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About BrokeBob

  • Birthday May 15
  1. I was in the middle of posting a reply, then this excellent reply. If this was, say, a CreditKarma score, then it is only an approximation, and the difference means nothing. Having a new account can lower your score temporarily, since the average age of your accounts has lowered. The best way to get your REAL score up permanently is to pay off your debts and get your limits higher. Time heals all wounds.
  2. And, the crashing stock market has had an effect on any stocks in anyone's retirement savings. I am fortunate in that my financial situation hasn't taken a hit -- so far. It will take a huge hit, because I have kids in college, and they have been getting a LOT of help from grandparents. That money has pretty much dried up. It means my wife and I will have to contribute more, and the kids will have to take out larger student loans. My kids have taken something of a hit so far anyway, as far as summer jobs disappearing and the like. So yes, this is destroying people financially. One thing, though. A disease like this was going to crash the economy no matter what. I am not saying what we should have done. I am not smart enough to know what the best course of action would have been. But we can all agree that this really hurts a lot of people.
  3. Interesting. You have 30 days to dispute the debt with Convergent. You may wish to do so. That would force them to deal with the issue. This could be a mistake. For example, there was one time when my wife's payment got misplaced by the creditor, and the account was sent to collections. She straightened that up with a phone call. Maybe you should call Cox and see what is going on.
  4. Just some info -- I do contract work (from home these days) for a national bank. Right now it is even harder for ME to get in touch with some people, and I have access to their emails, Skype, etc. The reason is the PPP. Quite a few bank employees have been told to put their main jobs on the back burner and work with PPP. Their main work is still there, but that is what they get to in their "spare time". Meaning, these people, all working from home, are putting in longer hours, and if something important comes up in their usual job, they have to squeeze in some time to deal with it. I am just doing my regular job. Nothing with PPP, at least not yet. The phone numbers listed are usually their office numbers, and they are NOT in the office now. Many of us have been told we are forbidden to enter the building. Some workers have their office phones routed to their home phones, others have not. I have not. If you call my office number, nobody will ever get back to you. Doesn't matter. The people who need to contact me can use emails or chats or whatever. I coincidentally have a mortgage with this bank, and the mortgage people are still doing mortgage stuff. Trouble is, LOTS of people are trying to renegotiate the terms of their payments. So about a month ago I had a simple question. Normally I could get right through. It took me over an hour to get through to someone. So that is the problem people are having reaching anyone at a bank.
  5. The point was to get the utilization down. I don't know about the real FICO, but this strategy did work for my Credit Karma scores. By paying off right before the statement closed, it showed 0 % utilization. At the time, one of the accounts had about an $8k limit, and I was running up $2-4k every month on the card. That was showing a utilization of 25-50% on the card. Like I said, that worked with the Credit Karma score, which I know is NOT the real score.
  6. That is a very interesting issue. With a long-term loan, especially with a down payment, there is a very big chance of the money owed being more than the car equity for at least a few years. When my son got his first new car, about 1.5 years ago, he got a 3 year loan, with a couple of thousand down payment. I was with him when he signed, just for the moral support. The car dealer was trying to sell him gap insurance. (*) I pointed out that with a 3 year loan and a down payment, there wouldn't be a gap in a few months, so why get the gap insurance? That saved my son a little piece of change every month. (*) For those who don't know, gap insurance covers the difference between the value of the car and the amount owed in case the car is totaled.
  7. That is what I was getting at in #4 in my earlier post. When I was in a refi a couple of years back, the guy at the bank told me to pay in full BEFORE the statement is generated. That can raise your credit score a small amount each month, Remember, you have to do this every month.
  8. Awww, someone at Debtorboards must have hurt centex' fee-fees. I am so sorry about that. To be fair, some of the people who used to post there could be complete jerks. So now you wait around until you find anyone who ever posted at Debtorboards, to try to take an extremely churlish revenge. You couldn't even be bothered to figure out what my post meant before you decided to flame. As I said, churlish. Well, there good and bad posts in every board. I guess you know more about dealing with identity theft (only happened to me once, and that situation was thankfully very easy to clear up) and I have quite a bit more experience dealing with CAs and debt collection attorneys. I have absolutely nothing to gain by being here. People on other boards, especially the legendary TrueQ, helped me and others more than anyone can possibly imagine. I have managed to help a few people on the way, to pay things forwards. That is why I post on credit related boards. I don't know who owns this board. If you are the owner of the board, just go ahead and ban me. If not, then how about you just leave me the f*** alone, and I will leave you the f*** alone. Buh-bye.
