credit card debt helps: July 2009

Wednesday, July 15, 2009

Would saying "credit" when asked "credit or debit?" when I use my debit card imp

Since I just recently paid off all my credit card debt, I would rather not use a credit card. Although I know that eventually, if I don%26#039;t have any type of credit transactions after awhile, my credit score is negatively affected. I do have a debit card that takes the money directly from my account, and I know that I could say %26quot;credit%26quot; at check out, and the funds would still be taken out of my account. The only difference is that I sign instead of enter a PIN. Would this help my credit? I already have a really good score, and I would like to keep it that way! Thanks for any input.

Tim

Would saying %26quot;credit%26quot; when asked %26quot;credit or debit?%26quot; when I use my debit card improve my credit score?

No, making %26quot;credit%26quot; transactions with your debit card won%26#039;t improve your score. Your debit card is linked to a checking account which is a deposit account, instead of a revolving credit account that reports to the 3 credit bureaus. The only difference in using credit or debit when you make a purchase is that debit transactions require you to use a PIN and the transaction usually posts immediately. Using credit requires a signature and it takes a little longer for the transaction to post to your account.

The only way to maintain and improve your score is to use your credit cards lightly by making small purchases that can be paid off on time every month to show activity.

Would saying %26quot;credit%26quot; when asked %26quot;credit or debit?%26quot; when I use my debit card improve my credit score?

The debit card that acts like a credit card does not affect your credit. You have the credit card%26#039;s logo just so your card can be accepted more places.

Would saying %26quot;credit%26quot; when asked %26quot;credit or debit?%26quot; when I use my debit card improve my credit score?

when you use a debit card as a credit card it still comes directly out of your account. When you use it as jusrt a debit card sometimes there are hidden fees from either the store, your bank, or both. They don%26#039;t tell you, but when you use it as credit there areno hidden fees. I always use mine as credit. Hope this helps!

Would saying %26quot;credit%26quot; when asked %26quot;credit or debit?%26quot; when I use my debit card improve my credit score?

A debit card is generally connected to a checking or savings account. The transactions you do under credit do not affect your credit score (since you are not using an actual credit card with a credit limit for the transaction). You are using an ATM card which is not a credit line (reporting information to the credit bureaus).

A little note - at some stores you are charged a transaction fee if you use your ATM card as a debit instead of credit (the store should post the information on their card machine).

If you want to improve your credit score - register here, it%26#039;s free and it will usually improve your score by 10 points in less than 30 days:

https://www.optoutprescreen.com/?rf=t

Go to the bottom of the page - Click the button to opt out - mark the box (Opt out Electronically for 5 years). I originate mortgage loans and have my customers register here to help improve the credit score to qualify them.

Would saying %26quot;credit%26quot; when asked %26quot;credit or debit?%26quot; when I use my debit card improve my credit score?

There really is two parts here. The debt card will not change your credit score in any way, even if you say credit. You will however save yourself fees. When you are asked to put in a %26#039;pin%26#039; number your are being charged by the bank. The only time you should use the card as a debt card is at an atm (cause there is no choice).

Having credit cards that are paid off and open will actually help raise your credit score over time. It use to be that when you paid off all your cards that you were told to close them all. It is actually worth keeping 4 tradelines (accounts) open. A house payment, car payment, and 2 other accounts like a credit card. If you are not a home owner, any installment type loan like furniture or student loans.

Would saying %26quot;credit%26quot; when asked %26quot;credit or debit?%26quot; when I use my debit card improve my credit score?

It doesn%26#039;t make any difference, since you are spending your own money - it doesn%26#039;t go on your credit report. Some people feel more secure signing their name (using %26quot;credit%26quot;) vs. entering their PIN (%26quot;debit%26quot;) because of hackers.

What most people don%26#039;t realize is that merchants prefer you to choose %26quot;debit%26quot; (which is why that is usually the default when you slide your card). When you process your transaction through %26quot;debit%26quot; - the merchant gets paid an interchange fee by your bank. On the flip side, the Bank profits when you process your transaction through %26quot;credit%26quot; (usually Visa or Mastercard) - the merchant pays the fee to the credit processor, who in turn shares a portion with your bank. (This is why some gas stations have reinstituted the old practice of charging a few cents more per gallon for people who use a credit card - so they maintain their profit margin.)

Would saying %26quot;credit%26quot; when asked %26quot;credit or debit?%26quot; when I use my debit card improve my credit score?

A debit card is NOT a credit card, and you don%26#039;t get any positive benefit (to your credit score) from using a debit card. You can say credit, rather than debit, but the bottom line is that it isn%26#039;t a credit card.

You can get negative benefit from using a debit card if you use it when you don%26#039;t have the funds to cover your purchases, but that%26#039;s the ONLY way a debit card is going to affect your credit score.

Not using your credit cards won%26#039;t adversely impact your credit score. But if you%26#039;re worried about it, use your credit card once every couple of months for something small, and then pay it off when the statement comes.

Would saying %26quot;credit%26quot; when asked %26quot;credit or debit?%26quot; when I use my debit card improve my credit score?

When they ask you %26quot;credit%26quot; or %26quot;debit%26quot; it just refers to what network the merchant uses to process your card payment. ATM networks are %26quot;STAR%26quot; or %26quot;PLUS%26quot; or %26quot;Cirrus%26quot;. Credit card networks are VISA and MC, etc. The merchant has to pay a percentage of your purchase to the credit card company as a cost of doing business. Usually credit card companies charge a higher fee than ATM networks but this makes no difference to you. ATM networks also process in %26quot;real time%26quot; so the charge shows up immediately on your bank account where credit card transactions can take days to post.

Doesn%26#039;t build credit either way.

Would saying %26quot;credit%26quot; when asked %26quot;credit or debit?%26quot; when I use my debit card improve my credit score?

No way. You misunderstand what credit is..

Banks lend money to people because they can make money off the interest. In a situation where a bank agrees to lend money to a person and that person does not pay the bank back, the bank loses a lot of money -- for this reason banks developed the credit score system to classify people based on their creditworthiness -- the likelihood that they will pay the bank back the money and on time.

Your credit score, more commonly known as your MyFico Score is managed by Fair Isaac %26amp; Co that%26#039;s where they get the name FICO from. These guys are the authorities on Credit Score rankings and are used most prominently throughout the banking and loan industry to determine the creditworthiness of a business or an individual. Your best bet is to go with the company that manages credit scores, Experian, TransUnion and Equifax only keep track of your credit report and credit inquiries.

Let me share with you my tips that you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year -- :

# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score tracking listed below. It really helped my get my score up.)

# Never Miss a Payment, Starting Today

# Never use more than 20% of your Available Credit

# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible

# Extend Your Credit Limit on Cards You Already Have before You Get New Ones

# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance

# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-

# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan

# Take out a Small Personal Loan and Repay it Over a Year

# Ask Someone With Good Credit if They will Account Shadow you

Regarding unsec. c card debt, can my wages be garnished in AZ / NM (ex filed bnkrptcy, collectors no

This is a question related to last week%26#039;s question kindly answered by helpful person...%26quot;is not paying unsecured credit card debt an alternative to bankruptcy [?] %26quot;. The answer included info that my wages could not be garnished in TX. I now need to know about NM %26amp; AZ.

Considering I can%26#039;t do debt consol and would very much like to avoid bankruptcy....I am trying to put my life back together after ex husband in TX surprised me by divorcing me after 14 yrs. and then filed bankruptcy himself instead of filing as a couple (which he had told me he would do-as a couple) and in doing so dumped debts on me. Collectors who can%26#039;t collect from him are now calling me. THANKS GREATLY FOR YOUR HELP.

Regarding unsec. c card debt, can my wages be garnished in AZ / NM (ex filed bnkrptcy, collectors now call me)

I know you can in Arizona and I think this web site shows it happens in New Mexico. Try to work out some options with creditors anyway because it takes several steps for them to do garnishment. If you can talk to them, they may not want to have to go through the steps, either.

Regarding unsec. c card debt, can my wages be garnished in AZ / NM (ex filed bnkrptcy, collectors now call me)

unless your name is on the debt no they can not call you they will try and convince you that you d but you do not. I found out when i got married that my debt and her debt was just that the only thing that we where both responsible for was debt with both our names on it.

My debt is paid off...will I get my card back?

I recently paid off an existing credit card debt (approx. $1000) with a collection agency. While I don%26#039;t plan to make the same mistake twice, I%26#039;d like to have a useable card (a new CC company will not accept me).

This begs the question: Given that the debt is paid in full, do I regain access of the card?

My debt is paid off...will I get my card back?

Some banks may be forgiving, but I doubt it. The only thing you can do is contact the bank that issued the credit card you%26#039;re asking about. My hunch is that they%26#039;ll say no, they don%26#039;t re-open accounts.

My debt is paid off...will I get my card back?

no you don%26#039;t get it back. Consider insead getting a secured card.

Orchard bank adn welsl fargo has decent ones. Start rebuilding your credit and move on. Good luck.

My debt is paid off...will I get my card back?

It depends on the company. Most will cancel you if they%26#039;ve sent you to collections. You%26#039;ll need to call the company that issued the card to inquire.

My debt is paid off...will I get my card back?

Not usually... and even if you do, the interest rate will sooner than not... get you right back into the same hole.

You can get a debit card from your bank that is deducted directly out of your own personal checking account.

