Jump to content

Sign in to follow this  
supercreditman

From riches to rags in 2012. It's time for a comeback in 2013!

Recommended Posts

Hey PerrysWoman,

 

Thanks, so much for the encouragement. The job at the Lowes store has me so depressed. I've been working 2-11PM every day. And it eats @ me more when I have to sell materials to guys that bought my properties for pennies on the dollar & rub it in how they are fixing them up. All I think about any more is what amounts I'm going to pay on what bills every other Thursday when I get my pay. Salads and BBQ chickens at Walmart, 2 for 1 burgers with coupons @ McDonalds. and stop for a couple beers and watch TV @ local tavern for $4 once in a while.

 

My scores seem like they are locked in place for months. They never fluctuate. Every day when I pull the full triple bureau thru CCMP, I keep hoping I'm going to see some positive change as a result of the minor improvements. Very frustrating.

 

Yes, about the rebuilding credit. Build the personal and don't use it. Establish biz charges that report to DNB & EX biz, and work your way up to biz credit cards, and if needed, use them for investment instead of the personal cuz they won't report to the personal credit unless you default on them. And you can get as many as you want without lenders saying you have too many new accounts or just too many accounts, or too much credit for your income, cuz they only know what personal credit you have for the personal guarantee.

 

SCM

Do not forget to build a solid EQ business file also.

Share this post


Link to post
Share on other sites

This thread is fascinating but I am a bit confused.

 

Unless you have proportionate income and spend, what exactly was the point of building up 7 figures in personal unsecured credit with 10-20% APR's? Maybe you have some strange business opportunities that allow both investment with credit cards, as well as < 30 day turnaround time on generating back the capital as well as profit in time to pay down your 7 figure personal credit card balances?

 

Wouldn't that effort be better spent on increasing one's income?

 

Sounds like more trouble that it was worth. I've always heard that, like dropping out of Ivy League Colleges, funding business on personal credit cards is unwise, famous success stories notwithstanding.

Edited by joelbnyc

Share this post


Link to post
Share on other sites

Joel,

 

I agree with you that I need to increase my income. The Lowes job keeps me hostage by monopolizing my time working morning shift one day and night shift the next day. But, I am interviewing today for a higher pay job in another Lowes store, but I have to use more gas and drive another half hour each way, which cancels out the higher pay, unless I can get at least $3 an hour more.

 

I showed the one car for sale 2 nights ago, and again last night. It would be a whole different game if had some luck with my attempt to flip vehicles on the side. The second people seem to be considering buying the car.

 

I totally agree with you about funding biz with personal being wrong. Back in the day, I used to have $900,000 personal credit and didn't use it. I opened and used only biz credit, which never showed on the personal credit reports. So I looked squeaky clean and got approved for $50,000 LOC's and cards like nothing. That was then, this is now. I have nothing to work with. I can't get off the ground without spending money to make money. I need a business location to get a vehicle dealer's license. That requires forking out thousands to at least lease a lot, get the licensing, insurance, & bring it up to spec. Then theres the dealer bond. When your credit is good, the bond is $120 annually. When your personal credit is bad, the bond must be high risk, and costs over $3000.

 

SCM

Share this post


Link to post
Share on other sites

I am having trouble this week with iib'd accounts refreshing with new dates, which is trashing my scores because the date of last reported negative info is 0 days, according to the scoring system. My bk was discharged November 2012 and the status of all discharged debt with all the creditors should not report with dates any more recent than November 2012. Coastal FCU was reporting a personal LOC on my EQ report twice so I disputed it. They refreshed the info reflecting a March 2015 date of status on both EQ and EX. My scores dropped 35 points on both bureaus.

 

I called Coastal and, of course, got the run around. Then when I did finally get someone's attention, she didn't understand what the difference is. I emailed her my triple bureau CCMP report so she could see how none of the other creditors except Coastal are reporting status dates newer than November 2012. Finally, I got an email and phone call that she has submitted detailed updates to the bureaus to correct the issue. I'm keeping my fingers crossed.

 

Then, on TU, the same thing happened with Nordstrom Bank. A status date of April 2014, less than a year ago. The TU score dropped 25 points when that hit my report. They passed the buck to Jefferson Capital, who they say they sold the account to. Jefferson says yes, they have the account, but Nordstrom is the one reporting, not them. Then I talked to the overseas reps at TU, but that's like talking to the wall. They won't do anything but offer to send a paper credit report. So, I filed a complaint with the CFPB.

