AboveAverage

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Everything posted by AboveAverage

  1. If it's within 3-6 months, that's probably true, especially if you're app spreeing during a turbulent economic time like today. Otherwise, not so much.
  2. If you want to buy a General Motors vehicle with GMAC financing, you'd better have your financial ducks in a row. GMAC Financial Services announced today that it's temporarily limiting contracts to people with at least a 700 credit score. "The credit markets are tightening up everywhere and this is just a reflection of that,'' GM spokesman John McDonald told Bloomberg.com. "Dealers have a number of options for customers, including GMAC and non-captive financing, to be able to finance vehicles.'' Whether this will have a widespread impact on GM car sales is debatable. It appears that when the economy is unpredictable, smart people aren't looking for new debt. (AA Note: I definitely agree with that!) The move comes as GM is struggling and reportedly talking merger with other car companies. GMAC, its financing arm, has problems too. Bloomberg notes, "GMAC in June had to arrange more than $60 billion of credit for itself as foreclosures put the firm's home mortgage unit on the brink of failure." GMAC's decision reflects what has become commonplace in many auto showrooms as the credit crunch has spread across the economy. In general, vehicle buyers can still get loans if they have 10% down and a credit score of nearly 700, Bankrate.com analyst Greg McBride told McClatchy Newspapers recently. "Loans are being closed every single day. It's just that the rules of the road have changed." Under GMAC's new standards, you can borrow no more than the dealer's invoice price. "This means that consumers will be required to make a down payment," says an e-mail Jalopnik said was sent out by an executive at GMAC. (A down payment? Imagine that.) In most cases, the term of the loan will be limited to 60 months. How many potential buyers will be affected? GMAC won't disclose what percentage of its past customers had scores below 700. (A FICO score can range from 300 to 850.) Bloomberg.com says the average credit score of people who bought new cars in August was 749, up from 734 the year before. However, Time says a 700 limit is "effectively shutting out the majority of buyers." (People can find other sources of car loans, but those lenders have tightened their requirements too.) Keep in mind that tightening credit is only one factor leading to a huge drop-off in new car sales, which hit a 15-year low in the U.S. last month. In fact, BusinessWeek's Ed Wallace argues that the reason car sales have dropped is not a shortage of credit but the fact that far fewer people are shopping for cars. "In case you didn't catch it, showroom traffic averaged a 45% decline in September, but car sales fell by only 27%," he wrote. "Right now," Wallace added, "contrary to what you have been told, if you have perfect or even decent credit, you don't have to walk on water to get a new car loan."
  3. How about that nice 936 Dow jump today? My 457 contribution landed on Friday 10/10-tail end of the worst week spiral. My contribution bought double what I normally "spend" on stock....so after today, I am probably going to see a nice boost in my 457. I won't have all of it back of course (right now), but still hoping that by week's end, we end up above 10K on the DOW. Confidence is starting to come back.
  4. Is Cabela prime? I've been to their website and it looks a bit dingy for "prime". Or is this one of those "don't judge a book..." deals?
  5. Even then, the Government would initiate that process for you. Also, if you're not going through WP, you would have to bring mountains of evidence that changing your SSN would help in preventing harassment or abuse; like Isis says "your life counting on it" [sic].
  6. Not true. You most certainly can get FICOs with an FA.
  7. Well, if you do use Internet banking, you can find when the check was processed and print that information out. That's your proof right there (you won't need to wait until your check was cashed by them, only when your bank sent the check). I am with Denita, you need to contact the association/management company before you contact the lawyer. I'm not entirely sure if this was their mess up, or yours, but you need to get this straightened out before you contact the lawyer.
  8. I know exactly how you feel. When I had gotten that boost of all the hard work I put into my defaulted student loan, this POS JDB just swooped in and tried to ding me, which was when I decided to go the NACA route and succeed. I would just keep attacking both the JDB and OC though. Or maybe get yourself a lawyer (on contingency, of course).
  9. Leslie, From what I understand about the 623, I know that a 623 letter gets sent after you get verifications from the CRAs. The idea is that if the OC can't prove it's yours, you can sue the CRAs under the FCRA. You have a lot going on right now though. What I would do is forget about the 623 and just mail the bank again asking them to verify this debt is yours. Maybe you'll have to do an FTC ID Theft affidavit? I think the OC will be willing to play ball if you just attack them straight up.
  10. Leslie, (Knocking on my head [in-lieu-of-wood]), through my TU Backdoor pull, I saw that so far I have no split file, and I've been pulling almost everyday since end of 11/07. Even if one gets a split file, it can be fixed (albeit a pain in the behind). If it means my INQs are gone, then hey, my INQs are gone.... And even though WTC and I will never see eye-to-eye on this issue of bumpage, I personally decided that 5-6 INQs with a great number of positive TLs and only 3 baddies is not going to be the end of my world. Every INQ I have is tied to a TL that I can sell to a mortgage lender. "CRAPOLA" (read: credit monitoring) sites are most certainly useful. If some pain-in-the-butt JDB decides to insert a false TL (which has happened to me), I can immediately act with a DV. OR, perhaps some other TL that gets opened up in my name pops up (and I have been a legitimate ID theft victim as well). $15 bucks a month is not going to exactly wreck my world financially, not-for-nothing. I'm sure I can manage on 50 cents a day....