The only kind of card you%26#039;ll get any time soon if it is from a reputable company, is a secured card.

The commercial SHOULD say... %26quot;When Capitol 1 is in your wallet... nothing else ever is for very long!%26quot;

My debt is paid off...will I get my card back?

No, once it went to collection, you%26#039;re toast.

The best thing to do is contact the credit reporting company to have your credit info updated and corrected. That and time will get you back in the game.

Another option is a pre-paid credit card, where your $200. up is already in their hands so they don%26#039;t have to worry about payment.

My debt is paid off...will I get my card back?

I%26#039;ve never been in this situation, but it sounds like to me you%26#039;ve done the right thing in paying off the debt....you%26#039;ve proved yourself, so try calling the cc company and see? What could it hurt.

Start with small purchase and pay it off before charging more...this should help build your credit back again.

Good luck to you!

My debt is paid off...will I get my card back?

no. u are at a credit risk. The company wrote u off as a loss. Congrats on paying the cc. Most ppl default. U will have to try another bank. Try www.orchardbank.com

In Alabama, can a credit card company you owe take your house?

My parents owe about $13000 on a Discover card, but I%26#039;m not sure how old the debt is. Recently an officer from the sheriff%26#039;s office came by with a letter saying that Discover was suing them. A friend of theirs told them that Discover could take their house. Is this true? Also, how long is the statute of limitations for credit card debt in Alabama? Or, since the credit card was applied for and most of the charges were made in Georgia, would the statute of limitations for Georgia apply? Can they still settle? What other options do they have?

In Alabama, can a credit card company you owe take your house?

No, they cannot take your parents%26#039; house. If they are awarded a judgement, they can (and likely will) file a lien on the property. Since $13k is no longer a small claims matter, this%26#039;ll be heard in civil court. Your parents need to hire an attorney. Their attorney will provide them with options, and discuss statute of limitations in your state. My guess is they are within the statute of limitations.

Your parents need an attorney to represent them. I can%26#039;t stress that enough.

In Alabama, can a credit card company you owe take your house?

you need to get a hold of a primerica agent they can help with this old debt

In Alabama, can a credit card company you owe take your house?

(1) No, they can only obtain a judgement for the amout owed, but they could file a lien against the property after the court awards thema judgement.

(2) I do not know of any %26quot;statute of limitation%26quot; on a debt.

(3) Laws of the state of their curent residence will control.

(4) You can always settle a debt with a creditor.

(5) Pay the sum demanded or work out a settlement, or let it go to judgement (credit is trashed already) and pay later from sale or refinance of the property.

In Alabama, can a credit card company you owe take your house?

They can%26#039;t take their house, however, a judgment could be found against them and a lien put on the house. What this means is that when they sell the house, before they get a dime, all monies owed to Discover have to be paid.

Statue of limitations are normally 7 years, and really doesn%26#039;t have anything to do with the state; that%26#039;s how long it will stay active on the credit report.

They can contact Discover and offer to pay a (reasonably) lower amount, offer to make monthly payment which they should have been doing anyway, or work out some kind of arrangement.

They owe the money - they need to pay.

In Alabama, can a credit card company you owe take your house?

Normally the primary residence is creditor-protected. They also should think of debt-consolidation. For this please check out bebt consolidation options at http://mortgage.yeyeyup.com

In Alabama, can a credit card company you owe take your house?

You%26#039;ll want to hire a lawyer if the sheriff stopped by. That means they received a summons and if they don%26#039;t answer it and appear in court they loose by default. You don%26#039;t want that to happen, as it will result in a lien that will be around for a long time.

Please only credit card expert, bill collector, lawyer or paralegal?

I am a Clinical Psychiatrist, France. I have a patient who is retired here from the U.S.A., and lives off of S/S. Patient is suffering from major depression. 1) his S/S check arrives either late or has been stolen. 2) His daughter died and resides in the U.S.A.. He is afraid to return for her funeral. (Things he may be arrested for the following reasons).

Over ten years ago he purchased a new truck and traded his sport car in. The state he resided in gave him a clear title to the truck when they should have put the bank who gave him the credit as the lien holder. (Patient says %26quot;clear title, I own the truck%26quot;). Patient has since sold the truck with the clear title.

Patient took out cash loans on his credit cards amounting to almost $20,000 and moved to France. (Over ten years ago).

S/S received via courier service.

Not knowing american law, is there a statue of limitations on credit card debt. (can%26#039;t touch him).

Please excuse english

Psychiatrist France

Please only credit card expert, bill collector, lawyer or paralegal?

First, your English is excellent. Had no problem following what you are saying.

The previous responses are simply terrible! Trust me, I%26#039;ve done my research on this.

infernal%26#039;s answer is what I would expect from a collection agent. Maybe he could explain his comment about social security fraud?????

To Daniel K, our licensed attorney (?), keep practicing. How is it you don%26#039;t even understand the statute of limitations laws?

Your patient is safe. In every state, there is a statute of limitations on dedt. Credit card debt runs from 3-6 years (some as long as 10), so you are well that that.

I%26#039;m a little fuzzy about the details on the truck. Are you saying the truck was never paid for? On this type of debt, it%26#039;s considered a %26quot;written contract%26quot; and the SOL does run a little longer. But again it%26#039;s never more then 10 years. So again he should be safe. The worse case if they could somehow prove fraud in getting the truck then selling it. Not very likely.

As for his problems with his social security checks, he may want to have them direct deposited into a bank account. Not sure how it works in France, but I see no reason not to be able to aquire a ATM card and he could safely withdraw his funds.

Also, in the event he still has debt issues from the past, they can NOT garnish social security income.

So bottom line, he is safe. There is NO CHANCE he will get arrested if he returns to the states.

Please only credit card expert, bill collector, lawyer or paralegal?

If he didn%26#039;t bother to pay back the debt on his credit cards they could sue him to recover the money he owes them, plus court costs, plus interest. It%26#039;s got nothing to do with the truck, but I%26#039;d be a little more concerned with the Social Security fraud.

Please only credit card expert, bill collector, lawyer or paralegal?

American credit laws state that the debt can only remain on his credit report for 7 years. There are 3 major credit bureaus in the U.S. Have him try to check his credit/debt situation on an American credit website like Experian.com, Equifax.com, or the 3rd one whose name I cannot currently recall. His biggest problem may be the truck situation if he still owes the bank money for the truck (you said he got a clear title by mistake). By checking his credit with the online credit bureaus (he can also try www.annualcreditreport.com) he will be able to see if he has any old debt still listed. If it has been at least ten years I doubt they even still have a record of his credit debt. Good luck.

Please only credit card expert, bill collector, lawyer or paralegal?

By law in the US any unpaid debt is wiped off from a persons credit hystory after 7 years. (This is so our bankruptcy courts don%26#039;t get overloaded with cases.) So 3 years ago those bills were written off as bad uncollectable debt.

This does not include cases of fraud which is a criminal offense that has a longer limitation in some cases.

Your patient should have a lawyer here in the US check to see if there are any warrants for his arrest. This should only take a few days (or hours even.)

This will let him know what is going on if anything.

bonsoir missuere (pardon mais l%26#039; Francios, s%26#039;il vous plait.)

Please only credit card expert, bill collector, lawyer or paralegal?

I%26#039;m a licensed non-practicing attorney. You can%26#039;t get arrested for debt in the U.S.A. You can be sued, but there%26#039;s no point in suing someone who doesn%26#039;t have any money, and besides the people you owe money to have to find you, and nobody%26#039;s going to tell them if you go to a funeral. Anyhow they can%26#039;t keep you from leaving the country. Debts can be collected for 15 years, after which they are considered ancient history, but if you pay one penny during that time, the 15 year clock starts ticking all over again from that date. There is one exception. Government guaranteed student loans are never extinguished until you pay them off.

Please only credit card expert, bill collector, lawyer or paralegal?

It 7 years not 15 for collecting a debit. An attorney told me this. You won%26#039;t get arrested for this.

However, he could get arrested for credit card fraud. If he charged all this without the intention of paying it back. The Statue of limitations on credit fraud may have ran out as well. I think it would go by the state he used to live in.

Applying for a credit card?

I want to apply for a credit card to establish good credit. I am young, have plenty of money to pay my bills, and only want one for the SOLE purpose of building credit. There%26#039;s no need to tell me it%26#039;s a bad idea---I am not materialistic and I have seen people my age develop health problems from credit card debt. Don%26#039;t worry, that won%26#039;t be my path. All I want to know is which companies are the worst and which are the best for a first timer!

Applying for a credit card?

it%26#039;s NOT a bad idea,, don%26#039;t listen to people who don%26#039;t know what they are talking about..

The reply above scares me. You DO need to use them, just having them doesn%26#039;t raise your score.

PAYING BILLS ON TIME does.

If you plan on buying a house, you will need 4 (FOUR) open lines`of credit, preferably open for 2 years(24 months)

Check out www.creditcard.com There are plenty of GREAT cards, many are free.

If you want a benefit card to get free airline flights or cruises just read the fine print. NCL Cruise lines has a great card, and it%26#039;s FREE.

As long as you pay your bill in full every month, the interest rate doesn%26#039;t matter. You will build a good credit score over time.

If you don%26#039;t have a car loan or any other loans, over time, get several more cards (known as lines of credit or tradelines)

Get a gas card and a retail store card like Target, Home Depot etc... use them once in awhile and pay them off when the bill comes in.. They DO help your score AND count as tradelines.

