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Credit

~9000 answered questions
Parent Category: Money Management
The procurement of money, goods and/or services in exchange for a pledge to repay the amount at a future date
Time Limit on Charging a Credit Card You have one year from the date of purchase to charge a card. To confirm this, call the 1-800 number for merchant services for whatever card you want to charge (i.e. Visa/MC) and ask a customer service representative. For example, if the card is a Visa, call…
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You should be running an 'AVS' check which means the customer tells you the billing address of the card and you are only supposed to ship to that particular billing address. If the charge is disputed you can demonstrate that in fact you shipped to the proper address, if not you will lose the chargeb…
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Credit card transactions are completed using a 128 Bit SSL Encrypted Secure Transaction, SSL uses public-key encryption to exchange a session key between the client and server; this session key is used to encrypt the http transaction (both request and response). Each transaction uses a different ses…
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When looking into accepting credit cards, remember that credit card transactions and credit card processing are a business in itself. The main goal of merchant account providers and credit card companies is to make money. This is a business that you are paying for. Therefore, it is important to eva…
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Although the funds you receive from credit card payments are not immediate, take into consideration that you will get paid by the credit card companies much faster than you may get paid by the customer. It can take weeks, or sometimes months after you issue an invoice for a customer to issue you a c…
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Passing the Buck Many small businesses have concerns about the transaction fees associated with accepting credit card payments, and that is what initially scares small business owners away from accepting credit cards. However, before you dismiss the idea, there are some options that you need to c…
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Taking credit increases your average sale and adds new customers to your business. If a person only has $20 for a haircut, they can't buy anymore than $20. If they can use their card at your salon, they can impulsively buy a haircut and shampoo for $25+ Accepting credit cards as a form of payment al…
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Differences in Credit Card Types Accepting different types of credit cards can benefit your business in several ways. First, and foremost, it is always important to give your customers the most options possible. Giving them the option to use Visa, MasterCard, American Express and Discover will …
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Accepting Credit Cards Online If you are an online merchant, your rates will automatically be higher. Credit card companies charge more for online merchants because they perform non-present transactions. In other words, the customer is not physically present when making the purchase, so you do …
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When you process a credit card transaction, you will find out almost instantaneously whether or not a credit card payment has been accepted or declined. Once you run the credit card, the information is transmitted to the bank for authorization. The acquiring bank that processes the transaction route…
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A player gets credit for an assist if say player A passes the ball to player B and player B can only dribble once and shoots or just shoots and makes it then player A gets the assist.
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How a home is handled in bankruptcy depends on the type of BK filed, state or federal or a combination of the two. In chapter 7, all nonexempt assets are liquidated to pay creditors. The state or federal homestead exemption would apply in regards to the home. In a chapt. 13, debts are consolidated a…
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As a one-time issue in a good credit report, it may not be an issue. However, the reason the landlord checks credit is to assure that you will be likely to pay rent on time. It costs a lot of time and energy to follow up on non-paying tenants. I would also guess that the rental market you are lookin…
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740 or better beacon score however dealer can set higher standards on this if it is a higher priced vehicle.
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Yes and yes.BUT the amount that you co-signed for is considered to be YOUR debt until that loan is paid off, so the amount you can possibly borrow has been reduced by your signing as a co-payee on that first car loan.
