HBC

Members
  • Content Count

    39
  • Joined

  • Last visited

Community Reputation

10 Good

About HBC

  • Rank
    Newbie
  • Birthday 05/04/1971

core_pfieldgroups_99

  • Biography
    Student of Credit
  • Interests
    www.sharpercredit.com
  • Occupation
    Sharper Credit

Profile Fields

  • Location
    Texas
  1. This from CNBC today: Credit Card Issuers Cracking Down On Consumers By Joseph Pisani News Associate | 06 Oct 2008 | 11:01 AM ET As the credit crunch weighs on the financial services sector, credit card issuers are tightening lending terms with consumers to lower their risk profile, from cutting borrowing limits to closing dormant accounts. “Banks need to be more conservative in how they are lending," says Carole Kaplan, director of public relations at the American Bankers Association. A survey of credit card industry executives in July found that 62 percent of their companies planned to reduce lines of credits because of economic conditions, according to Javelin Strategy & Research. While changing a customers credit limit is nothing new, representatives of the largest cars issuers in the U.S., Bank of America, JPMorgan Chase and American Express, say they are increasingly cutting credit card limits for their customers because of the downturn. (Citigroup [C 16.18 -1.23 (-7.06%) ], another large credit card issuer, did not return calls in time for publication.) Though American Express [AXP 29.88 -0.19 (-0.63%) ] routinely changes the credit limit of 20 percent of its customers every year, more limits are being lowered than raised this time around, according to Kim Ford, a spokesperson at the company. This year, only one out of two customers saw an increase, versus four out of five in the recent past. Ford says it reflects a change in the criteria used to assess riskier customers, factoring in such things as whether the card holder has a subprime mortgage, the geographic location of the home and whether home prices are falling in that area. American Express is not alone. “We’re working more aggressively to control risk,” says Betty Riess a spokesperson at Bank of America [bAC 26.08 -6.14 (-19.06%) ], adding the company is also closing accounts of customers that have had a zero balance for over a year and have a riskier profile. A spokesperson at JPMorgan Chase [JPM 41.35 -2.65 (-6.02%) ] says the bank is also taking a second look at riskier customers as a result of economic conditions. Like much of the credit crunch, the changes may mean little to those with the best credit or those who spend and borrow judiciously. But cutting credit limits or closing accounts can have a negative effect on a consumer's credit score, or FICO, says Liz Pulliam Weston, a personal finance columnist and author of “Deal with Your Debt." That's because one way credit scores are calculated is by looking at the debt-to-available credit ratio. The closer the debt to the credit limit, the lower your credit score. A credit limit reduction, for instance, can lower your credit score by 30 to 40 points, says Weston. “It’s not consumer friendly,” says Ben Woosley, director of marketing and consumer research at CreditCards.com. With lower credit limits, cash-strapped consumers, will have less of a back up— and in some cases none at all—when things get tough. "It's going to, in turn, effect discretionary spending," says Bruce Cundiff, director of payments research and consulting at Javelin Strategy & Research. So, here’s how to prepare for any changes. Pay Attention A change in credit lines or account closures will be communicated in writing. Woosley says consumers should check online statements as well as regular mail, as some of the notices can look like junk mail. “You should know your credit score by checking it at least once a year, says Weston. She suggests using myfico.com, and making sure there aren't any errors on the report. Appeal The Decision If you get a notice saying your credit limit is being reduced, you still have a chance to call up the company and try to reverse the decision, especially if you feel your credit score is in good standing. Sometimes, mentioning the possibility of changing card issuers can help. “Consumers still have some power,” says Weston. Use Your Card If you have a dormant, or inactive, card—one with a zero balance on a regular basis—use it for small purchases, recommends Kaplan. “It might be a good idea to go out and use it, so it doesn’t look like it’s sitting there unused,” she said. Don’t Miss Payments An obvious piece of advice, but worth repeating, try to pay your balance in full every month, avoiding interest and finance charges. Companies are less likely to take action "if you have good credit," says Kaplan.
  2. True: Even more so regarding magazines. LOL TNP: Wants to know the "meaning of life"