That%26#039;s how you build a great credit score!

Applying for a credit card?

Check out https://wwwn.applyonlinenow.co...

Go to www.ncl.com Click on the MORE tab and then Mastercard.. It si is one of the best rewards cards and can get you credit towards NCL cruises.

You CAN benefit~ Report It

Applying for a credit card?

I%26#039;ve never seen any that have been particularly bad for new credit applicants. I%26#039;ve had personal experience with Discover and Capital One and both have approved someone with no credit history of their own. Even if they only approve you for a few hundred dollars, it will be good to use it for a tank full of gas a month or something. Good luck!

Applying for a credit card?

a department credit card is good like walmart it as a visa credit card. i have not had any experience with a bad credit card but the apr percentage must be low

Applying for a credit card?

To be honest, they can all be bad, but I think this is a great idea, because NOT having established credit can been seen as a negative to creditors too.

I would advise getting a credit card through your bank.

Applying for a credit card?

My family has been in this business for a while. You need to get a minimum of 3 credit cards to build your credit. You don%26#039;t need to actually use any of them...just get them and hold on to them. Another big key is to NOT cancel them. The longer an account is open and in good standing, the better your credit is. One last thing...do not get a department store card or gas card or bank card to build credit as these don%26#039;t really count for anything. You need real credit cards like ones from Citibank and Chase. In the long run they will also help you out the most (if you have a Chase card for a while, it will even help to get you a better rate on a house mortgage). Anyways, hope this helps. Good luck!

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

I have about $10,000 in credit card debt and was wondering if it would be better for my credit to get a 0% transfer card and transfer my balances or get a personal loan to pay off the cards. I am a recent law school graduate and will be able to pay off the credit card or loan within the next 6 months. Thanks

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

pay a loan with a loan?? not good. better to tansfer balance

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

Why pay interest if you do not have to? It doesn%26#039;t hurt your credit, and you will have an interest free loan with 0% interest for 6 months saving you money.

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

Well...it depends. Make sure you read the fine print on that Credit Card. It is really is 0 interest for a year, then taht would be better as long as you can pay it off before the eyar is up. Otherwise, try and get a loan....as long as the loan as a lower interest rate than your current card.

If you%26#039;re going to be able to pay it off in 6 months, why not just leave it on the current cc and make small payments until then?

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

Transfer. 0% is the best you%26#039;re going to get. You will have to pay interest on the personal loan, so why go that route if you can transfer everything to the 0% card? IF you are sure you can pay it off in 6 months, why hesitate?

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

Credit card balance transfer is a process by which we can transfer our outstanding balances on a credit card (which are generally at high interest rates) to a low interest rate credit card.

Balance transfer has some good advantages let us look at a few of them.

Balance transfer is one of the best methods to get rid of that credit card debt. When you transfer balances all your outstanding balances are wiped out and transferred to new credit card.

Depending on what deal you get on the balance transfers the new interest rates on transferred balances could be 0% or a low rate for a particular period. The ideal situation should be to get all the balances cleared within this low interest rate period.

The repayment terms will also relax considerably as you transfer your balances.

Credit card companies bundle a lot of exiting features with the balance transfer program, this could be a no annual fee offer and your favorite reward program. Read more from: http://www.credit-card-gallery.com/credi...

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

Transfer the balance. You%26#039;ll pay a 3% transfer fee, but that would be better than nothing.

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

Clearly, get a new balance transfer deal! The loan is not for you right now; it%26#039;s also a bit challenging to qualify sometimes... you%26#039;ll have to go into a branch, show tax returns, pay stubs, etc, etc. For the credit card BT, it%26#039;s online.

I%26#039;m a real estate investor with 100K in credit card lines available to me not to mention two HELOCs, business lines of credit, and business credit cards.

The best thing to do is this:

1) pay off the 10K on card 1 (with cash you may have or borrow).

2) your credit score will jump as soon as this is reported to the bureaus - may take up to 6 weeks!

3) THEN, apply for a new card (card 2) using your high (fudge?) salary, length at employment, etc. On it, enter the balance transfer to card 1 that you just paid off.

4) if approved, a check will be sent to card 1.

5) call card 1 and ask for a refund check. (the rationale is that the card issuer is more likely to issue the line of credit if they KNOW the line is going to be immediately used, as opposed to be a line that is untapped.)

6) receive 10K refund check from card 1.

7) pay off 10K that you borrowed from step 1.

Sorry if this is complicated!

I%26#039;ve done this OVER and OVER and OVER. Let me give a tip: some card issuers (I have several cards from BoA) will give you a promotional teaser rate to get you in. Then, it goes up. Also, if you%26#039;re late, they will commonly increase your rate. (BTW, if you are late, try to be late less than 30 days! If you%26#039;re late less than 30 days, it will NOT be reported to the bureaus. This way, the WORST thing that happens to you is your credit card rate will sky but you will not sustain a 30 DAY LATE on your credit bureau report/s which can be HUGE.) Anyway, after you%26#039;re in the offer will usually expire within 12 months. I have an ADVANTA card that is set to expire after 15 months at 0% - utterly filthy! But that%26#039;s a business card. So it expires in 12 months. Now, pay that sucker off. Wait a month or wo. All of a sudden, there will be another %26#039;offer%26#039; on your account. For instance, I have one card with BoA that had a 25K limit (more now). I used it at 0% for a year. Then, I paid it off. Didn%26#039;t pay a dime. Then, all of a sudden, there was another offer. Now they were offering me a 8 month 2.99% deal. So I took that. Anything to avoid borrowing hard money to do my deals. Then, I paid it off. So I%26#039;m watcing. Then, get this, my OTHER card now offerd me a 1% for 10 months! Christ, can you imagine borrowing 50K at 1%? Beyond filthy. That%26#039;s just crazy-ness. Anyway, here%26#039;s a huge tip/piece of wisdom: they are able to rearrange your balances! Here%26#039;s what I mean. You have a card that has a standard rate of say 20%. You have another card that has a more premium standard rate of 8.99%. This is real life for me actually :) So, your 20% card has a limite of 10K. Your 8.99% card has a limit of 25K. Now, all of a sudden your 10K card offers you a 1% deal. You say to yourself, darn, if only my 25K card offered me that I could borrow more! But, no fear, they can REARRANGE your lines so that your 25K card now has 5K and your 10K card now has 30K. Now, you can borrow 29.5K on (what was) your 10K card at 1% (or whatebver your rate was). Anyway, this is the situation for me TODAY. I was innocently calling in and the BoA banker offered me this deal. So, I asked him to NOTE MY ACCOUNT and I will %26quot;call in a couple of days to do the deal.%26quot; Don%26#039;t let them force you to do it at that moment. It will stay on your account for a few more days - call when you%26#039;re ready to do the transfer deal.

All this talk of dings on your credit. It%26#039;s peanuts. It won%26#039;t hurt you hardly at all. Yes a point or two, but not of significance. Anyway, to answer your question, do the BT deal! Forget the loan. It will be at 0% for 12 months and now your DTI improves. It improves because you will now have x balance owed on the cumulative credit limits of BOTH cards 1 and 2. So you%26#039;ll owe say 10K out of 20K in credit that you have available to you for a DTI of roughly 50%. That%26#039;s GOOD. It positively impacts your score. Anyway, I love this whole credit thing - there are SO MANY THINGS TO KNOW it%26#039;s just cuckooo. :)

Do Credit Card Companies legally have the right to keep my personal information?

I recently paid off ALL of my CREDIT CARD DEBT. Was over $40k just a few years ago. . . So I called to cancel my credit cards and close my accounts. I also asked them to remove my name from their databases. They said they have to keep my personal info for tax purposes? I want my name out of their SERVERS! Help!

Do Credit Card Companies legally have the right to keep my personal information?

Unfortunately, that won%26#039;t happen. Banking rules and the Patriot Act require keeping that information for at least 10 years.

Do Credit Card Companies legally have the right to keep my personal information?

I think they have the write to keep your information. Since you had a credit card with them then they can keep your info but not hand it out. Also if its for tax purposes they have to keep your info for that reason and then i assume they will delete it after they do their taxes

Do Credit Card Companies legally have the right to keep my personal information?

Beat them up.

Do Credit Card Companies legally have the right to keep my personal information?

Sorry, it does not work that way. Businesses don%26#039;t delete their customer information the moment the customer stops dealing with them.

Do Credit Card Companies legally have the right to keep my personal information?

The information will legally remain in their data base and in the data bases of the credit reporting agencies for at least 7 years.

Do Credit Card Companies legally have the right to keep my personal information?

yes they have right to it. is for security issues stolen credit card and other stuff.

Do Credit Card Companies legally have the right to keep my personal information?

If you tell the companies to keep you info confidential, they will.

Do Credit Card Companies legally have the right to keep my personal information?

Sure. After all, you gave it to them

Old credit card bill (7 yr.s)?

I have on my credit report a old credit card debt (1999) when the statute of limitations for collection were up or almost, the original creditor sold it to a collection agency , and now is making it come up as an unpaid account from 2006, is this a legal loophole to get around the statute of limitations? I put in a dispute with the credit bureau, but it was denied, or came back as legitiment

Old credit card bill (7 yr.s)?

