Debt Settlement

Bank of America Newest Features on consumer cards [consumer cards] [balance summary]

admin — Wed, 22 Feb 2012 23:53:00 +0000

Have you noticed it yet
column left
QUOTEVisa Business – xxxx
Balance Summary
02/26/2007
Skip balance overview

$ 0.00 your current account balance

$ 0.00 is your Cash Balance

0.00 $

977.503 permits your outstanding $ 25,000.00 is the available credit limit is for purchases 1

$ 12,500.00 is available on loans for cash advances

$ 0.00, your minimum payment due, which is on your last statement

03/06/2007 your payment payable

$ 25.000,00 is your credit limit

$ 0.00 is the height above the limit

Reply: it looks like they are now limiting the cash advance amounts. IE: only a certain dollar amount of CL for cash advance.
Cash Advance? What is that? Mine send me promo checks multiple times a month with the full credit line available. I couldn't imagine ever using a cash advance on a credit card.
Authorized transaction thing- Guess I've just never noticed that. Don't realy have much need for it. I only make purchases I know about.

Reply:i would like to believe that authorized transaction will now be updated up-to-the minute… just as in consumer accounts..

Reply:it looks like they are now limiting the cash advance amounts. IE: only a certain dollar amount of CL for cash advance.

Reply:What does this all mean? Please be more clear.

Debt Collector in a Box software? [debt collector] [box software]

admin — Wed, 22 Feb 2012 18:03:00 +0000

I was at Fry's Electronics today labeled with my wife when I came across a field in the software section: “Debt Collector in a Box” has anyone seen this besides me? He says on the box that (that only cost $ 50) that with the CRA report within minutes! It was very strange to say the least. Anyway, I was just wondering if anyone had seen this or maybe it lifted out of curiosity! (I almost) .

Reply: There are times I wish I could place a debt collector in a box….
but I won't elaborate on that……
I hadn't thought of this! I guess I've had an easy time of late with the collectors!

Reply:push knifes through/into the box and done remove them untill you hav 1,000,000,000,000,000,000 in it lol

Reply:I agree with Snark. A lot of duct tape and don't poke holes.

Reply: There are times I wish I could place a debt collector in a box….
but I won't elaborate on that……
pine box? rotflmao

Reply:There are times I wish I could place a debt collector in a box….
but I won't elaborate on that……

Reply: I think it's geared towards small businesses like plumbers, electricians, etc where services rendered might not be paid for and they want to report.
most legit businesses like this do it the correct way.. half of them can file mechanics liens against peoples property. they wouldnt even bother with this crap

Reply: Here is the list of just CB discussions of this con artist:

Reply:I think it's geared towards small businesses like plumbers, electricians, etc where services rendered might not be paid for and they want to report.

Reply:Here is the list of just CB discussions of this con artist:
http://{$MySite}/forums/index.php?a…ite=%2BMarauder

Reply:This junk is produced by Ryon Gambill. He runs/owns Marauder, one of the worst FDCPA violators in existence.

Reply:Is this it?

Reply:and this crap works how? marauder didnt work out too well as an OCA

Reply:Ya think that where the guy in the single wide, with the Elvis clock got his???

Reply:Sounds like a bad Saturday Night Live commercial parody with Dan Akroyd.

Reply:that is not good news that my x could purchase that item and have fun with it.
but on the other hand i could do the same
what deminted mind some have.
well x u know what they say about pay backs
humm, now if i could just locate a fry's

Another UTILIZATION question [score] [brother]

admin — Wed, 22 Feb 2012 12:13:00 +0000

Hi all my brother checked his score and his obviously low one of the most important factors in using it, says his utlization is at 147% because all his cards on are limits, he brings only recently making payments on all but two them in a 0 balance made that should its utilization by up to perhaps 30 or so drops increase, what type of you would think he should get from this?

Best Answer: As long as you pay before your due date, that is what will count.

However, never spend more than 20% at any given time. You don't know when your bank will report your balance to the bureaus because it could be just before your due date.

