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  1. Hi CB Gurus, I got notification through Credit Sesame that my score dropped because of a collection hitting my reports. Upon checking into it, it is for an ATT debt. I do not have any of my paperwork from ATT, this is bad I know, I have improved in record keeping since then. It also appears that ATT has purged my login credentials from their system so I cannot login to retrieve anything there. The CA has not called or sent a dunning letter. Since I do not have any paperwork or data I'm thinking of doing the following: 1. Send DV letter to the CA 2. Assuming the CA sends validation that includes the ATT account info, I will file dispute with ATT directly and request arbitration. 2b. If they do not provide validation, I will work through the normal channels Any flaws in my thought process? The debt is listed as $508 and my assumption would be that ATT would not want to arbitrate for that amount.
  2. "Money in the bank" is savings, which is an asset, it's not income. How do you calculate net pay? After gross minus 15% to 401(k), minus 15% to the ESPP plan, minus automatic deposits to nine different savings and brokerage accounts, I only have enough direct deposited into our checking account to barely cover our recurring bills. I wouldn't want to be evaluated on this number, nor would a credit issuer want to incur the expense of getting documentation to sort all that out. I could also elect to defer up to 100% of my compensation for 15 years, which would result in $0 in current net income. That wouldn't mean that I can't pay my $3,000 Amex bill, because I have plenty in savings. I understand completely what you are saying and I suppose I was just pondering this as if I were to issue a loan or line of credit. The big banks I'm sure have risk models in place and like Medlesshon mentions likely a percentage they use, outside of the Fico models and DTI.
  3. As I am going through a post BK rebuild and slowly acquiring new credit, I am finding myself wondering as I have in the past, why do creditors use gross income as a basis of approval and/or CLI's? Money in the bank (net income) is what pays the bills. Not complaining at all, its good for all of us as long as we have our diligence in check, but it seems like a strange way to do business. Anyone have thoughts on this?
  4. Increased limits should only really give you a bump if you have high(er) utlization. Are you carrying balances?
  5. After spending some time away from here with the occasional lurk, glad to see you are still kicking rear and taking names. Your story was always one that I have always referred back to. A real triumph story. Always kept me motivated.
  6. It has been quite a while since I posted, as with a lot of things, my credit has improved with time alone. Aside from my daily monitoring services I decided it was a good time to get my credit reports. Called TU to purchase a hard copy, automated system per usual- however this time after I entered all my info, it did not ask for payment. It simply said you will receive your report in 6-8 business days. Did I accidently get into the free annual report version? I don't have anything particular to dispute at this moment, maybe some early age off stuff- but not anything that 45 days wouldn't kill I suppose. Just curious if their format changed. Since I've last posted, bought a house in May, got married in September so I've been busy. My credit has improved and its time to get back into to theswing of things so fresh reports are in order. I'm currently at the following: FICO 8 EQ- 667 TU- 659 EX- 663 I'm please but no where near done. Carrying balances on a few cards for home improvement the past month since my commission payout was delayed by a couple months at work due to our new computer system being oh so very awesome.
  7. I have to share this excerpt: "Tom ran a collection agency staffed largely by born again Christians, whom he sometimes recruited at Bible study groups. Tom's collectors called debtors, listened to their woes, cried with them, prayed with them, and told them they only had to pay 20 percent of the principal they owed - moreover, 20 percent of what they paid would go to a Christian charity that helped feed the poor. In the test run for this program, Tom bought a portfolio of debt for $7,000 and collected $180,000 on it in roughly 60 days" That's actually pretty brilliant.
  8. Yes, for example in the very first deal he did, he bought a portfolio of "paper" for $30k, worked it for 4 months, collected around $80k, then sold the rest of the paper he wasnt able to collect on for $10k. So he ended up with $60k in profit from the paper (excluding bonuses, etc paid to collectors) in 4 months time. Not shabby. What I found interesting was the going rate for buying these portfolios. The time frame that I am in the book, he is paying $.01 on the dollar for "paper" that has been sold/worked more than once. The going rate for "fresh paper" i.e. recent charge offs purchased directly from the bank was only 3.5 cents on the dollar.
  9. Only a quarter of the way through, so maybe in the end I will understand their ways? Doubt it. But you never know.
  10. Currently reading above mentioned book, about a quarter of the way through. Anyone else read this? So far it was interesting to see some actual dollar figures placed to what portfolios of debt are sold for, and what CA's (through various tactics, including really scummy and illegal) are averaging on profit. I know that it violates their agreement with the CRA's but if I opened a CA, I would PFD all day long for these profit margins. It's not like you have to be very creative to fly under the radar with it. You can be totally compliant with FDCPA and still make a killing, even factoring in all the uncollectable debts that will be included in a package. Just wondering out loud why CA's put up such a fuss when their end game is profits. Rhetorical.
  11. ^ This. You have to know your stats inside and out. And be prepared to talk about it during a recon call
  12. Saw the scores in your signature- you aren't in Amex territory yet. You do need more revolving trade lines though. Try Barclays- if denied call and recon
  13. What are your scores and what report is that PR on? D* roughly speaking, is an Amex thing where your member since date is the account open date reported for all your cards. Say you open an Amex tomorrow, you will have a member since date of Jan 2015. Say in 5 years you decide you want another Amex, you app, are approved, you ask for the same member since date and it reports as such. It helps your average age of accounts.
  14. So, hanging out with your friends at a little party alive and healthy is just ok? It's certainly better than the alternative. I do thoroughly enjoy myself, and it's well deserved for sure. Ok may not have been the best word to use
  15. Mendelssohn is the resident Amex guru as of late and I'm sure he'll chime in. Your profile looks strong for an instant approval. Are considering adding another revolver or charge? Or maybe both to utilize the same pull?
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