 

I'm concerned that AR's by my current creditors while the scores are down will result in CLD's or account closures, further damaging my score by changing the proportion of available to used credit. Synchrony did some cld's on dormant store charges which had an effect, but I went into the account management of those accounts and clicked the CLI button and they restored the previous limits online, but the accounts are not yet updated to the credit bureaus until their statements cut.

 

I'm trying to relax and have faith that all will work out, but I'm worried.

 

SCM

Share this post


Link to post
Share on other sites

Joel,

 

I agree with you that I need to increase my income. The Lowes job keeps me hostage by monopolizing my time working morning shift one day and night shift the next day. But, I am interviewing today for a higher pay job in another Lowes store, but I have to use more gas and drive another half hour each way, which cancels out the higher pay, unless I can get at least $3 an hour more.

 

I showed the one car for sale 2 nights ago, and again last night. It would be a whole different game if had some luck with my attempt to flip vehicles on the side. The second people seem to be considering buying the car.

 

Yeah well, keep the faith. I've been up and down some myself. Founder of Twitter, now a Billionaire, was living in his parents basement at 30, having failed on multiple entrepreneurship attempts. You've probably heard these things before though. If you can build a business or sell that well, that talent does not disappear.

 

And don't get me wrong, building that level of personal (or biz) credit in 2 years is impressive.

 

If you don't mind my asking, what were you doing, real estate?

 

I worked back office at a privately owned lender with ~200 loan officers at one point. Was intrigued by the handful of brokers in the shop who were closing sometimes 10 deals a week (in 2009 no less), making 50K, 100K/month... And they didn't even have to drive clients all over the place like a Realtor, ha ha, everything over the phone. The partners were 30-somethings and self-made millionaires many times over. Right place right time, plus endless hustle..

 

I remember thinking to myself, this whole system is rigged though... bank borrows money for 0 or 1% from the Fed, lends it out at 5%, Mortgage Broker collects a $3000 - $10,000+ commission, and at least half the loans are guaranteed by the taxpayers. Nice racket... Although I hear it's become a much tougher business with the new regulations. Probably a good thing.

Edited by joelbnyc

Share this post


Link to post
Share on other sites

Today I had mixed luck.

 

One of the investors that already bought some of my former properties scheduled his second showing of my home. And last Saturday, he drove by very slow with his wife, which I took as an ominous sign. I will likely have to vacate soon. I assume he will be making an offer on the property, or already did today. I will have to find a place for all the furniture or sell it at auction or have a house sale. Fortunately the weather here in Pa is breaking and it will soon be in the 60's every day.

 

On the upside, I finally sold one of my investment cars, and made $1000 profit. I was panicing and lowered the price for someone who saw it on Craigslist and drove 1 1/2 hours, only to decide to pass. Today somebody local bought it and never asked for a price cut. That's $3750 cash to put toward $37,000 debt. I'm trying to decide weather to pay down on a lot of accounts to get them each a couple hundred under limit or pay off all the small account balances so I have fewer accounts in use, but the ones in use will still have balances close to the limit. What will best help the score?

 

And lastly, today I received the UNFCU Azure card and activated it. It has the same limit as the classic Visa, $1000. I wonder if it's still secured. It has a new account number and they replaced the old number with the new one in the credit bureau reporting, but the opening date and payment history are the same as the old card. I wonder if they will close the secured classic and refund my security deposit of $1000. Now that it's activated and will generate a statement in 4 days, I should soon see what they plan to do.

 

If I get the $1000 back, I might use it as a security deposit at State Dept FCU to open a secured card there.

 

SCM

Share this post


Link to post
Share on other sites

Me personally I would pay off every single small balance I could to have a sense of accomplishment and fewer cards reporting a balance. At that point you could start looking at the best options to consolidate the remaining debt.

Share this post


Link to post
Share on other sites

You are in debt and have plenty of CCs for credit building purposes. Why on earth would you use the $1000 to open a secured CC at this point? :dntknw:

 

SDFCU also does not graduate.

Share this post


Link to post
Share on other sites

Nateinva,

 

I guess you are right. I will pay off all the small balances.

 

Mendelsohn,

 

I guess you are right. I was just thinking of it as another positive reporting account.

 

Everybody,

 

Yesterday a guy that already bought lots of my former properties looked at my home with the realtor again. When I came home, the sign on the front rail was removed and hidden behind some chairs on the porch. I have to work today, but tomorrow, I hafta start moving, but I can't afford an apartment. I'm going to call an auctioneer to consign all the furniture in 15 rooms and stuff I hid from the BK thats in a storage unit I'm paying $90 a month for. He has a huge Memorial Day extravaganza auction every year. Hopefully he can get my stuff into it, if I didn't procrastinate too long. I have to change my mailing address & my ex said I could use hers. She still has an unused mailbox that I got my biz mail in years ago, on the front of her building.