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%DETAILS% Absolutely, positively, not.Find out what car dealers don't want you to know at www.dealertricks.com   Sales agreements are not binding to any party however sales contracts are. You are not legally bound if you did not sign the sales contract. Consequently you may have a credit i…
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Return it to who? The truck is owned by the bank or lending institution. Returning it to them would for sure ruin your credit with that bank. You will also be responsible for the difference in what the bank sells the vehicle for and what you owe. Don't do it. Let someone take over the payments if yo…
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Wait until the bankruptcy is discharged.   Dear Lord, yes, wait until the debt is discharged! Otherwise you will get stuck with horrendous interest rates which, even if you can afford the resulting inflated monthly payments, will take forever to build any positive equity in the vehicle. And r…
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%DETAILS% Answer Certainly, if that insurance companie excepts that form of payment
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Yes they can take you to court, try to get a judgment, and then try to garnish wages, put leins on property, etc. THis varies by state law but they can't "SUE" you and have a judge force you to pay. They got rid of debter prisions a while back thank goodness. The finance company will sell your aut…
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It remains for 7 years, from the date of repossession/charge-off, even if you get the vehicle back. However,If you don't pay the loan off, after it was repoed, then the original creditor MAY get a judgment against you, that judgment will stay on your credit report for 10 years. Unless you are able t…
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I think the B/K is the lessor of the 2 evils. from what I've read, its better(if there is such a thing) to wait until the creditorsget the judgments. The do the B/K thing and get the repos and judgments taken off at one time.get legal advice before you do B/K, it stays on your record for up to 10 y…
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Joe, lets say you owe me $1000.00. I have a legal contract stating that you owe me 1K. That contract can be sold to anyone who will buy it. If I decide to sell it to Sam for $500.00, I can do that and show a charge off of $500.00 that I "lost" on the sale. Sam however, intends to collect $1000.00 fr…
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Brent, who held a gun on you and made you sign the loan papers?? You got ripped off by your own self. Anyway, if you let it go back, the lender will sell it at auction for MUCH less than you owe. Example; u o 10K,car sells for 3K, balance due 7K. The lender will get a judgment for the balance due an…
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It means YOU will be paying for a car someone else is driving. it means lenders and collection agencies will be calling YOU and bugging YOU while they ride around listening to CDs. It means YOU will be getting letters in the mail about judgments while they drive around lookin purty. It means YOU wil…
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Nan, why not ask your B/K attorney?? S/he is more familiar with your case than anyone else. The fact that you "thought" you reaffirmed indicates a possibility that you didnt.
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It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.
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Paying the car off was good but having to repo it to get it paid off was BAD or negative. the lender did report that it was PIF,HUH?? So they reported the good and the bad.
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YES its bad you dont get the lowest interest rates IF lenders will loan to you 7-10 years
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It stays on your credit report 7 years from the date of settlement not the date of repossession.
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%FOLLOWUPS% get an attorney to contact them with nasty letters   I contacted an attorney and was told that there is nothing we can do. The company is reporting this settlement as a charge off, which is apparently the worst thing to have on your credit report. This is really ruining our lif…
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%FOLLOWUPS% WHY did they pull it? Did you discharge the debt and forget to return the car?? If so, they were probably hunting the car.   Value very well could be a factor. Make sure you dont get into default on some other term of the contract, INS, ect. 5X value will make it attractive. LO…
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wife gets the car in the divorce** she may have gotten the car but YOU got the responsibility of paying whats owed. "Getting the car in a divorce" is a clever ploy by attorneys to placate all parties, BUT, that doesnt change the LEGAL part of a contract. YOU sign, YOU pay.
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%FOLLOWUPS% Depends on your state laws. Check with a local attorney. I would think the worst they could do is attach the assets so that when you go to sell, they get paid first.   Wendy, once a lender runs your SS#, the judgment will show up. Its possible you might still get the loan but…
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Getting it off SHOULD have been part of the deal when you paid it off. that's when you had the most leverage with the lender who put it on there. Now.... contact an attorney buy your chances are slim. The repo was a fact, not an error that can be corrected. Good Luck
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Sorry to say, its about 1% better than a 'normal" repo. try to sell the car. You'll get much more than the lender will at auction. Of course, you'll have to come up with the difference to complete the sale. talk with your lender about that idea. Good Luck
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YES   I have a letter if you would like it that you can send to the parties involved that may or may not be able to help you get this off your credit report.let me know if you would like it.
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Michelle, a repo is a repo is a repo to a credit score. It says you couldn't meet your obligations and the lender had to take back the collateral to try to get their money. A new lender looking a your CR will see 'repo" and say, well, I better charge this person more because they might not pay me ba…
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%DETAILS% Hang in there. Dont give up. You are probably a one in 100000 case. You are doing it the right but hard way.Avoid the B/K if theres any way possible. You've made 3 yrs, dont waste all that hard work.It will get better. Someone (lender) will see that you are paying on the balance and RES…
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Did the lender get a JUDGEMENT? What state are you in? The 7 yr. part is a fed law that a JUDGEMENT must be removed from your CR 7 yrs. from the date of judgement. As part of (and BEFORE) the payoff, try to negotiate with the lender to remove the repo from your CR. Email me if you need more info. PS…
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Depends on what interest rate the card charges and what the bank charges. Probably NOT. Your CR already has a repo on it, paying it off wouldn't remove that unless you did some magical negotiations with the bank, soo what would you gain?? Good Luck
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%DETAILS% Charge off is an accounting term. You still owe the money. Make them an offer IF the debt is NOT past the SOL. You say they DONT have a judgment YET so it sounds like it may be OLD. Its strange they would ask for 1/2 the balance if they don't have a judgment.   ..looking for mo…
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Yes, time heals all things. Money and repaying ON TIME helps tooo.
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About the same as any repo. The impact is that you couldn't complete the agreement for whatever reason.   Same as a repo. A repo is a repo is a repo.   That is correct, there is no difference in voluntary and involuntary. Stays on your credit report for 7 years. Don't let it happen …
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READ your comtract on the loan and the card. Word to look for: cross-collateralization   NO they cannot. Credit cards are unsecured loans. (not secured by any property/collateral) You can have them discharged through bankruptcy.   YES THEY CAN. Read your contract. I'll bet it says they…
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Only on your CREDIT REPORT. DMV doesnt care how you got it or got rid off it, as long as ya dont steal it or sell before ya pay for it.
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An attorney can do almost anything YOU PAY THEM TO DO.   But remember, roosta, the other side has attorneys, too, and they may be better paid!
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YES< YES <YES. IF you work hard enough at resoring it. It will NOT do it by inself, it takes effort on your part. It is definitely not impossible. Many have overcome repos, charge offs ect. and gotten back their GOOD credit. good Luck
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lets get the FACTS straight. Heres what I'm seeing. A(person) buys car from (dealer) D.D "co-signs" the loan. A defaults on loan and D repos the car. B(bank)reports repo on A CR. Simple. A had loan in default, got repoed. Repo goes on CR because it happened. WHO did the repo is immaterial. Repo does…
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It is up to the LENDER to report a repo. Usually they DO report it and it stays on your CR for 7 years.
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i would be ready to NEGOTIATE the CR part before I called. For such a small amount due, it would be reasonable for Chry to make some kind of adjustment on whats reported to the CRAs.maybe an attorney could negotiate better than you?? good Luck
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%DETAILS% I suggest you contact a local attorney for advice on this question. You could end up filing charges against the person. Have you contacted the person about payment or return of the boat?   It's "theft by deception".File charges and sue for all expenses.
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B/K will NOT fix credit unless you consider NO credit for 7 yres. "fixed". It will get it off your record.
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YES, on a CR, a repo is a repo.
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YES, ALL events relating to account activity should be on the CR. If the negative reports can be on it, the postitive can. Contact the CRB and get the info to add it.
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%DETAILS% Answer Likely, you will be sued for the amount owed after the car is sold. IF they get a judgement, they will have the option to garnishee your wages and/or attach other property that you own. YOU will have the option to try again to work out a payment schedule that you CAN afford on …
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http://www.bankrate.com/goocalf/search/story-advice.asp Getting it off? NOT likely. Improve it? Maybe, if you settle the debt with the lender. Get it marked "paid as agreed" IF you negotiate some type of deal with the lender. It is just a report of what happened. try the above link for more info. Go…
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Chances are good the bank sold the account to a collection agancy. Contact a local attorney for state specific info.
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%REPLIES% Yes. In some states I am not sure about all. A repo man cannot move another vehicle to get to the car he needs, nor can he come into a shut or locked garage to retrieve the car. They are supposed to just wait until they are able to pick the car up without breach of peace. That is when …
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If a person's car gets repoed, the bank can report it on their CR in any state. When they redeem it doesnt matter, its the fact that it got repoed that gets reported.
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You're NOT forgotten or forgiven. Someone will be collecting that $9000.00. Charge-off is an accounting term to cover the interst they lost on the loan. You will be contacted to pay.
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IF the lender posts a repo on your CR, you have one.   You will have the repo on your credit report, but it should also show up as "redeemed".
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Yes you do. They are the lawful owners of the car until the loan is paid in full. In some states you could be charged with concealing mortgaged property.   Not in the state of Arkansas you don't have to tell them where the vehicle is at...I know because I went through this myself about 4 mo…
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Think about it. IF the lender waited until the loan was paid off,zillions of repos would NEVER be reported. Sooo, they report them as they happen.
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It will remain on your CR for 7 yrs. Unless you can get the LENDER to remove it.
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Thats a VERY general question. You should contact a local attorney for state specific advice.
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1-6 months depending on the lender.   Once the vehicle is picked up and sent to auction which will happen in 30-60 days.Once the paperwork is processed when the vehicle is picked up the cbr should be updated within 30 days.
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Yes, IF you pay more down payment and higher interest rates.
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First of all, a lender does not report a vehicle as a repossession until they actually have possession of the vehicle. Then immediately via computer the code is entered and authorities notified. The credit reporting company may be a little slow getting the repo on your report however, but any new le…
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It will save you some money BUT you will still have a repo on your CR.
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best track be to volunteer turn in one car, quit paying credit cards, once repo gets judgment against, file Bankrupsy? BEST track be to keep both cars, GET TWO JOBS, pay off cars & credit cards,live happy ever after in FL or PA or where ever the JOBS are. You CAN do it. The contract you are want…
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Do they? NOT usually. CAN they?? yes, if you convince them to. reporting a repo is reporting a fact. The repo DID happen. They report the payoff. That is a fact also.
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One will have to prove to the CB that one wasnt responsible. It will likely involve paying an attorney. Good Luck.
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Yes it will need to be paid, the good news is the bank will more than likely take a settlement, and only offer to pay them the settlement if the take the repo and chargeoff off your credit, the will play ball!:) for more info on repossessions, you can goto my website at www.stoptheREPOman.com
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UNLESS she declares B/K, it will remain for a longer time.No not true. EVERYTHING except bankrupties and tax leins may ONLY remain on your credit for 7 years. If it is still there after 7 years contact the credit bureau and demand they remove it. This MUST be done in writing.
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Contact a local attorney for state/case specific advise. Most judgments ARE renewable. If you were not sued by the lender then there could not have been judgment action. If you have a lien against real property as a result or if the judgment was awarded and has yet to be executed you may have a …
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Same as a regular repo.   The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...
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If you have a job that pay's $1400or more a month and your 18 or older you could get financed on your on,with 70% down.i have been in the auto businessfor 15 years and can help you make the right decisionsmy name is Steve haynes 1-800-489-2070
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Yes. Co means equal. You are both equally responsible for the loan.Find out what car dealers don't want you to know at www.dealertricks.com  New HeadlineCosigners are not reported in MI, IL or CO. It is state law.
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Most lenders will view it as a one time thing and consider ALL your other credit experience. Some may require a larger downpayment.   seven years. and it will affect your credit badly for the first two to four years...regardless. If it has to be repossed let it be a willing repossession or tr…
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Unless the car qualified under the lemon law, YES. Type in "Lemon Law + "your state"in your browser.
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Having a good credit report means it will be easier for you to get loans and lower interest rates. Lower interest rates usually translate into smaller monthly payments. I can provide you loan, but what type of loan you want. Reply with you location that where you live.
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Yes.Find out what car dealers don't want you to know at www.dealertricks.com
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I don't think getting paid on commission will present as much of an obstacle as the fact that your husband has only held his current job for 3 months so far. Banks and mortgage companies usually prefer you've held a job for about two years if I recall correctly. I don't know what his past work histo…
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Yes, as long as there is a police report and all repairs have been documented, pictures invoices of parts used ect. This answer "yes" does have its limitations based on the laws of the state that the accident occured. I own a shop in New Jersey and have helped many customers resolve accident related…
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Most of the time it won't unless the managers or owner ran a credit check before you moved in, if so it would be listed as "public record" on your credit report because they had to file an eviction notice at the courthouse in order to get you out.  The actual eviction does not show up in the b…
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Generally to get one's own card requires the person to be 18 years of age. However, if oyu want to "share" your car the you can apply for him as an extra user - they may even print one with his/her name - but YOU retain the responsibility of payment!
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%DETAILS% Absolutely. If a company says you owe something, and you don't believe you do, dispute it in writing to them and the Credit Reporting Agencies. However, if it was on a bill during a specific time fram, you have 60 days from that billing cycle to dispute it. But if they haven't sent you …
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Reporting Credit Problems? You have two choices: 1) Do something 2) Do nothing I don't mean to be glib about your question, but that is what it comes down to. If you begin informing people for your own protection, which is what you SHOULD do, they will get in trouble. If you don't, you might have is…
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Collection dispute This would actually be a good situation. The bureaus have a limited amount of time to investigate and validate the credit item. If it cannot be validated it must be removed.
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Fixing Errors on a Credit Report Nobody can legally remove accurate and timely negative information from a credit report. But the law does allow you to request a reinvestigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this, so you may want t…
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They can switch due dates, etc. since they usually put that in the credit agreement, but they cannot report false information. They can switch dates if sold from one lender to another. If you believe the date is wrong you should dispute it. If they are improperly reporting information, it will be ta…
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Harper. even though Anne`s stori is something, on sunday I got themselves a Honda from bringing in $6672 this last 5 weeks and just over ten/k last munth. without a doubt it is the nicest job I have ever had. I actually started 5 months ago and practically straight away made myself minimum $78... pe…
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