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RehabbingANDBlabbing

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  1. So Synchrony emailed me today. They said the cards will be closed permanently with no conversion to anything else. This also includes the B&H Financing card. I think @PotO must be right about the profitability aspect of this card. Even with a high APR, Synchrony may have been losing money on it, if enough people were paying in full and collecting the sales tax rebate.
  2. I am surprised by how abrupt this change is. This card has only been around a couple of years. And there was no advance notice or rumors prior to this email. The email says the card won’t work anymore after 1/17/22.
  3. I’m not sure how they do it, but basically, they credit you the sales tax at checkout courtesy of the card issuer. You can PIF and cut off all the applicable sales tax for your purchase. So yes, this is a huge benefit. I get 8.25% sales tax off here in Texas. I buy my photography equipment for my business through B&H because they have the fastest shipping, best selection, and good customer service. The Payboo card makes them also have the best price.
  4. I received a fun email today from B&H informing me that my Payboo card is going to be closed. Apparently, they are switching away from Synchrony for the B&H cards, but they are not transitioning Synchrony cardholders over to the new provider. They state explicitly that you must apply for the new Payboo card. They did not mention who the new issuer will be. This is going to cost me a $17,000 TL! Also, I use the Payboo card frequently due to the tax savings, so it is a bit frustrating. I am not sure if I will reapply for the new card or not.
  5. Sooo I forgot about this thread for over a year. A lot has happened. My scores have mostly gone up. Experian is at 695, TransUnion is 754, and Equifax is somewhere around 660. I got approved for quite a few new cards (Apple Card, Dillard’s, FNBO Evergreen, Amazon Business Prime, Upgrade Visa, Amazon store card, Capital On Tap, and probably more than I can remember at this hour. My TransUnion report has stayed clean. It has a lot of inquiries on it right now. I’m hoping my disputes will take care of most of them, but TU is a stickler for removing inquiries. The only thing holding my score down really is some utilization in a couple of accounts. My Experian score is trending upward. It randomly went up to 698 the other day after a small balance reported on an AU card. I think I was rebucketed because nothing else changed. Experian is still lower because I have one unpaid charge off showing from 2017 for $23k. FICO is still figuring it into my utilization. There are also 4 other settled COs, but they don’t seem to be affecting me much. On Equifax, I only have the one I paid charge off showing. But it is my lowest score at around 660. Not sure why it’s so much lower than Experian with fewer negative items. I recently also filed another lawsuit regarding the unpaid charge off on my reports. I figured out there were some inaccuracies and violations, so I decided to take the opportunity to finally get this taken care of. I ended up suing Experian, Equifax, and the original creditor. It has not been served yet, but I am looking forward to getting the account deleted and possibly getting the debt settled. My 2022 Goals: 1. Pay off all revolving debt 2. Get an increase on my AmEx Delta card, which is stuck at $1k 3. Obtain AmEx Gold card and/or Blue Cash Preferred 4. Obtain a hotel card (probably AmEx Bonvoy or Hilton) 5. Get all scores over 700 6. Settle the lawsuit
  6. That’s a wise choice. The Delta cards are still the easiest ones to get approved for if you are rebuilding. I think it’s a great sign they preapproved you. That means they like the rest of your profile. I’ve never burned them, but they don’t like my profile right now, so they are a bit stingy. It is a computer we are dealing with after all, so who knows?
  7. I think the others have given good advice. Chase first due to their sensitivity. Then I would go for the BNP card. Then the auto loan third. Then AmEx last because they don’t really care about new accounts or inquiries. Also, AmEx will likely use month old soft pull data anyway, so what you do probably won’t factor into their decision anyway. Also; is the $8k auto loan a refinance? You might have better luck/a lower rate somewhere else. DCU or PenFed are good choices. Inquiries rarely bump the needle on auto loan approvals/rates. At least that has been my experience.
  8. Yeah, I think one of the things FISERV does is issue debit and credit cards, so that's probably what it is. Also, Verizon has a tracking portal in your account for rebates, so it might tell you in there.
  9. Exactly. Make no mistake, external factors are influencing some of these decisions. That's why so much dark money is flowing into state Supreme Court races right now. But the bureaus are looking for anything they can use to avoid responsibility. Some of the arguments they've been making recently are asking the courts to effectively eliminate their responsibility to do any independent investigation of disputes. They argue that they cannot be held responsible because they can only go on what the lender tells them and that they also cannot trust any documents furnished by the consumer. There was one particular case recently where someone filed BK7 and they lost their home. The mortgage debt was wiped out in the BK, but the mortgage lender kept reporting a balance. They disputed and sent in court orders from the BK court discharging the debt. I believe it was Experian in this case. Neither Experian nor the lender would fix it. They sued. Experian argued that they couldn't trust any documents coming from the consumer and that they cannot investigate using court documents because it is a legal issue, not a credit reporting issue. They also argued that they are not qualified to read court documents. Basically, they want to be able to ignore court orders and other relevant documents we send in by making such an argument. I believe the consumer ultimately prevailed against both the lender and Experian, because Experian's argument was ridiculous. But not every judge is going to come to the same conclusion. That's how we ended up with the decision about 1099-C forms not being considered proof a debt was forgiven.
