Everfresh, I am an attoney in S. Florida - you do not need to hire an attorney - get a copy of your credit report - if these incidents are 7 years old you can write to the reporting agency (Equifax, etc.) and tell them to remove it - they will - the only real thing these credit card companies can do you you is fuck with your credit - the only other action is to sue you but most figure you are broke and do not want to spend the money to file suit - you don't want a court to enter a judgment against you because then your assets are subject to levy.
Most people won't be sued; the CC companies will threaten it to scare you but usually (not always) it won't happen. One of the best things you can do to them, and to collection agencies, is to state that you're recording the phone call every time they call you (whether you are or not, and hopefully you are) and to inform them that you don't want them calling back. EVERY TIME they call back after you tell them not to, go to www.ftc.gov and fill out a complaint form and, after sending it to the FTC print out a copy, fax it to the CC company or collection agency along with a reminder that they can also be sued for telephone harassment in civil court. They might try to convince you that all disputes are only subject to arbitration but that doesn't apply to illegal activity on their part
and you should let them know it. The key is to let them know (or make them think) that you know the law; they don't like to mess with people who know their rights.
and you should let them know it. The key is to let them know (or make them think) that you know the law; they don't like to mess with people who know their rights.
I can tell you from experience if it over 6yrs in most states it is out of the statue of limit and you can no longer be sued for it. Also do not hire a lawyer you do not need one. You can have that credit report cleaned in a month.
Goto creditboards.com and you find anything and everything you want to know about cleaning your credit report.
Goto creditboards.com and you find anything and everything you want to know about cleaning your credit report.
Credit card companies and the collection agencies are relentless and will screw with your credit score in a heartbeat. So do your best to pay it off one way or the other.
However, once the collection agency or credit card company takes you to court, YOU are in the drivers seat. Remember that in court the plaintiff needs to prove its case. They will normally be required to bring down a witness to testify that you in fact had a credit card agreement with them. The problem for them is that the credit card company is usually not located in your state. So the cost of transporting the witness from state to state is cost prohibitive, unless you owe whopping amounts of money. Occasionally, they will actually call someones bluff and bring down a witness. In those situations you are basically screwed. But its extremely rare.
Every state, court and situation is different, so i wouldn't rely upon this too much, but it could be of some help to those people who find themselves in a bad situation with a greedy credit card company.
Once your credit has been altered and you have worked out a settlement with the credit company make sure to get proper documentation from them to provide the credit score people. Don't agree to anything until you do that because you will have a problem getting it after they have your money.
good luck
However, once the collection agency or credit card company takes you to court, YOU are in the drivers seat. Remember that in court the plaintiff needs to prove its case. They will normally be required to bring down a witness to testify that you in fact had a credit card agreement with them. The problem for them is that the credit card company is usually not located in your state. So the cost of transporting the witness from state to state is cost prohibitive, unless you owe whopping amounts of money. Occasionally, they will actually call someones bluff and bring down a witness. In those situations you are basically screwed. But its extremely rare.
Every state, court and situation is different, so i wouldn't rely upon this too much, but it could be of some help to those people who find themselves in a bad situation with a greedy credit card company.
Once your credit has been altered and you have worked out a settlement with the credit company make sure to get proper documentation from them to provide the credit score people. Don't agree to anything until you do that because you will have a problem getting it after they have your money.
good luck
In this electronic age, we live in, don't be so sure that Credit Card companies will forget about "small amounts" due to the costs involved. First of all lawyers to them are not any expense at all since they keep them on staff. They can send electronic faxes or signatures to a court in place of a witness to say you signed an agreement. What's routine to them and you might consider an amount not worth going after; better think twice about. They have all the ammunition to simply contact any of the credit bureaus and WILL do so to make an example of you. It cost them next to NOTHING and will cost you untold grief down the road.
Some years ago I ran a credit check on my self to find that some asshole had charged untold cell phone calls to me that were listed as unpaid and uncollectable. It took me the better part of 3 months to straighten out a bill...THAT I DIDN"T EVEN MAKE!! The people (credit card companies do not care even one little bit---you are nothing to them but a number.) I can't imagine how bad it could be IF I DID OWE the Money!!
Some years ago I ran a credit check on my self to find that some asshole had charged untold cell phone calls to me that were listed as unpaid and uncollectable. It took me the better part of 3 months to straighten out a bill...THAT I DIDN"T EVEN MAKE!! The people (credit card companies do not care even one little bit---you are nothing to them but a number.) I can't imagine how bad it could be IF I DID OWE the Money!!
