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Chase Sapphire Balance Chasing
By
midlifeawakening
, in Credit Forum
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By californiadreamin
I just wanted to give a heads up to the CB community. Exactly a year ago, I open a Discover Card 9.5 months out of Chapter 7 BK and was given a 12k limit at 0% for the first 14 months. I was surprised at being approved and at the limit. I was honest with my annual income and they did not ask for pay stubs or anything else.
Fast forward to this month and in anticipation of my 0% promo ending (and the rate jumping to 16.9%), I applied for a a 10k personal loan from my credit union to refinance the 10k that I had charged on the card over the year. Now maybe it wasn’t the smartest to go over 30% utilization, I was taking advantage of the 0% and I wasn’t balance chased or anything like that.
My credit union approved by at 7.9%, cut a check and mailed it directly to Discover this week. Low and behold I try to log in today and am locked out and call their “verifications” team. While they weren’t necessarily rude, the did treat me like I was a criminal and said that they can request a 4056-T anytime they want. I brought up that it’s interesting timing since my CU just sent them a check for refinancing my balance. They acted clueless and said that I have until 1/3/2021 to return the form or my account will be closed.
I am expecting almost $500 from their cash back match promo in December so of course I’m an not doing anything until I get that money. Also, while my account is in “verifications” they WILL NOT allow me to have account access, or mail me a statement to pay my bill. So I have to call in and make the payment (free of charge - bless their little hearts) and call in to get the cash back match bonus redeemed. Once my account is closed, they will then restore my online access so I can continue to make any payments due.
I don’t think I’m going to participate in their fishing expedition. My tax returns are none of their business. If the would have asked for them when I opened the account, I wouldn’t have provided them. Obviously my tax returns are going to reflect my itemized deductions and I am not going to voluntarily hand that information over to anyone. I think I’ll close the account myself on 1/2/2021.
My BK will have been discharge for two years on 2/15/2021, so I’ll apply elsewhere for a credit card to replace it. I have other unsecured credit already established, so I have been successful in rebuilding me credit since discharge. While it was nice to be approved for a high limit so soon after BK discharge, it’s definitely not my highest limit at this time, so I’m ok with saying goodbye to Discover.
TL;DR: Be cautious when making a large payment to Discover or you may be facing a FR.
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By ON-MY_way
I had a NFCU cc of $25,xxx (25k) charged off in Dec. 2018. During my small business startup and struggles I tried my best to stay afloat. I managed to keep my NFCU auto loan ($31k, balance $5,000, never miss/late payment) and NFCU cc ( $3000 never miss/late payment) current.
My Equifax lists:
12/2018 Charged off account
Date of Last Payment Aug 01, 2020 (I made NO PAYMENTS or arrangements since CO. I keep little money (under $100 in my checking savings. Low and behold In August 2020 I see a 'DR Adjustment' of $1000 from my checking. After investigating I learned that a commercial account deposit I had in 2016 was credited back to me and the acct they had on file was NFCU and they snatched the grand and sent me a letter 'thanking me' for my payment of $1000.
My state is NC, does this now effect my SOL? Is this legal for NFCU to take money from your checking account and update the CRA as you've made a payment when I did not initiate it?
After this eye-opening moment, I did some research and it's my guess that NFCU loan terms have 'cross-collateralization' verbiage.
When my NFCU auto loan is paid in full, will they send me the title or 'hold' it until the CO is paid off or settled for agreed amount? If I settle at a percentage of CO before auto loan is paid, will I get the title once auto loan is zero balance?
I reached out to NFCU collections and got an offer to settle the co acct for $4000, so including the $1000 they already debited, that 20% of the charged off amount to stop the collection process. I'm assuming even with all the lawsuits NFCU has been a part of since 2016 to present, PFD is not an option on the table as a counter offer. I have the means to pay $4,000 to them within 10 days, besides my CRA showing 'paid, settled for less', how will this effect my credit and score?
I know the general opinion on CB is that NFCU is GREAT and one should try to stay in their good graces, but it seems things there have changed for the downhill since 2017 and with a recent whistleblower lawsuit concerning their mortgage underwriting practices... their home loans advantage could also suffer in the near future. Personally at this stage, I'm not '$25k-in-love' with NFCU, but if you can offer reasons to sway my judgment, it will be enlightening.
All in all, I'm seeking advice to get my title once the vehicle is paid off and maintaining the 'most amicable' relationship with NFCU going forward holding a single credit card, checking, and saving accts.
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By PS2020
Heya, found this forum through a Reddit recommendation and have been thumbing through it for the past few days, and wanted to thank you all for the information you all post! I'm still kind of new to this, so I'm trying to best figure out how to handle my situation and could use some advice.
