Dangerous Debts: Debt ($15 trillion) to GDP!

Jan 282011
 

The impact of a speeding out of control and accelerating debt train is a comin’, …… but just maybe if we close our eyes real real hard it’ll go away!

 

http://finance.yahoo.com/tech-ticker/dangerous-debts-holtz-eakin-%22infinitely%22-concerned-u.s.-is-next-japan-535865.html?tickers=%5Edji,EWJ,%5En225,TNT,TLT,JPY=X,SPY

Initial Hippa letter response

Jan 282011
 

I sent the initial Hippa letter to Equifax and Experian as these were the only 2 reporting collection accounts that were paid. 

 

I sent one to Equifax that they were reporting on my credit report and it now shows deleted.

 

However,  I sent 3 letters in one envelope for my wifes credit report and only one is showing up on her credit file as being investigated.  Did I **bleep** up when I sent them all in one envelope or what should I do now?

 

Also, sent the same letters to Experian and they are not reporting disputes on any of them.  What should I do?

 

All letters were sent out on 1-20-11 and signed for by 1-24-11

 

Any help would be appreciated.

The first time I have actually not made the minimum payment!

Jan 282011
 

I paid off my balance on my credit card today! :) $198.13

I paid off my balance @ a jewler where I bought my moms gift (Crown Diamonds… they give everyone credit) $153.87

 

I am so excited :) . I am actually looking forward to using my card again to pay it off… even though I’m only spending what I actually would without a cc this time.

 

Man, I was an idiot back in the day.

 

^_^

Collections Account – How should they be reported?

Jan 282011
 

I have two CAs reporting differently to TU, EQ, and EX…

 

On EX, they are listed as “installment accounts” with one month terms.  One has 24 month payment history completely full of 120+ late, even after I paid.

 

On EQ, they are listed as “open accounts” with no terms listed.  One was paid off in June 2010 but is reported as 120+ late in December 2010.

 

On TU, they are both listed under the collections account section.

 

How are they supposed to look?  Are there regulations on these accounts?

Advice on old paid collections

Jan 282011
 

Hello, forum members!

 

I ran into this community today and it motivated me do some clean up on my credit report.

 

For two times, I had a medical bill going to collection because  I was waiting for the health insurance to pay it.

 

They were small, and I ended up being them later just to not have collection bugging me. These are their details:

 

1: April 2007 – $332 – Paid on first collection call. Marked as “Paid” on credit report

CMRE credit

2: Jun 2008 – $862 – Paid a month later. Not marked as paid on CR. It still says open.

Bay Area Credit Service

 

 

Those are the only bad things I have on my credit report. I have probably another 20 accounts open with payment on time. Never a late payment on credit cards. I probably never worried about that because I didn’t foresee requests for loans and mortgages. 

 

Is there anything I should do? Are they old enough I shouldn’t care? 

(I procrastinated enough and never done anything in order to not “revive” the account and reset the 7 year countdown).

 

I am all ears for advices!

 

Thanks in advance,

Bananas

 

Anyone hve any luck GwW-ing Bank of America?

Jan 282011
 

We have a 60 day late from last July when I lost my job.  (The old man I worked for passed away.)  We’re caught up on everything now and my husband’s company is transferring us to Dallas this June.  The problem I’m having is that with this on our report we can’t get a mortgage or even get approved to rent. 

 

I’m calling them tomorrow and was just hoping that someone out there had a word of encouragement.

1 step forward, 10 steps back

Jan 272011
 

is there a way to know the difference between a soft and a hard pull on the experian report? I just saw that a CA pulled my report for a charge off (americredit) acct. I live in TX and I believe this debt is past SOL. opened 4/06 and i think it charged off in 7 or 8 of 2006. It is scheduled to remain on my report until 2/2013. Is the CA able to pull my credit if it is beyond SOL??

TARP Gone MAD – Actual Example

Jan 272011
 

The below URL is revelaing as to how the financial power brokers benefit from TARP when selling a “short sale” to the public.  If this is what the Feds intended it is a disgrace.  If this is an example of big government programs leading to unintended consequences it is a disgrace.  Anyway you slice it is a disgrace.  And as a conservative independent registered voter I am a strong proponent of a free market system.  But when the government intervenes – Katy bar the door!

