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RehabbingANDBlabbing

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  1. Updates: 1. I have gotten 2 CLIs on my Discover It Cash Back card in the last couple of months ($300 then $500). My total CL is now $3,800! 2. I got approved for and received my U.S. Bank secured Visa for $500. I plan to PC it to Cash+ after it graduates in a year. I knew US Bank would never approved me for an unsecured card, so I decided to go this route until I can finish repairing my credit. 3. I have reached a settlement with the OC that is inaccurately reporting an unpaid charge-off on my EX report. Basically, the CO was re-aged and had a bunch of inaccuracies. I still owed them money (more than $10k), so I was prepared to pay them if I had to in order to get this off my report. I had been in talks with them previously about settling the debt, but they wanted something like 80%, which didn't seem like a good use of my money considering this creditor does not sue people in my area. Well, after suing them for the FCRA violations, they decided to be a bit more cooperative in settling. In then end, they agreed to settle the debt and delete the entire account from my report for a payment of about 20% of the debt. I have not reached an agreement with EX, but I am going to try to get as much money from them as possible, in the hopes of covering the fees I paid my lawyer and the amount I paid to settle with the OC. Being proactive and keeping good records made this whole thing possible, as well as hiring a lawyer who is good at negotiating. Honestly, I can't wait to see what this does for my EX score.
  2. I have a Synchrony Home card that was formerly a Mattress Firm card with a $25k credit line. The card is 5 years old and a seasoned TL, but it is definitely a card that is hard to put spend on. You can really only use it at certain home improvement retailers (where I don't spend any money because I am a renter) and online at ABT Electronics. I have been tempted to close it for a while just so I don't have to deal with it anymore, but I still have not repaired my credit entirely, so I feel like my Experian score (the only bureau I haven't fixed yet) will go down if I close this card.
  3. I will assume this inquiry is showing up on your TransUnion report? You need to write TransUnion and dispute the inquiry directly with them. I would say, "I need to dispute a fraudulent inquiry. I didn't apply for anything with SYNCB/Paypal on 2/23/2020, so please delete this fraudulent hard inquiry from my report." TransUnion is usually good about deleting inquiries older than 90 days, and I think this is the fastest way for you to get it off of your report. I would not count on Synchrony getting it removed, TBH.
  4. Well that poster said they financed through Credit Acceptance, which does not surprise me in the slightest. They are known for charging 20%+ interest on car loans, so this person has probably paid for that car several times over by now.
  5. Two more approvals this month: I got another CLI from Discover for $500 on my It Cash Back card. They gave me a CLI for the second month in a row on this card, so I am a happy camper. The CL is now $3,800, and this started as a $400 secured card back in 10/2017. The second approval I got was for a US Bank secured card. I didn't really need a secured card, but I wanted to get a foot in the door at US Bank, so I can later do a PC to Cash+ or one of the Altitude cards. Since my Experian file is still messed up and will be for a while, there was no way I would get approved for an unsecured card from them, so I am just going to put this secured card on autopay for a few monthly subscriptions and wait for it to graduate. They pull TU for graduation, so that shouldn't be a problem considering my TU score is about 786, whereas my Experian is about 643.
  6. Maybe I just have trust issues with financial institutions, but I am not "saving" any of my rewards, EVER. The more you save, the more incentive they have to cancel your account so you can't redeem them. I stick to cash back and redeem it as often as possible, mainly because I don't do much traveling. Cap1 is actually my best issuer in terms of getting my cash back. The credit your rewards about 1-2 days after the charges post, and you can redeem them in any amount at any time. So I can just redeem them anytime I login to check my account. Several of my other cards have minimums of $25 to redeem or they insist you redeem in $25 increments, so Cap1 definitely is offering a better redemption process IMO.
  7. Where's the download link? I need that kind of software in my life! I hate to play into the conspiracy theory side of the internet, but the move to completely cash free banking does make me pretty nervous. Basically, if your account gets locked, shut down, or has any problems that cannot be solved via computer or over the phone, then you are screwed. I like having a local branch with people I can yell at, should a grievance arise. I actually switched my banking this week over this very issue. I needed a large cashier's check, but I was using DCU as my main bank from out of state. I was able to do it after making a couple of ATM withdrawals using two different debit cards and then writing a check for the rest into another checking account, but it really gave me an uncomfortable feeling. I decided to just go ahead and switch to Chase because they were offering a $200 signup bonus and there is literally a branch about maybe 1,000 feet from my house. I'm still keeping my DCU accounts for other purposes, but I think the value of having a local branch outweighs the rest of the benefits in terms of everyday banking transactions.