  9. Do you really NEED that high a credit score? 700 is still a very good score, just not excellent. Yes, it is nice, but unless you need to borrow more money, it doesn't make any difference, except to your pride. Buying the camper and boat and moving probably did some other stuff that will lower your credit score. It is extremely common for people to see their scores lowered after big purchases. That being said, there are several ways to fix your credit score, and a combination will do the trick: 1. Time heals you credit score. After a few years, your missed payments will fall off, and only the good stuff will remain. You will see your credit scores inch up. 2. You said the missed payments are legit. Good for you for checking. For the benefit of others, I include checking that the missed payments were legit, and to dispute anything that is not legit. This one doesn't apply to you; just in here for completeness. 3. Good will. Since you have a good relationship with the creditors, and you have set up auto pay to make sure it doesn't happen again, you can send letters asking them to pretty please remove the bad stuff from your credit report. That might work, or it might not work. 4. Other tricks of the trade: there are other tricks that can be used to get your credit score up a few notches. For example, you can lower your usage by paying off your card before the date the usage is reported, instead of waiting for the bill to come. If you find out that date, log into your account, and pay online, you will lower your usage. This is a temporary fix, and would have to be done every month. Another fix is to take the short-term hit of another inquiry on your credit report, and get a new card you will only use occasionally for small purchases, and of course pay it off in full. This can increase your credit limits. HOWEVER, this is a double edged sword, because it lowers the average time for your accounts. So the ones in step 4 are usually if you need a few points added really quickly to your credit score, and may not always work. #1 is the only one guaranteed to work.
  10. Gawd, what a MORON! I was paying attention. If you had bothered to read my post, you would see I said "if the put it on the CR", meaning the new entity. Do you try to bully everyone here? I am not bullied that easily. I was hundreds of thousands in debt. I defaulted on over $100,000 in unsecured debt. I paid less money to settle and pay off the defaulted debts than I received from claims against collectors. I beat all the big names, including the companies that never lose. Except they lost to me. All of them. Now, I am above water in my home, I pay off my credit card bills every month, I have money in the bank, and my credit score went from the mid 400s to the high 700s. I've beaten the nastiest debt attorneys in the Midwest. If they can't bully me, neither can you. Now shut up and maybe you will learn something.
  11. In that case, if they put it on the CR, it should be marked as disputed. Unfortunately that does not remove it from the CR.
  12. It depends. Many CAs never put the collections on credit reports. Others do. If you intend to pay this off, right now is when you MAY have some leverage. You can always try to negotiate with them -- that you will pay this off, but they will not put this on your credit report. Similar to a PFD (pay for delete), but more of a preemptive strike. Be warned. A lot of these places have a policy that they never remove things from the credit report. Never. I once had a disputed Verizon debt that a JDB picked up and put on the credit reports. I offered a PFD. They ignored me. I wound up not paying anything.
  13. It appears you are doing the right things. I assume you have already talked to the fraud unit of your credit card company. When something like this happened to me, I had to dispute the charge, and they gave me a new one. Strange as it may seem, when I disputed a clearly fraudulent online charge, which didn't even have a name, the merchant countered my dispute. That angered me, since it was a deposit for a resort in the future, and there wasn't even a name associated with the charge. There was an investigation, and the charge was reversed. You are not responsible for the disputed charge while it is being investigated. As for the CRAs, well, some of them seem to be easier for you to work with than others. I don't know if you will need to file a police report or not. It might be a good idea, since if they made fake credit inquiries, that is identity theft. I know this is massively annoying, but this is really a fairly mild case, and should be resolved soon. You WILL get your 700 back, in time. Stay healthy.
  14. This is an accounting term, which is mandated after 6 months. You are a little confused. A collections agency doesn't own the loan. They collect the loan for the original creditor. A junk debt buyer actually buys the loan at a sharp discount, takes on all the rights and responsibilities of the loan, and collects on the loan for their profit. At some point it is very likely they will sue. Being a credit union, you can bet their records will be very good, and they can prove the debt. If that happens, he would probably lose the suit. One exception may be if there is an arbitration clause in the contract. Even so, they would more likely than not still pursue the debt even in arbitration. That might be an excellent idea, if he can either: (A) Pay off some percentage of the entire debt. If he can raise about 20-50% of the debt, there is a good chance he can get either a lump sum settlement or else pay off in a few months. (B) Work out some sort of payment program. That depends on the state. If you live in a community property state, you are liable for the debt. A friend of mine got divorced, and still had his wages garnished to pay off his ex-wife's credit card debt because he was in a community property state. Assuming you are NOT in a community property state, they cannot sue you or touch your private assets. It is possible they could put a lien on a jointly owned home in some states. In any case, having a husband in serious debt can make a difference in your lifestyle even if they can't touch your money and assets. I don't know enough about your financial situation. In SOME cases, it might be a good idea for your husband to declare bankruptcy. In others, it might be a good idea for him to work out a settlement. It depends on your finances. If there is an arbitration clause, he may be able to at least keep things out of court. SOME collectors, especially junk debt buyers, don't want to mess with arbitration. Many original creditors will pursue a debt to the ends of the earth, Another possibility -- a number of banks and credit unions have special hardship programs. Sad to say, by waiting until after charge-off he has probably missed his chance. However, due to the COVID-19 situation, many places are allowing extensions they normally wouldn't make. Also, many courts are closed to civil cases now. Which means he is much less likely to be sued -- in the short term. In the long term he will probably be sued if he hasn't taken care of this. What that means is he probably can buy at least a few more months to try to fix the situation, or declare BK if he cannot.

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