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leedspaddy

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  1. After pulling my wife's TU credit report, I discovered my sick wife had opened a couple of catalog accounts and had forgotten to set up automatic payments, then consequently forgot about the accounts and they charged off back in November. TU lists the OCs still having the debt. Someone on another thread had mentioned the possibility of using FDIC Rule 5000 adjustment which according to them in some cases may allow the consumer to pay the creditor in full in return for them updating or re-aging the account so as to remove the Charge-off listing from the credit reports. Is that really true and if yes does anyone have any experience of it working? At the end of the day, I can pay the two debts off for my wife in full now but I really wanted to know if this rule is something I can legitimately use when negotiating with the creditors.....or is a charge-off the final nail in the debt coffin where no negotiation can take place? I would so much appreciate any advice you guys can give me as I want to get this sorted out.
  2. Does anyone have a link to where I can find more information to this FDIC rule 5000 as I am not sure I have found the right page on the FDIC's website. Also when calling the creditor, which department should I be asking for so that I find a person who actually knows of this Rule 5000? Any pointers would be very much appreciated. Thanks
  3. So I worked hard to clean up my wife's credit as well as my own so that we could get a mortgage a few years ago. I made sure that all of our bills and credit accounts (that I knew of) were set for automatic payments and would at the very least pay the minimum due each month. To be honest, once we had reached this stage my wife wanted me to take a step back from managing and monitoring her accounts and just let her run with it. Up and until last summer her scores were similar to mine in the 750 - 770 range but since that time, I discovered, she had gained a 30 day late and then a 60 day late on one of her catalog accounts that report to the credit bureaus (Home shopping Network which is Comenity Bank) , this was soon followed by 2 small medical collections that suddenly appeared and then to top it all off, today I check her credit reports and found that she had charged off two other obscure catalog accounts that I was unaware of. Now I paid off the account with the lates, I paid off the medical collections and then we disputed with the credit bureaus and got them removed...................in fact this is now the third time, I have paid off a medical collection debt and disputed with the EX,TU and EQ and they were removed......I guess I must have been lucky to have 3 different collection agencies to not care to respond to the disputes we filed after I paid off the debt....I was honestly thinking I was going to have to go through Why Chat's method to get them deleted. So getting back to these charge offs which were first reported last month.......they have only reported to TU for now and they are for around $300 each. It don't see a collection agency associated to the debt on the reports at the moment (we certainly haven't heard from anyone), so without actually having contacted them yet, is it likely that the debt still sits with the original creditor or is a charge off automatically farmed out to a collection agency the day it is officially charged off? I have never had to deal with a charge off before so not sure what happens especially with it being so new. Should I just go head and pay the original creditors if they accept payment or just wait until a collection agency contacts us?????.......not sure there is anything I can dispute with the debt at the moment.
  4. Can someone share their experience if any of using Giftcardmall.com or simongiftcardmall.com? So I am finding that my local grocery chain is taking longer and longer to fill their GC displays with new $500 VGC when they run out despite me reminding them. I have found myself certainly in the last week, travelling further distances just to meet my VGC purchase goals as this grocery chain is the only store that I know of in my state that allows you to buy VGCs with a credit card but even they have now changed things where they only allow the purchase of $1000 in VGCs in technically one visit which sucks considering I use to get 2 or 3K previously. So I just discovered that the nearest mall to me that I honestly rarely go to because I do 95% of my shopping online is a simon mall. Are Simon malls still a good option for purchasing the $500 VGCs from and if yes do they allow you to purchase with a credit card and what if any is the limit they will allow you to buy at one visit? This brings me to the online sites........the major drawback for me is that they are listing shipping times up to a couple of weeks which doesn't really work for me by itself but I could include it in addition to my other VGCs purchases at the grocery chain. Do they have a limit on how much you can buy in one transaction......I mean would a SAR likely be filed if I tried to buy say 5K in one transaction each a week?. I would much rather just fill out whatever information they require than leave it to fate as to whether a SAR is filed. Any first hand knowledge on Simon malls or the online sites would be greatly appreciated....thanks
  5. So I was thinking of applying for the Paypal rewards card with Sychrony or the amazon rewards card with Chase as I do regular shopping on Ebay and Amazon. When it comes to Paypal, I already have 2 accounts with Synchrony............one with Lowes at 17K and one with Amazon at 10K. If I was approved I would expect a low limit before having to recon. If after recon they still don't increase the limit is synchrony one of those banks that would move limits around....I mean I barely use my Lowes card once a year.????? When it comes to Chase's amazon rewards card, is this co-branded card part of the 5/24 rule or is it exempt for now?
  6. My scores currently are around 760 with an overall utilization of 1% with credit limits at 226K total......I am also very aware of the utilization of the card so I was never going to put more than 50% on the account. Anyway before even considering taking this move I will be looking to increase my limit on the card as soon as I am eligible with Citi which apparently only allows a soft pull increase every six months, which as it happens occurs tomorrow. I have two citi cards, one has a limit of $9K and the other has a limit of $25K but of course the BT offer is on the $9K card. So if they won't give me an increase then I'll see if they will move 15k of credit line from the other card and then after all this I will then make a decision to either use the BT or stick with the loan. If I am sticking with the loan it is my intention to have it paid off in 2 years by throwing everything at it to get it paid off and of course I can say the same thing if I do the BT but that maybe be a tiny bit more challenging having only about 17 months to pay off the balance. I guess that was in part why I asked if I should at least keep some of the debt on the loan instead of piling it on the BT. But aside all this, my biggest fear is how my other creditors will react......here I am having zero balances on all my cards except one for the last 2 years and then suddenly a 9 or 10K amount appears on another credit card account. I understand about taking a hit on the credit score but what I don't want to happen is for the other creditors to react by lowering my limits on my other cards thus snowballing my score down even further than it should be.