 

I just got a hard copy of my TU report. It lists 136 accounts, but when my report is pulled online, only 61 are displayed. And, the softs from Smart Credit I think are the ones that say Pathway Data Inc. on the report, are all chopped to 1 a month. And the ones from USAA CCMP that read ConsumerInfo in the softs. NOT GOOD!!! Somebody find some new source of "b".

 

I had a call on the car I just sold hours after I sold it. Funny how people are. They can see it there for weeks and not call, but once it's gone, then they call. Anyway, she's interested in the other car that's still there on the main street with the price on it. I think she'll call tomorrow like she said. Hmmm. Maybe my luck is changing.

 

SCM

Share this post


Link to post
Share on other sites

SCM -- How about a PO box for your snail mail? It costs a few $ a month, but the USPS post office boxes are very reliable, and if you'll potentially be at a couple different addresses over the next 12 months it will save you a lot of hassle to update addresses on each account whenever you move.

Good luck getting the other cars moved and paying down your balances. If you're tempted to overextend yourself and buy another car to rehab, try to force yourself to take a break so as to avoid the stress, interest payments on debt, and increased credit utilization.

 

& do you have a perfect payment record on all these accounts you've opened? If so, congrats. That's a whole lot of accounts to keep track of.

 

If you need a place to sleep and hang your clothes, look on Craigslist for "rooms and shares" or "sublets and temporary" You won't have a 15 room house, but, on the other hand, you won't need to spend as much time vacuuming either. & if you go this route, I'd suggest putting everything in writing before moving in -- terms like length of tenancy, pet policy, cleaning policy, guests, noise, etc. & under what circumstances either of you can end the agreement early. It's much easier talking about details ahead of time than living in a stressful situation if unexpected conflicts emerge, such as "my roommate has her boyfriend over 6 nights a week and he doesn't do dishes."

 

Best of luck, and thanks for keeping us appraised as to your aggressive post BK rebuilding strategy.

 

MP

Share this post


Link to post
Share on other sites

Drew,

 

No. I had no luck selling another vehicle, but thanks, very much, for asking. I'm pretty disgusted.

 

I know my remaining days in this house are few. I called an auctioneer. He's coming to haul out all my fine furniture to consign to his Memorial Day auction. I will soon be sleeping on a pile of clothes, unless I find sleeping bags I think are in the attic, in my cargo trailer, which is not registered. I'm trying desperately to find an off street parking space to park it. It has been on the driveway of my former home since I got it.

 

I transferred the registration from the car I just sold to another car yesterday and dropped it off for inspection. It will soon be parked on the main street for sale too. Potential +-$7000 between the 2 cars for sale. Potential $2000 for the stuff in my house, which is really disheartening. I paid tons more over the years at auctions when I bought it all. But I have to be out of here. I'm paying $90 a month for 1 storage unit for almost 2 1/2 years, and not rented a second one. I'm going to have the auctioneer empty the storage unit too. I will have nothing left but 3 cars, the Expedition, and 3 motorcycles, 1 of which is essentially junk, and the other 2 that are salvage. But the Harley will very soon be titled, possibly this week. That's probably worth $4000. I will soon consign the trains to a bidboard auction where they'll be displayed piece by piece and in display cases and could sell well. In the end, I'll be homeless, with a job, probably 1 vehicle, and +-$25,000 credit card debt. Yippi!!

 

SCM

Share this post


Link to post
Share on other sites

We often see people in their RV's and trailers "camping" in the Walmart parking lot. Not a long term solution, by any means, but in the short term while you look for something else, you could probably get away with a couple nights there. And if there are several Walmarts near by, that's a couple of nights at each.

Share this post


Link to post
Share on other sites

I have to park somewhere. The issue is the trailer is salvage. it's not badly damaged but it was declared a loss by the insurance company. I need to spend a day messing with it to repair the aluminum at one corner of the roof so it has no sharp edges, and the lights and breakaway brake system have to work, then I can get it titled and registered again. Until then, it can't be pulled around and parked on the street anywhere. Nor can the Expedition I'm using to pull it. The Expedition looks and runs new but has some wiring issues that are preventing me from getting it titled and registered. I made an appointment for the Harley to get the enhanced inspection so I can get it converted to a title. I doubt It will need a thing. It's like new and has only 9000 miles on it. It should be worth $4000.