  11. Due to my bumping experience, I can tell you that 1 INQ is about a 5 point FICO difference for me. (between 6 INQs and 5 INQs). To put it in perspective for you, that 1 INQ can be the difference between 660 (good) and 655 (not good). By the same token, even if that INQ were to never go away, you'll probably see a 10 point jump within 2 months anyway. (Provided of course, there are no negative items in those two months...) Two sides of the same coin, pick one.
  12. Did you call your management company that processes these checks? That would have been the first place I would have called? Also, I trust that if you're [still] writing checks out and mailing them, you make notations in your checkbook when you wrote the check (but really, why don't you use online banking....it really is safe, convenient and makes it VERY easy to go back to for issues just like the one you're having.....). I would call your management company first before contacting the lawyer.
  13. Awesome!! You will find that after you got enough TL's, you will want to slow down on getting new TLs for awhile and let the ones you got age until you reach a point you can get better limits. This will show responsible credit use. Aside from that, you look like you're doing right....keep it up. You will find that the light really is at the end of the tunnel.
  14. I was under the impression you don't DV an OC, but send a 623 letter, and even then only when all CRA verified the OC account.
  15. It depends on the age of your accounts. If you merely pay a debt that's yours, then the age resets itself as a paid collection. Then that's another 7 years. That's why most folks here advocate trying a PFD method. Also, just because a debt is yours, doesn't mean you will pay it if it's disputed and gone. To elaborate on what I mean, a few years ago (before I knew better), I had paid a medical account for my DF for $300 to a JDB. What ended up happening? The JDB sold the debt to another JDB for the same amount. This wasn't a different bill, this was for the same medical I had paid JDB2. When I mailed them a copy of the money order and bill from jdb1 they backed off. But that type of crap happens ALL the time. I'm not saying don't do the right thing, I am saying do the right thing and protect yourself.
  16. So basically, they are condos that are mostly used as rentals? Wow...I'd be afraid of getting a condo in a complex like that. While I consider myself to be a good renter, owners who occupy their condos tend to treat the common areas a lot better. A renter might not care about how the halls are looking. The common areas pretty much add as much value to the condo just as the condo itself, as well as location (e.g. Beverly Hills, or Compton). I hope you put some thought into that.
  17. Personally, I can't see the DOW getting into the 7000s....I agree with Suze Orman about the bottom nearing 8200, though perhaps she might be trying to put a smiley face on a real messed up situation Wall St. is going through. Best thing I can advise is if you can find a way to move money around, increase your contributions to your 401K plan. Buy cheap. One thing I'm curious about is if the DOW will ever see 20000 around the time of our retirements (20-30 years)?
  18. Yeah I really like the fact that they have to post for that one code "it still works: every day as opposed to just posting "this code is good until x amount of days...." CPPSAVINGS seems to be the one myfico code that will work indefinitely for 20%, but every now and then myfico will have a 25%er, but probably not terribly often.
  19. :BigDance: Congrats man. Reading stories like this always remind me I'm not the only one. I also second a "Success Story" forum. Excellent idea.
  20. Is it because you never designed any of the systems for the CRAs, or because you signed NDAs for the CRAs? Admitting that you signed a NDA isn't disclosure, is it?
  21. I was listening to the radio on my way back from visiting a friend two nights ago. WAMU had a radio ad but at the end you heard from the disclaimer guy "Washington Mutual deposits are now serviced by JP Morgan Chase". So the WAMU brand is going to get pimped out for awhile until Chase can finish the assimilation of the WAMU branches.
  22. What the fudge are you legally able to claim? LMAO.
  23. AboveAverage

    Panic?

    Tell him to leave it where it is. It only becomes "real losses" when he pulls it out.
  24. AboveAverage

    Panic?

    Prices are starting to come down.... But now NJ has allowed trickery that was seen in other parts of the country. It's 5-10 cents more a gallon if you use CC/Debit card with Visa than if you use cash.
  25. I just got through "AA's 457 Company" and did what I said, increased to 7%. I actually can afford it because I am no longer going to pay $200 extra toward the principal of my auto loan. If things work as I hope, I should be able to get a reimbursement from GM due to NJ's Lemon Law in a few months (from what my attorneys tell me). Since I've always been a degenerate gambler in one form or another, I am betting that GM takes my car back, pays me on my original loan plus my payments that I paid as well as me paying them $800 for what comes to be a rental fee. LOL. All the while, I buy more shares for my retirement pretax. My tax refund is going to look very nice.