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Getbig Main Boards => General Topics => Topic started by: GroinkTropin on December 06, 2009, 06:15:42 PM
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I am trying to build my credit and remember hearing that you can go to your bank and apply for a credit line with some kind of deposit. Is this accurate? Like, I go to Chase, open a checking account and deposit 500 for a secured credit line, something of that effect. Am I right?
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I am trying to build my credit and remember hearing that you can go to your bank and apply for a credit line with some kind of deposit. Is this accurate? Like, I go to Chase, open a checking account and deposit 500 for a secured credit line, something of that effect. Am I right?
Its a secured credit card.
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I think that's only if you have no equity and don't own shit like a car or house.
I'm not too sure. I ended up getting one for like $20,000. I only wanted a few G but the people at the bank pushed a bigger one on me. I have 10 G taken out right now that I'm going to pay off aggressively. I honestly don't even know if it's a good or bad thing. Interest isn't all too bad either so as long as this shit doesn't bite my ass somewhere down the line lol
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We payed ours off, cut them up and tossed them. We only have one for business.
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I think that's only if you have no equity and don't own shit like a car or house.
I'm not too sure. I ended up getting one for like $20,000. I only wanted a few G but the people at the bank pushed a bigger one on me. I have 10 G taken out right now that I'm going to pay off aggressively. I honestly don't even know if it's a good or bad thing. Interest isn't all too bad either so as long as this shit doesn't bite my ass somewhere down the line lol
you have $10,000 in credit card debt & gonna pay it over time? Hahaha
you obviously have no concept what interest is going to do to that $10K.
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Ok so my score is about 600 right now. Have some stuff in collections which I doubt i will pay (its all pretty old). I have 1-2k i can afford to use for these credit cards. Advice? I currently have one cc with (dont laugh) a $300 limit which I have totally paid off. I wanted to buy a new car, but I'm not sure what to do really.
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you have $10,000 in credit card debt & gonna pay it over time? Hahaha
you obviously have no concept what interest is going to do to that $10K.
I'm paying off over a grand a month, bro. I'm not planning on letting it sit there and fester for years.
Wooo damn if that were the case I'd say FUCK NO. I'm Asian. We don't buy shit we can't afford. ;D
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I am trying to build my credit and remember hearing that you can go to your bank and apply for a credit line with some kind of deposit. Is this accurate? Like, I go to Chase, open a checking account and deposit 500 for a secured credit line, something of that effect. Am I right?
Yes, that is right.
10 questions to ask about secured credit cards:
http://www.bankrate.com/finance/credit-cards/10-questions-before-getting-a-secured-credit-card-1.aspx
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I think that's only if you have no equity and don't own shit like a car or house.
I'm not too sure. I ended up getting one for like $20,000. I only wanted a few G but the people at the bank pushed a bigger one on me. I have 10 G taken out right now that I'm going to pay off aggressively. I honestly don't even know if it's a good or bad thing. Interest isn't all too bad either so as long as this shit doesn't bite my ass somewhere down the line lol
It's a bad thing. :'(
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It's a bad thing. :'(
Ah, fuck... well, I had a feeling the people at the bank were so pushy because it was probably landing them a big commission or something. I'll have it paid off soon enough. Doesn't hurt nearly as much as what I dropped on an engagement ring right after I bought my vehicle!
It's a line of credit though, does that make any difference? I use my credit card all the time but as soon as I get home, I pull out the receipt and pay it off. Never have a balance on my credit card for more than week.
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It's a bad thing. :'(
bay knows his shit about credit and men in thongs
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bay knows his shit about credit and men in thongs
Anyone who is a connoisseur of fine men in thongs is a friend of mine.
(http://img301.imageshack.us/img301/5011/111503995278gw2.jpg)
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Yes, that is right.
10 questions to ask about secured credit cards:
http://www.bankrate.com/finance/credit-cards/10-questions-before-getting-a-secured-credit-card-1.aspx
Thanks i will check this out in an hour or so. What is your opinion of what I should do from where I am at?
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We payed ours off, cut them up and tossed them. We only have one for business.
You're a brilliant business/money man, and a fucking ignoramus when it comes to politics.
What the fuck happened to you? ???
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not for nothing, but has the threadstarter ever read this forum before
not exactly the best place for financial advice
now, if you find yourself in a hotel room with a hooker, a shitload of coke and the judge from "the people's court" and want to know how long it takes to save up for a pair of "True Religion" jeans, then this is the place
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use that $300 one a lot and pay it off every month, they will up your limit, your score will go up and other offers will start coming in the mail. save up for a down, at least 2k and you might not get your dream car and your intrest will be high but focus on paying it off in 3 years and your score will be up in the 700s before you know it. oh yeah pay off any old charges offs, old cell phone bills or Dr. bills.
http://clarkhoward.com/
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oh geez wanting to build up your credit, the thing that took this stupid western economy down, living above your means.
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Yup, yup CCs are a good way to bring up your credit score. But, only if you pay on time. :P
https://www.annualcreditreport.com/
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oh geez wanting to build up your credit, the thing that took this stupid western economy down, living above your means.
Building up good credit, having an available line of credit, and/or maintaining a high credit score are not the same as living above your means. The former are all good, the latter is bad.
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I was recently approved for a GNC gold card.
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I am trying to build my credit and remember hearing that you can go to your bank and apply for a credit line with some kind of deposit. Is this accurate? Like, I go to Chase, open a checking account and deposit 500 for a secured credit line, something of that effect. Am I right?
Ha ha only broke people need credit! Debt is dumb. Don't you people follow Dave Ramsey?
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I was recently approved for a GNC gold card.
Congrats! you will now only be paying 35% more then other retailers
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Ok so my score is about 600 right now. Have some stuff in collections which I doubt i will pay (its all pretty old). I have 1-2k i can afford to use for these credit cards. Advice? I currently have one cc with (dont laugh) a $300 limit which I have totally paid off. I wanted to buy a new car, but I'm not sure what to do really.
I find this curious. Why do you think it is appropriate to owe money and not pay it—simply because the debt is old? Is that how you were raised? Would you feel this way if someone owed you the same money? What if they owed the money to one of your parents, your sibling, or your child? At one point, you obviously benefited from the credit/debt, yet now you see nothing wrong with allowing it to go unpaid? It is one thing if the creditor decides to write off the debt as uncollectible from a deadbeat (you), but who are you to decide that the debt no longer needs to be paid? That kind of attitude will keep your credit score depressed well into the future. :(
It may not be fair, but it is people like you who prompt employers to look at the credit scores of potential hires. I hope you manage to clean up your act, but based on what you’ve disclosed here, I would not extend you credit, rent you an apartment, or hire you.
http://www.getbig.com/boards/index.php?topic=193870.0
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Ok so my score is about 600 right now. Have some stuff in collections which I doubt i will pay (its all pretty old). I have 1-2k i can afford to use for these credit cards. Advice? I currently have one cc with (dont laugh) a $300 limit which I have totally paid off. I wanted to buy a new car, but I'm not sure what to do really.
Not paying old debts will negatively impact your credit score. Having a high line of credit will negatively impact your credit score (because you COULD max it out). The more available credit you have, the lower your score, so get rid of dept. store cards and any other cards you don't use. Every time you "apply" for a card, that lowers your score too. So when you're shopping this season and the clerks says "you can save 10% today by applying for a card" SAY NO.
http://clarkhoward.com/
Good advice
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Oh brother. This thread scares me. Dude you just need to call your old debts and settle with them for less. Offer them 40% and see what they say. I mean you do owe the money right?
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Bay-
I am actually a model employee. Good with apartments. My reasoning for not paying the old debts (and this may be flawed) is that they are quite old. Most are 4 years old at this point and from what I know, even if I pay them off right now I still will not see an improvement in my score for 2-3 years so why bother? After 7 years I can request they drop off anyway. Since my creditors only cared if i was alive because they stood to profit from me, I likewise should not give them the time of day unless I stand to gain as well correct? If you told me that paying these things off today will benefit me greatly in the next 30-90 days I might consider. As for personal debts you will not find one single person I owe money to. A creditor and family member are not the same, neither is being a competant and valuable employee. Your logic is flawed to correlate a low score with being a shady unsavory person whom you would not trust.
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Thanks i will check this out in an hour or so. What is your opinion of what I should do from where I am at?
Dangit I was hoping BofA or Chase would offer the secured cards. Can anyone tell me the most efficient way of developing a relationship with bank/credit union to get a decent car loan? About 14k is all I am looking for. Does having a checking account with the bank help at all?
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One last thing Bay- I have only about 6k in consumer debt. I have paid a few accounts off (kaiser bills, couple checks i got an advance on, old bank account i let go back etc) and I may have some debt but i am not some loser who racks up 60k in debt and then runs to declare banco. You might have a bad impression of me but I am not that bad. Im just not doing great, and trying to do better. Make sense?
And I ask in this forum because if you filter out the trolls there are some rather good and intelligent folks on here.
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One last thing Bay- I have only about 6k in consumer debt. I have paid a few accounts off (kaiser bills, couple checks i got an advance on, old bank account i let go back etc) and I may have some debt but i am not some loser who racks up 60k in debt and then runs to declare banco. You might have a bad impression of me but I am not that bad. Im just not doing great, and trying to do better. Make sense?
And I ask in this forum because if you filter out the trolls there are some rather good and intelligent folks on here.
i only own a little over 6k too. in student loans tho.