  7. I took out a 5 year loan for 10K yesterday at an interest rate of 6.49% to pay some of my wife's debt and medical expenses. Today I get a new BT offer on one of my credit cards for 0% until May 2020 with the 3% fee). Had I gotten this offer a few days ago I would of taken it instead of getting the loan. I was seriously thinking of just paying the loan off immediately by transferring it to the credit card with the 0%. My question is how bad will it look to do this in the view of my other creditors? Should I just transfer most of the loan to the card, leaving myself enough of the loan to at least get some payment history for 6 months or so or is it just not worth the bother? This situation is so annoying to me because I was getting regular BT offers up and until recently and then I guess because I was throwing the offers in the trash, I stopped getting them for the last couple of months until today. My only other concern with doing the BT is getting it all paid off by May 2020.......I should get most of it paid off but if not do most people just look for another BT for the remainder of the balance???
  8. Konrad stupid question for you.......You recommended getting the 3% Alliant credit card. So when I get shut down after I have hammered it (well hammered as hard as I can with a lowish limit), it is extremely likely that there will be a balance on the card if not close by to the statement closing date. Will credit unions such as Alliant steal my money in the savings account to pay towards the credit card balance or just hold it hostage until the balance is paid even though there will be a history of PIF each month. Their savings account is paying 2% at the moment which seems to be a lot better than most for a basic savings account and so I have been putting money in that account..
  9. Is there an updated list of the most current backdoor numbers hanging around out there and if yes, can it not be pinned to the top of the forum like other threads so it is easy to track down and maintain? Thanks Patrick
  10. So I was just curious if anyone has had experience with the Virgin Atlantic Black Card. I am looking for an airline specific rewards card and as I have found the experience of flying with Virgin better than the few other airlines I have been on, I thought why not see if I can get this card. It seems like the rewards are not bad and would give me eventually cheaper travel. My only drawback is the issuer, Bank of America with whom I already have two accounts with.....the travel and cash rewards cards and to be honest, I am not thrilled by either. My plan was to contact one of their credit analysts to see if I can move the credit line from one of these accounts to the other and then close the donor card and apply for the virgin card. I would likely close the cash rewards card as I don't have any use for it anymore......I really don't want to have 3 cards from the same issuer even if they allowed it. I forgot to mention that I was looking for a miles card that would help with travel to the UK and Ireland which wa why I zeroed in on the virgin atlantic black card
  11. Let me ask you, after reading yours and others definition of structuring it seems clear that WM cashiers are confusing the true definition of structuring as I always thought it was solely used to reference the bank deposit end of things and had nothing to do with the MO purchasing end. Personally, I don't really want to shake up the good relationship I have with the WM cashiers by challenging them on this but it does really annoy the hell out of me when they throw in the word structuring as the reason why I can't buy more than 2K. So I just want to clarify something, just from the way the WM cashiers describe structuring in terms of MOs, they are preventing me from buying more over multiple transactions because they think I am trying to break up the amounts to prevent a MIL......so is an MIL filed if I buy $3000 or more in one transaction or is it the total I buy in one visit? If it is the latter then there should be no reason why they won't let me do more than the 2K I am currently buying (I would really appreciate it if someone can confirm my thinking on this one point). I have nothing to hide and don't particularly care if they do an MIL (unless there is something I don't know). Just as a side note, when I opened a new bank account to be used for my MSing, I did get a call from the bank manager when I made my first 10K deposit. He wasn't questioning the 10K but the fact that the deposit was in MOs. It was at this time I explained to him what I was doing and he was fine with it but whether rightly or wrongly he also told me that the bank would only ever file a CTR for deposits 10K+ made in cash and not MOs. which I thought was strange because MOs are considered cash. So let me ask you, if a CTR was being filed once a week to FinCen for my 10K+ deposits wouldn't I eventually hear from them questioning why I am depositing so much????? I know it is always best to declare what you are doing by following the rules and Regs but I am personally surprised I haven't heard from anyone regarding my deposits unless it is true that this bank doesn't report them or FinCen just doesn't care as long as you are being truthful.
  12. I keep getting these balance transfer offers through the mail from my creditors and I had another one today which I for some reason decided to open instead of throwing straight in the trash. Now I haven't done a balance transfer in many years but I was wondering whether things have changed with how these BTs are structured. Please correct me if I am wrong but I always thought that when you do a BT with 0% for 12 or 15 or 18 months that you are not charged any interest whatsoever on the transferred amount and that you only start accruing interest on the day the 0% period runs out if there is still a balance remaining. With this particular offer, it stated that which ever offer I chose, I would start accruing interest the day the transfer posts to the account but would only be charged the accrued interest at the end of the 0% period if there is a balance remaining. Is this an industry standard or is this the way it has always been or is this just another crap offer from a small bank??????? Thanks
  13. So does anyone have any WORKING alternatives to WM for MOs? I believe USPS was definitely ruled out of being an alternative a long time time ago. I did ask in a prior post if anyone had purchased the VGCs from the grocery store they usually used and then gone back to another location of the same grocery store to try and drain the VGCs. I didn't get many responses except NO!!!....but I thought I would ask again anyway. I just reckon that this latest move by MG maybe a first step towards shutting down the whole MS game by eventually preventing the use of VGCs to pay for the MOs so alternatives will have to be found or we will just have to stop the MS game.
  14. A couple of years ago I applied for an Amex card and was shot down immediately without a credit pull. I was blacklisted because I had included them in my 2008 BK. I just wanted to check with fellow AMEX blacklisters if anything has changed in the last 2 years with how AMEX deals with us folks. Basically I just wanted to know if I put in an application for an account and I am still blacklisted that a credit pull still doesn't occur as what happened back in 2016.

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