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vexor3

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  1. I have $14,000 of credit card debt. Most of the credit cards are high revolving, meaning that they are almost at their limits, but off by about $750 or so from the limit on each card. I have an opportunity to get a personal loan to pay this off at around a 10% interest rate (and a 5 year payback) Question: Would getting the personal loan and paying off the credit card debt in full (and not using the cards again) increase my credit score? I know that it is really robbing peter to pay paul, but there is a big difference in the way the scores are calculated when it comes to revolving credit v. installment loans. I wanted to get everyone's take on this question. Thanks everyone!
  2. Total balance now (after the 25% default penalty) is $35,000.00
  3. My dad has a PLUS loan. He defaulted on it. A defailt penalty was assessed against it when it defaulted. It is now at a collection agency. Last year the agency and my dad worked out payments of 200 per month. My dad did this in order get his student loan rehabilitated. He made the $200 payments for about 5 months, then he called them and said they were too much and the agency reduced the payments to $150 per month. He has made the payments for more than one year. The agency called him earlier in May 2007 and advised him that due to the increase in the interest rate, the payments would need to be increased to 250.00 per month. He told them that he could only pay the 150. The agency has continued to accept the 150 per month. My dad has asked for them to send him his rehabilitation paperwork, but they have refused because they said the payments he paid were not sufficient because they did not cover the principal and interest over the past 2 years. Question: Can my dad get the student loan rehabilitated. I cannot find anything on the DOE's website that would indicate that he cannot get it rehabilited He paid 9 monthly installments based on his current income and expenses. Any assistance on this would be fantastic. Thanks
  4. First and foremost, the $2500 add on fee sounds a bit much for a loan that had an original balance of $7000. When a student loan defaults, an automatic 25% penalty is assessed against the loan. If the loan balance at the time of the default was $7000, the 25% penalty should be $1,750. I am not aware of any other fees which could be assessed on the loan. Once the loan has been rehabilitated (9 months of payments), the 25% fee is reduced to 18%. As far as the monthly payments are concerned, the government regulations require that the collection agency work with you on the payments. If you cannot afford 275, then you need to advise them of the amount you can pay. Under the guidelines, you will need to justify the amount you can pay, i.e., provide a statement of your income and monthly expenses, such as rent/mortgage, utilities, car payments, etc. If the collection agency still refuses to accept the payment, then I believe you may have a lawsuit against the collection agency. Also, keep in mind that they cannot require you to make an initial payment which is not the monthly payment in order to get things started. I.e., they cannot require, as some say they do, $1,000 to get things started and then 150 per month afterwards will be ok. Keep us up to date with your progress. Hope this helps.
  5. It is my understanding that once the student loan enters default, there is an automatic penalty of 25% of the balance that is added to the loan. The collection agency will be collecting on the balance plus the 25%. Once the student loan is rehabilitated (after 9 monthly payments) the loan default will be reversed and the 25% penalty is reduced to 18%.
  6. Here is the update: I got my denial letter from Chase on Monday. Said that they denied me for BR and for past/present delinquencies. (I do not have any present delinquencies). I took the advice of this Board and called. First couple of times I called, got the run around and was placed with the application line twice. The application people advised me that I could not have my application reconsidered, but that I would have to reapply. Which is a completely WRONG statement. I called Chase customer service again. Finally got someone that connected me to the Reviewing Department. (Their number by the way is 888-338-2586). The guy who answered the phone was SUPER NICE. When I explained that I wanted my application reconsidered, he said "Wow, it is so rare that we get these calls, I will have to make sure who you need to talk to." Can you believe that??!! Anyway, I explained that I already owned a Chase Circuit City card and that I loved the customer service (which I really do). He connected me to a nice lady in the revieweing department that pulled up my application. Asked me a bunch of questions regarding my credit report and then said that she could APPROVE me for the Marriott Rewards Card. She said that the most she could give me was a $5,000.00 credit line. So it does go to show that asking for a reconsideration is well worth the effort!! Naturally, I said thank you!! And again, I say THANK YOU to CreditBoards!! Another success story!
  7. Thanks for the advice so far. I thought I would give an update.... After reading some more on recons, I decided to follow dj144lyons suggestion and call to ask for an UW (underwriter). However, after speaking with the lady, she said that my application was under review and had not been denied or accepted at this point, but to call back in a week. How strange is that? Is there a possibility that the app is still pending and has not been denied??
  8. Thanks. I will keep you posted!
  9. Today I called to check on the status of my application with Chase for the Marriott credit card. They said I was declined. They pulled TransUnion. Score is 685. The only baddies on my credit is a BR7 5 years ago and 2 old trade accounts which were discharged in the Chapter 7. I have not received a letter from Chase, but the lady said that I was going to receive it shortly. Also, the denial actually makes no sense. I have a Chase VISA Circuit City card which I received in March of last year with a lower score on my TransUnion report and with more baddies!! Three questions: 1) Is it worth my time to ask for a reconsideration of the application? 2) Do I have to wait to receive my letter from Chase in order to do the reconsideration? 3) When doing the reconsideration, do I need to send a copy of the denial letter with it or through PFB? Thanks!!
  10. cppsavings worked for me today as well!!
  11. The number I have is 1-800-493-1058----Good Luck!!
  12. Just got off the phone with Experian trying to delete an old address. They said that they cannot delete it because it is associated with several other accounts. What should I do to get it deleted? Any suggestions?
  13. What is the best method/way to have old addresses from CRs deleted?
  14. Let's say I pull my CR from EQ. It is report #111. I dispute something on that report. The investigation results in a deletion. Two months later, I pull a second CR from EQ. It is report #222. Question: Can the people over at EQ pull up report #111 two months later or does report #222 supercede #111 and basically deletes the old report so that it cannot be referred back to again? The consequence of this is so that EQ cannot refer back to an old report to see what had been done or disputed previously. I am having a bad day today anyway, so I told you that this is a stupid question!!
  15. You need to pay capital one directly, most likely, or at least get West Asset to send the money to CP1 immediately. See what has happened, I suspect, is just like what happens in CH13 cases. The payment is due by June 5 to CP1. However, you pay West Asset on June 3, before the due date. West Asset does not send the money to CP1 until June 15, well after the due date. Unfortunately, creditors do not differentiate between who pays what, only when the payment is made. In CH13 cases, there are several cases, I believe, that come out in the past few years that have basically stopped this practice when a debtor pays the Trustee and the Trustee sends the money to the creditors after the due date has passed. I am not so sure outside of a BR situation if there are any protections like that. Hence, I would recommend that you pay CP1 directly. PLUS, it would lemonade West Asset off because they can't get their cut (if they have only been assigned the claim and not purchased it).

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