As I stated earlier, most of the time that's just a scare tactic. Obviously, one factor is how much you owe. If they do sue you and you legitimately owe the debt then you're probably screwed but if you do get sued by all means show up in court. Sometimes they will sue people figuring that they won't show up and they'll be able to get a default judgement but if you show up then you can demand proof of the debt, such as a signed agreement and if they don't have it you can counter-sue them. Go to www.budhibbs.com for advice on how to handle being sued.
Just a question....I have from BANK OF AMERICA..
1) checking acct
2) savings acct
3) credit card
4) mortgage through bank of america
I have a $17,000 credit limit, and have a balance of ~4,000. I am looking into the best cc to transfer my balance to (0%/12mo.preferrably). Also would like one that allows me to earn cash back on gas, groceries, hotels, etc. I know citibank, and american express blue cash had deals , but just wanted ur all opinion on what u would do.
Would love some personal advice...something someone else has done similar to my situation.....
P.S. im also a teacher. Maybe there are discounts/benefits for this sort of thing (wishful thinking i know)
thanks alot.
:money8:
1) checking acct
2) savings acct
3) credit card
4) mortgage through bank of america
I have a $17,000 credit limit, and have a balance of ~4,000. I am looking into the best cc to transfer my balance to (0%/12mo.preferrably). Also would like one that allows me to earn cash back on gas, groceries, hotels, etc. I know citibank, and american express blue cash had deals , but just wanted ur all opinion on what u would do.
Would love some personal advice...something someone else has done similar to my situation.....
P.S. im also a teacher. Maybe there are discounts/benefits for this sort of thing (wishful thinking i know)
thanks alot.
:money8:
Current Situation
Pay interest on cc
Out (CC interest):
$4000 x 8% = $320/yr = $26.66/mo
In (savings acct interest)
$4000 x 5% = $200 = $16.66/mo
Net (before Taxes)
-$10.00/mo
At the end of 12 months these two accounts will cost you
$120, and you’ll still owe $4000.
Fix #1
Pay off cc with savings
Out (cc interest)
0
In (savings interest)
Month 1 = $26.66 +$0.11 = $26.77
Month 2 = 53.43 + 0.22 = 53.65
Month 3 = 80.31 + 0.33 = 80.64
Month 4 = 107.3 + 0.45 = 107.75
Month 5 = 134.41 + 0.56 = 134.97
Month 6 = 161.63 + 0.67 = 162.3
Month 7 = 188.96 + 0.79 = 189.75
Month 8 = 216.41 + 0.90 = 217.31
Month 9 = 243.97 + 1.02 = 244.99
Month 10 = 271.65 + 1.13 = 272.78
Month 11 = 299.44 + 1.25 = 300.69
Month 12 = 327.35 + 1.36 = 328.71
Net (before Taxes)
+328.71
you can have a swing of almost $450 before taxes. And if you have an emergency you can then dip into your $17k credit line.
Pay interest on cc
Out (CC interest):
$4000 x 8% = $320/yr = $26.66/mo
In (savings acct interest)
$4000 x 5% = $200 = $16.66/mo
Net (before Taxes)
-$10.00/mo
At the end of 12 months these two accounts will cost you
$120, and you’ll still owe $4000.
Fix #1
Pay off cc with savings
Out (cc interest)
0
In (savings interest)
Month 1 = $26.66 +$0.11 = $26.77
Month 2 = 53.43 + 0.22 = 53.65
Month 3 = 80.31 + 0.33 = 80.64
Month 4 = 107.3 + 0.45 = 107.75
Month 5 = 134.41 + 0.56 = 134.97
Month 6 = 161.63 + 0.67 = 162.3
Month 7 = 188.96 + 0.79 = 189.75
Month 8 = 216.41 + 0.90 = 217.31
Month 9 = 243.97 + 1.02 = 244.99
Month 10 = 271.65 + 1.13 = 272.78
Month 11 = 299.44 + 1.25 = 300.69
Month 12 = 327.35 + 1.36 = 328.71
Net (before Taxes)
+328.71
you can have a swing of almost $450 before taxes. And if you have an emergency you can then dip into your $17k credit line.
Most will not get 3.99%. This is a chase bank deal. I have excellent credit. My score is 774. They send different offers every month which for me will range from 2.99% to 5.99%. My currect offer is 3.99%
Another big thing to consider is the cost of transferring balances or cash injections. They have all been charging more and more up front. Most will charge 3%, but will cap it at a certain amount like $75 dollars. Some do not have a cap.