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Bay-
I am actually a model employee. Good with apartments. My reasoning for not paying the old debts (and this may be flawed) is that they are quite old. Most are 4 years old at this point and from what I know, even if I pay them off right now I still will not see an improvement in my score for 2-3 years so why bother? After 7 years I can request they drop off anyway. Since my creditors only cared if i was alive because they stood to profit from me, I likewise should not give them the time of day unless I stand to gain as well correct? If you told me that paying these things off today will benefit me greatly in the next 30-90 days I might consider. As for personal debts you will not find one single person I owe money to. A creditor and family member are not the same, neither is being a competant and valuable employee. Your logic is flawed to correlate a low score with being a shady unsavory person whom you would not trust.
If such rationalizations allow you to sleep at night then so be it. I think you ARE that bad. By your own admission, you have debts that you do not think you need to pay and your reason for not paying is totally self-serving. That your debt is to a corporation rather than a person makes no difference: you owe the money! Someone who rationalizes and behaves the way you do is not a model employee, tenant, or other credit risk.
No one here is claiming to be holier than thou, but your rationale is totally polluted. It is not as if you literally did not know about the debt, or you were the victim of identity theft and someone else accumulated the debt you now do not want to pay. It is your debt; you made the decision to accumulate it; you enjoyed it; and now you think you can walk away from it without consequence. That is wrong!
By your own admission, you act and think in the short term and with an eye toward your own benefit even when that means flouting the commitment you have made to others. Your word of trust, your signature, means nothing. Maybe your parents or your girlfriend can overlook your “reasoning” because they think they know you and you are not “some loser” but no one operating a business should have confidence in you because your word and actions show you cannot be trusted. I am certain many people here have a bad impression of you now. No, your rhetoric does not “make sense.”
Your current approach got you into this mess (a score of 600). Unless you change your ways, you will never get out of it.
And for those of you who think credit scores are taken too seriously, now you know why. Sure, some people have poor scores due to legitimate issues such as a catastrophic illness, etc., but many (I suspect most) people with bad scores are just like Methyl Mike; they ran up debt and have talked themselves into thinking they should not be required to pay it back. >:(
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If such rationalizations allow you to sleep at night then so be it. I think you ARE that bad. By your own admission, you have debts that you do not think you need to pay and your reason for not paying is totally self-serving. That your debt is to a corporation rather than a person makes no difference: you owe the money! Someone who rationalizes and behaves the way you do is not a model employee, tenant, or other credit risk.
No one here is claiming to be holier than thou, but your rationale is totally polluted. It is not as if you literally did not know about the debt, or you were the victim of identity theft and someone else accumulated the debt you now do not want to pay. It is your debt; you made the decision to accumulate it; you enjoyed it; and now you think you can walk away from it without consequence. That is wrong!
By your own admission, you act and think in the short term and with an eye toward your own benefit even when that means flouting the commitment you have made to others. Your word of trust, your signature, means nothing. Maybe your parents or your girlfriend can overlook your “reasoning” because they think they know you and you are not “some loser” but no one operating a business should have confidence in you because your word and actions show you cannot be trusted. I am certain many people here have a bad impression of you now. No, your rhetoric does not “make sense.”
Your current approach got you into this mess (a score of 600). Unless you change your ways, you will never get out of it.
And for those of you who think credit scores are taken too seriously, now you now why. Sure, some people have poor scores due to legitimate issues such as a catastrophic illness, etc., but many (I suspect most) people with bad scores are just like Methyl Mike; they ran up debt and have talked themselves into thinking they should not be required to pay it back. >:(
You are a bit harsh aren't you. Thanks for treating me like garbage while rich americans are running around making it rain and then declaring bankruptcy. Do you see me doing that? NO. I have enough debt that unless I stand to benefit from paying it I have no real incentive to run myself dry. I am in school and do not make that much. What would YOU do in my spot if we traded shoes TODAY? That's should be an interesting question.
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Bay-
I am actually a model employee. Good with apartments. My reasoning for not paying the old debts (and this may be flawed) is that they are quite old. Most are 4 years old at this point and from what I know, even if I pay them off right now I still will not see an improvement in my score for 2-3 years so why bother? After 7 years I can request they drop off anyway. Since my creditors only cared if i was alive because they stood to profit from me, I likewise should not give them the time of day unless I stand to gain as well correct? If you told me that paying these things off today will benefit me greatly in the next 30-90 days I might consider. As for personal debts you will not find one single person I owe money to. A creditor and family member are not the same, neither is being a competant and valuable employee. Your logic is flawed to correlate a low score with being a shady unsavory person whom you would not trust.
Hmm. Did you know that Germany is due to finish paying off their WW1 debts very soon? You pay your debts because they are debts you incurred. What part of that do you not understand!?
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Hmm. Did you know that Germany is due to finish paying off their WW1 debts very soon? You pay your debts because they are debts you incurred. What part of that do you not understand!?
The majority of my 6k is interest. Since my debts are all about 3-4 years old, do I really stand to benefit by paying them now?
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Hmm. Did you know that Germany is due to finish paying off their WW1 debts very soon? You pay your debts because they are debts you incurred. What part of that do you not understand!?
DAMN YOU FRANZ FERDINAND !!!!!
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You are a bit harsh aren't you. Thanks for treating me like garbage while rich americans are running around making it rain and then declaring bankruptcy. Do you see me doing that? NO. I have enough debt that unless I stand to benefit from paying it I have no real incentive to run myself dry. I am in school and do not make that much. What would YOU do in my spot if we traded shoes TODAY? That's should be an interesting question.
If you think asking you to take responsibility for own behavior and pay your debts is harsh then, yes, I am harsh. Is doing the right thing really that complicated? Your choice to be treated “like garbage” is just that: your choice. You can easily avoid such judgments by doing the obvious: paying your debts. Yes, there is wrong-doing elsewhere on a grand scale, but the ability to name a bigger villain than yourself does not justify your own misdeeds. The fact that you would try to summon such arguments to make yourself look better, by comparison, says something very unflattering about your character.
Your “interesting question” isn’t very interesting. If I were in your shoes right now (though given my values and the choices I make, I would never be in your shoes) I would pay my debts. And by the way, I would not pay the debt because I was simply trying to improve my credit score; I would pay the debt because I believe in personal responsibility and my own conscience would demand that I do so. Not paying a debt that you legitimately incurred is the equivalent of stealing. Most people judge theft rather harshly! >:(
By the way, I was not born with a silver spoon in my mouth. I have been poor; I worked my way through school. Along the way, I borrowed lots of money via credit cards, car loans, student loans, etc. and I have paid back every cent.
Your post is really troubling because you obviously know better. You know that not paying your debts is wrong, yet in your own mind, you have bent over backwards to make it seem ok and given yourself permission to be a deadbeat. You even go so far as to call me "harsh" for not buying into your delusion. That is pathetic.
The (good?) news is people who operate the way you do always reap what they sow. :'(
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If you think asking you to take responsibility for own behavior and pay your debts is harsh the, yes, I am harsh. Is doing the right thing really that complicated? Your choice to be treated “like garbage” is just that: your choice. You can easily avoid such judgments by doing the obvious: paying your debts. Yes, there is wrong-doing elsewhere on a grand scale, but the ability to name a bigger villain than yourself does not justify your own misdeeds. The fact that you would try to summon such arguments to make yourself look better, by comparison, says something very unflattering about your character.
Your “interesting question” isn’t very interesting. If I were in your shoes right now (though given my values and the choices I make, I would never be in your shoes) I would pay my debts. And by the way, I would not pay the debt because I was simply trying to improve my credit score; I would pay the debt because I believe in personal responsibility and my own conscious would demand that I do so. Not paying a debt that you legitimately incurred is the equivalent of stealing. Most people judge theft rather harshly! >:(
By the way, I was not born with a silver spoon in my mouth. I have been poor; I worked my way through school. Along the way, I borrowed lots of money via credit cards, car loans, student loans, etc. and I have paid back every cent.
Your post is really troubling because you obviously know better. You know that not paying your debts is wrong, yet in your own mind, you have bent over backwards to make it seem ok and given yourself permission to be a deadbeat. You even go so far as to call me "harsh" for not buying into your delusion. That is pathetic.
The (good?) news is people who operate the way you do always reap what they sew. :'(
It's sow not sew. I will consider my options. If paying these old debts does not benefit me I doubt I will pay them. I am not doing well enough to do otherwise. When I graduate that will be another story.
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Isn't the thread starter the same dimwit that came to us looking for advice on how to get rid of a black widow infestation in his parent's barn?
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It's sow not sew. I will consider my options. If paying these old debts does not benefit me I doubt I will pay them. I am not doing well enough to do otherwise. When I graduate that will be another story.
You are correct: may you reap what you sow.
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It's sow not sew. I will consider my options. If paying these old debts does not benefit me I doubt I will pay them. I am not doing well enough to do otherwise. When I graduate that will be another story.
LOL. That's spirit! Nothing like passing along your debt to others.
You should look up how, late in his life, Mark Twain dealt with the debts he incurred. He took the high road.
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Either MM is a troll or he's a true dumb ass. Go ahead.. default on your debts - your credit score will be amazing in no time! Attaboy!!
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Isn't the thread starter the same dimwit that came to us looking for advice on how to get rid of a black widow infestation in his parent's barn?
This is the same guy who wrote that he had "morals."
Dang some mixed feelings here. Some reasons I want to move-
Guns. I dislike californias attempt to deprive me of my right to own firearms. I want guns period. You can not tell me what I can or cannot have nor can you convince me that 10 bullets are less lethal than 30.
Conservative lifestyle- I am not uppity nor a Bible thumper but I refuse to accept certain lifestyles because they are "popular" in todays culture. I am sorry but I have MORALS. Also I dislike Obama and going to college here MY GOD even my fucking professors have told us they voted for him and hope we did! I am sorry but he is SHIT as president and if you can't see that then fuck you. Quit blindly following a liberal politician like a fucking lemming.
Apparently his morals do not require him to pay his debts. ::)
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I love these "broke" college students. If you can't afford, then don't buy it. No debt and no problem. You learn this stuff in 1st grade, if you borrow something give it back.
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This is the same guy who wrote that he had "morals."
Apparently his morals do not require him to pay his debts. ::)
Ouch. What a tool. He won't return to this thread.
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Ouch. What a tool. He won't return to this thread.
I hate to burst bubbles (sort of) but this is what happens when you make me go there! ;D
Note to "conservative" Mike: Thou shalt not steal. >:(
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I hate to burst bubbles (sort of) but this is what happens when you make me go there! ;D
Note to "conservative" Mike: Thou shalt not steal. >:(
You're seriously crazy if you think anything said to or about me in this forum truly gets to me. You made your position fairly clear as have I. Thanks for the long speech atop the podium sir.
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Ha ha only broke people need credit! Debt is dumb. Don't you people follow Dave Ramsey?
You are joking, right? Some of the richest people and corporations on earth borrow money. I'm not talking about irresponsible borrowing, but sensible borrowing - like a 12 figure company borrowing at low rate to make a sound acquisition of an undervalued 10 or 11 figure company without having to pull capital out of other investments. Or a consumer buying a nice house with a fixed low rate, writing the interest off on income tax, and wisely investing whatever cash was not put down on the home purchase. Or buying a decent car with 0% financing (no way I'm gonna pull tens of thousands in cash out of a sound investment to buy a car that will eventually be worth a fraction of its purchase price). Or taking out a loan to start or maintain your own private business. Try doing any of these things after a period of time of not having any active credit - difficult, if not impossible.
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You are joking, right? Some of the richest people and corporations on earth borrow money. I'm not talking about irresponsible borrowing, but sensible borrowing - like a 12 figure company borrowing at low rate to make a sound acquisition of an undervalued 10 or 11 figure company without having to pull capital out of other investments. Or a consumer buying a nice house with a fixed low rate, writing the interest off on income tax, and wisely investing whatever cash was not put down on the home purchase. Or buying a decent car with 0% financing (no way I'm gonna pull tens of thousands in cash out of a sound investment to buy a car that will eventually be worth a fraction of its purchase price). Or taking out a loan to start or maintain your own private business. Try doing any of these things after a period of time of not having any active credit - difficult, if not impossible.
Clearly you have never heard of Dave Ramsey.
Also the bible states the "borrower is slave to the lender." Anyone would be wise to stay away from any and all debt.
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avoid debt at all cost, there are very few occasions where it really makes sense
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avoid debt at all cost, there are very few occasions where it really makes sense
Not really it just takes hard work and discipline. Basically being able to put off gratification.
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You are joking, right? Some of the richest people and corporations on earth borrow money. I'm not talking about irresponsible borrowing, but sensible borrowing - like a 12 figure company borrowing at low rate to make a sound acquisition of an undervalued 10 or 11 figure company without having to pull capital out of other investments. Or a consumer buying a nice house with a fixed low rate, writing the interest off on income tax, and wisely investing whatever cash was not put down on the home purchase. Or buying a decent car with 0% financing (no way I'm gonna pull tens of thousands in cash out of a sound investment to buy a car that will eventually be worth a fraction of its purchase price). Or taking out a loan to start or maintain your own private business. Try doing any of these things after a period of time of not having any active credit - difficult, if not impossible.
It is very well possible to start a business without ever being in debt.
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Clearly you have never heard of Dave Ramsey.
Also the bible states the "borrower is slave to the lender." Anyone would be wise to stay away from any and all debt.
I have heard of him. I guess if you were born into very large sums of money, or are some sort of shut-in, or otherwise don't mind living like a pauper, then any and all debt is "evil". ::)
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Not really it just takes hard work and discipline. Basically being able to put off gratification.
Agreed, and it usually pays off in the end.
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It is very well possible to start a business without ever being in debt.
"Caliber Fitness" incorporated in Fantasyland, USA perhaps? ;D
Not all businesses started out needing to borrow (although a great many do). But you'd be pretty hard pressed to find very many "real" businesses that don't have (and use at one time or another) lines of credit. Just about any schmuck can put together $100-200 and "incorporate" and maybe make a few dollars a week or year while living in Mom's basement, but I'm not really talking about those "ballers".
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"Caliber Fitness" incorporated in Fantasyland, USA perhaps? ;D
Not all businesses started out needing to borrow (although a great many do). But you'd be pretty hard pressed to find very many "real" businesses that don't have (and use at one time or another) lines of credit. Just about any schmuck can put together $100-200 and "incorporate" and maybe make a few dollars a week or year while living in Mom's basement, but I'm not really talking about those "ballers".
Me neither. I'm talking from experience. Takes a few years longer but in the end, it's your company and not someone else's.
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avoid debt at all cost, there are very few occasions where it really makes sense
when I bought my house I was offered a line of credit, I took it, but thought I would never use it.
boy was I wrong. it was a lifesaver.
when I bought my house, what I did not take into account was the fact that my bank account went from very high to almost nothing instantly (after a $27,000 downpayment that took me two years to save).
what that meant was that I basically had to live on my line of credit (as well as buy a bit a furnature) for the first few months..
with out that line of credit, I would have been fucked.
the interest is quite low too, which is good. its easy to pay back. just pay it back as much as you can each month.
bottom line is, if used correctly, they can save your ass sometimes.
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when I bought my house I was offered a line of credit, I took it, but thought I would never use it.
boy was I wrong. it was a lifesaver.
when I bought my house, what I did not take into account was the fact that my bank account went from very high to almost nothing instantly (after a $27,000 downpayment that took me two years to save).
what that meant was that I basically had to live on my line of credit (as well as buy a bit a furnature) for the first few months..
with out that line of credit, I would have been fucked.
the interest is quite low too, which is good. its easy to pay back. just pay it back as much as you can each month.
bottom line is, if used correctly, they can save your ass sometimes.
as
X2 Credit Lines rule if you have a house.
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Sure if real estate is involved, it can make sense.
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Bay-
I am actually a model employee. Good with apartments. My reasoning for not paying the old debts (and this may be flawed) is that they are quite old. Most are 4 years old at this point and from what I know, even if I pay them off right now I still will not see an improvement in my score for 2-3 years so why bother? After 7 years I can request they drop off anyway. Since my creditors only cared if i was alive because they stood to profit from me, I likewise should not give them the time of day unless I stand to gain as well correct? If you told me that paying these things off today will benefit me greatly in the next 30-90 days I might consider. As for personal debts you will not find one single person I owe money to. A creditor and family member are not the same, neither is being a competant and valuable employee. Your logic is flawed to correlate a low score with being a shady unsavory person whom you would not trust.
I think the statue of limitations in most states where a creditor can't legally hassle you anymore for unpaid debts is seven years...you are correct.
Let's do some math.
Since you have debt that's in collections ...your credit score is fucked right now and you can't even get a cell phone contract. In 2013, 3 years from now your debts will be written off. Then you're gonna have AT LEAST 3 more years of bad credit ... you won't get any car loan (except insane interest), mortgage, ...etc.
It's not like in 3 years when the debt collectors stop hassling you, your credit history will magically be cleared of your shitty repayment history. You have about 6 more years of living in the dog house, except if you buy everything with cash...which you obviously can not do because you have to borrow money.
You need to work with the debt collectors and figure out a payment plan ...you have to tell them that if you can afford $50/month...that's all they're getting.
Anyways, like a few people have already said, you reasoning is flawed because you're justifying and rationalizing your deliquency. You have to take responsibility for you actions man, no other way about it.
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I think the statue of limitations in most states where a creditor can't legally hassle you anymore for unpaid debts is seven years...you are correct.
Let's do some math.
Since you have debt that's in collections ...your credit score is fucked right now and you can't even get a cell phone contract. In 2013, 3 years from now your debts will be written off. Then you're gonna have AT LEAST 3 more years of bad credit ... you won't get any car loan (except insane interest), mortgage, ...etc.
It's not like in 3 years when the debt collectors stop hassling you, your credit history will magically be cleared of your shitty repayment history. You have about 6 more years of living in the dog house, except if you buy everything with cash...which you obviously can not do because you have to borrow money.
You need to work with the debt collectors and figure out a payment plan ...you have to tell them that if you can afford $50/month...that's all they're getting.
Anyways, like a few people have already said, you reasoning is flawed because you're justifying and rationalizing your deliquency. You have to take responsibility for you actions man, no other way about it.
This post makes sense. SO how about this idea- take out new lines of credit and use them to pay off old credit. That sounds logical- i get the benefit of better credit whilst taking care of old bills at the same time. <<< ? >>>
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Dude...nobody is gonna lend you a penny. Not until everything is paid off and then for atleast another 3 years of excellent repayment history.
Taking out new credit to pay for old is asinine and not feasible in your case.
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People don't realize how debilitating life is with shitty credit. That is if you want to be a homeowner, have a decent car, any toys...etc.
To even get a goddamn hotel room or rental car you need a credit card (they won't take debit cards).
Only cell phone you can have is a prepaid one.
Even when you do graduate from school your credit history will still be shit...you won't be able to buy the things you want like a new car...etc.
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This post makes sense. SO how about this idea- take out new lines of credit and use them to pay off old credit. That sounds logical- i get the benefit of better credit whilst taking care of old bills at the same time. <<< ? >>>
LOL. You don't have a clue, do you?
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LOL. You don't have a clue, do you?
Sigh. :'(
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Anyone who is a connoisseur of fine men in thongs is a friend of mine.
(http://img301.imageshack.us/img301/5011/111503995278gw2.jpg)
great natural bodybuilder
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Dude...nobody is gonna lend you a penny. Not until everything is paid off and then for atleast another 3 years of excellent repayment history.
Taking out new credit to pay for old is asinine and not feasible in your case.
I already have a card which is due to be bumped to $500 in jan or feb with almost a year of perfect history. I also have 1k handy to use to purchase a secured cc. I don't see why this is a bad idea that I came up with.
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Hmm. Did you know that Germany is due to finish paying off their WW1 debts very soon? You pay your debts because they are debts you incurred. What part of that do you not understand!?
Fools cannot understand. Bah!
This is the same guy who wrote that he had "morals."
Apparently his morals do not require him to pay his debts. ::)
Bah ha ha ha ha Bay owned him out of existence! He won't recover! Doom is amused!
I already have a card which is due to be bumped to $500 in jan or feb with almost a year of perfect history. I also have 1k handy to use to purchase a secured cc. I don't see why this is a bad idea that I came up with.
It is a bad idea because you came up with it. Now do you see? But no. I would be a fool to think you (with your 600 credit IQ score) might understand what only Doom can know. Bah!
Doom disapproves.
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I already have a card which is due to be bumped to $500 in jan or feb with almost a year of perfect history. I also have 1k handy to use to purchase a secured cc. I don't see why this is a bad idea that I came up with.
::)
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There's almost no difference between a paid vs. unpaid charge-off in terms of credit scoring. A lot of places will not issue mortgages to people with unpaid or written off debt, though. Depending upon who the money is owed researching "Pay for delete" letters may be of some benefit. There are companies, like American express, who never sell debts and it's impossible to negotiate with them unless you're offered entry into their OASIS program.
There's a lot of information out there about credit repair but most of it is either wrong or useless. Creditboards dot com is a great place to learn about shit like that. Their general forums is pretty much a support group for fat, man-hating, soccer moms and should be avoided.
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I love these "broke" college students. If you can't afford, then don't buy it. No debt and no problem. You learn this stuff in 1st grade, if you borrow something give it back.
Most people that go to a "Real" college get students loans. ::)
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Ok so my score is about 600 right now. Have some stuff in collections which I doubt i will pay (its all pretty old). I have 1-2k i can afford to use for these credit cards. Advice? I currently have one cc with (dont laugh) a $300 limit which I have totally paid off. I wanted to buy a new car, but I'm not sure what to do really.
Advice?... don't buy a new car... ever.
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line of credits can be good because the interest is typically very low.
much lower than a credit card.
the danger is that the bank can jack up your interest at any time.
so if your minimum payment is say $200 on a $6000 debit and you are paying it each month you ar fine.
but if they raise your interest and all of a sudden your min. payment becomes $400 and you can't pay it, you are in trouble.
use them for emergencies only and pay down as quickly as you can.
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Moves to Garnish Pay Rise as More Debtors Fall Behind
By JOHN COLLINS RUDOLF
PHOENIX — When the bank sued Leann Weaver for not paying her credit card balance, her reaction was typical for someone in that situation. Personal and financial setbacks weighed her down, and she knew she owed the $2,470. So she never went to court to defend herself.
She was startled by what happened next. When she swiped her debit card at the grocery store, it was declined. It turned out Capital One Bank had taken $224.25 from her paycheck, a quarter of her wages for two weeks of work at a retail chain, and her bank account was overdrawn.
“They’re kicking somebody who’s already in the dirt,” she said.
One of the worst economic downturns of modern history has produced a big increase in the number of delinquent borrowers, and creditors are suing them by the millions. Concern is mounting in government and among consumer advocates that the debtors are not always getting a fair shake in these cases.
Most consumers never offer a defense, and creditors win their lawsuits without having to offer proof of the debts, much less justify to a judge the huge interest charges and penalties they often tack on.
After winning, creditors can secure a court order to seize part of the debtor’s paycheck or the funds in a bank account, a procedure called garnishment. No national statistics are kept, but the pay seizures are rising fast in some areas — up 121 percent in the Phoenix area since 2005, and 55 percent in the Atlanta area since 2004. In Cleveland, garnishments jumped 30 percent between 2008 and 2009 alone.
Debt collectors say they are being forced into the action by combative debtors who dodge attempts to settle. “I think there’s a lack of accountability among debtors, and a lack of interest in reaching out to their creditors to resolve things amicably,” said Fred N. Blitt, president of the National Association of Retail Collection Attorneys.
Bankruptcy can clear away most debts. Yet sweeping changes to federal law in 2005 — pushed by the banking lobby — complicated that process and more than doubled the average cost of filing, to more than $2,000. Many low-income debtors must save for months before they can afford to go broke.
In some states, courts allow creditors to charge high interest rates for years after a lawsuit is decided in their favor. In others, creditors can win lawsuits by default and seize wages and bank accounts without a case ever appearing before a judge.
Lack of participation is the most fundamental problem. Some consumers do not even know they are being sued; the people who are supposed to serve them with formal notice have sometimes been caught skipping that step and doctoring the paperwork.
In far more cases, consumers are served but still do not offer a defense. Few can afford lawyers; others are intimidated or confused. In their absence, judges can offer little relief.
In the rare event that a consumer battles back, creditors frequently lack the documentation to prove their claim, and cases are dropped. That is because many past-due debts are owned not by the banks that issued them, but by debt collectors who bought, for cents on the dollar, a list of names and amounts due.
“If the consumers were armed with more education about how to defend against these debts, they’d be successful,” said Jeffrey Lipman, a civil magistrate in Des Moines.
The case of Sidney Jones shows how punishing the system can be. In January 2001, Mr. Jones, 45, a maintenance worker from California Crossroads, Va., took out a $4,097 personal loan from Beneficial Virginia, a subprime lender now owned by HSBC, the big bank.
He fell behind, and Beneficial sued. Mr. Jones did not appear in court. “I just thought they were going to take what I owed,” he said.
By default, Beneficial won a judgment of $4,750, plus $900 in lawyers’ fees, with the debt accruing interest at 27.55 percent until paid in full. The bank started garnishing his wages in March 2003.
Over the next six years, the bank deducted more than $10,000 from Mr. Jones’s paychecks, but he made little headway on his debt. According to a court order secured by Beneficial’s lawyers last spring, he still owed the company $3,965, a sum nearly equal to the original loan amount.
Mr. Jones, who did not graduate from high school, was baffled. “Where did all this money go that I paid them?” he said.
Dale Pittman, a consumer law lawyer in Petersburg, Va. , took Mr. Jones’s case without charge, and found that all but $134 of his payments had gone toward interest, fees and court costs. “It’s a perfectly legal result under Virginia law,” Mr. Pittman said.
HSBC said it ceased collection shortly after Mr. Pittman took the case, but declined further comment. “We are confident we are treating our customers fairly and with integrity,” Kate Durham, a spokeswoman for HSBC North America, said in an e-mail message.
The rare debtors who press their claims, and catch a sympathetic judge, have a shot at a result more to their liking.
Ruth M. Owens, a disabled Cleveland woman, was sued by Discover Bank in 2004 for an unpaid credit card. Ms. Owens offered a defense, sending a handwritten note to the court.
“After paying my monthly utilities, there is no money left except a little food money and sometimes it isn’t enough,” she wrote.
Robert Triozzi, a judge at the time, heard the case. He found that over a period of several years, Ms. Owens had paid nearly $3,500 on an original balance of $1,900. But Discover was suing her for $5,564, mostly for late fees, compound interest, penalties and other charges. He called Discover’s actions “unconscionable” and threw the case out.
Discover defended its actions. “This account was placed with an attorney only after all other efforts to reach the card member were exhausted,” Matthew Towson, a bank spokesman, said in an e-mail message.
Going to court is no guarantee of victory, of course. Consumers who do go are sometimes intercepted by collection lawyers, who press them to sign papers settling without a trial. These settlements may be against the interests of debtors, but they sign anyway.
“We’re signing off on a lot of settlement agreements where we shake our heads and ask, ‘Why is this person settling to this?’ ” Judge Lipman said.
For the working poor, losing a lawsuit can mean disaster. A 1968 federal law exempts 75 percent of a worker’s wages, or 30 times the minimum wage per week, from being taken in garnishment — whichever is less. But increases in the minimum wage have failed to keep up with inflation. As federal law stands now, just $217.50 a week is exempt from seizure. (A few states set higher cutoffs.)
The working poor “have difficulties maintaining payments on life’s necessities with their full paycheck,” said Angela Riccetti, a lawyer with Atlanta Legal Aid who represents indigent clients whose wages are being garnished. “You lose 25 percent of it and everything folds.”
For Leann Weaver, the woman at the grocery store, Capital One’s lawsuit made a bad situation worse. After being evicted from her apartment, she moved in with her grandparents. Without them, she might have ended up on the street or in a shelter, she said.
Capital One declined to comment on Ms. Weaver’s case. “We encourage anyone facing difficulties meeting their financial obligations to contact us right away,” Tatiana Stead, a bank spokeswoman, said in an e-mail message.
Ms. Weaver said she repeatedly asked Capital One for more time to pay her $2,470 debt, but last year the bank filed suit. She failed to show up in court, and a judgment was entered against her, swollen by $1,800 in interest and lawyers’ fees. Then the garnishment began, almost $500 a month, or a quarter of her pay.
“I can’t even look at my paychecks any more,” she said.
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15 Times When You Shouldn't Use Your Credit Card
by Marcia Frellick
There are plenty of reasons to use a credit card — convenience, accountability and safety among them — but when is it better just to step away from the swiper?
There are many out there who would say that there's never a good time to use a credit card, and that cash, debit or anything else would be a better choice. While forgoing credit for good may or may not be realistic, there are some times when it is best to just leave the card in your wallet or purse. Here are some times when you should never use your card:
1. After midnight. Paraphrasing Eric Clapton, after midnight tends to be when people let it all hang out — even financially. "After midnight is the time you get into more trouble rather than making a sound financial decision. If you're at a club or casino, just go home," says Michael McAuliffe, president of Family Credit Management in Chicago. Put the card away and take another look in the morning.
2. When you're near your credit limit. "You don't want to be even within a couple hundred of your limit or your credit score will go down," says Mary Ellen Nicol, counselor with CredAbility in Atlanta. If you're getting too close to your credit limit, ask your credit card company to raise your limit, switch to a card with a lower balance or find another way to pay.
3. When considering an extended warranty at the car dealership. You can probably get a better deal if you roll the warranty cost into the car loan. Even though you may have a slightly higher monthly car payment that way, wrapping it into a secured loan likely still beats paying high interest for it on your credit card, says David Johnson, bankruptcy counseling director at ClearPoint Credit Counseling Solutions in Los Angeles.
5. If you're paying off one card with another, and it's a habit: "If you're swapping your debt every six months, that's going to show up on your credit report," Bowne says. If it's a one-time thing, consider whether the offer is too good to be true. "Transfer fees have gone up at least a percent on average in the last year," Bowne says. "We're talking about 4 percent of your debt you're going to pay up front just to transfer the debt." Be clear on the rate you will pay after the promotional rate ends. It could be higher than the rate you're trying to escape from, she warns.
6. At a flea market: "It used to be that you always had to have a wad of cash. Now, through the magic of technology, some guy selling rickety, old wagon wheels can take your credit card," Williams says. This is the kind of purchase where convenience doesn't outweigh the risk, she says. Bring the cash.
7. If you think you're building your credit history: David Beddoe, counselor with American Financial Solutions in Seattle, says he hears that a lot. While your credit score goes up if you pay off the purchases you make, putting items on a credit card without paying them off will have the opposite effect on your score, he says.
8. If you can't pay for half of the purchase with cash on hand: Say you need new tires, Nicol says. If you don't have half the money right now to pay for the repairs, wait until you do. Then charge the purchase, pay off half right away and make a plan to pay the rest in one to two months. In the case of tires, you probably knew you needed them months ago and that would have been the time to plan ahead for the expense, she says. Check out public transportation or reduce your driving and save until you can afford at least half.
9. When it's all about the rewards points: Rewards points "should be nowhere in the equation for making that decision or not making it," says Michael McAuliffe, president of Family Credit Management in Chicago. "Base your decision on the merits of the purchase." Otherwise, you will tend to overspend. If you want to finance a vacation, skip the coffee or dessert or find cheaper parking and put away $5 a day for a year, he says.
10. When you think prices may drop: "For many things in our society, we're starting to see deflation. If you think it's going to cost less in three months, why start paying interest on it today?" McAuliffe says.
11. To buy something from a website with an obscure foreign extension: Don't charge online if you don't know who you are dealing with, says Catherine Williams, vice president of financial literacy for Money Management International. "While you always have protection under the Fair Credit Billing Act, the damage that can be done during that 30 days (until you see it on your bill) is just crazy." Study the website -- watch for suspicious wording — to make sure it is legitimate.
12. If you don't have a plan for paying it off: "We always recommend paying a purchase off in no more than three months. Without a game plan, you're playing credit card roulette. That's when people get into trouble," says Kathy Virgallito, a regional director for Apprisen Financial advocates.
13. If you're charging things that you used to pay cash for: That's a red flag that you're getting overextended, Virgallito says. You need to review your credit card statements and identify where the budget issues are. If you're suddenly having more car repairs or travel expenses to visit a sick relative, you may need to create a specific savings account for those things rather than relying on credit, she says.
14. When you feel that you'll save money by purchasing something you want rather than need. Beddoe gives the example of someone saying, "If I buy this 60-inch TV right now, I can save $200 on it." If you never planned to get that TV in the first place, it's hardly a savings, says Beddoe.
15. When the temptation for a big impulse buy strikes: "We instituted the 24-hour rule at our house," Williams says. "Anything over a certain dollar amount that isn't food, we have to wait 24 hours to buy. Had we not observed that ...I would have a fire engine red wicker chair. It would have been so cute on the Fourth of July for about 20 minutes."
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^^^BAD CREDIT *BUMP*
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America's Worst Credit Card
by Consumer Reports
Some of the highest-fee cards are aimed at people with a poor or limited credit history. The two below are particularly fee-laden.
Worst: First Premier Bank Mastercard
This card made our list of the worst cards two years ago, and it doesn't look like it has improved. In 2007, First Premier signed a $4.6 million settlement with the New York Attorney General's office over the card's deceptive marketing practices. First Premier's card now advertises a $25 to $95 processing charge (which fluctuates by the minute, depending on when you click on the card's website).
What's worse is that when you drill deeper into the fine print, you'll find a $75 annual fee and an APR of 23.9 percent to 59.9 percent on purchases and cash advances (again, depending on when you visit the site). So you could face a minimum of $100 or a maximum of $170 in fees in the first year for a card with only a $300 initial credit limit. Other fees include an $11 charge for expediting bill payment over the phone and a credit-limit increase fee equal to 50 percent of the increase. So for every $100 that First Premier increases your credit limit it charges you $50. Also, look out for copycats of this card. First Premier Bank markets very similar cards under the names Centennial and Aventium.
Runner-up: Platinum Zero Secured Visa from Applied Bank
The Platinum Zero's marketing trades off its name -- zero percent APR on purchases, zero application fee, zero annual fee. But the zero fees end about halfway through the terms and conditions with a $9.95 monthly "maintenance" fee that equates to $119.40 annually. If you're late paying your bill, you'll get hit with a fee of up to $35. And though the card claims to charge zero percent APR on purchases, the agreement states, "There is no grace period for the account. Interest charges accrue on purchases, cash advances and our charges beginning on the date the transaction occurs or on the first day of the billing cycle in which the transaction is received by us or, at our option, the date the transaction is posted to your account."
What to Do
If you want to repair or to build your credit history, a better option is the Citi Secured Mastercard. That card has a $29 annual fee, but the $200 to $5,000 that you deposit (and that sets your credit limit initially) goes into an 18-month CD, currently earning 4.07 percent. After 18 months, you become eligible for an unsecured Citi card. Also, consider the Orchard Bank Secured Mastercard, which waives its $35 annual fee in the first year and has a 7.9 percent APR.
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THE BEEF can see both sides of the coin . . . it is his debt and he should honor it, however at this late date it has been ( most likely ) factored out at 10 cents on the dollar and written off by the company. However, big business, government and hustlers ( Madoff ) do this as a sole means of generating capital. It's all a big fucken game.
Take a look at the fat bastard Keith, ripped off Dave Palumbo for cash and stated on this board this board the promoter did not give him the funds to cover his checks. He had no problem ripping off individuals ( including THE BEEF for $100 bet he lost.) Assclowns like Keith are out there screwing everyone, so fuck it, but keep your nose clean from here on out son.
And THE BEEF still thinks Keith should be put in timeout until he makes good on his bet.
THE BEEF
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Capital One dredges up decade-old, charged-off debt
The bank says it was only complying with a new Fed rule when it billed a Hollywood couple for a $2,000 credit card balance it wrote off 10 years ago plus interest — a total of $5,195 — even though the statute of limitations has passed.
by David Lazarus
Frank Cavestani and his wife fell behind on their Capital One credit card payments about a decade ago. Their accounts were subsequently closed by the lender, which wrote off about $2,000 in debt they couldn't pay.
So it was more than a little strange when the Hollywood couple received a pair of bills from Cap One the other day for a combined $5,195.07 in debt and interest.
Stranger still, when Cavestani contacted Cap One, he said a service rep told him the resurrecting of old loans is accommodated by recent credit card regulations approved by the Federal Reserve — even though most states have a statute of limitations for how long credit card debt can be pursued by a lender.
In California's case, that statute of limitations is four years. Cavestani's debt dates back to 2000, which means Cap One can't sue him for failing to pay up.
"I thought at first this must be some sort of fraud," Cavestani, 58, told me. "I didn't see how Cap One could be saying I still owed them money."
Cavestani's situation serves as a warning to other consumers who might think they're free and clear of a debt but who suddenly find the ghosts of lenders past knocking at their door. It's important to know your rights.
Cap One spokeswoman Tatiana Stead essentially confirmed Cavestani's story.
She said Cap One was complying with Section 226.5(b)(2) of the Federal Reserve's Regulation Z, which requires lenders to send a statement for each billing cycle. But it stipulates that "a periodic statement need not be sent for an account if the creditor deems it uncollectable, or if delinquency collection proceedings have been instituted."
The regulation requires Cap One to send out statements for charged-off accounts, "regardless of whether we are still actively seeking to recover on the debt," Stead said.
You'd think a debt that's already been charged off by a lender sits squarely in the uncollectable pile. A charge-off, or write-off, basically means a lender is chalking up a nonpaying loan as a loss and moving it off its accounting books.
In any case, a credit card debt that surpasses a state's statute of limitations is, by definition, uncollectable. While the debt may still be valid, a lender can't sue to collect after the statute of limitations has passed.
What seems to be happening here is that Cap One is attempting to comply with a revision of the notification rule passed by the Fed last year. Card issuers are now required to send out statements for charged-off accounts if the issuer is still charging interest or fees for the account.
Cap One is apparently digging deep into its loan portfolio and ensuring that former customers remain on the hook, even if the company has no intention of actually going after the money.
Why? The only reason I can think of is that it may want to sell the old loans to a debt collector and then let the collector take a shot at squeezing some cash from consumers.
Good luck with that. Without the ability to sue, all a debt collector can do is ask, pretty please, for some money.
Or it can try to trick the unwary into thinking they have to make a payment, which is also what Cap One may be doing.
I spoke with a number of government officials in trying to get the lay of the land on this one. They all declined to comment on the record because they didn't know all the facts of the case. But each said it appeared that Cap One may be misleading consumers into thinking that money had to be paid when it didn't really.
The bills received by the Cavestanis clearly say "payment due" for each account and that the cash is "past due."
Cavestani said there's nothing ambiguous about this. "It means you have to pay them some money," he said.
Yet neither he nor his wife had received any other communication from Cap One for the 10 years since their accounts were closed — no bills, no notices, nothing.
Last year, Cavestani made a deliberate effort to pay off all outstanding debts by taking out a loan from a credit union and working with a counselor to get his finances in order. He hoped to rebuild his credit for an eventual home purchase.
Cavestani said he and the counselor went over his credit file line by line. There was nothing outstanding for Cap One.
In any case, while Cavestani acknowledged that financial difficulties caused him to miss months of payments a decade ago, he's not trying to be a deadbeat.
"If they want me to pay the original amount, I would do that," he said. "But they charged off the account and stopped sending me bills. I don't think I should now have to pay all that interest."
Cavestani wonders how many other people may also be receiving payment-due notices for loans they thought had been forgiven. "I'm sure this isn't happening only to me," he said.
If you get such a notice for any loan older than four years (that's for California; it may be different in other states), call the lender and explain how things really stand. Maybe it'll go away, maybe it won't.
But just because they say you have to cough up some money, that doesn't necessarily make it so.
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Lol so I've owed about $46 due outstanding physiotherapy for like two years now? So my credit is fucked for like 3 years :o
Shitty never had an issue with paying the bill simply moved alot, changed/lost phones several times. So I have no bill or anything, can't pay it at there office, and don't have a credit card. Still have no fucking clue how to pay it without using a credit card over the phone, or spending $300 just to pay it at there location.
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Lol so I've owed about $46 due outstanding physiotherapy for like two years now? So my credit is fucked for like 3 years :o
Shitty never had an issue with paying the bill simply moved alot, changed/lost phones several times. So I have no bill or anything, can't pay it at there office, and don't have a credit card. Still have no fucking clue how to pay it without using a credit card over the phone, or spending $300 just to pay it at there location.
Good thing is you always have cockswallowin' to fall back on chief ... ;)
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Good thing is you always have cockswallowin' to fall back on chief ... ;)
Dude you make being cool so easy whats your secret?
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Dude you make being cool so easy whats your secret?
Not sucking dick for starters ...
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Not sucking dick for starters ...
Great advice JJ...
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Good thing is you always have cockswallowin' to fall back on chief ... ;)
"You can build a thousand bridges..."
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"You can build a thousand bridges..."
Yes I can.
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Bay-
I am actually a model employee. Good with apartments. My reasoning for not paying the old debts (and this may be flawed) is that they are quite old. Most are 4 years old at this point and from what I know, even if I pay them off right now I still will not see an improvement in my score for 2-3 years so why bother? After 7 years I can request they drop off anyway. Since my creditors only cared if i was alive because they stood to profit from me, I likewise should not give them the time of day unless I stand to gain as well correct? If you told me that paying these things off today will benefit me greatly in the next 30-90 days I might consider. As for personal debts you will not find one single person I owe money to. A creditor and family member are not the same, neither is being a competant and valuable employee. Your logic is flawed to correlate a low score with being a shady unsavory person whom you would not trust.
why bother?
id like to be the bank when you came to me for money, id just say to your monkey ass, why bother.
lame ass broke dick chump
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Not sucking dick for starters ...
lål :D
i bet that lundgren regrets that he admitted he was a dicksucker :D
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why bother?
id like to be the bank when you came to me for money, id just say to your monkey ass, why bother.
lame ass broke dick chump
LOL! You will never be working in a bank or ever hold a real job. You have no education beyond high school and you're in your thirties still working in a gym. Oh brother.
The rest of your working life will be behind a counter checking in guys like Methyl Mike coming in for a workout and saving your pennies for your next cycle.
You will always be a lame ass broke dick chump.
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all cock
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Only reason to have and use a credit card is for transactional purposes - guarantee hotel reservations, book flights online, rental car deposits.
Some cards offer interbank currency exchange rates on items purchased abroad, which can be much better than what you would get in exchange bureaux.
Other cards offer useful insurance cover on items purchased, delayed or lost luggage, missed flight connections, etc.
Some cards allow you to use airport business class lounges for free, others give you cash back at the end of the year (such as 1% on everything spent) or air miles. Then there are cards that can provide you with a replacement card and emergency cash anywhere in the world, useful if you lose your wallet (or get robbed) abroad.
Just make sure that you get the card that is best for you.
The better your credit score, the more likely you get approved for a useful card that comes with benefits as the ones described above. If your credit score is shit, you can only get a shit card that rips you off with high interest rates and fees and doesn't offer anything extra.
No matter what kind of card you have always pay your balance in full before any interest is charged.
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Jailed for $280: The Return of Debtors' Prisons
By Alain Sherter
How did breast cancer survivor Lisa Lindsay end up behind bars? She didn't pay a medical bill -- one the Herrin, Ill., teaching assistant was told she didn't owe. "She got a $280 medical bill in error and was told she didn't have to pay it," The Associated Press reports. "But the bill was turned over to a collection agency, and eventually state troopers showed up at her home and took her to jail in handcuffs."
Although the U.S. abolished debtors' prisons in the 1830s, more than a third of U.S. states allow the police to haul people in who don't pay all manner of debts, from bills for health care services to credit card and auto loans. In parts of Illinois, debt collectors commonly use publicly funded courts, sheriff's deputies, and country jails to pressure people who owe even small amounts to pay up, according to the AP.
Under the law, debtors aren't arrested for nonpayment, but rather for failing to respond to court hearings, pay legal fines, or otherwise showing "contempt of court" in connection with a creditor lawsuit. That loophole has lawmakers in the Illinois House of Representatives concerned enough to pass a bill in March that would make it illegal to send residents of the state to jail if they can't pay a debt. The measure awaits action in the senate.
"Creditors have been manipulating the court system to extract money from the unemployed, veterans, even seniors who rely solely on their benefits to get by each month," Illinois Attorney General Lisa Madigan said last month in a statement voicing support for the legislation. "Too many people have been thrown in jail simply because they're too poor to pay their debts. We cannot allow these illegal abuses to continue."
Debt collectors typically avoid filing suit against debtors, a representative with the Illinois Collectors Association tells the AP. "A consumer that has been arrested or jailed can't pay a debt. We want to work with consumers to resolve issues," he said.
Yet Illinois isn't the only state where residents get locked up for owing money. A 2010 report by the American Civil Liberties Union that focused on only five states -- Georgia, Louisiana, Michigan, Ohio, and Washington -- found that people were being jailed at "increasingly alarming rates" over legal debts. Cases ranged from a woman who was arrested four separate times for failing to pay $251 in fines and court costs related to a fourth-degree misdemeanor conviction, to a mentally ill juvenile jailed by a judge over a previous conviction for stealing school supplies.
According to the ACLU: "The sad truth is that debtors' prisons are flourishing today, more than two decades after the Supreme Court prohibited imprisoning those who are too poor to pay their legal debts. In this era of shrinking budgets, state and local governments have turned aggressively to using the threat and reality of imprisonment to squeeze revenue out of the poorest defendants who appear in their courts."
Some states also apply "poverty penalties," including late fees, payment plan fees, and interest when people are unable to pay all their debts at once, according to a report by the New York University's Brennan Center for Justice. Alabama charges a 30 percent collection fee, for instance, while Florida allows private debt collectors to add a 40 percent surcharge on the original debt. Some Florida counties also use so-called collection courts, where debtors can be jailed but have no right to a public defender.
"Many states are imposing new and often onerous 'user fees' on individuals with criminal convictions," the authors of the Brennan Center report wrote. "Yet far from being easy money, these fees impose severe -- and often hidden -- costs on communities, taxpayers, and indigent people convicted of crimes. They create new paths to prison for those unable to pay their debts and make it harder to find employment and housing as well to meet child-support obligations."
Such practices, heightened in recent years by the effects of the recession, amount to criminalizing poverty, say critics in urging federal authorities to intervene. "More people are unemployed, more people are struggling financially, and more creditors are trying to get their debt paid," Madigan told the AP.
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This is the thread that broke Methyl Mike's account. He's been silent lately. Maybe he went to Greece to help restructure their debts with his savvy financial insight? ;D
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This is the thread that broke Methyl Mike's account. He's been silent lately. Maybe he went to Greece to help restructure their debts with his savvy financial insight? ;D
Methyl Mike no longer exists. People credit me for his destruction, but the truth is, he owned himself out of existence. I just happen to witness it. 8)
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Methyl Mike no longer exists. People credit me for his destruction, but the truth is, he owned himself out of existence. I just happen to witness it. 8)
Perhaps. I think you're being overly-modest. You kept handing him rope, and he kept hanging himself. ;D
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this thread is a good example of what the fuck is wrong wit americans these days
they're fucking crazy
mike thinks he can ignore debt because he comes up woth soem kind of logic like the debt is too old, what he doesn't realize is whether he can ignore them or not is a function of what recourse the credit companies have to collect the debt, not what stupid ideas are bubblign around in his stupid head
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Perhaps. I think you're being overly-modest. You kept handing him rope, and he kept hanging himself. ;D
"I am its deliverer; I am its witness." ;D
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this thread is a good example of what the fuck is wrong wit americans these days
they're fucking crazy
mike thinks he can ignore debt because he comes up woth soem kind of logic like the debt is too old, what he doesn't realize is whether he can ignore them or not is a function of what recourse the credit companies have to collect the debt, not what stupid ideas are bubblign around in his stupid head
I am sorry but I have MORALS...
I hate it here. Is Texas the answer?
This never gets old. :D
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Clearly you have never heard of Dave Ramsey.
Also the bible states the "borrower is slave to the lender." Anyone would be wise to stay away from any and all debt.
Who gives a flying **** what some text in the Bible says or any religious text for that matter. Unless one really is at cross roads and has fallen in hard times, pay back the same way you borrowed.
Let's no go down this holier than thou road bull crap.
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It is very well possible to start a business without ever being in debt.
Yes, a lemonade stand in your logic.
Every small and larger corporation is billions in debt. That is how they got to the status where they are. Some just use the debt wiser than others like any consumer.
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Yes, a lemonade stand in your logic.
Every small and larger corporation is billions in debt. That is how they got to the status where they are. Some just use the debt wiser than others like any consumer.
I'm not talking about lemonade stands and I have first hand experience.
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Ok so my score is about 600 right now. Have some stuff in collections which I doubt i will pay (its all pretty old). I have 1-2k i can afford to use for these credit cards. Advice? I currently have one cc with (dont laugh) a $300 limit which I have totally paid off. I wanted to buy a new car, but I'm not sure what to do really.
It is thinking like yours that causes so many problems. Why are you not paying off the debts in collection? No matter how old they are, to not pay them is a form of theft. With this kind of attitude about your obligatiions, you'll probably never have good credit....at least you don't deserve to.
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Aside from big ticket items, such as a mortgage or an automobile loan, one should try to pay off their revolving debt monthly. Paying interest on consumable goods is ridiculous. After you've used it up, you're still paying for it plus interest. One exception might be if a company is offering an interest free loan for a certain time period. One caution is that you absolutely must pay it off within that time period or they often back charge folks for the interest. If you pay it off in time, you've effectively used their money, interest free.
My credit score is about as high as you can get and I have no debt other than a very small mortgage on my home. I use my credit cards (American Express and Visa) to pay for everything I buy and pay them off monthly without having to pay one cent in interest. Besides getting a bunch of points, I don't have to bother with carrying around cash. The most cash I ever have is about $20.
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Should Debt Outlive a Student?
April 27, 2012
By Mitch Smith
KeyBank will now take a case-by-case approach in deciding whether to collect when a student loan debtor dies, almost certainly a response to a Change.org petition that criticized the lender for not forgiving tens of thousands of dollars in loans made to a late Rutgers University student.
Christopher Bryski, then a Rutgers junior, was injured in 2004 in a recreational accident. After two years in a vegetative state, Bryski died with about $50,000 in student loan debt. His father had co-signed for those loans.
The federal government forgives all debts when students die. Most private lending agencies do the same, said Harrison Wadsworth, special counsel to the Consumer Bankers Association’s Education Funding Committee.
“The general practice is that the bank would relieve the co-signer,” Wadsworth said after the CBA conducted an informal survey of several members Thursday afternoon to learn about their policies. “I think it’s just that the banks want to do the right things in these cases and that’s why these policies are in place.”
But because Bryski’s father had co-signed the loan, KeyBank was not required to write off Christopher’s debts. For six years, it didn’t.
"Some banks take the position that you took out the loan, you co-signed for it, you’ve got to pay it back," said a KeyBank spokeswoman, Lynne Woodman. "Some banks take the position that we will always forgive the loan if a student dies and there's a co-signer. Others do it case by case."
Bryski’s father came out of retirement to meet the monthly payments while the family campaigned for KeyBank to forgive the loans. Family members also asked Congress to pass legislation requiring lenders to make clear whether they’d excuse student loans in the event of death or incapacitation. Bills are pending in both the House and Senate.
But for years, the family's pleas to KeyBank went unanswered. It wasn't until more than 75,000 people signed the Change.org petition this month deriding KeyBank’s “ghoulish” practices that the bank eliminated the remaining debts. The family, which didn't respond to a message seeking an interview, still owed about $30,000 on Christopher’s loans.
Woodman declined to comment on Bryski’s case, citing privacy laws, but speaking broadly said the bank would now review cases involving deceased student loan debtors on an individual basis. Woodman wouldn’t say when that policy was instituted, nor would she say how such cases were handled in the past.
Woodman also couldn’t say exactly what “case by case” would mean in practice, though she suggested KeyBank might look at whether a deceased student is leaving a substantial estate in deciding whether to collect.
That didn’t seem to be the case with Christopher Bryski. “When Christopher died, my family didn't just lose a loved one -- we inherited debt for an education that will never be used,” writes his brother Ryan on the Change.org petition. “[E]very month we're reminded of my brother's death in the worst way every time dad puts a check in the mail to a heartless bank.”
At a time when student loans are a hot political issue and the subject of late-night comedy routines, Bryski's story resonated with Change.org visitors. This isn’t the first time the site, which allows anyone to create a petition on just about anything and circulate it worldwide, has been at the center of higher education news. Arizona State University blocked access to the site in February, saying it contained viruses. Skeptics suspected the real cause of the block might have been a petition critiquing the university’s “corporate culture.”
In a statement released by Change, Ryan Bryski expressed gratitude for the online supporters but disappointment that it took that sort of public pressure to persuade KeyBank to relent.
"My family tried for years to get KeyBank to forgive my brother Christopher's loans after he died, and for years they ignored us,” Ryan said. “Thankfully, they couldn't ignore the 75,000 people who signed our petition. It's sad that it took so much to finally get a response, but my family and I are just so grateful that it worked."
Even after the longstanding disagreement between the Bryski family and KeyBank, Woodman said the bank is sympathetic to the family’s loss.
“This is heartbreaking,” she said. “This is real tragedy that these parents have been through and a number of us are holding them in our hearts and our prayers.”
Read more: http://www.insidehighered.com/news/2012/04/27/after-online-petition-bank-forgives-dead-students-loans#ixzz1tXrH9QPn
Inside Higher Ed
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it's a tragedy that people have to pay their bills?
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Not to be a hard case or anything, but seems to me when you cosign on a debt, if the main debtor defaults for whatever reason, you are on the line to repay that debt. If it is decided all lenders be required to forgive debts in the event of death or incapacitation, lenders will find other ways to cover their loses. Often when these things happen, the burden of the loss is assumed by other borrowers. It is unrealistic to think that banks and investors will suffer the loss. Another outcome will be that student loans will become more difficult to acquire. Remember, if the government guarantees these loan and they go into default, our tax dollars are what is used to cover the losses.
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Beware Groink!
Millions Of Americans' Wages Seized Over Credit Card And Medical Debt
by Chris Arnold, NPR and Paul Kiel, ProPublica
Millions of Americans are still grappling with debt they've accumulated since the recession hit. And new numbers out Monday show many are having a tougher time than you might think.
One in 10 working Americans between the ages of 35 and 44 are getting their wages garnished. That means their pay is being docked — often over an old credit card debt, medical bill or student loan.
That striking figure comes out of a collaboration between NPR and ProPublica. The reporting offers the first available national numbers on wage garnishment.
A 'Roundhouse' Punch
Back in 2009, Kevin Evans was one of millions of Americans blindsided by the recession. He had a 25-year career selling office furniture, but suddenly, companies stopped buying furniture. His income collapsed. He sold his three-bedroom home outside Kansas City that he could no longer afford.
For the next several years he worked a string of low-wage jobs: at a lumber yard, at a 24-hour fitness center. He rented a room from a friend. He never collected unemployment. But with a daughter in college and basic living expenses, he ended up with a $7,000 credit card debt that he says he couldn't pay. Evans, 58, had fallen from middle-class life into basic subsistence living.
Then late last year, he found a better-paying, full-time customer service job in Springfield, Mo. Things were finally getting better, until early this year, when he opened his paycheck and found a quarter of it missing. His credit card lender, Capital One, had garnished his wages.
Twice a month, whether he could afford it or not, 25 percent of his pay — the legal limit — would go to his debt, which had ballooned with interest and fees to more than $15,000. "It was a roundhouse from the right that just knocks you down and out," Evans says.
The recession and its aftermath have fueled an explosion of cases like Evans'. Creditors and collectors have pursued struggling cardholders and other debtors in court, securing judgments that allow them to seize a chunk of even meager earnings. The financial blow can be devastating — more than half of U.S. states allow creditors to take a quarter of after-tax wages. But despite the rise in garnishments, the number of Americans affected has remained unknown.
At the request of ProPublica, ADP, the nation's largest payroll services provider, undertook a study of payroll records for 13 million employees. ADP's report, released Monday, shows that among employees in the prime working ages of 35 to 44 who had their wages garnished in 2013, roughly half, unsurprisingly, owed child support. But a sizable number had their earnings docked for consumer debts, such as credit cards, medical bills and student loans.
Actually, for workers earning $25,000 to $40,000 a year, more people were garnished for consumer debt than for child support. This marks a dramatic change. In the past, the vast majority of wage garnishments went to secure child support payments or to collect on unpaid taxes. In recent years, though, debt collectors have been filing millions of lawsuits against people for just basic consumer debt: medical bills, student loans and credit card debt.
Extended to the entire population of U.S. employees, ADP's findings indicate that 4 million workers — about 3 percent of all employees — had wages taken for a consumer debt in 2013. People in some geographic regions and income groups had twice that rate of garnishment.
Carolyn Carter of the National Consumer Law Center says these findings are "alarming."
"States and the federal government should look on reforming our wage garnishment laws with some urgency," she says.
The increase in consumer debt seizures is "a big change," largely invisible to researchers because of the lack of data, says Michael Collins, faculty director of the Center for Financial Security at the University of Wisconsin, Madison. The potential financial hardship imposed by these seizures and their sheer number should grab the attention of policymakers, he says. "It is something we should care about."
High Garnishment Rates In The Midwest
ADP's study, the first large-scale look at how many employees are having their wages garnished and why, reveals what has been a hidden burden for working-class families. Wage seizures were most common among middle-aged, blue-collar workers and lower-income employees.
Nearly 5 percent of those earning between $25,000 and $40,000 per year had a portion of their wages diverted to pay down consumer debts alone in 2013, ADP found. More people in that income group were garnished to pay off consumer debt than to pay child support.
Perhaps due to the struggling economy in the region, the rate was highest in the Midwest. There, more than 6 percent of employees earning between $25,000 and $40,000 — 1 in 16 — had wages seized over consumer debt. Employees in the Northeast had the lowest rate. The statistics were not broken down by race.
Currently, debtors' fates depend significantly on where they happen to live. State laws vary widely. Four states — Texas, Pennsylvania, North Carolina and South Carolina — largely prohibit wage garnishment stemming from consumer debt.
Most states, however, allow creditors to seize a quarter of a debtor's wages — the highest rate permitted under federal law. Evans had the misfortune to live in Missouri, which not only allows creditors to seize 25 percent, but also allows them to continue to charge a high interest rate even after a judgment.
By early 2010, Evans had fallen so far behind that Capital One suspended his card. For months, he made monthly $200 payments toward his $7,000 debt, according to statements reviewed by NPR and ProPublica. But by this time, the payments barely kept pace with the interest piling on at 26 percent. In 2011, when Evans could no longer keep up, Capital One filed suit. Court records show that Evans was served a summons, but he says he didn't understand that the stack of paperwork he received included a summons with a hearing date to appear in court.
If Evans had lived in neighboring Illinois, the interest rate on his debt would have dropped to below 10 percent after his creditor had won a judgment in court. But in Missouri, creditors can continue to add the contractual rate of interest for the life of the debt, so Evans' bill kept mounting. Missouri law also allowed Capital One to tack on a $1,200 attorney fee. Some other states cap such fees to no more than a few hundred dollars.
Evans has involuntarily paid over $6,000 this year on his old debt, an average of about $480 each paycheck, but he still owes more than $10,000. "It's my debt. I want to pay it," Evans says. But "I need to come up with large quantities of money so I don't just keep getting pummeled."
Capital One says in a statement that legal action is always a last resort. The company says it tried to work with Evans but that he was unable to keep up with the payments on a payment plan that he had agreed to.
The Garnishment Process
Companies can also seize funds from a borrower's bank account. There is no data on how frequently this happens, even though it is a common recourse for collectors. Among the people interviewed by NPR and ProPublica who were having their wages garnished, more often than not, debt collectors had also made attempts to seize money from their bank accounts. Some people we interviewed say they had stopped keeping money in banks as a result.
The garnishment process for most debts begins in local courts. A company can file suit as soon as a few months after a debtor falls behind. A ProPublica review of court records in eight states shows the bulk of lawsuits are filed by just a few types of creditors and companies. Besides major credit card lenders such as Capital One, medical debt is a major source of such suits. High-cost lenders who deal in payday and installment loans also file suits by the thousands. And finally, an outsized portion comes from debt buyers — companies that purchase mostly unpaid credit card bills.
When these creditors and collectors go to court, they are almost always represented by an attorney. Defendants — usually in tough financial straits or unfamiliar with the court system — almost never are.
In Clay County, Mo., where Capital One brought its suit against Evans in 2011, only 7 percent of defendants in debt collection cases have their own attorneys, according to ProPublica's review of state court data. Often the debtors don't show up to court at all: The most common outcome of a debt collection lawsuit in Missouri (and any other state) is a judgment by default.
Millions of debt collection lawsuits are filed every year in local courts. In 2011, for instance, the year Capital One went to court against Evans, more than 100,000 such suits were filed in Missouri alone.
Despite these numbers, creditors and debt collectors say they only pursue lawsuits and garnishments against consumers after other collection attempts fail. "Litigation is a very high-cost mechanism for trying to collect a debt," says Rob Foehl, general counsel at the Association of Credit and Collection Professionals. "It's really only a small percentage of outstanding debts that go through the process."
Experts in garnishment say they've seen a clear shift in the type of debts that are pursued. A decade ago, child support accounted for the overwhelming majority of pay seizures, said Amy Bryant, a consultant who advises employers on payroll issues and has written a book on garnishment laws.
"The emphasis is now on creditor garnishments," she says.
Bryant also says the rise in garnishments has become an unanticipated burden for employers.
"It becomes very complicated," she says, particularly for national employers who must navigate the differences in state laws. "It's very easy to make a mistake in the process." If an employer does not correctly handle a garnishment order, she says, it can become liable for a portion or even the entirety of the debt in some states.
The burden was enough to prompt the American Payroll Association to request in 2011 that the Uniform Law Commission draft a model state law on wage garnishment. Bryant said employers are hoping that the new law, which is still being drafted, will be adopted by a large number of states and reduce complications.
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for MethylMike
7 things you need to know about the statutes of limitation for debt
By Gerri Detweiler
If you have old unpaid debts, it can be helpful to know the statute of limitation that applies to those debts. If the statute of limitation (SOL) has expired, a debt is said to be "time-barred," and a creditor or debt collector is not supposed to sue you to collect.
Here are the seven most common questions we've received from readers about this topic.
1. How long is the statute of limitation for my debt?
The time period typically either starts when you fall behind on a debt, or from the date of your last payment, and the length of time depends on state law for that type of debt. This chart is a guide to state statutes of limitation. Unfortunately, it is not always clear-cut. So it's a good idea to check with your state attorney general's office, a consumer law attorney or legal aid, especially if you are being threatened with legal action.
2. Can a debt collector try to collect after the SOL has expired?
In many cases, yes. However if you tell the debt collector not to contact you again, they must stop. It's a good idea to put your request in writing. Once they've received it, they can contact you only to confirm that they have received your request or to notify you of legal action they are taking to collect. In some states, however, trying to collect a time-barred debt is illegal and a creditor who attempts to do so is breaking the law.
3. If the SOL has expired can I still be sued?
It is not uncommon at all for consumers to be sued for time-barred debts. If you are sued for an old debt and the statute of limitation has expired, you can raise the expired statute of limitation as a defense against the lawsuit (here are some other debt collection defenses you can use, too). However, many consumers do not appear in court and therefore the creditor or collector gets a judgment against them. That is why you should not ignore a legal notice about a debt, even if you think the debt is too old. A consumer law attorney or bankruptcy attorney can help you figure out how to respond.
4. Should I pay an old debt?
That's something only you can decide. However, keep in mind that if you pay anything — even a small amount — on an old debt, you may restart the statute of limitation. That's why it can be risky to pay an old debt if you can't afford to pay it in full. You could open yourself up to collection efforts, or even a lawsuit, for the entire amount the collector says you owe.
5. Can a debt still appear on my credit reports after the SOL has expired?
In many cases, the answer is yes. The length of time that negative information may be reported is governed by the federal Fair Credit Reporting Act. Most negative information can be reported for seven years. The statutes of limitation for most consumer debts, on the other hand, is four to six years. So you could have a situation, for example, where the statute of limitation expired on a debt in four years but the related collection account still appears on your credit reports for another three years after that. Collection accounts can do serious damage to your credit scores. You can get a free credit report summary on Credit.com to see if an old debt is affecting you.
6. I took out a debt in one state but then moved. Which state's SOL applies?
That can be a difficult question to answer. Consumers can generally be sued in the state where they took out the loan or the state where they currently live. Sometimes the statute of limitation will be based on the laws of the state described in the contract (in the case of credit cards, that will be spelled out in the credit card agreement).
When it's not clear which state's SOL applies, it is often up to the court to decide. In a number of court cases, the statute of limitation that was shortest was applied. But that's not true in all cases. That's why it is helpful, if you are being sued for a debt, to consult with a consumer law attorney who can help you understand whether the statute of limitation has likely expired.
7. What is the SOL for court judgments?
If a creditor or collector has obtained a court judgment there is often a separate statute of limitation that applies to judgments. (Tip: If you have unresolved debts, be sure to at least get your free annual credit reports to see if any judgments are listed.) In many states, that time period is 10 years or longer, and judgments may be renewed.
http://finance.yahoo.com/news/7-things-know-statutes-limitation-090002068.html
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It is now six years later... since we learned that college student, GroinkTropin, decided his credit card debt was old and didn't need to be paid. He had a plan to rebuild his credit that did not involve paying his old debts and he did not want to hear the "harsh" judgments of anyone who thought he needed to pay his old bills. He obtained a secured credit card and was about to have the limit raised to $500. Most importantly, we learned that he had "morals."
With the passage of time, presumably GroinkTropin has completed his degree and is now gainfully employed. So, has he paid off his $6k in old credit card debt? Does he have new credit card debt? Is he making conscientious payments on any student loans? Does he have car payments and is he making them? Reliably paying his rent? We learned previously that, in his view, owing money to a creditor and an individual is not the same thing (he will pay the latter debts but may not pay the former). So, how is he managing his credit and finances these days?
Would you loan him money or hire him?