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|11-18-2012 05:49 PM|
Quick update everyone:
I ended up paying 2k on the bank of america balance. Then applied for a discover card i which I received a 9k credit limit. I transferred the remaining 8.3k balance over to it and with a few hurdles I've been getting the prompt $350 a month payments accordingly from my dad.
I also had one ding on my credit report back from 2009 due to a 30 day late credit card payment, by none other than my sister. I ended up calling them asking them to see if they can remove it, they could barely find my account, so I finally found someone who gave me a fax # for HSBC Credit services and told me to send a letter to that. Fast forward 2 weeks later, I call them and they say they've completed removed it off my record. So I officially have a clean credit history now just from a little bit of research and phone calls. :-).
Last but not least, my sister's lowes credit card. It's got about 3.6k on it and I was going to sign up for the chase slate today to do the balance transfer, only to find out that it's only a store credit card and not under any of the major credit cards, so it doesnt look like i'll be able to do the balance transfer. If anything, I'm thinking about signing up for the chase freedom instead and charging the full balance of the lowes card on the chase freedom, setting up my sister's automated payments to pay that off.
The only thing that is holding me back is signing up for the CostCo amex card. We shop at costco a lot and basically get our gas their all the time, we are basically loosing out by not taking advantage of the offer. Plus they have a $55 cash back bonus for signups. I know not to get to ahead of myself, but I definitely do want to have some healthy revolving credit going without going overboard and paying off the balance on that same month to avoid interests.
So it would probably be wise on my part to take care of the pending credit card first (Lowes) and sign up for chase to take advantage of their 15 month no APR / interest offer with chase freedom and charge the full balance of the lowes card on the chase card. Then do the costco amex signup which i believe ends on the 31st of december. I just don't want to hurt my credit too much by signing up for too many credit cards in a span of 3-4 months.
|08-18-2012 07:13 AM|
I will try and call Bank of America again myself to try and get interest down, which means they will most likely put the minimum amount due up. If I can get that to the lowest possible, I will then verify with credit report to make sure student / car loans hit my reports.
Finally, attempt at applying for w/e is best and longest no interest promo with credit cards and yes, discover seems to be the slickest in my situation.
|08-12-2012 07:46 PM|
|presidentof69||Thanks for all the updates, OP. This thread reminds me not to get family too involved with finances.|
|08-12-2012 01:07 PM|
Have you pulled your free credit reports to see if the loan payoff has hit? I would pull one report and see if the loan is showing a zero balance (https://www.annualcredi
I would strongly suggest you do the balance transfer (BT). Legally you are on the hook for the balance anyway. I know Discover has 3 cards right now that have 0% for 15 months on balance transfers. Most cards are 3% BT fee, but the one time $300 charge you will make back quickly.
Best case scenario the whole thing gets transferred over and you save a ton in interest and apply everything to principal. The worst thing that can happen is you get rejected. Another card or a rejection will not kill your credit score either.
Are you 100% sure that your dad will continue to pay you $350 a month until the balance is paid off? A lot of people will disagree with this; however, if you know he will, I would NOT put him on the new card. This way he no longer has any access to credit that's also in your name.
Over the next year, at $350/month he will pay down $4200 all towards principal. At that point you could try another balance transfer, or IF you could pay the other $6k off, then it will only take a year and half of your father paying $350 to recoup that $6k.
How is your sister's card going, have they been paying the minimum since you closed it? Any luck on the job interviews for them?
|08-11-2012 08:52 PM|
|executivedealer||Now that my student and car loan have been paid off, I'd like to see what everyone thinks of the idea of transferring my dad's balance of 10.5k on the bank of america credit off to another credit card that is having the 12-15 month no interest promotions and almost 0 balance transfer fee. I'd like to get as much of the $350 he's putting down towards the actual balance and not towards the ridic. interests hes paying with BOA right now. Of course, this is all depending on how much I would get approved for. August 17 will be the official 1 month since my student loan was completely paid off. Should I wait a little longer till for all my payoffs to reflect in my credit history before I try and sign up for a new credit card? Would appreciate any feedback, thanks.|
|07-30-2012 02:17 PM|
|executivedealer||Kids are the last thing on my mind, at least not until I have a house and financially stable enough to provide in case I lose my job.|
|07-26-2012 03:52 PM|
|jaqnabox||daycare can be provided by unemployeed siblings as a form of repayment.|
|07-26-2012 12:55 PM|
|07-26-2012 10:37 AM|
|07-26-2012 09:02 AM|
Deus and nav001, to put it to you as easily as possible, my partner has a gambling problem and I knew it from the beginning, thought I could fix it, but it never happened. Eventually, what was the stepping point of me finally getting somewhat of a clue that this time she is finally serious about not going back anymore is loaning me most of what she has in her bank accounts so she has no "cravings" if you want to call it that. She also took my advice and let me transfer a good portion of it to online bank account w/ good interest. Next step I told her is to put herself in an exclusion list. This depends on her being able to get a job, if she gets a job she'll put herself in it, if she doesn't she'll apply to the casino for a job. Yes, I know I'm not very smart to put and keep myself in a relationship like this...We'll see what happens.