You could make more than one payment within a month and continue buying stuff before you reach a 20% utilization.

Reply: their low limit cards anyways from hsbc,orchard,first premiere
Regardless…If the track record shows inability to handle low limit cards, where will that lead?
Dig out ASAP and try to get things turned around and keep them that way. Hopefully you're friend will have things figured out soon enough.

Reply:their low limit cards anyways from hsbc,orchard,first premiere

Reply: Depending on the issuers, I wouldn't be shocked to see some of those credit limits drop as a result, which will in turn increase his utilization again. But yes, definitely improves the scores to not be maxed out on all possible tradelines.
Or not closed.

Reply:Depending on the issuers, I wouldn't be shocked to see some of those credit limits drop as a result, which will in turn increase his utilization again. But yes, definitely improves the scores to not be maxed out on all possible tradelines.

Reply:Very likely that the paid-off cards will see their
limits reduced, maybe to zero. So it's hard to
say where the FICO numbers will rise.
Cutting down the debt is good; don't expect
FICO to reward him for doing the right thing:
Some in this position end up with no open
cards so their scores can crash even though
the story behind the score is better.
ER

Reply:he should see a decent jump however he will likely get another bump once all cards are under 10 or 30%

Reply:Thats what was giving via MyFico.com he said that his overall utilization was at 147% hes going to pay the other two down under the limit just not off.

Reply:I didn't think they let them get that high…to answer your question, the score will go up, provided that when he pulled his reports, the overlimits were reporting. If it just happened and he just paid them down, it may not have an effect if the CRAs didn't know about it.

Reply:Its proven that equalization of utilization is key to a definitive improvement of FICO scores. He does need to get below being over the limit of the other two cards.

Reply:LOL!
I mean, sorry, I shouldn't laugh.
I imagine there would be somewhat of a score jump, but if I read correctly – there is still 2 overlimit cards – those 2 cards are still going to be hurting him pretty bad.

Reply:147%? Overlimit?

Hello. My name is Ferkix and I'm a newbie. [cra] [plunge]

admin — Wed, 22 Feb 2012 06:23:00 +0000

Been lurking here today for a few weeks before I signed up the vault and. So far it seems a pretty decent site.
I have a question though . I have read a few posts about challenging old addresses them removed from the CRA. What are the benefits in them taken off? If it's for the good reasons of higher FICO, then what must be done, I can on my work? The old address on my list of TU-file is quite long (a lot of movement due to college, then a college, employment,).

Reply: …LOL Welcome BACK!!!!!!!!!!!!!!!
Thanks!

Reply: Thanks, oh furry bruin, I thought so but hesitated to say so having been "out of town" for a bit.
LOL Welcome BACK!!!!!!!!!!!!!!!

Reply:Thanks, oh furry bruin, I thought so but hesitated to say so having been "out of town" for a bit.

Reply: About removing old addresses:
I read a poster here disputed her address by saying it was her sister's residence and her SSN was one number off.
ummmmmmmmmm………… there is no advocacy of truth stretching on this forum.

Reply:Yup, I took advantage of the 20% off.
And thank you for the welcome

Reply:I hope you got the 20% discount on those FICOs.
ETA: Oh, yeah, welcome to CB!

Reply:Well I decided to jump on the bandwagon and get all 3 FICO scores from myfico.com. This is where I'm currently at:
EQ: 590
EX: 644
TU: 618
Loads better than what it was. The one thing that's being a pain is a Cap1 c/o. Grrrr….I hate those people.

Reply:About removing old addresses:
I read a poster here disputed her address by saying it was her sister's residence and her SSN was one number off.

Reply:I have read that CA don't use SS# to find you but your name and address. Is that correct? If so then I can see the importance of getting those deleted.
Now, how do I actually go about getting them deleted? For the last few weeks I have been on a huge credit repair mission and have had a ton of baddies disputed and deleted. I currently have a large dispute going on with TU concerning some student loans that went default but were then paid. I assume I shouldn't worry about the old addys until the current disputes are taken care of?
While I'm here what do you think of this:
I started my credit repair on 11/05 with a FICO of 461 (ouch). As of 4/7 my score is 572. In your opinion, is that a decent gain?