  3. How to contact your Senator (Click here to email your Senator) http://www.senate.gov/general/contact_information/senators_cfm.cfm 700 Billion = $2,333.33 for EVERY US Citizen. That just seems a little excessive since only 2% of the homeowners are facing foreclosure. There are 75.7 million homeowners x .02 = 1,514,000 homes x Ave home price $185,000 = $280 Billion in troubled loans Where the heck is the other FOUR HUNDRED AND TWENTY BILLION dollars going?
  4. $700,000,000,000.00 (eleven zeros) what are we thinking! There are 75.7 million homeowners in the US. Just send EACH homeowner a check for $750 a MONTH , for a YEAR. Or just send EVERY homeowner in the US $9,247.03 each. I’m pretty sure that would boost the economy. ..let’s just “bail out” WallStreet and hand them a “blank check”. The government is buying “Bad Debt” with YOUR money. Smart…..very smart. I’ll take my $9,247.03 in CASH please. With $700 Billion dollars you could buy some AWESOME Christmas presents: 269 – Virginia Class Nuclear Attack Submarines @ 2.6 billion a piece 1,237 – B2 Bombers @ $566 million a piece 2,800 – Hope Diamonds (45.52 ct) @ $250 million 7,000 – Mona Lisa paintings @ $100 million a piece 102,941 - Learjets (nine passenger) @ $6.8 million a piece 205,882 – Letters signed by Abraham Lincoln (As sold at auction in April 2008 for $3.4 million) 4,487,179 – Bottles of wine that came directly from Thomas Jefferson’s wine cellar (As sold at auction in 1985 for $156,000, wouldn’t he be proud) 12,438,695 - 2008 Ford F250 CrewCab 4x4 Powerstroke Diesels w/ Leather @ $56,275.00 ea. 25,641,026 – Rolex Gold President watches @ $27,300.00 ea. 80,766,124 – St. Louis Ram’s 2000 Super Bowl XXXIV Lombardi Trophies ($8,667) There are 200+- Billion stars in the Milky Way Galaxy A stack of 700 Billion One Dollar Bills would be 3,225,670 miles high. The International Space Station orbits the earth at an altitude of 242 miles An area covered by 700 billion one dollar bills measures 2,800 square miles and would cover Delaware (google map it) A length of 700 billion one dollar bills laid end-to-end would measure 67,834,592 miles and circle the globe 2,709 times A length of 700 billion one dollar bills laid end-to-end would stretch to the moon and back 142.5 times If you spent: TWENTY SIX MILLION, SIX HUNDRED AND THIRTY SIX THOUSAND, TWO HUNDRED TWENTY FIVE DOLLARS AND TWENTY SEVEN CENTS a DAY I repeat………TWENTY SIX MILLION DOLLARS A DAY for SEVENTY TWO YEARS (72) ($26,636,225.27 a day for 72 years) You would spend: $700,000,000,000.00 That’s $1,109,842.72 an hour….24 hours a day or $18,497.38 a second for SEVENTY TWO YEARS. Finally, to help those who love malls to understand large numbers by imagining the shopping spree of a lifetime starting with varying amounts of money. Let’s say a shopper must spend $20 per second and must do so 24 hours per day until penniless. $700 Billion Dollars = 1108.5 years of non-stop shopping. Does anyone realize that the Senate just voted and PASSED a $25,000,000,000.00 taxpayer funded loan to the AUTO MAKERS (domestic AND foreign)? They’ll pay it back over 25 years @ 5% interest instead of the 20% they’re paying now….because their credit stinks……boohoohoo. YOUR TAXES ARE GOING UP because of all this. What are you thinking!
  5. OK, The date of last activity (from what I've read) is the last day a payment or charge was made on that account. (simple) I've also read that making a payment arrangment with the creditor can "reset" the DLA........EVEN if you never make a payment... Can a "dispute" reset the DLA? (I don't think so) Are there collection companies out there that willingly monkey around with this? If the creditor files a lien within the statue of limiations....will that change the DLA on the original tradeline?
  6. I was certainly hoping for a "OH YEAH! leave that account open and your scores will be 100 points higher due to the open account" hahahahaha But, reality strikes! Quote for the day: Few memories last as long as those accompanied by a deep tissue bruise – HBC LOL! Have a good week.
  7. My suspicions were confirmed. Thank you. However....... (this is the real question) Let's say you DO keep one account ($0 balance and perfect 5 year payment history). Do you think it would keep your scores from hitting "rock bottom" and make a CONSIDERABLE difference in the scores and also make the road to recovery a whole lot easier? Or is the only option "close everything, whether $0 or not"
  8. I thought whether a debtor keeps credit cards after filing bankruptcy is up to the credit card company. If you are discharging a credit card they will cancel the card unless you reaffirm the debt. Even if you have a zero balance the credit card company might cancel the card. And I've been told that a filer doesn't have to include all debts.
  9. Scenario: You're about to file BK. You have a ton of collections, a few installment loans and several maxed out credit cards that you're including in the BK. Question: Would it be better to leave ONE or TWO of the small credit cards OPEN and just pay the balances down to below 30%? So you will be able to keep their payment history (if it’s positive) on those revolving accounts. OR Just include everything and start from scratch? ????