 

I just got a PO box today. And the auctioneer took out a 20' long trailer load of furniture today. He can't come back 'til next week, so that scares me. And he's picking and choosing what to not take. He doesn't want upholstered furniture.

 

I called UNFCU. They closed the Secured Classic, and the new Azure card is still secured. BOA sent me a letter stating that they intend to charge my card the annual fee next month.

 

Not a great day, but what can I do?

Share this post


Link to post
Share on other sites

I just came in from working on the trailer, cleaning up the hole ripped open on the front corner up near the roof. All I nedd to do is get some aluminum flashing at work and pop rivet it on so the hole is closed and there's no sharp edges, and buy a marker light to replace the one that was there. Then, test the braking system and take it for enhanced inspection. No big deal. I hope to compete the sheet metal repair tomorrow after work. If.it passes inspection, I can park it anywhere legally. Problem solved.

 

I am soon going to think positive. I predict that this time next year, I will have $10,000 in the bank and $150,000 in available unused credit. Unfortunately, I will not have started a new business.

 

SCM.

Share this post


Link to post
Share on other sites

I have to park somewhere. The issue is the trailer is salvage. it's not badly damaged but it was declared a loss by the insurance company. I need to spend a day messing with it to repair the aluminum at one corner of the roof so it has no sharp edges, and the lights and breakaway brake system have to work, then I can get it titled and registered again. Until then, it can't be pulled around and parked on the street anywhere. Nor can the Expedition I'm using to pull it. The Expedition looks and runs new but has some wiring issues that are preventing me from getting it titled and registered. I made an appointment for the Harley to get the enhanced inspection so I can get it converted to a title. I doubt It will need a thing. It's like new and has only 9000 miles on it. It should be worth $4000.

 

I just got a PO box today. And the auctioneer took out a 20' long trailer load of furniture today. He can't come back 'til next week, so that scares me. And he's picking and choosing what to not take. He doesn't want upholstered furniture.

 

I called UNFCU. They closed the Secured Classic, and the new Azure card is still secured. BOA sent me a letter stating that they intend to charge my card the annual fee next month.

 

Not a great day, but what can I do?

Even if they sell the house wouldn't they have to give you 30 days notice or some timeframe in which to vacate? Or at the bare minimum some sort of eviction proceedings that would give you time to get yourself all situated?

 

That's crazy if they can sell the place and make you be out immediately.

 

Non antique furniture might be a tough sell, could be worth throwing it on Craigslist though.

 

Wishing you the best of luck, you'll get through this hurdle.

Share this post


Link to post
Share on other sites

You can see I'm impulsive. I assumed the realtor had an offer cuz the sign was down. In fact, the sign was down cuz the agent had no zip ties to reattach it to the railing out front. I sent a load of furniture to the auction, and another is going out Tuesday, and what's in the storage unit. In all it's almost a tractor trailer load of pretty high end stuff that will go for peanuts at auction, while have to sit on the floor. The agent told me he'll let me know when he gets an offer, and from that time, it will take at least 60 days 'til the Bankruptcy Court Judge rules on weather to accept it or not. So, I had plenty of time, and panicked for nothing. And now it will cost me thousand more by squeezing a lemon me assets away.

 

I just used the paper copy of the TU credit report I got last week to file an online dispute. I hope they don't reply that it's frivolous and refuse to investigate. Many of the negative accounts are scheduled to fall off anyway, next year, not even 4 years post BK. Apparently they go by the date of last payment which was August 2009 on everything.

 

Still getting "b". Go figure! No inquiries on TU.

 

I placed a runs-til-it-sells ad for a convertible a couple days ago, and I got a call on it. I will drive it to work and a guy will be stopping by Lowes to test drive it. Then, in a couple days, I will have another car ready to advertise, once some minor work to get it inspected, is completed.

 

I went to the DMV to get a motorcycle permit. I failed the online test. I should have read the motorcycle permit manual completely before trying. I read part of it while in line. Those questions that I read about I got the answers correct. Once I have the permit, I can get insurance and register the harley motorcycle, if the title app goes smoothly. Once registered, I can get it insured and inspected, then and advertise it for sale while I use it. Then there's the BMW sedan to sell. If I get at least 2 more vehicles sold, and get a sizeable check from the auctioneer, I may try to open a car dealership. I saw 2 lots today 40 miles from where I have been living. I is for rent. He wants $1000 a month. the other is for lease or sale. I will call tomorrow. To get going, I would have to have at least $7000, and that's not counting initial inventory.