Reply:I don't think there's a need to remove an old address, unless it was once associated with a negative account.

Reply:Hey,
Some want to get rid of old addresses because they are tied to a bad account, many times things
are verified by the address. BTW, welcome!

Reply:If you have any baddies on your report, they may be tied to one of the old address. The thought process goes, delete the old addresses, and the OC/CA will not be able to verify w/ the CRA thus the item will get deleted.
It has worked for me so far. YMMV

Reply:Welcome to CreditBoards! We hope that you find what you're looking for here.
Some helpful tips:Your post may not get a reply right away. Don't be discouraged, this is a very busy board. If it falls off of the first page, feel free to reply to your post yourself, with the word *bump* in the text. This will *bump* your post back up to the top of the board.If you haven't yet, take a peek at out Newbies Section. Everything that you need to know is in that forum, for the most part! It's a lot of reading, we know, but this credit stuff can have a steep learning curve. In no time, you'll be posting like the pros!If you find that someone is discourteous to you, use the REPORT button at the bottom of every post – that will ensure that a moderator or admin looks at the post and decides if it is against the TOS. Off -topic posts should go in the General Forum.Again, welcome to the CreditBoards family!
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BK excemption questions [life insurance proceeds] [group life]

admin — Wed, 22 Feb 2012 00:33:00 +0000

I was reading the BK excemptions for my State and have some questions. Can someone please explain them to me? Thanks.
Life Insurance, these are excempt:
- Group life policy or proceeds not payable to insured.
- Life insurance proceeds or cash value if you are not the insured.

What does it mean '…if you are not the insured'?
I'm the owner of dad's life insurance, my mom is the beneficiary. So is it excempt if I file BK?
Wages, this is excempt:
-Minimum 75% of earned but unpaid wages.
So that means up to 25% of my wage can be garnished. For how long?
Thanks,
guy

Reply:The exempt wages part means, when you file between pay periods, 75% of the wages earned are exempt. It does not mean a perpetual garnishment.
As always, wait and time your filing on the day your bank balance is at its lowest point.
Not sure how that would work with a life insurance policy since neither the insured or, the beneficary is filing.
Most bk lawyers give a free initial consultation. Talk with a couple and get all of your options explained.

Transunion is not reporting most of my Trade lines. [snail mail] [cra]

admin — Tue, 21 Feb 2012 18:43:00 +0000

I have 17 lines of trade, are at least 6 months old. But only 4 of them are in my report, Trans Union and the residue to the University but in EX and EQ reports. I ordered my TU report Hard Copy (Mail), found no signs of a split file. Creditor contacted my mail . received answers that they presented in all three rating agencies that have opened since the accounts. Well, what should I do? I know TU is the message, but some of my accounts are 12 months old and slow they are still not in the TU report. Creditor tell them to report to the TU. Well, what to do .? I tried every possible way I CB.
Help me in this . My boys TU file is so thin they could find. You are the best . Please help me.

Reply: Stop dealing with the reps through the 1 800 number. Call corporate, ask to talk to someone who can help you.
Make sure you mention that you have documentation from them showing that the accounts were reported.
I don't think the OP has called them as of yet.

Reply:Stop dealing with the reps through the 1 800 number. Call corporate, ask to talk to someone who can help you.
Make sure you mention that you have documentation from them showing that the accounts were reported.

Reply:All of the TL's that are not showing on TU are your accounts? They are not AU's from a spouse or a family member? I would call TU and tell them that you were declined credit because of a zero score. Tu is actually pretty helpful sometimes.

Reply: My guess is still a split file. Mine was that way for months. Then one day I applied for something and was told my TU score was zero. That's when the second file finally showed itself. I had to have it put back together. I was told several times I only had one file before they said that in fact I did have a split.
I tried to figure out if it was a split file by ordering snail mail a few times. But I never had received two files for the same order. What other ways there is to find if I have a split file? I think talking to a CSR is just a waste of time without a solid prove.

