A different sort of challege.

[boonie stomper]

Re: A different sort of challege.

Technically, the purpose of a check can be written so as to be binding. Ie., "payment in full" is legally binding if the check is accepted for the indicated debt. Perhaps adding "termination of contract" to your payoff check, along with your cut-up card and also a note to close it on the payment stub might work.


You might have to resort to methods after they continue to send you statements with promotions attached such as returning them "adress unknown".

If they persist, and keep sending, shred the contents, add the note with close account number XXXXXX & your name & shreddings, use their pre-paid envelopes to send it if there is one.

Some will not quit. Discover has kept one open I went through the above with before I moved in 2000. They look like ordinary offers for new loans but with the account number on it. It's for a very small limit, so I ignore it and let them waste money boosting my rating.

[boonie stomper]

Re: A different sort of challege.

My mother made the mistake once of saying, "absolutely not!" when asked if she was interested in subscribing to something. She ended up getting the unwanted subscription, and when she called to complain they said we have audio footage of you accepting the subscription, and to her dismay, they played back the person on the phone saying "would you be interseted in xyz?" and when they played back my mother's response, they dropped the not and played "absolutely!".

That's dirty pool!!

I can't stand telemarketers. I got on the "Do Not Call" list and now mainly have only the occasional fundraiser call to deal with. If you don't initiate a business call, don't do business! I got burned by the "super cheap vacation" deal once; never again! Cost me $700 for a package that wasn't as described on the phone. When I tried to return it the company had disappeared.

[Atkid]

Re: A different sort of challege.

My "Do Not Call" thing must have run out cause lately I have been getting more of these type things, mainly where you answer and a recording deal comes on. All you can do is hang up, no point in telling a machine you are not interested.

[Miss Phode]

Re: A different sort of challege.

With a lot of fighting and several letters, my mother was able to have the charges reimbursed to her. She had to write 3 letters to the corporate offices before they would reverse the charge.

BTW, the company responsible for this was SBC Global in Detroit. They were trying to charge her for DSL service and a modem that she never agreed to. They are also her telephone service provider.

[boonie stomper]

Re: A different sort of challege.

Sounds similar to what Prodigy Internet did - when they got bought by Yahoo they also turned a deaf ear to my request to reduce service from a $22/mo version to a (promised by the salesman) $9.99/mo basic service. They kept charging my visa $22/mo for 2 years before I caught it. Then I still had to fight for awhile to get the $ back. "They didn't have a record of the transaction"...BLA BLA BLA!


So another useful thing for peace of mind when it comes to a subscription is DO NOT have it automatically renew via charging your card account. Pay with cash or check, every time you need to renew. When you stop, they can't keep it going, unless it's one of those "if you do not tell us to stop, we'll send you another WHATEVER every 2 weeks (that you must either buy or mail back to them). I avoid those like the plague!!

[sadie147]

Re: A different sort of challege.

We have that issue here miss phode with a company that has you signe up for 'locked in' natural gas rates. I know of 2 ppl (both seniors btw) that were signed up without their permission. One was my aunt, she told them she wanted a copy of the contract they claim she had signed..they sent her one and it was forged and not a thing like her signature. she threatened them with legal action and they dropped it.

They come around door to door here, asking to see your gas bill (they make themselves appear to be the gas company), i think once they get your account number..they can sign you up i guess. I often wonder if it was coincendence that it was 2 seniors, or if they think that they may not see the extra line on their gas bill saying 'gas supplied by' because they're older. I'm usually quite rude to them when they come to my door asking to see my gas bill, which is about once a month.

[sadie147]

Re: A different sort of challege.

Just as an FYI for everyone signing up..I'm going to start a separate thread tonight in chit chat, for our 'challenge'. be a bit easier than starting it in this thread, which is becoming quite long!!!

[biogeek]

Re: A different sort of challege.

I've always read that if you close a credit card account that your credit rating goes down. Has anyone else heard of that?

[Atkid]

Re: A different sort of challege.

I've always read that if you close a credit card account that your credit rating goes down. Has anyone else heard of that?

Hmmm, I am interested to hear the answer to that one.

[boonie stomper]

Re: A different sort of challege.

That's a 2-edged thing - if you have too many active accounts, the prospective lender may consider the available credit on those accounts a risk. If you have too few accounts listed on your credit report, prospective lender may consider the lack of good payment histories a risk. If you had trouble paying a card, close that one. If you have a high credit limit on a paid-off account wit a good pay history, keep it open unless you don't anticipate ever needing to borrow on it again, or you currently have a lot of debt and wish to borrow from somewhere else. Small limit, well-paid accounts should give you a good track record: if they are still active, they stay on your report, if closed, your credit history with them eventually disappears.


At least that's how it was where I worked in 1985. I was a loan officer.

[ValidRouge]

Re: A different sort of challege.

I have a question for you guys....

I have some loans with my bank interest rates are between 6.5% - 10% one of which is a equity line of credit. My credit card (which has a high limit, but is paid off) sent me some of their checks to transfer balances and is offering me 0% interest until January 08. I've been thinking of going ahead and transferring the balances over and then paying like mad to get it paid off while it's 0%. If I don't get it paid off, I can always use the equity line to pay it off the credit card before they hike the rate back up. What do you guys think?

[biogeek]

Re: A different sort of challege.

Joy, a couple of questions need to be answered first. At first blush, it seems like a really good idea, especially if you'll pay off the credit card prior to Jan 08. What you need to do is read the fine print to your credit card. First nit-point: will there be a transfer fee? Second: will it be considered a cash-advance (even though it's a check) and what's that fee? Third: With some companies, if you use the check to transfer a balance and then start using that card to make purchases, your purchases will get charged an interest fee until the entire balance is paid off. In other words, even though you aren't charged interest in the balance transfer, all monies you send in are going toward that balance first before it goes toward any credit card purchases you made after that. It's like two separate accounts within your credit card. Hope that makes sense. If that's the case, you will want to use a different card to make your purchases while you pay off the first with your balance transfer.

[Erin68]

Re: A different sort of challege.

throwin my 2 cents in here for ya

Using or keeping your debt in your equity line is always your best option because, not only are the rates typically lower than an unsecured loan or credit card, the interest you pay is tax deductable (in most cases) which in the long run, does make a difference. As bio was saying also, those transfer deals usually have alot of hidden terms so before doing that, check it all out first.

[ValidRouge]

Re: A different sort of challege.

We don't have enough deductions to justify itemizing. We can't get close to 10,300 Even with money in the equity line.

I am going to call them, I think, and ask these questions before I make the transfer. Thanks for letting me know what to ask before I just go do it.

[Erin68]

Re: A different sort of challege.

to give an answer about credit reporting...

since the onset of credit scoring it's one big mess. At times, there doesn't seem a real system, but they claim there really is lol

Closing accounts, typically is a ok IF they have a zero balance AND you have at least 3 other active balance accounts in good standing. Closing an account with an active balance always effects your credit score negatively. Credit cards with high balance to limit amounts also impact your score negatively. Having too much credit will also. Paying all your debt monthly will even effect it negatively. See how confusing it can get? Inquiries, which you can't even control in many situations also impact your score negatively (except for mortgage inquiries). So the more you 'sign' up for and lists you end up on can also impact it.

oh yeah.. a topic I can actually help with all these years in finance and real estate pays off !