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MattS

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  1. Wow, my friend, she must be a really good negotiator because she's gotten good deals from Citi and Chase.
  2. I know people who are struggling with late payments on CCs and it looks like the lenders (at least citi and chase) are bending over backwards to help people keep from getting to the point where they are reported as 30 days late. Call me a cynic, but I think that The Powers That Be are keen on not generating big numbers of delinquencies that would look bad on the bank's books. I think they are also worried about causing bad feelings about the economy that might undermine the party line that says that we are in the early stages of economic recovery. And then there's also the question of keeping people creditworthy so they'll have someone to lend to after the smoke clears. If you are having trouble making payments on credit cards try to drive a hard bargain. Drastically reduced minimum payments and interest rates look to be pretty easy to achieve. I'd shoot for elimination of accrued late and overlimit fees as well. They will probably close the account but the debtor can keep late payments and charge-off off of their record.
  3. I hear a lot about people defaulting on credit cards and mortgages in the teeth of this recession. If it is true and it's widespread it must be pulling down the average credit score. I mean, we are all aware that the banks and finance companies were in a mad frenzy to put credit in the hands of virtually every adult in the country from the mid 90s on. It's a good bet that the return on that is not too good right now. Is there any way to know how many people are late or in default, or what it's doing to the average FICO? The whole USA economic system is premised on the idea of consumer demand as the driver of the economy. What kind of economy will we have if 25% of formerly creditworthy people are now sidelined? I think they are going to want to lend these people again. Which means, that in certain cases, it makes sense to default now. In fact those who default now may be able to pay their debts back later in inflated (cheaper) dollars (if they pay them back at all) and get credit.
  4. I'm new to this world of active credit consumers. I don't understand what is doable and what is not, and what is worth pursuing. If I can get some negative items off my CRs it would help. Then I would need info on what kind of credit to keep and how to manage it. Is there some kind of bootcamp or FAQ I can study to get up to speed on what is possible? -- Matt
  5. This concerns a negative item on a CR from a car loan with BofA. They show a collection and charge off that was paid after 90 days or so. It involved some late fees that got tacked on to the loan at the end that didn't get paid promptly. The loan was for $14K and the charge off amount was $245. This was all settled in 4/2005. There is some small amount of ongoing relation with the bank in a CC account that is in good standing. Is there any avenue here to fix this? Perhaps someone to contact at BofA via mailed letters? -- Matt
  6. Anybody have any ideas about getting an old negative item removed where I have a good long term relationship with the CCC creditor? I thought I had read, in these forums, that a "good will" letter might have some positive effect. -- Matt
  7. Matt, everyone has his/her own approach, but here's mine. I PIF, always. To do so, I simply don't charge an item unless I have the cash ON HAND to cover it. Essentially, the credit card is simply a convenience which ALSO earns me cashback rebates. I'm not talking about HDTVs here. I don't eat in a restaurant or go to the supermarket unless I have the cash in my checking to cover the expenditure. Good Luck, PIF, My father does it, as do most of my aunts and uncles. They are from the generation that came up before consumer credit. They have a better attitude -- Matt
  8. Holy Mackerel! I just called BofA to inquire about phone payment options so I could be better prepared next time. I was told that they are recommending myeasypayment dot com. And then when, when I was thanking the nice lady she said "and I can reverse that late fee and penalty interest for you. "Are you sure" I said. "Today at least three BofA reps told me that it would be impossible". "No problem" she said! "Check your account tomorrow (24 hrs) and it will be off". Holy Cow! What a roll of the dice. What a crazy system.
  9. And incurred another unnecessary fee. BofA does not charge a fee for making a payment by phone. Last time I checked (it's been years) B of A wouldn't let me pay by phone without a fee, citing the fact that I don't have a BofA checking account. That may have changed.
  10. No, sigh, I slipped up once about 10 months ago on the same issue. The due date fell on a Saturday. That time I figured that if the local branch was open and I made my payment at the bank I would get credit. I shouldn't wait until the last minute, but sometimes money is tight. In my line of work my income can fluctuate. I've noticed that when I make $50k/yr and up I have no problem keeping all my accounts current, but when it falls below that it is not as easy. My reason for not paying online is that I think the $14.99 fee is a gouge. Rather than let the creditor get it I like to see Western Union or Money Gram get it. It used to credit the same day but now creditors are dragging their feet and coming up with excuses for delaying. B of A's answer to me was that they don't care when they receive the money, only when they process it, which is set to optimize fees and penalties. -- Matt
  11. Among several negative items on my CR I have an item from HSBC/More M/C. In early 2004 I was 30/60 days late once, and just over that 60 day period. After that I have maintained a good record with one instance where I was one day late. I keep a high balance and make small payments, but I have recently brought my CL utilization down from 95% to 75%. I have also received a CL increase since my 60 day. What is the chance that a "good will" letter would get them to stop reporting the 30/60 day. Or any suggestions for an alternative approach. -- Matt
  12. Hi and welcome ... Newbie Section FAQs: http://creditboards.com/forums/index.php?showforum=45 Glossary Terms: http://creditboards.com/forums/index.php?s...p;st=0#entry141 Thanks. After looking around I found several glossaries in the posts. This Glossary seems the best so far: http://creditboards.com/forums/index.php?a...DE=02&qid=2
  13. Yeah, This thing needs an instruction manual (for blue collar working stiffs like me anyway)
  14. I am not familiar with most of the acronyms used in this forum. For instance, "JDB/CA". Is the a glossary somewhere that I can use to get up to speed? -- Matt
  15. I recently made a payment by Western Union Quick Collect to My B of A Visa. The payment was due on a Saturday. I made the payment on Friday at noon the day before it was due using Quick Collect. The payment ended up not crediting until the following Monday. Now I have a late fee and an interest rate of 28.99%. Western Union assures me that the bank gets the money instantly and that the processing lag is all on the bank. The bank is assessing the late fee on their processing schedule. Isn't it convenient that the late fee accrues at their convenience? Is there anything I can do to get this fee and interest reversed? Calls to the usual phone agents have been fruitless so far. -- Matt

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