Reply:You'll have to give the "experts" some time to post. It is Sunday morning. My experience is that my TU report is my thinest of all three reports as all my creditors don't seem to report to it. I think it may have something to do with where you live. I do have enough reporting though that it is not really a problem for me.

Reply:Please just do not ignore me guys… I have none but you.. If you guys do not help me out I have no where to go… Help me! Plz help me..

Can Asset reinsert an old collection? [thanks mom] [bird cage]

admin — Tue, 21 Feb 2012 12:53:00 +0000

A bit of a backstory here – In the late 90s when I was younger and still lived at home, my mother put a phone account in my name and ran the bill up before it was disconnected in 2001. (thanks Mom!)
It wound up going to collections and stayed on my credit report until last year when the SoL expired (5 years in Illinois). I continued to receive letters from Asset trying to make offers, but they just lined the bird cage since I am not paying a bill that is 1. not mine and 2. was removed from my credit report already.
Tonight I received a call from a number I didn't recognize and answered it (big mistake). It was Asset asking if I planned on paying to get this taken care of and I told the operator I was under the assumption it was already taken care of since I disputed it and it was later removed from my reports (I later learned it was removed because of SoL, not because of my dispute). She said it was still collectible despite being removed from my credit reports
The operator asked if I had any paperwork such as police reports that I could fax them and I said no, because I didn't want to press charges on my mother since I knew she was going through money problems at the time due to being newly disabled.
She said she would have the fraud department send me a letter and ended the call.
Do I have anything to worry about here besides more letters/calls from Asset? I'm not worried about letters or calls since I will just ignore numbers I don't recognize and continue to toss the letters until they threaten a lawsuit (can they even do that since the SoL expired?).
My main worry: They can't reinsert this on my credit report since this is the first time they talked to me on the phone, can they?

Reply:you can only HOPE that they put it back on…then you can collect money from them for thier violation of FCRA and FDCPA
write them a letter…inform them that they are to cease and desist any and all contact with you….
then….they can contact you ONE More time, but ONLY to let you know that they're ceasing contact or to inform you of their intentions to take specific action (which, they can NOT take…since it's WAY beyond SOL)….don't tell them that it's not on your report…they know…or should know…that already…no sense giving them more information
don't ever talk to them on the phone again…you stand to gain NOTHING by it…
send the letter CMRRR…
as for why it was deleted…it likely was due to your dispute…since they CAN list the account for the full 7 years…
I personally would proceed on the assumption that it was deleted due to your dispute…and if it IS reinserted…then write to the CRAs demanding deletion based upon the fact that the item was deleted when you disputed it (hopefully you have SOME documentation regarding that dispute you sent in…)

Reply: Can anyone shed some light on this please? I am really freaked out about this
Do yourself a favor and re read post # 3. Then take a look at the number of posts that poster (Jack) has. It is, what, 5,000?
He knows far more about this than anyone who has thus far posted on this thread. Except Breeze, of course, but she din't do nothin cept bump the thread for you.
Re read Jack's post, understand what it says, and follow his advice.
Don't mean to be harsh, but Jack offered that advice because he has lots and lots and lots of experience….
Just do it….

Reply:Ok, I've spent the last couple of hours researching and the more I search about this, the more confused I get. Some websites say a collector cannot relist a bad debt on a credit report past the state's SoL (5 years for IL) and other sites say they can report it for up to 7 years even if the state's SoL has expired since the state SoL just means they can't sue for it.
I wish there was a way to find out why it was removed early in 2007; whether it was because of IL's SoL (which could make sense since it would have been about 5 years since it went to collections) or if it was because of my dispute (as stated before, I never received a letter saying it was deleted like I read I should have, so I am praying it was SoL.)
Can anyone shed some light on this please? I am really freaked out about this

Reply:No they can't put it back on your reports. Send them a FOAD or they will keep calling and sending you letters with 70% off.