As long as you haven%26#039;t made a payment of any kind, they can%26#039;t do that.

http://www.bankrate.com/brm/news/cc/2004...

http://www.ftc.gov/os/statutes/031224fcr...

First link is a list of statute of limitations on debt plus a link on it to the fair debt collections practice act. Renewing the date of last activity on an account is not legal, unless you actually made payment on the account.

You need to dispute it again with the bureaus. Demand that they confirm the actual date of last payment on the account and report it back to you. Point out their failure to properly abide by the Fair Credit Reporting Act, which is the 2nd link. Read it. At least the dispute parts, and the reporting requirements part. They have a responsibility to get it accurate. They failed.

List the statute numbers. The more you sound like you have a clue, the better it should go.

I%26#039;ve disputed items several times until they were fixed.

Old credit card bill (7 yr.s)?

Refer them to Section 503(a) of the Fair Credit Reporting Act which states that delinquent items which antedate the credit report by more than seven years can NOT be included in the credit report.

The measurement date starts from the date of 1st delinquency.

Good luck.

Old credit card bill (7 yr.s)?

yep they can do it and it wont get removed from your credit report till u pay it in full..

Then its 7 years from the date u paid in full..

Old credit card bill (7 yr.s)?

It%26#039;s 2007, it shouldn%26#039;t even be on any credit reports since the debt is from 1999. The collection agency is re-aging the account, it%26#039;s illegal and you can hold them accountable. In your case, the collection agency is providing a false first delinquency date not only for credit bureau reporting purposes but also to make it seem like this debt is within sol. It%26#039;s not a legal loophole, they have no right to do it! Even with the re-aging, are you sure the sol isn%26#039;t up yet? Some people confuse the reporting period for the sol. In my state, credit card debts, which are open end accounts, have a 4 year sol, but it can still be reported to the credit bureau for 3 more years.

It%26#039;s time for you to send a validation of debt letter to the collection agency by usps registered certified return mail and let them know that you are aware they are re-aging the account and it%26#039;s illegal. Don%26#039;t be surprised if they ignore your validation request or send you documentation that does not prove the debt is yours or that it isn%26#039;t over seven years old for credit reporting purposes. You have to give the collection agency 30 days to respond to your validation request. If they don%26#039;t ever respond, send a copy of the green return receipt to the credit bureau, let them know the collection agency didn%26#039;t respond to your vod letter, and you as the consumer have the right to request the credit bureau to send the name of the person who verified the debt as accurate at the CA, the number that person was reached at and most importantly documentation the credit bureau recieved that proves the account belongs to you and is within the 7 year reporting period. And ask the credit bureau to provide the month and year of the obsolescence date based on FCRA compliance for the account. This refers to the 7 year reporting period.

Credit bureaus recieve many dispute requests. They don%26#039;t actually conduct an investigation. They simply call the company and all the person on the other end has to do is say yes the entry is correct. But when you ask the credit bureau to provide the evidence they received during the investigation, they have no choice but to provide that information to you or delete the entry because then they are liable for FCRA violations for posting unvalidated information on consumer%26#039;s credit report. Try to find a consumer relations address to send your information request to, if you send it to the disputes address, some button pusher is likely just to do the same routine of calling the collection agency and the collection agent gives the same old lie.

Question, what credit bureau is this debt reported to? Both TransUnion and Experian (if you go online) prints the time the account is scheduled to be removed from your credit report. Equifax does it differently. For Equifax, the consumer has to calculate the 7 year reporting period from the printed date of last activity. An example would be a delinquent Capital One account would have DOLA as 12/1999. The consumer would know 7 years from 12/1999 means the account is set to be removed from their report 12/2006. I have a problem with the way Equifax does it, because it should be when the original delinquency occurred, not the date of last activity.

Credit card debts .called creditors "they will not accept small pay.?

called the credit card co today and explained our loss of income, as well as being permenant Do to our age and ability of husband to make any more then he is now . We can offer a small amount monthly to every one . living on $1000.00 month all of them say they are calling lawyers .and the amount we can pay is to low.Do we file bankrupcy ? I read you have to get counseling 180 days before you file?Or do we just go to court every time they summon us .and show the court . I living expenses and income ? recieved such comforting advice last eve . God bless all who took the time to answer . I called legal aid as was suggested . But they do not do banruptcy. Or credit council .Thanks again Patricia

Credit card debts .called creditors %26quot;they will not accept small pay.?

They cant deny you even if you are paying a dollar. Most of the time they are bluffing when they say they are taking you to court because it cost them more money. Pay what you can and if court comes about, take records of your income and bills, and who you talked to on what day.

The judge will see you are making an honest living and paying an honest amount to a dept. He will rule in your favor.

Credit card debts .called creditors %26quot;they will not accept small pay.?

I am currently using Greenpath which is a credit counseling company. We have been in the program just over a year. I suggest them. We also tried to work on our own with the creditors and they do not work with individuals, just credit companies.

Good Luck.

Credit card debts .called creditors %26quot;they will not accept small pay.?

Once they issue a summons, you do have to go to court, and the whole point is to issue a judgment against you. The down side is that it also gives them the right to garnish any wages. If you have no other options, I would highly consider bankruptcy.

I%26#039;m so sorry for your situation. I was there, but young enough to get out of it.

You can email me anytime you need to talk!

Credit card debts .called creditors %26quot;they will not accept small pay.?

well if you can pay 100 on you CC deat and you owe more than 10,000 you not going to even pay the interest. go to court try to file if turn you a way then maybe the will tell you why like get A Creadit Council.

Credit card debts .called creditors %26quot;they will not accept small pay.?

get it in writing they should not reject any payments, if they do they are saying they dont want your money, then let them to court

Credit card debts .called creditors %26quot;they will not accept small pay.?

i used clearpoint financial. their website is http://www.clearpointfs.com

Credit card debts .called creditors %26quot;they will not accept small pay.?

When you delay making the credit card payment, your card issuer levies late fees. These fees can be as high as $40 every time you fail to pay on time. This can burn quite a big hole in your pocket. Here are the few tips that can be used to prevent being charged late fees.

Can you keep your credit card accounts open after using a debt management service?

Just wondering if anyone has used a debt management service and knows if this is possible. I know they set them to automatically close when they are finished, but does anyone know if you can contact the credit card company and ask them to leave it open once it is paid off? The reason I ask is because I know it is better for your credit score to have accounts that are a few years old open, with available credit, rather than closing them when they are paid off.

Can you keep your credit card accounts open after using a debt management service?

i work for amex and honey once you go under these pograms they are fighting with us to lower youre apr so we say if we do this we will close youre accounts manually and automatic the management poeple dont close it its up to us and we will close them for you and it will ruin youre credit cause it will say %26quot;closed by grabntor%26quot; instead of closed by consumer please mark this top

Can credit card companies sue an estate of someone who has died to collect outstanding balances?

My father in-law has incurable cancer, and outstanding credit card debt of about $55K. Can the credit card companies sue his estate or children to collect the outstanding balances on his accounts once he passes away?

Can credit card companies sue an estate of someone who has died to collect outstanding balances?

They can go for the estate , not the children unless they are co owners of the credit card.

Can credit card companies sue an estate of someone who has died to collect outstanding balances?

They%26#039;ll go after the estate. As will all his other creditors. If there%26#039;s any money left, then it will be split up per the will.

Can credit card companies sue an estate of someone who has died to collect outstanding balances?

All creditors have the right to file a claim in the probate of a deceased person. They can not sue the family unless the debtor has transferred property to them for the purpose of cheating creditors. It may seem cold, but if he has significant assets now is the time to speak to an attorney about estate planning before it is too late.

Can credit card companies sue an estate of someone who has died to collect outstanding balances?

Creditors usually can collect from the estate of the deceased, I was a beneficiary to a will (Wisconsin), and all the bills and outstanding balances had to be paid before any of us were given anything.

When my M-I-L passed away last year, my F-I-L, said that there could be no %26quot;disposal%26quot; of her assets for forty-five days(Arizona). Check the laws in your area.

I am sorry for your family%26#039;s loss.

Can credit card companies sue an estate of someone who has died to collect outstanding balances?

I just settled an estate w/ $50 G in debt, mostly credit cards and yes it is the legal right of creditors to sue the estate and I was fortunate to bargain with some of the debtors to settle for less, before the court ordered full payment. Maybe you can do something to settle with them before the court order. Good luck.

Can credit card companies sue an estate of someone who has died to collect outstanding balances?

Yes. Though most do not. Provide a death certificiate to each of the credit card companies when the time comes. Most credit card agreements have a successors and assignees clause that binds the estate and/or children etc to pay. I worked for a collection law firm that handled most of the big major credit card companies. Usually a death cert. will end the matter.

Can credit card companies sue an estate of someone who has died to collect outstanding balances?

Most state laws require that a will make provision for the payment of lawful debts, or it is not valid.

Giving away your assets so that you have no means to pay the debts is called %26quot;fraudulent transfer%26quot; if you are dieing or not. Creditors can then sue the current holders up to the value of the assets transferred.

Can credit card companies sue an estate of someone who has died to collect outstanding balances?

The Lawyer of the Estate or the Executor, can ask for validation to make sure the debts are not past any Statute

of Limitations. ANYONE your Father-In-Law can file claims

for up to one year. They can not go after the children, it was HIS debt.

make them validate the debt first

creditinfocenter com

Can credit card companies sue an estate of someone who has died to collect outstanding balances?

