I spoke and dealt with multiple small lenders who claim they have awesome rates. All in the end offered bad rates for business equipment (for transportation). Recently, we were intrigued to find out that Americаn CаpitаI Grоup (based in Irvine, CA) was able to offer supposedly awesome lease rates to businesses. So my partner filled out their app (for a company that only he owns), but only after they promised that there won't be a hard inquiry, that they only do a soft inquiry. This allowed to temper scepticism, since essentially he had much less to lose - the application itself was short and easy, and there was no problem with credit score taking a dive from such a soft inquiry. About the business used: established in 2009, in good standing all these years, conducted business worth hundreds of thousands. Personal score (they check Equifax only for personal) is excellent - depending on scoring model used ranges from mid to very high 700's. Business experience encompasses many years, references are available and very good. Business credit (they check DNB and Equifax) is good, but not that extensive for this company, since didn't need it much. Anyhow, with such positive and good profile, they instantly approved for $100K that same day, and if I were to submit financials, could have approved up to $150K. We only needed just over $71K. They came back with the following terms: 1) at the end of the lease, we would need to buy the equipment at 10% of its current value (~$7140). 2) terms could be any length we wanted. We asked for either 24 or 36 months to consider. 24 months is .05106 money (lease) factor - which is a whopping 122% interest rate. At the end of 2 years we would have paid $94,628.40 for this "lease". 36 months is .03607 money (lease) factor - which is equivalent to 86% interest rate. At the end of 3 years we would have paid $99,862.68 for this "lease". So they would have profited almost $30K (some 40% of the loan amount) over 3 years from us. Not bad, uh? So while they promised no more than 6% interest rate to us on the phone, in reality they offered much, much higher rate - and of course claimed that since it's a lease, there are no interest rates, there are only lease factors/money factors, blah-blah, that it's not the same, etc. I guess they are able to fool some desperate people this way. Needless to say, we turned down this "opportunity" (especially after we found horrible reviews of this company on one of the websites - all reviewers said the same things about them), and just financed the purchase with one of the large well-known companies that offered terms that made sense and that were fair. My appeal to all business people: don't give business to such "finance" companies that charge you crazy rates. Either don't expand your business until you can get better rates (which will happen with time) or do a better job (try harder) now at getting better rates from your local banks and solid financial companies. All these OnDeck Capital's, Advance Business Capital's, etc., overcharge you, and it's not worth it.
  10. http://navitechsolutions.com/EqCounter/ Ok, it's up with the changes. Thanks for the requests. When you (or anyone else) get a minute, take a look and test it a bit. Let me know if there are any issues or if you had something else in mind. I set it up so you'll have to check the box to include that functionality. This way if there are any problems/bugs with the new stuff, at least the basic functionality is still there. So if the check box is checked, it'll include two breakdowns on the bottom. One of the counted inquiries and a second of the inquiries not counted. Both alpha sorted, but the not-counted breakdown also sorts based on why it wasn't counted (either it's always ignored, or it was prior to the date specified). As always, everyone feel free to add any feedback, issues, or feature requests. The domain http://navitechsolutions.com:80/EqCounter/ has expired. So as of right now there are no more working counters left.
  11. They will investigate it again if you send a different letter. They just don't want frivolous dispute letters being send to them over and over again. You should have continued your efforts to get confirmation from the court that it is not properly recorded. Otherwise, it looks like it might be ("credit grantor has verified the accuracy"), you just wasn't able to find it. Court documents, government documents can be confusing sometimes, and make it harder to find information.
  12. may or may not count depending on where they came from. also, are you sure that all your softs are newer than your hards? I wish Equifax still counted, but as I understand it no Equifax inquiry counts at all anymore. Otherwise I have been over 85 softs already 3 days ago. To answer your question, not all, but most of Equifax softs are newer than hards. Specifically, these are mostly in late Sept - beginning Oct: EQUIFAX INFO SVCS. EQUIFAX - UPDATE EQUIFAX INFO SVCS EQUIFAX INFO SVCS. ND-Equifax Consumer Services ND-Equifax Consumer Services EQUIFAX UPDATE EQUIFAX INFO SVCS. I hope a new daily puller would be found to replace former Equifax premium so that people would once again have at least 4 to choose from (not counting Quizzle).
  13. Maybe. I counted these: CIC/EXPERIAN RPTS CREDITEXPERT 1-866-673-0140 Equifax Consumer Services QUIZZLE, LLC QUIZZLE, LLC QUIZZLE, LLC. Doesn't count TRUECREDIT/COVERDELL MY TRUECREDIT/VERTRUE Perhaps I should not count the 3 softs that are listed under Equifax Consumer Services (which the counter does include). By tomorrow should know for sure, unless there will be a double C* tonight. You are absolutely sure about it? Don't all Quizzle inquiries count - both free and Pro? I thought Equifax Consumer Services stopped being counted this past March, but Quizzle's should all count. This has specifically been discussed within just the last 2 weeks worth of this thread. if it has the "." at the end, it doesn't count. OK, thanks. It's just one soft, so there must be others that don't count, too.
  14. Maybe. I counted these: CIC/EXPERIAN RPTS CREDITEXPERT 1-866-673-0140 Equifax Consumer Services QUIZZLE, LLC QUIZZLE, LLC QUIZZLE, LLC. Doesn't count TRUECREDIT/COVERDELL MY TRUECREDIT/VERTRUE Perhaps I should not count the 3 softs that are listed under Equifax Consumer Services (which the counter does include). By tomorrow should know for sure, unless there will be a double C* tonight. You are absolutely sure about it? Don't all Quizzle inquiries count - both free and Pro? I thought Equifax Consumer Services stopped being counted this past March, but Quizzle's should all count.

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