Reply:Hoo boy, I am really worried now.
I just did some more searching and it turns out the 5 year SoL for Illinois only means they cannot use the courts to collect on a debt, but they can still report the debt on credit reports for up to 7 years after date of delinquency. However, I also learned that if a debt is deleted from credit reports after a dispute, the CRAs send a letter saying it was deleted. I never received any letters from the CRAs after disputing a long time ago, so could this mean the timing of the dispute was a coincidence and the 5 years really does apply to debt reporting after all and I do not have to worry about the 7 year deal?
God I hope they don't reinsert this, I have worked so hard to rebuild my credit.

Reply:Zombie debt.
Write to them and tell them to FOAD.
guy

Has anyone's Orchard reported this month? [orchard]

admin — Tue, 21 Feb 2012 07:03:00 +0000

I get my first start the update (actually reported on the last day of the month.)
No update yet and it is PIF'd. It is my knock util down a lot, and I want my points!

Best Answer: Orchard Bank—is THE WORST CARD to have, I use to have it, and yes every 6 mos or so they would raise the APR, and then 6 mos later, raise my credit limit, then all of sudden 6 mos after that they reduced my limit (to start $200 at 16% APR, 6 mos later $200 @ 23% APR, 6 mos later $300 ar 23% APR, 6 mos later $200 @ 27% APR) when they had reduced my limit, I had just used the card to get an emergency plane ticket for my husband to go to his grandfathers funeral, I always paid this card on time and paid it off each time. When I had gotten the bill for that particular month it said I was overlimit, which gave me a $27 over limit fee, no matter how much I argued and fought with people or the phone it didn't matter, they told me they could do what they wanted to, I paid the d@#* card off and cancelled it and cut it up and mailed it to them. Now whenever I get their offers, I mark the envelope "return to sender" and mail it back.–So my advice–GET RID OF THAT CARD—look into a Citibank card or even a card through your bank instead.

Reply:They always report me somewhere from the 10-15 each Month on all 3..I have a zero
balance too

Reply:I have no balance and no reporting since May also. I sent an email to CS

Reply:My Orchard card hasn't reported since May either and I do have a balance.

Reply:My Orchard last report 5/31 and no updates since. Only card still laggin.

Reply:The HSBC stable (Orchard, Union Plus, etc.) reports what the EOM balance was, but typically it takes until the 10th to 15th to get updated into the CRA's.
By this time next week if the June 30th information still hasn't shown up, I could browse back and find out on which dates HSBC has updated for the past few months. Not worth taking the time to do that yet because it's still way too early to expect it to update June's EOM.

Reply:last month my orchard reported the balance as of the statement date (eom) but didn't report until the 10th.

Reply: I usually get mine updated around the first (actually reported the last day of the month.)
No update yet and it's PIF'd. It'll knock my util down a lot and I want my points!!!
not yet.

Reply: I usually get mine updated around the first (actually reported the last day of the month.)
No update yet and it's PIF'd. It'll knock my util down a lot and I want my points!!!
I just had a topic on this the other day I had there orchard card about 2 months now and they still are not reporting. (I think they are having reporting problems)

Reply:my 2 household/hsbc and my orchard aren't reporting yet for this past month. Normally they update at the end of each month. My Bestbuy card which is hsbc has reported though.

Reply:None of my household accounts since May

Reply:Hum… same here – last reporting date 5/31/06. I also have a zero balance that should have been reported for June.

Reply: Mine is zero balance too, not reporting that and im starting to wonder if they even report a zero balance.
Mine was paid to a zero balance in May and they reported. So yours should update with the next reporting cycle. DH paid down his card and it has not updated yet either. My other AU HSBC account has not updated yet either.

Reply:same here
they havn't reported to all my 3 reports since May.

Reply:they havn't reported to all my 3 reports since May.

Reply:No – it has not updated on either of the 3 CRA's for me as of this month.

Reply:Mine is zero balance too, not reporting that and im starting to wonder if they even report a zero balance.