Sister's cc is closed and yes she is making minimum payments. Dad did not call to reduce interest, I have to nag them a 100 more times for them to do that. I however closed the CC and monitoring everything closely with the bank of america online account.
Good point on putting down as much money as I can as early as possible. Let me collect some past dues with some of the projects I've already completed with my freelance clients and see what I can put down.
|07-25-2012 01:09 PM|
OP, first thanks for still updating. Hope things with your fiancée are getting better. As an outside observer who knows nothing about your relationship, remember she loves YOU and is paying YOUR debt, asking her to pay your family’s debt is a little much in my opinion, even if you are on the accounts (an outside view who knows nothing).
Glad to hear you are making progress. I know you stated your sister’s card was closed, is she still making minimum payments on that? Did your dad ever call to close his credit card and was he able to reduce the interest rates? If he wasn’t able to reduce the rate, ask him to call again, sometimes different reps will have different results.
The only advice I have to offer is to pay the $2k you currently have towards your dad’s credit card immediately and not wait until you have $5k saved up. If the cash is eventually going to go there, paying it now will reduce the total interest paid some (at a 22% rate, that’s $440 less in interest you’ll have to pay this year).
Best of luck to you, sounds like you are doing a great job with the (crappy) situation at hand.
|07-25-2012 08:19 AM|
A debt write-off doesn't mean that you're no longer liable. You're still liable for the debt. A debt write-off simply means the debt is off the company's accounting books. It may have been purchased by a collection agency for 50 cents on the dollar, and the company wrote it off because they don't have the resources to chase after you. The collection agency have the option to file a suit and depending on the law in your state, they may be able to garnish your wages.
7 years is a long time to not have good credit. While I agree that for an amount up to maybe $200, the collection agency probably won't bother to sue you, $10,000 is a significant amount and the collection agency will probably go out of their way to get you and you might actually get your wages garnished due to this.
You've mentioned that your dad filed bankruptcy once or maybe a couple of times. You're not at this point yet.
Good job in telling them that you can't support them financially anymore. You've definitely helped more than enough. Let them know that if they ever need help with basic necessities, you're there for them. Family is family, but you can't help them eat out everyday while you're at home cooking your own dinner to save money.
|07-24-2012 10:17 PM|
after 7 years write to 3 credit cos to take it off your record
a creditor normally has 7 years to collect on a debt, before it ages off your report.. In most cases the original creditor makes a few attempts over the next 6-12 months to contact you regarding your debt. If they don't get anything during that time, then the debt is sold to a 'collection agency' who;s sole mission in life is to take money from consumers that do not know the law..
so, then a few months later you start getting calls from someone claiming to be from the original creditor, and as soon as they have verified you are the chump they are looking for, then they open a new tradeline and the collection clock starts all over again, and even though that bill you should have paid in 2003, would have dropped off in 2010, now you have a new line for the same debt, but this one started in 2005, so now you have 2 times the damage to your report, and another 2 years to put up with the calls. Every time that debt is sold, a new company will try to wrangle some cash out of you and the moment, the very second they confirm you are who they are looking for, BINGO.. a new tradeline appears on your report, and the 7 year collection clock starts all over again.
realize one thing.. NOTHING YOU DO AT THIS POINT WILL MAKE THIS A POSITIVE LINE ON YOUR CREDIT.
even if you paid the line in full now, it would go to the collector that bought the debt, not the original creditor, and that COLLECTIONS line will still be there..
It is always easier to avoid new tradelines being created than it is to get a collection agents tradeline removed once it hits your file..
give no info out over the phone
|07-24-2012 07:25 PM|
|07-24-2012 06:05 PM|
I'm sorry your family has been struggling. It's been a rough time for quite a few folks.
I have a feeling you will be just fine.
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