Feels like its taking FOREVER…… :(

Mar 152011
 

I’ve been trying for a year now to improve my score, I mean its going up but at a slow pace. I’m wanting to move out of my Mom’s house (who also had bad credit when she made a purchase on her house) and get into a house of my own with good interest rate. There is no way that is possible with my score now. It is me who put myself in deep debt and now I must climb my way up a steep mountain. I was at a low point in my life about 3 yrs ago when my score was a lovely 720 and just let everything go down the financial drain (including my 720 score), except for my car that I love dearly. From a Fico simulator, its saying if I keep up with my current good credit cards and make payments over a 2 yr period I should have a decent enough score to get out on my own. I’d like to hear others with their success stories, please share and inspire me! :)

NCO email contacts

Mar 112011
 

Does anyone happen to have any email contacts for NCO Financial?  I searced the NCO threads and after reading about 25 that all told the OP to check their PM’s I decided to just ask the great forum!!  It’s NCO out of Wilmington, DE if it makes any difference.  Thanks!!!!!

My Rebuiding Journey

Feb 252011
 

My Journey so far. This forum has been wonderful in helping me to rebuild my credit.

MyFico EQ 550

 

1. CSD collections= 11 medical accounts PFD (very easy, i called them, then went bye office and paid the accounts in full and they were deleted from my CR).

2. TFC collections= 1 account, will be removed by OC (not showing on credit report yet)

3. 2 installment loans paid off this month (not showing on credit report yet) $2500

4. Car was $18000 now $8000 left (not showing on credit report yet)

 

PROBLEMS; NEED HELP

1. Network Direct: Alpat Collections Account; Charge off (2009) only revolving acct. 100% utilization of revolving acct (myfico). $775.00. What to do? It’s not a credit card, but its reporting as one. Should i pay it off with PFD and then open a secure credit card? Very lost. Will alpat take PFD? OC not reporting.

2. One 60+ days late (network direct)

3. 7 late payment accts. All accts have more than one late payment, but not more than a 30 days late, except Net Dir. Will GW letters work. Toyota Financial (one open and one closed), Conns(closed), Neighbors Credit Union(closed), Goodyear Credit Card(closed), Pioneer Credit(closed), Network Direct (again). Any addresses to send GW letters?

Thanks for all the help.

Should the rest of us pay for public employee benefits gained by intimidation?

Feb 172011
 

When times were good and every public employee wanted to retire after 20 years on the job and receive benefits that would grow at 8%/year for the next 40 years, no one did the simple math.  It was just easier to give in to threats and intimidation by unions who used monopoly tactics identical to those outlawed over 100 years ago for companies that wanted total control of a specific market. The simple math is that this means your labor costs will double approximately every 10 years and you will soon have more people retired and not doing the job than those actually working on the job. Now when the federal government says it will help some of those states with the financial problems caused by these practices, the rest of us are expected to pay to bail out those who were irresponsible. Subsidizing irresponsible states, irresponsible organizations and irresponsible individuals is economically absurd and one of the root causes of the American Revolution where those without power were expected to provide a titled English aristocracy with a lifetime of leisure. And to think there are some who imagine that one of the root causes for the American Revolution is actually constitutional because humans have changed behavior in the last 200 years. Human behavior has remained identical throughout both recorded history and even extends in primate behavior, so why would we imagine it could change in a brief 200 years?

 

So now are left with public employees who no longer have to pass the rigorous civil service exams created by the 1872 Civil Service Law, with more retired than working, with workers who have a total sense of entitlement and with many who are hopelessly incompetent when compared to those in industry, but reportedly paid almost twice as much in wages and benefits.

 

And to think we actually have some who believe this is financially sustainable?  Retire at 40 with $50,000/yr. At 50 the pay becomes a $100,000/yr. At 60 it again doubles and at 70 it doubles again, even as the drudges still working are getting $50,000/yr those at the highest level on retirement pay are getting eight times more. It is called a geometric progression and we should have had more who realized how absurd these promised benefits actually were and what a threat they were to the economic well being of the country.

 

Settling for less than full, how will it effect me? A bit different scenario here….

Jan 312011
 

Settling for less than full, how will it effect me? A bit different scenario here….

 

 

Well, basically in a nutshell, I took out a loan for a significant other that was promised to be repaid.

Things go south about a year later and she stops paying. I have a signed promissory note and there is now a judgement against this individual for the amount owed. 

 

Details;

$10K loan, 27% interest. 

(Yes, stupid I know, had an emergency, I came through, she made good money, but decided b/c the relationship was over, so was the whole taking care of her financial responsibilities issue)

 

I have been making payments on this loan for over 3 years now. At first, I paid the full amount every month for about 6 months. This became too much for me to handle, and they adjusted my payments to half, which all basically went to the interest. 

 

I can no longer keep up with payments as I am working part time (I made all payments previously even while on unemployment), and I refuse to continue putting out money towards a debt that I feel is not mine and that could be going to keep a roof over my head and food in my mouth. 

 

Here is where it differs from the other posts I have seen on here.

I have a 729 (give or take) credit score with no past due accounts, no delinquencies, nothing negative to report at all. 

 

I contacted Citifinancial about doing a lump sum payment aka settling the loan right now. I offered them 5K to do so. They came back at 6300, and sent info to main office to try to lower this. 

I would like to settle this loan and be out from under it, NOW.

 

But I am now seeing that if they report it as “settled for less than full amount” that it will ding my credit pretty badly. I am wondering if anyone knows what kind of damage this will do?

 

I currently have 5-6 open credit cards with only 3 having small balances adding up to maybe $2500. I also have a small school loan I am still paying off, and the only other debt I have is my mortgage. 

I am not planning on needing any other credit, new mortgage, etc for quite some time, so if it will ding my score to something that I can make up in 6 months or so, I am just going to take the hit. 

 

And I am also trying to do a loan modification on my mortgage, so I am wondering if this possible settlement will effect that. 

 

Sorry for the rambling, but I am just mentally tired of worrying every month where this money will come from to pay ONLY the interest for the month. 

 

I could more than likely pay the full amount, but with the cash crisis I am in right now in terms of paying my bills, the extra $2K plus in my pocket by not paying in full is quite attractive. 

 

Any help would be greatly appreciated. 

 

Thanks

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

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?

 

 

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