  8. Yes. So I can have $1k at 6%, my husband can have $1k at 6%. If we ever have kids, maybe we’d even set up savings accounts at 6% for them. Probably not having kids though. #dinkfam
  9. Neither. I am someone who is concerned about a lot of the classist vitriol that is constantly being directed towards people who cannot pay their bills on this board. This is supposed to be a place where people can come to get helpful advice that is not based on making a mockery of the user’s past mistakes. So what if this is a crappy article? That says more about the journalists than it does the truth. The numbers do not lie. Here in Texas, the number of civil debt claim cases DOUBLED statewide between 2014 and 2018. Debt collectors are suing more people and more often. They are not necessarily evaluating anyone’s ability to repay during this process. They are throwing piles of lawsuits out at a time and are seeing what sticks to the wall. Can they prove ownership, balances, and accuracy in most of these cases? Unfortunately, it really doesn’t matter because they aren’t asked to prove much of anything when they are getting a default judgment in nearly every case. The bar is set low for the debt collectors and high for consumers.
  10. Let's not act like it is a fair playing field for consumers. Most people who can't pay consumer debts also can't afford an attorney or to settle a debt they already couldn't afford to repay, especially in two weeks time. Lest we forget, the average American family cannot come up with $400 for an emergency on short notice. Whereas debt buyers and banks always have their own attorneys, if not a whole team/firm. On top of that, the court does not provide representation for the consumers in these cases, so they are either on their own or at the mercy of the court. Less than 10% of defendants in debt cases have their own attorney, whereas the vast majority of these cases end with default judgments. Don't tell me this all comes down to personal responsibility or laziness: that is a class-privileged point of view. The system is not setup to help consumers challenge these cases. It is meant to steamroll over them in two weeks because they are confused, broke, and feel helpless to stop it.
  11. I didn't come here to argue with you why I do or don't transfer money. Frankly, it is absolutely none of your business. I came here to share the information that DCU says it can be done, but it doesn't work. That's it. Hopefully, this information can be helpful for someone else who might want to use that feature, whatever their reasons might be.
  12. 3 DCU Quirks I thought I would add here: 1. They offer member to member transfers in online banking. My husband and I are both members with separate accounts. He has had his account since 2016. I opened mine in the past couple of months. They are allowing me to transfer to his account, but he cannot transfer to my account. When I tried to add mine, it says "member to member transfers are not available for this membership at this time." We want to keep both account for the 6% on the first $1k in savings, so transferring between the two membership is an important function. For now, I guess we will be writing checks when we need to do this. 2. I recently had a scare with an overdraft. My gym decided to take out their annual fee in July, rather than the usual month of April, which nearly caused an overdraft for another ACH. I transferred the funds into the account right before the ACH hit for the other thing, but it was a close one. Afterwards, I inquired about overdraft protection. DCU only offers the pay-to-play kind of overdraft protection that charges you a fee and paying something is at their discretion, which you are only eligible to get after 90 days. They do not have an option to use my DCU savings account or credit card as a backup, whereas literally every other financial institution offers this option. Needless to say, I will be keeping a good cushion in my checking from now on. 3. I had had a difficult time adding myself as a joint owner to my husband's account. I tried a while back when I was not a DCU member, and was denied because of a fraud alert on my EQ file. Once I joined, I tried again, and the process was much easier as it brought up all my info after I entered my member number in the website. But we never got any response via mail or email saying it was done and there is no way to check online. Needless to say, it does not inspire confidence. This will really only matter if one of us dies, but it is still annoying.
  13. Well that explains the comment from Wong's lawyer in the the original article saying Wong did everything with the "full knowledge and support" of credit union board members. I thought that was interesting. Looking back, it was more like a public threat than anything.
  14. TBH, this might be the perfect situation for a goodwill letter campaign. Depending on what financial institution you are dealing with, it could help you significantly; however, it might take several months and multiple letters. If it were me, I would just say that I was confused about how and when to make my payments because I do not have a lot of experience with credit cards. Be sure and mention you paid them extra before the payment was due/calculated, without knowing the consequences. To me, this would demonstrate that you aren't struggling to pay, but simply got confused. Hence, why I think you stand a good chance by using the goodwill method. You didn't miss 5 payments, nearly charge-off, and not make any payments. It was a question of timing and knowledge.
  15. That is an interesting point of view. I'd say that taxing credit unions would cause more harm that good at this point because the majority of credit unions are much smaller than the ones we are discussing. If you look past the top 10 credit unions in the country, they really start to shrink in size. I'd be curious to know the total assets of the remaining CUs in the U.S. compared to the assets of the top 10. The lingering question for me is why the larger CUs are in such a rush to grow. What is causing this sense of urgency? I know the larger banks have seen a large increase in their deposit balances over the last few months, but I wonder if credit unions have benefitted from the influx of cash? I also wonder how the credit unions are doing in terms of deposits and solvency, compared to the banks.

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