Credit reports

[th3w01f]

One thing I found interesting with Citi and Chase.... it started when Citi came out with their double cash card which is (at least it used to be) one of the best for general purchases that aren't in a high reward category on some other card. They approved me but gave me a pretty low limit for our typical spending. I called and requested an increase but I was told I needed to have the card for at least three months before an increase. I then asked them to cancel a seperate Citi card I had with a much higher limit and after a few minutes they came back and increased the double card to match the other, even though I left it open.

With Chase, I had a similar experience (2 card with essentially the same limit). I really wanted to cancel the 2nd card because of yearly fees, and they not only added that credit to my main Chase card, they added another 50% and I still cancled the one with the high fee.

[Irving]

I have an Amex with a yearly fee. Out of curiosity I called them once and asked if I could convert to the No Fee version of the card if I wanted and they said that I could. Keep that option in mind so you don't have to cancel a card.

[CoGirl303]

Question.

If you have a loan account that was charged off and the company that had the loan sent it to a debt collection agency, can they continue to report that as a missed payment every month even though they show it as charged off on my credit report?

It's my understanding that a charge off means they will never get paid for the debt and have written it off.

Seems like a double penalty to me.


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[Irving]

Hmm, I don't think so. That sounds like a question for ChunkyMonkey.

[Wulf202]

Question.

If you have a loan account that was charged off and the company that had the loan sent it to a debt collection agency, can they continue to report that as a missed payment every month even though they show it as charged off on my credit report?

It's my understanding that a charge off means they will never get paid for the debt and have written it off.

Seems like a double penalty to me.


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Maybe you should pay the debt? Or atleast offer a settlement.

[CoGirl303]

Maybe you should pay the debt? Or atleast offer a settlement.

that still doesnt answer the question.


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[theGinsue]

It is my understanding that any time a company "charges off" a debt they sell it to the debt collection agency. The terms of the initial loan stipulate you can be charged exorbitant fees for missed payments. The collection agency buys the debt with the rights to charge up to and including the original fees declared on the contract for missed/late payments.

We recently got a "Final Notice" from a collection agency for a medical bill for my wife from a place we'd never used. When my wife called the "original" medical establishment she was told the charge was for them reading an EKG but admitted that their records indicated no bill was ever submitted by them in the first place. We're still trying to backtrack to find out how they have any claim as we never used them or any other agency outside of an ER or military care facility. We're bringing our insurance (TriCare) into it as well. Looks to us to be medical billing fraud.

[Bailey Guns]

Question.

If you have a loan account that was charged off and the company that had the loan sent it to a debt collection agency, can they continue to report that as a missed payment every month even though they show it as charged off on my credit report?

Short answer: Yes.

http://blog.credit.com/2017/10/my-de...t-mean-120856/

[Wulf202]

that still doesnt answer the question.


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yeah I went from A to C. They can sell the debt, usually for pennies on the dollar. You can probably make an offer of around %10 to the collection agency and settle (get it in writing). If it is legally your debt you should pay the debt you created, or file for a legal bankruptcy, or continue to suffer the consequences.

[Grant H.]

yeah I went from A to C. They can sell the debt, usually for pennies on the dollar. You can probably make an offer of around %10 to the collection agency and settle (get it in writing). If it is legally your debt you should pay the debt you created, or file for a legal bankruptcy, or continue to suffer the consequences.

My HS math teacher used to yell at me for skipping steps... She always said that if you skip steps, people can't follow what you did.