They can and will attach to the estate for the full balance. If there are liquid assets now, a debt settlement company should be able to get you out for less than 1/2. When they go after the estate with ease, they will get paid in full. Check out the free evaluation form at www.totaldebtsolutionsllc.com They have references who saved more than 60% on large credit card balances. Good luck.

Can credit card companies sue an estate of someone who has died to collect outstanding balances?

If there is enough money in his estate his debt should be cleared and then the rest can go to who he willed it to. If the estate has enough to clear or pay a portion of the credit card bills they can and will get there money.

MCS, credit card interest reduction company?

Looking for info on MCS, a credit card interest reduction company that has been calling people in the last month or two. Apparently you have to have at least $3000.00 in credit card debt before they can help you.They are supposed to be on the web, I can%26#039;t find them. Does anyone have info on this company.

Thanks

Desssa2002

MCS, credit card interest reduction company?

MCS? need more info. Can you email me and tell me what pitch they gave you? there is a diffrence in hardship programs. Intrest reduction and debt reduction are two entirely diffrent programs. Make sure you understand which one your looking at. Email me if you have any questions I will be happy to explain them

Kourtnie

Prosperity Financial

Can I deduct credit card interest for money deposited into a MM account?

If I take a credit card cash advance and deposit this money into a money market account, is the interest on this credit card debt deductable on federal taxes? I have an unique credit card offer that would actually yield a significant profit if the interest is tax deductable.

Can I deduct credit card interest for money deposited into a MM account?

YES, you can deduct interest paid on investments, but you can only deduct the interest up to the amount of income your total investments generate (not just the money market if you have other investment income). You deduct this income the same as margin interest on stocks bought on margin credit.

You must report this on Schedule A, so if you don%26#039;t itemize, you won%26#039;t be able to deduct it.

The WealthBuilder

Tax Specialist

Can I deduct credit card interest for money deposited into a MM account?

WealthBuilder is correct. You should note, unless you have records showing the exact amount of the cash advance being deposited into the money market fund, convincing the IRS the two are related with be very difficult. Report It

Can I deduct credit card interest for money deposited into a MM account?

As a rule, I would not recommend borrowing to invest. Report It

Can I deduct credit card interest for money deposited into a MM account?

Nice try, but credit card interest is not considered deductible interest.

Can I deduct credit card interest for money deposited into a MM account?

Unfortinately, credit card interest is deductable. Its my understanding that the only interest that is tax deductable is from a home mortgage or home equity loan.

Can I deduct credit card interest for money deposited into a MM account?

Personal interest (i.e interest on credit cards) is not deductible. Only the interest on your principal residence plus one vacation home. However, interest paid for investments would be deductible as investment interest, and deductible to the extent of investment income. Typically, investment interest would be paid on something like a margin account. Now one may make the argument that you are using the cash advance to finance your investments, so you could argue that the interest is in fact investment interest. However, like I had said, investment interest is only deductible to the extent of your investment income, so your investment income would have to exceed the interest you paid in order for it to be fully deductible.

Can I deduct credit card interest for money deposited into a MM account?

not only is Credit card interest not deductible, interest you gain from the money market is taxable, and the bank reports it to the IRS

Can I deduct credit card interest for money deposited into a MM account?

Yes, you can take a deduction for the interest paid for the Money market account. However, if you use the credit card for personal use as well, you have to allocate the total interest paid between the investment and the personal use.

Can I deduct credit card interest for money deposited into a MM account?

I would be looking at the investment interest rules. I am not convinced that the source of the loan, credit card versus say a margin account through a brokerage, is what controls. I think it is how the loan proceeds are used.

Can I deduct credit card interest for money deposited into a MM account?

Withdrawal within credit limit with international card shall be no more than 50% of the credit limit and no more than RMB2000 a day. International credit cards shall not be used for withdrawal of foreign currency cash by overdrawing.

Interest-free payment grace period is not applied to withdrawal with credit limit with credit card and the withdrawal amount shall be no more than RMB2000 a day.

When balance is not enough in the credit card account, withdrawal can be made with the credit limit. Generally, overdrawing amount for withdrawal shall be no more than 50% of the credit limit.

Overdrawing interest is collected from account day to repayment at the daily interest rate of 0.5閳?

Can I deduct credit card interest for money deposited into a MM account?

FinanceMaster provides recordkeeping, financial management and analysis functions to help you manage your finances. On entry to the program you see your checking accounts, credit card, and investment accounts listed in the windows at left. At top right is the current date that FinanceMaster will use. You may change this date to simulate another point in time for check writing, financial performance results, etc. A perpetual calendar is provided as a pull down menu on this date window to make date selection more convenient.

Question with credit card consolidating?

I%26#039;m 26 with about $6K in credit card debt and it makes me ill. I%26#039;m in a situation where work isn%26#039;t allowing me the commissions as I was before and I don%26#039;t have enough equity in my house for a HELOC.

Does anyone know credit card deals where I can transfer balances into one card? I need to crack down on this before it consumes me. I%26#039;m not getting as much back from taxes as I thought, and now I%26#039;m getting nervous. I don%26#039;t have any late payments, but I%26#039;m still on edge. Ideas?

Question with credit card consolidating?

how many cards do you owe on? what do you make? i wouldn%26#039;t fool around with consolidating. Cut up all the cards. Get on a written budget. list your bills smallest to largest and pay the smallest one off first and then move to the next one while paying the min. on the others. the reason for this is that if you pay off the smallest first then you feel like you are getting somewhere. then you have more money to put on the next smallest bill. your problem is not the interest rate it is your spending.

Question with credit card consolidating?

Lots of Credit cards let you consolidate onto one card, they usually charge a fee, and the amount transferred is treated as a cash advance with interest from time of transfer. So you will be farther behind in my estimation.

Keep paying on the cards you have, and stop your spending.

Most of the stuff you buy is unnecessary to life. Stop spending except for ABSOLUTE ESSENTIALS for 3 Months and you will be well on your way out of debt.

Question with credit card consolidating?

You don%26#039;t need a secured loan!

Bank of America, for one, allows you to move debt to a 6 month interest free card. Most major banks have similar products.

-MM

Question with credit card consolidating?

Since your credit is good, I would get one of those 0% interest cards for 12 months and transfer the balance to that card. In this way, you can pay the card off with no interest.

Has anyone ever used a debt management service? How did it affect your credit rating? Would you recc

I want to eliminate the rest of my credit card debt. I see the ads for debt management services where they work with your creditors to reduce your interest rates, then combine all of your debt together, where you pay them one payment per month. My husband thinks this will reflect negativly on our credit report. Has anyone ever done this, and were you succesful in eliminating debt? Did it affect your credit rating in a nigative manner? I think that most people in America today, have alot of consumer debt, but I see many poeple who aren%26#039;t worried about it, and only pay the monthly minimums each month. I have been there before, but I am ready to pay it all off. What do you think? I would love to hear from anyone who has used these services before, or any other great idea to pay it all off, without taking out any more loans. Thanks!

Has anyone ever used a debt management service? How did it affect your credit rating? Would you reccommend it?

well, I don%26#039;t promise anything but

people in debt often seem to find some help here :

http://credit-cards.ebookorama.com

and here http://finance.ebookorama.com

good luck!

Has anyone ever used a debt management service? How did it affect your credit rating? Would you reccommend it?

My husband and I did that a long time ago and yes, it works. No, it doesn%26#039;t reflect negatively on your credit rating.

They sat us down with our bills and had us make up our own budget that included food, entertainment, savings etc.

I suggest you pick a non-profit company as we did. They get their payment from the creditors instead of you.

Has anyone ever used a debt management service? How did it affect your credit rating? Would you reccommend it?

They won%26#039;t do much. In the end they will make a big chunk of change.

If it were me, I would go to my bank and tell them I want to consolidate all my debts into one monthly bill by getting a second mortgage(you would benefit on the tax write-off) on my house that is enough pay off all my bills that I have, which will save me from paying all those credit cards high interest rates while reducing my payment to a single monthly payment. This is exactly what those debt management companies are really doing. They will shop around with different lenders to see who will give you the best interest rate. They are not really working with the creditors to lower your interest rate. They are just going to get you a loan for however much you owe to pay off yall your credit cards for you and tell you along the way you have to file this, do that and etc to improve your credit rating. So you are still stuck with a new loan and a term to pay off, but now you just don%26#039;t have to pay as much monthly. Saving you in the short run, but costing you in the long run. HELOCs are another great way to go if you have the home equity. They usually don%26#039;t charge any fees for this loan.

In the end you will have to pay someone some money, but if you go to one of those debt management guys, be aware they have to get paid too. Why pay two companies when you only need to pay one?

Sorry if its hard to understand. Its getting a bit late for me.

Has anyone ever used a debt management service? How did it affect your credit rating? Would you reccommend it?

The following articles should answer all your questions:

Debt Consolidation - Get Out Of Debt

http://www.askaquery.com/Answers/qn1643....

How to Hire a Debt Counselor?

http://www.askaquery.com/Answers/qn1584....

What is Debt Relief?

http://www.askaquery.com/Answers/qn1583....

Debt Management and Building Wealth

http://www.askaquery.com/Answers/qn1581

Has anyone ever used a debt management service? How did it affect your credit rating? Would you reccommend it?

