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paul77136

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  1. Thanks for the really good posts. Agreed, the IRS needs to clean up the mess they've made. In re Reed is actually quite clear: "Instead, the court determines that the issuance of a Form 1099-C reflects that a financial institution has, in accordance with 26 U.S.C. § 6050P and 26 C.F.R. § 1.6050P-1, discharged an indebtedness, which must then be reported by the debtor as taxable income." (492 B.R. 261, 269 (Bankr. E.D. Tenn. 2013). The logical argument is hat since the debt was discharged in 2014 (resulting in a transfer of ownership of the money from the financial institution to the debtor) and the debtor reported the resulting taxable income to the IRS in 2014, the indebtedness no longer exists. Therefore, the financial institution has no legal standing to issue a revised 1099-C OR report any account balance other than $0.00 subsequent to the discharge.
  2. 1. Chase and BOA issued 1099-C's (Code G) for cancellation of debt, in 2014, on accounts which were mine. 2. I included those in my 2014 taxable income and eliminated the tax on that income by showing, via Form 982, that I was insolvent on the day before the 1099-C's were issued. 3. After issuing the 1099-C's, Chase and BOA still reported the accounts as delinquent with the original balances still owed. 4. The accounts were disputed. Nothing changed. 5. Section 623 letters were mailed CMRRR. Not only did nothing change, both Chase and BOA did NOT answer any of the questions asked in the Section 623 letters. 6. IMHO, Chase and BOA have no right to continue collection action on debts they have cancelled. I should hire an attorney and sue. Your thoughts?
  3. Not in my case. They used the new open date, as did Amex. I'm not complaining, both have treated me well.
  4. Original BOA Visa: 11.14% variable Ex-Fleet Visa: 13.74% variable I'll stick with either MBNA (7.9 fixed) or Chase (7.99 fixed).
  5. That's funny! Actually, our accountant mentioned his mother having a problem using her CC's..maxing them out. He said that he solved the problem by placing them in a bowl, filling with water and putting them in the freezer. He said that he told her if she needs to use one, that she'd have to let it thaw out first. By the time she was waiting for it to thaw, the need to spend had went away. This will definitely be something to make you think before you spend to see if you REALLY need it at that time...LOL Keeping CCs in a safe deposit box at a bank a half-hour away from home has the same effect, not to mention less of a mess when the block of ice melts.
  6. Name Of Institution: Amex Hilton HHonors Platinum Approved/Denied: Approved Score: 697 FICO Credit Limit: $10,000 CRA(s) Pulled: EQ Pre-approved offer.
  7. After being turned down by Discover a year ago, I went this route to avoid wasting the inquiry. After being approved for a $2k Sam's Club Discover, curiosity got the better of me and I hit the "apply" button at discovercard.com. It took about a week, but the news was good - approved for $7,500. I hope the OP enjoys similar success.
  8. Before CB: $3K (two Providians...ugh) After CB: $120K +- It started as a fairly widespread portfolio, but that's changing as BofA continues to absorb competitors.
  9. Annually...though I've been tempted to purchase quarterly.
  10. Name of Institution: Discover Platinum Approved/Denied: Approved Score: 687 FICO Credit Limit: $7,500 CRA(s) Pulled: EX State: MI Approved in a week after receiving the 30 day message online. 0% on purchases & BTs for one year
  11. That $900 Chase "Platinum" MC @ 18% stinks to high heaven. I remember when "Platinum" meant a minimum $5K CL. I should call and combine it with my other Chase card (ex-Bank One). Target has a high APR, but I always PIF and enjoy the discounts. To this day, I regret applying for a receiving two Crap One cards back in the 90's. I still have an occasional traumatic flashback about Crap One, even today. How could they possibly thrive on that business model? I don't regret earning my way off the Amex, Citi and (finally) Discover blacklists after screwing up twice in an earlier life.
  12. Me: EQ - 2 (Discover twice, declined last year, approved this year ) EX - 2 (a non-PP CA inquiry for which I was awarded a judgment, and Sam's Club - approved ) TU - None DW: EQ - None EX - None TU - None
  13. Then I clicked the "luv" button for my Citi Shell MC. I've always received the form to fill in before. Not this time. Declined just by pressing the CLI button. Doh! I should have listened to Tee and George.
  14. Name of Institution: Sam's Club Discover Approved/Denied: Approved Score: 699 Credit Limit: $2,000 CRA(s) Pulled: TU State: MI Online. Instant approval.
  15. Providian was very helpful back when I was rebuilding my credit back in the late 90's. Lately, they've been OK with CLIs, 1.9% BT offers and PFICO. I'm still ticked about the $59 annual fee and their very high purchase APRs on my cards (16.99 Visa, 23.99 MC). Once subprime always subprime, I guess. If they weren't my two oldest TLs I'd close the accounts. Instead, they stay in the sockdrawer and come out twice a year for a tank of gas each. I have to admit, they don't look that bad next to my $900 CL/15.74 Chase "Platinum" MC.

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