The wife and I are thinking of home ownership in the next year or two so i'm trying to fix my side of the credit now. I THOUGHT I had several things in collections (frankly I should), but according to my credit reports from the big 3, I don't. Hell, I had 7 negative accounts back in january, but I checked again with annual credit report and I currently just have 3 accounts with negative marks. There's a 4th card that Experian and TU report, which is my Discount Tire (SYNCB/CAR CARE DISC TIRE), BUT it reports it as lost/stolen for some reason, even though I never did such a thing. REGARDLESS, I'll deal with that one if and when I need to (unless you have advice you'd like to give on that). I want to focus on the 3 that show up on all 3 credit reports.
I'm not sure which Credit Report to go with as far as figuring out dates and stuff, because they're all kind of slightly different, so I'll mainly go with Experian:
Amex -
Payment Status - Charged Off
Status Updated - September 2019
Balance - $559
Past Due Amount - $352
Balance Updated - September 18 2020
(Equifax) Delinquency First Reported - Sep 01, 2019
(Trans Union) Estimated month and year that this item will be removed - 06/2022
Chase Sapphire -
Payment Status - Charged Off
Status Updated - April 2019
Balance - $5,693
Past Due Amount - $5,693
Balance Updated - April 22 2019
(Equifax) Delinquency First Reported Apr 01, 2019
(Trans Union) Estimated month and year that this item will be removed - 12/2020
Chase Amazon -
Payment Status - Charged Off
Status Updated - April 2019
Balance - $730
Past Due Amount - $730
Balance Updated - April 22 2019
(Equifax) Delinquency First Reported Apr 01, 2019
(Trans Union) Estimated month and year that this item will be removed - 09/2025
I'm not sure why my sapphire says it'll be removed (allegedly of course) by the end of this year, because it's a higher debt and it wasn't paid the same time the chase amazon card wasn't, so that's where i'm confused. In fact, i'm just very confused in general, because I know I had more cards than this that I defaulted on unfortunately. I know you all heard every single "life was difficult" story, so please don't take my lack of elaborating as not caring about my mistakes, because I do deeply care; i'd just rather not bore you all with the same story you've heard before.
SO
I guess my question would be what is the best way of going about dealing with these 3 negative marks? I've gotten phone calls and letters for years and just never answer or respond to them. In fact, i'm sitting on a letter from Nationwide Credit in regards to my Chase Sapphire card from a couple weeks ago.
Do I even bother dealing with letters from Nationwide Credit for example? Should I ignore those completely and go straight to the Original Creditors? If so, how do I even start that conversation? I'm in Illinois so I know the SOL is 5 years, which is why some of the "Estimated time this item will be removed" is confusing to me.
Anyways, thank you all for your time! If you need more info or if I asked in the wrong place, I'm deeply sorry! I just don't know where to start.
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By Toast73
Since my first store credit card in the summer of 1992 (JC Penney), Experian has used some form of subterfuge to decimate my credit rating with them.
Their latest attempt to hornswoggle my credit report is actually frustrating me to the point of driving to their nearest corporate office (Schaumburg, IL).
I have disputed items that are both obviously incorrect to the human eye and to the CRA. They verify the items and finish my dispute at 4:09AM.
I request a reinvestigation. They verify it and finish the reinvestigation at 6:12AM.
My report is in Special Handling, so I am confused as to why some pissed off Bangladeshi is completing my requests (as evidenced by the time of completion) instead of someone stateside.
Nonetheless, I am overnighting 8 separate MOV letters to Experian requesting that they tell me who they spoke to at Montgomery Ward, and why an online catalog store told them I have an unsecured loan with them (when they do not offer such). Or how Gettington can tell me they cannot find anything they shipped to my non-existent address, yet can verify an account with Experian. (to name a few of my grievances).
I am simultaneously sending each of the 8 companies a "Hey, can you tell me who you spoke with at Experian" letter. I fully expect all 8 to tell me "WTF are you talking about? Nobody from Experian contacted us."
With paperwork in tow, I will find an FCRA attorney to hit them with 8 counts of FCRA malfeasance. I will look to settle with them for emotional damage, the violations, cost of preparing all notices (at $25 an hour) and whatever else is deemed just and proper.
At this point, I'm not sure its about getting items removed anymore; it is painfully obvious that Experian (et al.) has a penchant for shoving the proverbial ham candle up the consumer's keister, sans lube, and intends to continue to do so with little (if any) oversight for all of eternity.
I am still unsure if I can file action against LexisNexis for freezing my report in accordance with Georgia law (I am a Hoosier), and for referring to me as a female (my wife will verify my manparts if needed).
Guess I am looking for input, and possibly some caveats, before firing these letters off.
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By Toast73
So I disputed (or so I thought I disputed) addresses off the Big 4. TU removed all addresses except for my current. EQ has my current and another non-BK address. EX won't budge.
All bureaus froze. Microbilt, LexisNexis, SageStream, Chex, you name it.
Try to get full verification of the bankruptcy on my file, thinking the whole Trial Rule 1005 thing would help me (this rule makes only the last 4 of your social, full name and addy public-facing).
No dice.
This was the response L/N fed me, including a few notes in RED.
Please critique, tell me I have no chance for removal, something....
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