  10. Of course we all know that Mortgage and Auto inquiries are looked at differently by the bureaus. The whole 14, 30 and 45 day thing. But, The question was recently asked "How can the bureaus tell why type of inquiry it was?", "Isn't a BofA inquiry just going to show up as a BofA inquiry and the bureaus not know the type?" AAhhhaaa, The bureaus know what type of inquiry it is by the "subscriber code" associated with the inquiry and/or "the contract between the creditor and the bureaus". (this info via Michelle over at LandAm). So now you know. Happy Holidays!
  11. Of course, add the correct address to your DOT and change the states. Name Address OC Address To Whom It May Concern: I am requesting proof of the accounting and documentation required under Texas Motor Vehicle Finance and UCC statutes. I have been unable to have an account for a supposed deficiency from a repo of (insert date acct.#), being reported by (insert ca an address of ca), removed from my credit reports. The laws of Michigan and the Federal UCC require a full accounting of the sale and any deficiency, if the sale was not conducted in a commercially reasonable manner, or if I was not given full notice and accounting as required by Michigan, you are liable under the FCRA, for any damages caused by your agent (ca)’s fraudulent reports to the credit bureaus. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. Repossesses must hold valid collection agency license & Regulation, Texas State Department of Transportation, Division of Motor Vehicles, 4000 Jackson Ave., Austin, Texas 78738. Tel: (512) 465-7611 DOCUMENTS REQUIRED FOR LIQUIDATION: Title must be in lien holder's name. Forward application for title accompanied by a certified copy of the security agreement and an affidavit of repossession. PLATES: Remain with debtor. Please furnish me with immediate proof that this repossession was done in a legal and proper manner, including notification of deficiency, Repossession Company used, redemption notice, and proof you allowed me to access my personal property and plates off of the vehicle. I also request that you take the necessary steps to insure any derogatory information is deleted and purged from my credit reports. I reserve the right in the event of your non compliance to report this to the appropriate State and Federal authorities and take legal action to recover damages." Sincerely, Name
  12. I'm so excited. You guys/gals may already be aware of this letter, but I made a few changes and it WORKED. My wife had a Ford Motor Credit account showing as a charge off for $470. I have disputed, requested validation, bla, bla, bla. Nothing..........UNTIL.......I sent this bad boy to FMCC. The "deletion letter" arrived from them last week. They were appologizing to me for not following procedures and said they would IMMEDIATELY request the bureaus to delete. Awesome! Of course, you need to look online and find the address to the DMV in your state...... Good Luck Name Address OC Address To Whom It May Concern: I am requesting proof of the accounting and documentation required under Texas Motor Vehicle Finance and UCC statutes. I have been unable to have an account for a supposed deficiency from a repo of (insert date acct.#), being reported by (insert ca an address of ca), removed from my credit reports. The laws of Michigan and the Federal UCC require a full accounting of the sale and any deficiency, if the sale was not conducted in a commercially reasonable manner, or if I was not given full notice and accounting as required by Michigan, you are liable under the FCRA, for any damages caused by your agent (ca)’s fraudulent reports to the credit bureaus. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. Repossesses must hold valid collection agency license & Regulation, Texas State Department of Transportation, Division of Motor Vehicles, 4000 Jackson Ave., Austin, Texas 78738. Tel: (512) 465-7611 DOCUMENTS REQUIRED FOR LIQUIDATION: Title must be in lien holder's name. Forward application for title accompanied by a certified copy of the security agreement and an affidavit of repossession. PLATES: Remain with debtor. Please furnish me with immediate proof that this repossession was done in a legal and proper manner, including notification of deficiency, Repossession Company used, redemption notice, and proof you allowed me to access my personal property and plates off of the vehicle. I also request that you take the necessary steps to insure any derogatory information is deleted and purged from my credit reports. I reserve the right in the event of your non compliance to report this to the appropriate State and Federal authorities and take legal action to recover damages." Sincerely, Name
  13. LNY Now THIS is an answer to my query. Thank you SO much.