I go through a not for profit credit counseling service such as the previous answerer did. They helped to lower my interest rates. My interest rates skyrocketed before I consulted them because I could only afford the minimum payments. I give them a small donation each month to help with their costs. I would not recommend taking out a home equity loan or anything of that nature because if something happens and you can%26#039;t pay, your house is at stake. With credit counseling, you don%26#039;t have that to worry about. Be careful because many companies are out there to scam you. Go to clarkhoward.com to get more info on legit credit counselors.

Has anyone ever used a debt management service? How did it affect your credit rating? Would you reccommend it?

I used a debt management program to pay off over $26,000 in credit card debt and it was the best thing I ever did!!! I had to give up all of my credit cards and learned that I could live without them. I learned how to budget my money for monthly expenses, everyday expenses and how to save for long term. You may have to be willing to give up some expenses (cable or eating out a lot) to make your budget work, but trust me, in the end it was all worth it. It is such a satisfying feeling to do fun things (go on vacation) without using credit cards!!! I have so much more money now that I have my credit cards payed off!!

When I first started the program, a couple of the cards showed that my payments were late because you have to be in the program for 3 months before the creditors will accept the details of the program. Yes it does come up negitively on my credit report, but I feel that this is a very small price to pay to not have any credit card debt. Having large amounts of debt also shows up negitively, you have to decide which negative you want...I still have been able to purchase a home and I opened one credit card (they gave me an $11,000 limit) to use responsibly!! I don%26#039;t know my exact credit score right now, but it is around 670....which is not bad.

I would not have been able to pay off my credit card without this program. They are able to negotiate your intrest rates. I had one that went from 22% to 9%....most of them went to 9% Except for Discover card....they are not very good at lowering the rate.

I would highly reccommend a credit couseling service to anyone with credit card debt. Just make sure that you use a non profit service. Go to www.greenpath.com this is what I used. You can at least schedule a free consultation with a counselor and they will be able to answer all of your questions. They will also look at your income vs. your debt and help you budget. They will look at all of your credit cards and tell you how much you will have to pay each month and how long it will take to pay it off. My plan was set up to have it payed off in 56 months - that%26#039;s less than 5 years vs. probably 30 years if you just pay the minimums. If you want they will also set up the program so they are paying all of yor bills (house, car, utilities etc...) I just did credit cards.

I highly reccommend a credit counseling service... GOOD LUCK

Credit card collections. How do they keep finding me?

I am up to my nose in credit card debt. So i decided im not going to pay and just move on with my life. Worked fine so far but I moved several times and never filed a change of address and change my cell number regularly. How do the collection agencies keep finding me. I even had my cell phone opened under my girlfriends name so that it wouldnt be under mine. but without fail after 3 to 4 months they find me again and start sending letters and calling. I have no intentions of ever repaying as they enticed me to use the credit. They can get judgements if they want... I%26#039;ll just quit my job and put my car in my Girlfriends name so that they cant touch anything of mine. I have every intention of avoiding this and hiding from them forever. How do they keep finding me.

Credit card collections. How do they keep finding me?

I do not endorse folks who have the means of paying there obligations at all but i have to give you some advise pretending i did not see the 200k in the safe part. And if your are in debt with the IRS they will see the cash out of the 401k and wonder where that money is, then you will be crying. As far as consumer debt collectors yes you will find a lawsuit, well you answered the question with that. You have 200k in the safe it would be impossible for them to touch that. Other assets they can tackle......so get that in your GF name. Y in the heck don%26#039;t you look at bankruptcy? then just move on... and end all of this. You do have rights by sending them at stop contact letter i provided a sample below. By law this orders them to stop contact with you. If they contact you after they recived this letter you can sue them, could be a extra 1k to your safe:) Must send this certifed. The collector will eather sue you or just sell it to another debt collector %26quot;most likely the case%26quot; then you will have to send this letter again. This is where you are getting the 3 to 4 month thing.

Good luck

Your name

Your street address

Your city

Date

RE: Account no.

Dear Sir/Madam,

This is to request you to CEASE and DESIST from your efforts of collecting debt payments on the above referred account.

You are hereby instructed in accordance with the federal and state laws, to stop all collection efforts immediately or face legal sanctions.

PAY DUE ATTENTION TO THIS LETTER..

Cordially,

Your Signature

Your Name

Credit card collections. How do they keep finding me?

A Cease Communications letter is meaningless if you%26#039;re dealing with a large amount of debt that is within the statue of limitations for your state...If anything...it can make things worse if these factors apply. You%26#039;re basically provoking the creditors to take more aggressive action. Report It

Credit card collections. How do they keep finding me?

I agree with Slimick sending a full C%26amp;D while still in SOL is a very bad move %26amp; they will more than likely file suit after receiving it

Sending a C%26amp;D when out of SOL could also be a bad move %26quot;unless%26quot; it is a %26quot;SOL letter%26quot; that also contains the full C%26amp;D Report It

Credit card collections. How do they keep finding me?

well like you said. you have a job. and you have a car. registration...

Credit card collections. How do they keep finding me?

They use your serial number. when you get a job it goes into a list sent out worldwide. when you get a drivers licence it is also posted. when you get anything that uses it ,it is posted . so about 3-6 months is about all you will get.

The skype tracing uses your serial numbers along with any other info that can be found.

Credit card collections. How do they keep finding me?

Wow, you%26#039;re sort of scummy.

They are probably finding you through your credit report or some place like that. ie, if you apply for anything that requires your ss the address and number you use could be updated on your credit report.

How do people like you survive? Only a really trashy person refuses to pay for things because some company %26quot;enticed%26quot; them to use money they didn%26#039;t have at the time.

Credit card collections. How do they keep finding me?

It%26#039;s called skip tracing....Obviously you have a lot of debt. Bill collectors get paid on commission so there%26#039;s an incentive to find you if you owe a lot of money. Bill collectors often pose as relatives/friend and call your initial references....They have the Lexis-Nexis database...Zabasearch and the various search tools online....

I%26#039;d encourage you to pay your debts...but...if you plan to hide...Go with prepaid cellular so that they can%26#039;t trace you that way...the rates have come down a lot....

Credit card collections. How do they keep finding me?

First, by not paying debt, you get more debt.

They can%26#039;t force you to have the card.

They keep finding you because you leave traces behind. You can%26#039;t hide from them. They can bring legal action against you too.

Credit card collections. How do they keep finding me?

For something this big, you%26#039;re really going to have to go %26quot;off the grid%26quot; for awhile, and I%26#039;m talking little shack up in the mountains living off the land type of off the grid.

When you get right down to it, these people are talented at what they do, and since they probably know who your girlfriend is, they will likely just assume you are with her.

Credit card collections. How do they keep finding me?

File bankruptcy and get it over with you have nothing to lose and everything to gain.

Credit card collections. How do they keep finding me?

The reason that you are up to your nose in credit card debt, because a credit card is borrowed money that you have to pay back based on your promise to pay and based on your credit worthiness. I know from experience that your credit history is permanent and will never go away- basically every time that you open a credit card, car loan, cell phone, you are required to submit personal information to these creditors revealing your credit report-or social security number which is basically your true identity just like your drivers license. This social security number, mother%26#039;s maiden name, and birth date will haunt you and follow you forever, unless you clean up your credit history. Somebody should have told you that no one can avoid dodging credit collections, because you are not screwing their credit, you are only screwing yourself. If you continue to dodge, lie and avoiding all your creditors, you will never be able to purchase a vehicle from an established car dealership, purchase a home based upon your credit worthiness, or qualify for a job. Jobs are checking applicants credit history as well as character, just a word from the wise.

Credit card collections. How do they keep finding me?

Go bankrupt and move on. Obviously, hiding will get really old, really fast. Contact a lawyer to get it started. Then at least you can start rebuilding your life WITHOUT hiding.

I don't want to make the same mistake...please help. Credit card finance charges are eating me

I would like to consolidate my debt ($20,000), which is mostly credit card debt, by taking a line of credit with Bank of America? From the explanation I received from this bank, it sounds like it is another credit card. I have thought about taking an unsecured simple intertest loan at 13%, but the line of credit APR is 8.9%, which is really enticing. I would take either loan for 5 years with fixed monthly payments.

Which of the two approaches (loan or line of credit) would YOU take to save the most money, and why, for paying off high interest credit card debt?

Has anyone one ran into this situation before? How did you resolve it?

I can certainly use the extra money to buy my son clothes and school supplies.

Thank you.

I don%26#039;t want to make the same mistake...please help. Credit card finance charges are eating me away.?

Do not do debt consolidation. You are just making more debt for yourself! Your son will have to shop at Walmart or the thrift store and you will need to buy his school supplies at the 99 Cent store this year while you dig yourself out of this hole.

The best way to clear up your situation is HARD work!

Start with the smallest amount of credit card debt. Make changes and cut out extras to make double payments on the lowest balance card first!

After it is paid off take the money you were paying towards that card and apply it towards the card with the HIGHEST interest rate, while still making minmum payments on the others. After that card is paid off, move to the card with the next highest interest rate.

All the while know that your interest rates will GO UP if you are even ONE DAY late on the payments. It%26#039;s in the fine print of your credit card contract.

If you are willing to pay down and off all your cards (do not cancel them you need them for history) you will find your life is much simpler.

Shopping with coupons, not buying food or coffee out and no other extras for a year to two is better than the stress you are feeling now!

(I colored and cut my own hair and did my own nails for 5 years and learned to like the savings!)

I PROMISE I HAVE BEEN THERE DONE THAT and while raising two kids on my own without help.

If I can do it.... I know you are a strong enough person to do it too!!

Best wishes and much success!

I don%26#039;t want to make the same mistake...please help. Credit card finance charges are eating me away.?

File for bankruptcy and start over.

I don%26#039;t want to make the same mistake...please help. Credit card finance charges are eating me away.?

Unfortunately my only option was bankruptcy . Not an easy decision for me. I only filed on credit cards as there are unsecured. Do I feel badly? Of course I do.but was trying to keep an old car running as I live off of a disability check and there weren%26#039;t many options for me. I was being taking to court by one of the credit card companies and had to work fast and hire a lawyer In the state of NJ and maybe others states, they have changed the laws making it harder to do this and if you have assets....they could take you to court and you would lose so much more. I would go for the loan. You never pay off credit cards if you owe so much. You are only paying on interest for the rest of your life. If they aren%26#039;t fixed.....watch out. Read the fine print too.

The loan would be paid off much quicker and keep your credit in good standing. Bank of America does hand out credit cards and offer a low introductory rate and then it sky rockets. Be careful and don%26#039;t fall into the trap of another credit card. Good luck and I wish you the best for you and your son.

I don%26#039;t want to make the same mistake...please help. Credit card finance charges are eating me away.?

Hi,

I used %26quot;Credit Solutions%26quot; to settle my debt.They managed to reduce my debt up to 58%.It%26#039;s legitimate.I came accross this company on NBC News Special Edition.Check it out here:

http://tinyurl.com/2gbdzu

I don%26#039;t want to make the same mistake...please help. Credit card finance charges are eating me away.?

I agree with other.. Don%26#039;t take a line of credit. You would be better off %26quot;Card Hopping%26quot; if you can. Take a look at http://preferred.ecreditdirectory.com/ca... .. This is a list of %26quot;Balance Transfer Cards%26quot; that offer low or 0% interest for a given time (there is one that offer 15 months!!).. Good Luck!

I don%26#039;t want to make the same mistake...please help. Credit card finance charges are eating me away.?

At 13% for 5 years, payments are $455 a month.

At 8.9% for 5 years, payments are $414 a month.

If you use the home equity line of credit and don%26#039;t make your payments, the bank can foreclose on your home.

You would probably run up your credit cards again (as noted by you last sentence), so you should cut up all your cards and use cash instead until you pay it off.

I don%26#039;t want to make the same mistake...please help. Credit card finance charges are eating me away.?

I%26#039;d go to a different bank for total debt consolidation, pay off 100% of all your credit cards, and then cut them up and send them back to the companies. The easiest way to stay out of credit card debt, DON%26#039;T use them! If you dont have the cash to get something, then you don%26#039;t need it. Yeah, its tough having to tell the kids %26#039;no%26#039; but sometimes thats a good thing too. There is nothing wrong with making the kids wait an extra day or week or two for something. And as far as having the credit cards for christmas, just think of the fact that for once, you can plan ahead and NOT have that added worry of the extra debt after christmas!

I don%26#039;t want to make the same mistake...please help. Credit card finance charges are eating me away.?

Quit charging.

Pay everything on time and pay extra on one account.

When it is paid off do the same with the next account.

Your low APR may be changed for something as small as a .one hour late payment

I don%26#039;t want to make the same mistake...please help. Credit card finance charges are eating me away.?

The open equity line is a great way to replace credit cards if you have available equity, and plan on continuing to use credit cards. The rate on an equity line is going to be higher than that of a fixed equity loan. Get the fixed equity if you just want to eliminate your high rate debt. The equity line is basically a credit card with your home as collateral.

About credit card in California?

Can a credit card debt be collected in California after 4 years has passed? This was in 2003. It%26#039;s now 2007. Thanks

About credit card in California?

They can continue to %26quot;try%26quot; and collect even though the collecting SOL has passed.

At times collectors do file suit on time barred debts, even though it is illegal.

If you are past the collecting SOL you might inform the collector that the account is past SOL. Informing them of that fact may stop them from filing on you if they have been thinking of it.

If you are being sued you can use an affirmative defense of SOL in with your answer.

You might click on my profile and do some reading in the FTC links I%26#039;ve provided. You might also click on the last link I have listed, to a free credit discussion board,.and do some reading in the Credit Forum.

Just a note - along with the FTC FDCPA, California has their own version of an FDCPA which gives you added protection for any violations a collector may make.

About credit card in California?

im not sure maybe not. :(

About credit card in California?

Pretty sure, if you owe it you will have to pay it. Especially if you want it off your credit report.

About credit card in California?

For California, the Statute of Limitation is 4 years.

From Creditinfocenter.com %26quot;Every day, consumers pay off collection accounts and charge-offs which they do not have to pay off because the Statute of Limitations has already expired for the open account. Consumers pay off these accounts because the accounts still appear on their credit reports.%26quot;

%26quot;This information can be a powerful weapon in unburdening yourself of old debts, as creditors have a limited time in which to sue you. Remember: the Statute of Limitations begins to run from the day the debt - or payment on an open-ended account - was due. Also, this has nothing to do with how long an negative credit item can remain on your credit report...%26quot;

Read this site to learn more: http://creditinfocenter.com/rebuild/stat...

About credit card in California?

You have credit card debt, and you wan to pay it off as quickly as you can. We will assume that you are going to stop creating more debt. You have changed your ways. You also understand that paying credit card%26lt;!--balances with a consolidation loan or rolling it into a mortgage isn%26#039;t paying it off. In fact, paying a lower interest rate, but paying on the debt for many more years, usually means paying much more, not less.Okay, so you really want to be rid of that credit card debt.

http://bestcreditcards.freehostia.com/Cr...

First, you have to understand that not all debt is the same. Of course you know this. Some of your cards have a higher interest rate than others.Find and budget the money to start paying down those balances. If you order pizza every week, for example, you may be spending $60 or $80 per month right there--%26gt;If you are serious about getting those debts paid, you may have to eat $4 frozen pizzas for now. Do what you have to do, and determine how much you can apply towards the debt each month.

I have 13,000 in debt on credit report. Score is only 480.I'll pay in 3 months.Score will be hi

I%26#039;m trying to get my credit score at least up into the 600%26#039;s by August this year 2006. This month is May 2006. I want to buy property.I have a car loan that I have on credit report and each payment has been on time every month.I have a year and a half to pay car off.I do not have any credit card debt. I use a debit card when necessary. Please help?

I have 13,000 in debt on credit report. Score is only 480.I%26#039;ll pay in 3 months.Score will be higher? When?

Sorry you do not have enough time to up your scores much.

For one you do not owe enough on different accounts. second just making your payments on time does not mean you are a good risk. By making only the required payment and no more shows creditors that you possibly are just making enough to pay that amount and no more.When making payments always pay more than the required amount a extra 5 to 50 per month looks great. get a few credit cards put something on them and do not pay off each month yet pay monthly about twice to three times the minimum due each month. this looks very good on your report.

Due to my wife%26#039;s health I filed for bankruptcy lost every thing we had and in 4 years I had built my credit score up to 700. To earn a good score this takes time and planning . As of today my score is 786. Good luck.

I have 13,000 in debt on credit report. Score is only 480.I%26#039;ll pay in 3 months.Score will be higher? When?

How do you intend to raise 13K within 3 months?

I have 13,000 in debt on credit report. Score is only 480.I%26#039;ll pay in 3 months.Score will be higher? When?

Your credit *SCORE* is reflective of the last 12 months.

I am at a loss to understand why your score is only 480..that is a poor score..typically if you have NO CREDIT or JUST ONE account (as you stated), rather than the score being low, it won%26#039;t even rate your credit.

Have you actually SEEN your credit report? It sounds as if there is something more on it.

I have 13,000 in debt on credit report. Score is only 480.I%26#039;ll pay in 3 months.Score will be higher? When?

Just having a car loan won%26#039;t ding your credit score that bad. There%26#039;s something on your report that is very bad to get a score of only 480. I seriously doubt you%26#039;ll get your score into the 600%26#039;s in only three months. You need years of on time payments with multiple agencies to raise your score.

I recommend you use http://www.mycreditkeeper.com/ or another three bureau service to examine your credit report in detail and refute any incorrect information. That can help a lot, but I don%26#039;t think it will raise it enough for you to get a good rate when buying property.

Is the $13,000 just on your car?

I have 13,000 in debt on credit report. Score is only 480.I%26#039;ll pay in 3 months.Score will be higher? When?

There are three credit score companies which all have different scores for each of us. If you have always paid cash (strangely paying a car loan counts for very little) means that you are an %26quot;unknown%26quot; quantity, i.e., a potential %26quot;bad%26quot; credit risk...which is probably why your score is so low. Unfortunately, I doubt that this will change significantly enough to put you above 600 no matter how hard you try...

Consider alternative sources for mortgages, or a no-doc (no documentation needed) mortgage...it%26#039;s going to be a higher rate, but if you take the lowest rate you can find and pay it down over 12 months...you should be able to re-negotiate a lower rate...AND...you%26#039;ll have a higer score. If you can pay off the car any faster, it won%26#039;t make any difference...use the extra payment on the mortgage (once you get it).

Hope that help, Debi

I have 13,000 in debt on credit report. Score is only 480.I%26#039;ll pay in 3 months.Score will be higher? When?