  10. To me, they seem competitive on most of the stuff I buy. But I honestly shop on there for things I can’t buy or that are out of stock often at my local stores (grocery store and Target). And I agree 100%: they are the most convenient option online. The shipping is fast, they are very clear about what is and is not in stock, they are clear on when it will be delivered, and they have a great selection. You can find disparate and dissimilar things quickly and order them all at once, versus going to multiple stores or websites. I do most of my shopping locally, but I do maybe 10% of it on Amazon. Target is stepping up their game though. They have fast shipping now and it’s free if you have the Target credit card.
  11. You just need to look for inaccuracies. Compare the real copies of your reports from EQ, EX, and TU and see what differs. If something (and I mean anything) doesn't match, then you can dispute it with both bureaus, sending them the conflicting report from the other bureau. I've had success with this strategy on EQ and TU, but EX is really not receptive to any of my disputes. You need to look at the payments history, high credit, status, comments, open dates, etc. It is best to find and dispute potentially damaging information, because when they don't fix it, you can sue them. Examples of this would be late payments showing at a later date than when they actually occurred; a creditor reporting a balance, monthly payment, and or past due amount on an account included in your BK; or different payment histories for different credit bureaus.
  12. After reading a few articles over the past year, I think this is more of a problem with Visa. Do y'all remember when Kroger stopped taking ALL credit cards for a while because the fees were too high? Well their main grievance was with Visa's fees. I also recently watched a CNBC piece about merchant fees and small businesses, and the interesting tidbit I found in it was that credit card processing is often the highest or second highest expense for small businesses. I think Visa may be more of a problem because they have the highest volume and the greatest negotiating power against the businesses, which allows them to charge higher fees. I am not sure they charge as much as American Express, but from what I have read, they are more expensive than Mastercard or Discover. And that's before we even get into the debit cards having lower fees discussion. I do think it is foolish of Amazon to try this because they are such a large business with so many customers. However, I do think most people have access to a Mastercard (either debit or credit). I remember when Costco would only take AmEx, and I think that was a problem for them because a lot fewer people have AmEx cards. Costco's customers are predominantly middle class and business owners, so maybe it wasn't too much of an issue for that group compared to the overall market. But I think Amazon has a much larger customer base. I don't think they could pull this off in the U.S. for a myriad of reasons, but one good one is that they have Visa and AmEx branded cards. They would have to convince Chase to switch the Visa to Mastercard, continue to accept the Synchrony store card, and potentially end the Amazon Business AmEx card program. I can't imagine AmEx would be interested in issuing an Amazon Mastercard product, although that would be hilarious. 🙂 I also wonder what the breakdown of cards issued is like in the UK (i.e. % of Visa, Mastercard, AmEx cards issued).
  13. You would not believe some of the Bs arguments these credit bureaus make in court. One they love to use is to say that the information was never furnished to anyone besides the consumer, so they argue no harm was done. That wouldn’t really work for the major bureaus these days because so many soft pulls are done on our files, but someone like CoreLogic would definitely try it. There’s a really great YouTube channel on these sort of topics called Alabama Consumer Protection Lawyers. The attorney’s name is John Watts and he does some fantastic deep dives on FCRA, FDCPA, and other consumer protection topics. They are fascinating, at least if you’re interested in this kind of stuff. For me, it’s been extremely useful in the credit repair process because I’ve been able to foresee any potential challenges ahead of time when writing my disputes. That being said, I can also tell you that after suing several credit bureaus and original creditors, they will try and swindle you, even with a rock solid case. The bureaus are also actively taking up as many appellate cases as they can to try and get favorable decisions that erode consumer protections. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx he future does not look great for consumer protections.
  14. It is my understanding of the FCRA that you can only sue if you submit a dispute, and they refuse to remove the inaccurate info. I believe there is a statute saying the bureaus cannot maintain data they should know is inaccurate, but I think it would be hard to bring that suit, especially if you couldn’t demonstrate some sort of harm. The good news is that these lazy mofos at most credit bureaus just verify everything and don’t really look at disputes. That means you can just keep suing and suing and suing because the mistakes they make are so blatant. If you know what you’re doing, you can easily turn this into money. But I think most people suing CRAs want a deletion of negative/inaccurate information, which you often cannot get any other way.
  15. So I have a firsthand experience with this. Last year, I pulled mine and my DH's data mining/smaller credit bureau reports. Among these was CoreLogic. On my DH's report, it showed a criminal charge from Washington State from several years ago. He has never lived in Washington and the only thing that would have matched is his name, which is a bit of a common name. Luckily, we weren't applying for any rental properties at the time we discovered this error, but it could very easily have been the case had we not checked. I will say that CoreLogic deleted it after the very first dispute we sent in, so I guess they realize their methods are crappy.
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