 

http://www.youtube.com/user/fiercefreeleancer

Basic FICO repair advice

Jan 272011
 

I am just getting my feet wet in “credit repair”, but the basics: I have ten years of credit history reporting, Experian: 669, Equifax: 679, and TransUnion: 652. My FICO (myFico.com) is 582. There’s a huge disparity between these numbers, but I realize now that the FICO counts. I attempted to get a home loan in December 2010 and was surprised when I was declined for the loan but after researching FICO I found my number. I have the following being reported:

Chase Auto (30 days x 1)-November 2010 (very recent)–sent a GW letter. auto lease with 13,000 remaining.

Community Nat. Bank (installment, 30 days x 1)-August 2010–sent a GW letter, since paid off in full and closed.

HSBC furniture card (30 days x 3)-December 2008–sent GW letter, no missed pmnts since dec 2008

I have 11 hard inquiries being reported  (car shopping then home shopping mostly)

I’ve been enrolled in a credit counseling service since 2008-divorce slayed my finances.

My credit to debt ratio is listed as 54%.

I have 12,000 in revolving debt and 14000 in revolving (student loans that are paid by military and my car lease).

All of my revolving debt is closed except for about 1000 (wish I had kept some open).

 

To get to the point, I still want to buy a house in July when my apartment lease is up! I’m not sure how much my score can go up between now and then but I’m hoping that my FICO will soon follow with my other scores. I wrote my goodwill letters and sent yesterday, and myFICO advises me to pay off revolving debt and stop having inquiries. I know that the recent late payments are hurting me (I honestly just thought I had paid them–started using autopay now!) and the inquiries bring score down. My questions: If HSBC, CNB, and Chase somehow decide to drop the lates, approximately how much do you think this will help score? I’m getting a VA loan so I’ve got to get 620/640 the way I understand it.

 

How long will the inquiries in December (mortgage lenders x 2) continue to affect score? As in, if I turn around and re-apply in say, May or June, will I see another big drop in FICO?

 

I will have all my open revolving accounts paid to $0 by May (it’s only another $2000), but my closed accounts will take some more time. My plan is to pay as much off as I can and see how the score reacts, I just may have to sign another 6 month apartment lease if I can’t get approved by June. :(

 

Is it worth it to ask for higher spending limits on the few credit accounts I have left open? Temptation to use them isn’t a problem, but more inquiries could be…

 

My mortgage officer said that I should put my tax return in savings rather than use it towards revolving debt…? Does savings/checking balances affect FICO?

 

I apologize for the novel, I just wanted to project a clear image of my position. I’m not desperate enough to seek a cosigner, but I AM really trying to purchase a home this summer for myself and my daughter so I’m very motivated. I have learned many many money lessons in the last month!! Thank you all for the forum and in advance for any responses to these questions.

Financial Crisis of 2008 Was Avoidable, Says U.S. Commission

Jan 272011
 

Ethical breaches

 

The damning report criticised the extent of the financial deregulation overseen by the former chairman of the Federal Reserve, Alan Greenspan.

 

It concluded that the crisis was caused by a number of factors:

 

  • Failures in financial regulation, including the Federal Reserve’s failure “to stem the tide of toxic mortgages”
  • A breakdown in corporate governance that led to “reckless” actions and excessive risk taking by financial institutions
  • Households taking on too much debt
  • A lack of understanding of the financial system on behalf of policymakers
  • Fundamental breaches in accountability and ethics “at all levels”.

It added that “collapsing mortgage-lending standards” and the packaging-up of mortgage-related debt into investment vehicles “lit and spread the flame of contagion”.

 

These complex derivatives, which were traded in huge volumes by major investment banks, then “contributed significantly to the crisis” when the mortgages they were based on defaulted.

 

The report also highlighted the failures of the credit ratings agencies in recognising the risks involved in these and other products.

 

“The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done.”

 

 Phil Agelides, U.S. Financial Crisis Inquiry Commission

 

http://www.bbc.co.uk/news/business-12297002

 

 

 

Plus, A BBC Video Report:

 

“Who is to Blame for the Crisis?”

 

http://www.bbc.co.uk/news/science-environment-12295710 

 

 

Who is regulating the Regulators?

 

 

 Older Entries  Newer Entries