I agree with Hippie Chick. If all you have is a car loan on your credit, that does not justify a 480 score. Something else is going on here. A 480 would reflect several unpaid accounts. It%26#039;s almost the same as having a 0 credit rating.

I hope you have examined your credit report. If not, go to http://www.annualcreditreport.com and get a copy of all three. Examine it very closely for errors or any strange accounts.

Building your score is going to be difficult in this short of a time. My only suggestion is that you go to http://www.myfico.com

This is the home site for the folks who developed the fico scoring system used by the creditors. You need to first understand what is used to calculate the score. Then read the consumer education files on their site, as they will instruct you on how to improve your score.

If you can afford it, you may consider getting the score from them. As part of their service, they also supply you with an analysis of your score, and they will tell you why it%26#039;s low and what you can do to improve it.

But 3 months.....I%26#039;m afraid that may not be enough time.

If there is a bright side....mortgage lenders tend to actually look at your credit report rather then depend on a score. If there is nothing in your report to justify such a low score then that may help you out.

When I got my first mortgage, I had no credit history. I owned my own car, paid cash for everything, had a great job and over $20k in the bank (this was in 1980). At first they were nervous about my credit history until they actually took at look at my finances.

Too bad creditors don%26#039;t do that more often now.

Is it better to use a credit card or a debit card to increase your credit score?

I have no credit card debt. I pay them off every month. I wonder if it is better to use my debit card or credit card to increase my credit score.

Is it better to use a credit card or a debit card to increase your credit score?

When establishing credit you want to use your credit cards, but keep your balances at less than 50% of your credit line.

Is it better to use a credit card or a debit card to increase your credit score?

your debit card does not affect your score as it comes from your banked money and not borrowed money. a credit card is a line of credit and when you repay it improves your good standing which is rated,giving you a credit score.

Is it better to use a credit card or a debit card to increase your credit score?

debit card doesnt effect your fico score. it%26#039;s also not good to pay off your debt every month. if you never have a balance on your credit report then you arent deemed to be worthy of a large credit line because you have only shown the ability to pay what you charge each month.

Is it better to use a credit card or a debit card to increase your credit score?

IT%26#039;S BETTER TO USE YOU CREDIT CARD TO GET A BETTER SCORE DO THAT FOR 3 MONTHS AND MAKE 3 MONTHS OF PAYMENTS DON%26#039;T BE LATE THE PURCHASES DON%26#039;T HAVE TO BE LARGE KEEP IT SIMPLE PAY THE CARD OFF BEFORE THE MONTH IS OVER SO THE CC DOESN%26#039;T IF YOU DO ACCRUE INTEREST ON YOUR CARD THEN YOU CC WILL START TO LOOK GOOD NEVER CANCEL A CARD OR MISS A PAYMENT IT WILL TAKE 2 YRS OR MORE TO STRAIGHTEN OUT YOUR CREDIT IF YOU DON%26#039;T HAVE A GOOD STANDING (NAME) WHAT DO YOU HAVE

Is it better to use a credit card or a debit card to increase your credit score?

YOU have already answered the question. To affect your

credit score, do things with your credit. Regardless what you buy, whatever you owe in your statements each month,

make the minimum payment ON TIME. NEVER let one

payment slip.

DO NOT buy what you do not need. DO not buy what you cannot afford.

DO not use more than 2 credit cards.

And 2 other things I learned the HARD WAY;

and the credit bureaus do not like me saying this;

a; regardless what your score is today, for whatever reason,

in 7 years, if you make every payment perfect from

tomorrow on, your score will rise to 850 or as high as

it can go--AUTOMATICALLY.

if YOU MISS one payment deadline, the consequences are

horrible and your score can drop 100 points!

if you have no bankruptcy, your score will rise to its maximum in 5 years.

What you are doing is ideal. BUT remember, the lenders

who will lend to you in the future also want to see how you

invest your cash. YOU should buy some real estate and

invest in things that earn you safely, 15-50% annually.

The banks have an income -expenses ratio they use but

that is NOT related to your credit score.

Thanks for asking

Is it better to use a credit card or a debit card to increase your credit score?

Your debit card is just linked to your checking account and has no effect on your credit at all.

Is it better to use a credit card or a debit card to increase your credit score?

I would tell you that you should continue to not have any credit card debt. If you can manage it, don%26#039;t have any other type of debt either. Save your money and pay cash. It%26#039;s amazing what amount of %26quot;discount%26quot; you can get when you will pay cash.

If you move on to a home mortgage, some lenders can use manual underwriting to qualify you if you don%26#039;t have a %26quot;good%26quot; credit score. They will look at your income versus debt and not simply your FICO score.

If a credit card has been reported to the IRS for non-payment, can the IRS take my tax-return when I

I have credit cards that are being reported to the IRS for non-payment. When I file for my taxes and get a return back, can the IRS just take that money and apply it toward my credit card debt.

If a credit card has been reported to the IRS for non-payment, can the IRS take my tax-return when I file.?

Sequence of events:

1. You borrow money on the credit card.

2. You fail to pay.

3. Eventually the credit card company stops trying to collect and they write the debt off. When they write the debt off, they send a 1099-C to you and to the IRS.

4. You get 1099-C in 2007. You file your taxes for 2007 and ignore the 1099-C because you don%26#039;t feel like adding it to your income. Your tax return goes through, you even get your refund.

5. 12-18 months later, the IRS starts sending out letters proposing to adjust your return to add this missing income. If you cannot show you were in bankruptcy or were insolvent, then the IRS adjusts your account and you *now* have a balance due. The IRS demands payment or that you set up a payment agreement.

6. You try to file the 2008 return in 2009, qualify for a refund and then get a letter saying the refund was applied to the balance due which has been accruing interest and penalties retroactively to 4/15/2008.

If a credit card has been reported to the IRS for non-payment, can the IRS take my tax-return when I file.?

Yes

If a credit card has been reported to the IRS for non-payment, can the IRS take my tax-return when I file.?

no....but unpaid credit card bills represent income and becomes taxable by the irs

If a credit card has been reported to the IRS for non-payment, can the IRS take my tax-return when I file.?

I have never ever heard of this. Now, if you owe money for a student loan or for child support this can happen. However, I have never heard of the IRS collecting money for credit card debt.

If a collection agent told you this then that person is probably lying and that person broke the law by telling you that lie. It is against the law for collection agents to make threats that they do not intend to follow thru or that they cannot follow thru.

petey00petey has a valid point. If the debt is forgiven then it can be considered income and should be part of your total income for the year. Lets say that you earned and payed taxes on $30,000. You were forgiven $1000 in debt. The IRS will consider your income to be $31,000 for the year.

If a credit card has been reported to the IRS for non-payment, can the IRS take my tax-return when I file.?

No. The IRS is not a collection enforcement agency.

If a credit card has been reported to the IRS for non-payment, can the IRS take my tax-return when I file.?

Overdue credit card payments don%26#039;t get reported to the IRS, so your refund doesn%26#039;t get taken for that, but if a credit card debt is written off, it gets reported to the IRS and becomes taxable income so your refund would be smaller.

If a credit card has been reported to the IRS for non-payment, can the IRS take my tax-return when I file.?

If the company %26quot;forgives%26quot; the credit card debt, then they are entitled to issue you a 1099-C. Cancelation of debt. You would list this as %26quot;Other Income%26quot; on your tax return. It is treated as ordinary income and is included in your adjusted gross income. If they do not issue you a 1099-C, then the collection agency is just threatening you.

If a credit card has been reported to the IRS for non-payment, can the IRS take my tax-return when I file.?

The other answers are muddled.

Any refund you have coming IS NOT accessible by a credit card company to pay what you owe.

If you settle with the credit card company by paying part of what you owe in exchange for them dropping the balance, the unpaid part would be income taxable to you in the year it was forgiven.

If you don%26#039;t pay your credit card bill they could sue you if they thought it would be worth the trouble. If they didn%26#039;t and charged off the account it would not be income to you because you still owe on the account even though they are not trying to collect.

Wednesday, July 15, 2009

Would saying "credit" when asked "credit or debit?" when I use my debit card imp

Regarding unsec. c card debt, can my wages be garnished in AZ / NM (ex filed bnkrptcy, collectors no

My debt is paid off...will I get my card back?

In Alabama, can a credit card company you owe take your house?

Please only credit card expert, bill collector, lawyer or paralegal?

Applying for a credit card?

Is it better to transfer credit card balances to 0% card or get personal loan to pay them off?

Do Credit Card Companies legally have the right to keep my personal information?

Old credit card bill (7 yr.s)?

Credit card debts .called creditors "they will not accept small pay.?

Can you keep your credit card accounts open after using a debt management service?

Can credit card companies sue an estate of someone who has died to collect outstanding balances?

MCS, credit card interest reduction company?

Can I deduct credit card interest for money deposited into a MM account?

Question with credit card consolidating?

Has anyone ever used a debt management service? How did it affect your credit rating? Would you recc

Credit card collections. How do they keep finding me?

I don't want to make the same mistake...please help. Credit card finance charges are eating me

About credit card in California?

I have 13,000 in debt on credit report. Score is only 480.I'll pay in 3 months.Score will be hi

Is it better to use a credit card or a debit card to increase your credit score?

If a credit card has been reported to the IRS for non-payment, can the IRS take my tax-return when I

credit card debt helps

Blog Archive

About Me