 

SCM

Share this post


Link to post
Share on other sites

SCM,

 

I am fascinated with your story. I believe in you.

 

Your situation is near and dear to my heart. From 2004-2008 I had flipped 25+ properties and had a roll off dumpster business and a computer service business. I was riding high. End 2008 I quit paying my bill because I ran out of money. Forward to 2015. BK discharged 10/14. Working on cleaning up my credit. My life has stabilized and I have a wife and two kids. You will get there. Keep your eye on the ball. Ignore the negative thoughts.

Share this post


Link to post
Share on other sites

Faccnator,

 

No, buddy, I didn't sell any cars. But, I did cause myself some more problems, yet move ahead slightly.

 

I got a post office box. I did it a couple days after I applied for a title for the Harley motorcycle, which cost about $400 to get titled with notary, taxes, and inspection fees. So the title is addressed to my "residence", where I do in fact, still live. The problem is, a letter from the state DOT won't be forwarded to a post office box. Instead, it will be sent by the post office, back to the the DOT because it doesn't have the PO box in the address. And, I got the trailer issues all straightened out where it's ready to apply for title too. The inspection is scheduled for tomorrow. I changed my driver's license address to add the PO box, so it's current now. But, I got the bright idea after I got the PO box, that I'm going to change my mail delivery one more time, to a UPS box, while I still have the primary address to put on the box application. I am now waiting to see if, per chance, the post office might just deliver the motorcycle title before I attempt the new mail change. Once I get the UPS mail change, I will change my drivers license to the UPS address and I will be golden. This will allow me to dispute my old addresses off the credit reports, and eventually, the BK. The post office had a hold on my mail for over 10 days while they processed my PO box application. A part for one of my cars arrived but they wouldn't give it to me until the PO box was done being processed. Once I got the part, the garage finished inspecting the car, and I have it displayed and advertised in the newspaper.

 

Soon, a 3rd load of my personal belongings will be heading to the auction for the big Memorial Day sale.

 

SCM

Share this post


Link to post
Share on other sites

Hi everybody!

 

Was off the last 2 days. I spent hours working on the credit bureaus. I was on the phone with all of them. 1 major breakthrough, I think, is that I got the address I've lived at for over 20 years, the one that all my discharged accounts and BK are associated with, deleted from my TU report. I've had a dispute filed with TU, of many of the accounts underway for over a week, with the results expected 5/20. I have an online dispute of that address underway with EQ too, as well as of many of the accounts, but I called yesterday to speed it up, and they said they didn't yet get the faxed drivers license I sent them, which shows a new address and PO box. Ex deleted a couple addresses, but not the biggie. They said it's tied to lots of accounts. I asked which ones, and she started reciting. I have notified all my current creditors of my new address, but many haven't generated new statements or reported. Some won't unless I charge something on the account. I din't notify the creditors that were IIB'd. I didn't wait until all the current creditors updated for the month, using my new address. I probably should have.

 

Hopefully, with the key address removed from my TU report, many of the accounts in dispute will be removed.

 

SCM

Share this post


Link to post
Share on other sites

I just got off the phone with Equifax after numerous attempts to confirm receipt of my drivers license showing the new physical address and the PO box number. My report only shows the PO box number and WAS showing my old address. The rep would not update to the new physical address but he was willing to, and says he did, delete my old address which was associated with my IIb'd accounts and bankruptcy. I can't wait 'til I can pull my report tomorrow to see. I've got lots of negative accounts under online dispute tied to that old address, and with it gone, if it is, it will be interesting to see what happens in 10 days, at the end of the dispute.

 

SCM

Share this post


Link to post
Share on other sites

Glad you're back SCM!!

 

I've made a lot of progress since you've been gone. To include getting all but one IIB off EQ, qualifying for a real unsecured card with a real limit (Venture, 5K) and a lease! Perhaps you should try capital one for another card, one of the excellent credit ones and move some of those balances over? I'm cleaning up Experian now and got 5 charge off's deleted and one neg updated to a positive and 1 collection deleted, just by going to the original creditor. :) I also got my Discover card unsecured and a small increase on the limit.

 

Keep going friend, you can do this!

Share this post


Link to post
Share on other sites

I have to believe this whole blog is a fiction. There is no possible way this situation could exist. It makes fun reading, though.

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this  




  • Today's Birthdays

    No users celebrating today.
  • Member Statistics

    • Total Members
      178,001
    • Most Online
      2,046

    Newest Member
    jtimothy1790
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines