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About beastofburden

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  1. Does anyone have an educated guess as to the effect of removing myself as an authorized user (AU) on a CC with high utilization (47%)? I understand from comments on another thread that it should increase my score but I was wondering if it would be better, scorewise, to wait to remove my AU status when the card is paid off/down? Also, I'm not sure what happens when removal occurs as far as credit reporting goes. Does it show the outstanding balance at the time of removal? Does that balance continue to show up on the CR for seven years? Or does the AU simply fall off the report completely? Other? Any info would be very helpful. I have worked very hard on restoring my credit but find myself in an awkward position regarding the AU account.
  2. Does anyone have an idea whether it will have an effect on my FICOs if I cancel the AU with 5700 balance or would it be better to pay off the balance first? Do AU accounts drop completely off or will they show removal as AU with 5700 balance for the seven year reporting period?
  3. I have 5 CCs with total limit of 19,000 with a balance of about 2,600. These cards are about 5 yrs old. Also 2 other CCs where listed as an Authorized User - with TL of additional 12000 and a balance of 5700. One of the two AU cards is Cap One (0 bal), which doesn't report credit limits and the other is a major bank (5700). These cards are about the same age - 6 yrs. I'm separating from my long-time GF who is the primary on the 2 AU cards. I need to remove my name from the two AU tradelines and need some best guesswork on the following scenarios. If I remove my name as an AU for the two cards with 5700 on the bank card will this hurt my credit score? Since Cap One does not report CL and has a zero balance, I don't think that one will have a noticeable effect. I'm concerned about the bank card though. Another option is to get a consolidation loan and pay off the bank card - even though, as an AU, I'm not responsible for payment. My GF has threatened to run up the two AU cards and I'm concerned about the effect on my credit/FICO scores. I've got some leverage to prevent a CC runup on the two cards (although not guaranteed - consider it a settlement of sorts), and wanted some other thoughts on the best approach. Cancel immediately and run the risk of showing a high balance on closing or pay off through a loan and cancel my AU with the two cards after showing a zero balance? By my calculations, the utilization of my CCs is 14%; the utilization on the 2 CC where I'm an AU is 48%; and the total utilization between all cards is 27%. Also, has anyone run into problems with cancelling as an AU? I assume that I could just call and cancel or is it more difficult than it sounds? Thanks.
  4. Methuss...what venue did you use - federal, state, smaill claims to rectify your situation and how did you overcome the arbitration clause? FCBA trumps the clause?
  5. I recently had my wallet stolen. I promptly notified the CC companies on the same day of the theft and cancelled my CCs which were then reissued. I also filed a police report on the same day. During the five hours or so between the theft, subsequent discovery, and my notifying the CC companies, fraudulent use of my CCs occurred at both retail stores and ATM machines. Unfortunately, I carried a short list of PIN #s in my wallet. One of the CCs, Aspire Visa just notified me that I am liable for the unauthorized and fraudulent use of my card at an ATM. The reasons stated for their determination: * The pin number was sent to your home address * The charges made on this account were through the ATM machine in which the pin number is required * We are unable to determina any fraudulent activity at this time. They are saying that I am "responsible for the payment of the balance in accordance to the terms of the CC agreement". (By the way, the CC agreement states that"you will not be liable for unauthorized use that occurs after you so notify us, and in any case, your liablility will not exceed $50". However, Aspire appears to asking me to pay the entire balance due to theft. A little background follows. After initially notifying Aspire of the theft, I followed up by sending both by fax and via Certified Mail the following items: 1) cover letter that explained the nature of the loss/theft and report to police; 2) a copy of the police report; 3) a spreadsheet itemizing the fraudulent activity including date, time, amount, place, city, and state where the fraudulent use occurred; and 4) a signed and completed customer statement of disputed items. This is a case where there is an ongoing investigation where I have provided the police with all information available to me. Fortunately, I wrote down the dates and times for each fraudulent attempt (some declined while others approved) to use my card that was provided by each of the CC reps that I spoke to on the day of the theft. Apparently, they have since told me that this information is only available for a short window while the transactions were being posted to the account. In regard to the fraudulent use of my Aspire card at the bank ATM. I also called that bank's corporate HQ and found out the contact info for their ATM security chief which was also provided to the police. I have actually spoken to this guy and he's on record as saying he will get a copy of the tapes to the police upon their request. So, down to the nitty gritty. How can I fight this determination from Aspire that I am responsible for the use of my card due to theft? What are my legal options? What's the legal basis for my dispute and complaint? Unfortunately, it appears that there is an arbitration clause in my CC agreement. If this is not reversed, I'll file complaints with the AGs of my home state and their state (GA); FTC; FDIC; BBB; and others but I want action now! Help wanted Please...
  6. Well I searched before posting and searched after your reply and have not seen any reference in the results. So, could someone give me the short story?
  7. Could someone please tell me what happened to the Art of Credit website. It's been awhile since I logged on and I haven't been able to pull up the site on the net. Thanks.
  8. By the way...if you do get an increase it will likely raise your score. But it's your percentage utilization that's hurting your score. That utilization should be less than 40% and preferably under about 10% of the credit limit.
  9. Just one person's opinion but I'd say your best bet is to bite the bullet and pay down the Zales card as fast as you can. Then apply for a card that you can actually use like Visa/MC. If you use the V/MC right you can use it about one out of every three months for things you would ordinarily pay for out of hand...gas, food, etc. Pay off in full every time you get a bill. After a little while you'll get credit line increases while building your scores....Like I said just one opinion. You never know til you ask so maybe an increase would work. I would think the CC would like to see some payments higher than the minimums before further extending credit. Is this your only card? If not, may depend on your utilization of the other cards.