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JeffeVerde

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  1. Under the Bank Secrecy Act, financial institutions are required to report cash transactions of $10,000 or more. There's nothing wrong with CTR's and large cash transactions - a CTR is simply a reporting requirement. But splitting up large transactions to avoid triggering a CTR is referred to as "Structuring", and this reporting avoidance is a crime in and of itself - even if there was no illegal behavior (money laundering, etc) behind the actual transactions. If a financial institution suspects structuring is occurring, it is required to submit a Suspicious Activity Report (SAR), which can lead to a criminal investigation. So, No, buying MO's at WM is not "Structuring" - even if you were to do back-to-back transactions. The real concern when buying MO's is having the store simply refusing to sell to you - and I fear that's what the new ID policy is aimed at. In the past, some people who were performing very high volumes (like six-figures/month), have came under the scrutiny of MG, and have been "blacklisted", with their local WM's being told to not sell MO's to those persons. Up till now, this blacklisting has only been with persons performing very high volumes. But with this new move to capture ID's with every purchase over x-amount, I fear that MG might use this information to identify and ultimately to blacklist "undesirable" customers ("I'm sorry sir, the register has cancelled the transaction and is telling me that I can't sell you any MO's"). The new policy (and this is only a store policy - not a law or banking regulation), is to enter your ID into the register for MO purchases of $1000 or more. If you're only an occasional MS'er (a couple times a month), having your ID tracked *might* not be an issue. Especially if you hold on to your MO's for 4-5 days before depositing (so that MG gets their float). But if you're making multiple purchases per week, I suggest adjusting your purchasing patterns to avoid having to provide ID. That's what I'm doing.
  2. Flip this around -- what benefit do you think will be gained by closing the accounts? Yes, opening a boat load of accounts in a short time affects your AAOA (average age of account) and has a short-term negative affect on your FICO's. But at this point, the damage is already done. There's no "take-backs". Figure out which card(s) make sense for you to use for daily-use. Make a spreadsheet of the rest of your cards, with a column for "last date used", and then put them somewhere secure (aka "sock drawer" them). Make a point of making a few charges on each of your sock-drawered cards at least once a quarter to avoid an account being closed for inactivity. Some people cycle a different sock-drawered card in their wallet each week,and use it for a small purchase. Others do it in batches - loading a couple bucks on an Amazon e-giftcard, or giftcards at Starbucks. You'll see your FICO start to recover from the load of new accounts in 6 months. With time, these 19 accounts will make your AAOA impervious to the impact of future new accounts. A nice thing about the two Biz cards is that balances on those accounts don't show on your credit reports, and don't count towards overall utilization. So if you need to carry a balance, those accounts are a good choice if you're concerned about the balance affecting your credit profile.
  3. An invitation from Chase to upgrade to their "Chase Private Client" banking service -- a month after Chase closed all my CC and banking accounts
  4. BT checks for two Chase CC's that Chase closed a month ago. Second time since they closed the accounts
  5. FICO weirdness today. DGF's FICO's are (or were) 736-738. Oldest account is 16 years, AAOA is 8-something years, and her only negatives are a 6-1/2 year old BK and CA. We both travel a lot for work, with an AmEx Plat being the primary travel card, and while it's PIF each month, it usually reports a balance. Last month, AmEx reported a higher-than-usual balance of $8800, and there was no negative impact to DGF's FICO's. This month it reported a balance of $5500, and her FICO's dropped --- a bunch!. EX dropped 20 points, TU dropped 11, EQ hasn't reported a change yet. myFICO monitoring associated the score drop with the balance drop - and this was the only change reported in the her myFICO monitoring.
  6. If you start a new dispute while you have an open dispute - it gives that CRA extra time to respond to the original dispute
  7. In faxing the agreement - there are also fax-to-email services - you can set up a trial account for free (google it). The CA is going to push hard to do a direct debit of your bank account. DO NOT give them your bank info! However, if time is of the essence, you could open a throw-away account, with the sole purpose of funding an ACH debit for the CA. This might be necessary if you're able to negotiate a pay-for-delete, because they're going to push for immediate payment in return for the deletion. re: #5 - just like buying a car - people are pushing to make their numbers at the end of the month. You might have better success negotiating in the last week of the month, rather than the first. If you've already been applying for a mortgage, then everything about negotiating a deal is pretty much out the window. The CRA's sell a service to CA's, that notifies the CA's when someone applies for a mortgage. Armed with this information, the CA will know they've got you over a barrel. If that's the case, that existing 50% offer is probably the best you can do. ETA - the letter you referred to, about paying 50% -- was that a settlement offer from one of the CA's? Or did you mean that the mortgage lender wants you to pay down at least 50% of your collection balance?
  8. Of course with Mulvaney in effect defunding the department, this might turn out to be a pyrrhic victory
  9. IF the creditor is being on the level, then what they described is a valid method to make a correction like this. You dispute with the CRA's, saying "I was not late on these payment". The CRA is then supposed to contact the creditor to confirm. If the creditor doesn't respond, then the CRA is supposed to delete the disputed negative item(s). That said - it's suspected that the CRA's aren't always as thorough as they should be in researching a dispute. And if the creditor does an auto-response ("Yep - our records are accurate"), then the negative items stay on your report. If they so choose, a creditor can proactively submit a change to the CRA's - but that requires effort. It might be that what they've told you is how they handle cases like this, because it requires no effort on their part -- they simply have to not respond to the dispute.
  10. Be aware that utilization - both individual and overall - is a big part of your FICO score. I suspect that those two accounts with >50% utilization are probably costing your DW in the neighborhood of 20-40 FICO points. Not a big deal, as long as she has no near-term plans to app anything. Also be aware that the FICO algorithm responds to decreases in util more slowly than it does to increases. So an increase in util will affect your FICO's the day the high balance is reported. But once the util drops, it can take several months for your scores to recover. So don't expect your FICO's to instantly recover if you pay off a large balance at the end of the promo period.
  11. Between uber and grubhub, would you have actually used the car if it was working yesterday? Or are you just whining because TAD let the car sit for 2 weeks, waiting for you to deal with it?
  12. Page -as in Trump's giant stacks of "very important" blank pages
  13. Viewed from Chase.com, the CC accounts all show "Your account has been closed". But the links to the related rewards sites still work, and my member sign-in, status, and rewards points are still active on United.com, BritishAirways.com and IHG.com, if that's what you're asking. re: Cat Stevens / Do-Not-Fly list - no recent name or religion changes, and I've flown a half dozen times in the two weeks since the account closures. So probably not an issue
  14. You also need to contact those three co-brand partners of your cards, UAL, BA and IHG and find out what is really going on here! I highly doubt any of them want to lose a customer and my guess is you will probably catch Chase in a lie as I really doubt your Chase closures (cards & banking) were precipitated by a co-brand partner request. Does the partner have anything to do with a co-branded card? I always assumed it was strictly a marketing thing, and that I was really a customer of the issuing bank.

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