Stagnant credit score and a mortgage [cap1] [credit score]

admin — Tue, 21 Feb 2012 01:13:00 +0000

DH and I have been trying to get a mortgage for nearly a year now, and are getting nowhere. My credit is in worse shape than my hubby's, and it's mine that I'm trying to fix. (Both of our incomes are necessary to qualify.)
I have CO's and collections, a few of which are paid. Most are not. I tried to settle with the two bigger CO's about a year ago, and received no reply from either. (Yes, settlement offers sent CMRRR) I also have an old Cap1 CO that is due to fall off my reports next year. The Cap1 continues to update every other month. The other two CO's also regularly update, although they have been sold. The most recent DOLA was two years ago. Because these continue to update, they make it look like the chargeoff is more recent that it really was.
My current FICO is 520, and it's been around that same level for a year now. I gain a few points, and then a debt gets sold, or re-reported, and it dips back down. The debts on my report are all legit, although most show greatly inflated balances due to interest and fees. Other than that, no inaccurate information to dispute.
I do have 3 really good tradelines–two auto loans both nearly three years old, never late. I also have a CJ card with a zero balance, paid, never late.
I have no other credit cards, and therefore no utilization to pay down to gain points.
Any ideas as to what I can do to gain some much needed points? If I settle the charge offs, (since they were sold, I have received settlement letters) it will at least stop the reporting, but won't gain me any points right away.
We are so tired of renting, but lenders keep raising the bar, and we're getting nowhere.
Any ideas would be greatly appreciated.

Reply: only a CJ. you need more accounts to show credit worthiness. Not to mention who you have these CC's with, in it self, will be creating a relationship with a bank that will one day give you mortgage loan. will CJ ever give you a loan? proably not.
you need to add more TL's and get those collections off. half of credit is correcting errors on your reports, the other half is adding positive TL's and keeping them that way, ofcourse
Have you tried offering settlements to original creditors?
I work for a credit union and we would always consider a settlement for an account that had long been since charged off. If we accept it (we almost always do, as something is better than nothing) then we'd report it as a paid charge off.
I haven't applied for a mortgage in a long time but from my experience working for a lender (as I do now, I work in lending at the CU), we'd consider an app with a PAID charge off but never one with an unpaid one. And as an original creditor there is never a time that is too late to negotiate, even after a charge off happens. You don't have to try to negotiate w/a collection agency. Pay the OC if they'll accept and the collection agency is out of the picture.

Reply:When you will get the re reporting, Did you do a 1-2 punch? I had CA's pop up, but a 1-2 punch got rid of them. When they would hit my reports my scores took a hit, but once they took their exit my scores rebounded.

Reply: *sigh*
I have read them…numerous times. And yeah, they are legit.
how are they legit and reporting…

Reply:*sigh*
I have read them…numerous times. And yeah, they are legit.

Reply:I would bet my life if you have collections reporting.. they are NOT legit and they reporting incorrectly… you need to read the newbie's section and psychdoc's transcripts…

OC's that have "In house Collections" [quot] [collections]

admin — Mon, 20 Feb 2012 19:23:00 +0000

Just wondering if this all difference.
Imagine that if an OC “turned over” the account on their home in California, it should make no difference as far as the FDCPA does, right?
Jack1212

Reply:thanks Tee now I got it…
in essence then even if the OC owns the CA that's collecting but it's being collected under that CA's name then its FDCPA….. thanks……

Reply:oOOOO a lil birdie reminded me of something that should helpp make this clear
if the OC uses their OWN name in collecting then its not subject to the FDCPA
when it uses in-house collections going by a different name then its FDCPA

Reply:No, im thinking it's because they are a seperate division of the company.

Reply:Then I stand corrected…. So the OC using their own in house collection is liable to the FDCPA? Is that because they own the in house and are policing themselves so to speak?

Reply:OCs are liable to the FCRA..but when they use in-house collections, they THEN also become liable to the FDCPA
they do NOT circumvent the FDCPA laws by using in-house collection depts

Reply:getting around it If they do their own collecting then they arent held to the FDCPA as outside CAs are… am I right?

Reply:What do you mean by circumventing?

Reply:It should make no difference – However am I correct to think that because they do this, they are then circumventing the FDCPA?