Posted on 03/04/2006 7:08:52 AM PST by Dallas59
Well, I had been inundated with all these free credit card offers, and about 2 years ago, I started taking all their junk, writing not interested in big letters on their applications, and stuffing all their junk back into their postage paid envelopes (including the envelope that it came in) and mailing them back to them. Took about 6 months, but I no longer get many of those offers.
It won't happen.
A friend of mine went thru bankruptcy last year. She is now inundated by Junk mail offering to help her restore her credit. I have seen some of these offers and allowing for exaggeration, they mention very significant amounts.
Of course the new laws and being restricted from again filing for several years may have decreased the risk of her going bankrupt in the near future.
This is just like "good cholersterol/bad cholesterol". It's just one more number for the "experts" to pick at you with.
There should be a place on the credit application that shows you how you can "opt out" with all of the Credit Repositories so that you won't get any more "pre-approved" applications. IF for some reason there is not, you can write to the Credit Bureau listed on the application as the source that they obtained your credit report from. That Credit Bureau should notify all of the Credit Repositories that you don't want any more "pre-approved" credit applications. Once you have done that, you will not receive any more "pre-approved" solicitations for credit.
I brokered credit reports for Trans Union through my two Credit Bureaus, and I can get you the exact information to "opt out" IF you are still unable to stop the "pre-approved" solicitations. Federal Law requires them to cease and desist once you request them to do so in writing.
As far as messing up your credit so they will quit sending you the "pre-approved" applications go, it would be to your detriment to do so. If your credit score drops you won't be able to obtain credit when you want it. It will also increase the rate of interest when you use your other credit card accounts. It would be a very bad move on your part. You shouldn't go to such an extreme measure before you try what I have suggested. IF you need any additional information, feel free to FReepmail me. :o)
Not so! People are the ones who wreck their own credit, whether it's personal or business, and that's a fact. :o)
You are exactly right!! Getting rid of other creditors gives them more money to pay on the new loan, (at a much higher interest rate). Especially if it's a car loan. They have collateral that they can pick up if that loan goes bad.
you seem to know a lot about this subject. What is the average credit score?
LOL!
Yep! The Bankruptcy Deform Law is great for the credit leeches, lousy for Americans.
I don't know what the "average" score is. It would depend on what group you are interested in. People with credit scores about 650 and above get the best interest rates. Groups in this category have a good credit record. People with a slight blemish would probably be in a 625 - 649 range. That would begin to indicate that they are a credit risk and their interest rates would be higher. They probably have one or two adverse items in their credit record.
Credit scores can run from 300 - 900, so you can see that people who score low have the most derogatory information in their records and are usually rejected for credit because they are too great of a risk.
Then too, we must figure into the equation that every company has their own set of guidelines to extending credit, so that has to be factored into the deal also. I would feel pretty confident in saying that people who have and maintain credit scores over 650 won't be denied credit, unless they are extended to the max. Those 700 and above won't have any problems getting a loan with a good interest rate.
And thank you for sharing your expertise and knowledge. The things you learn on FR, eh?
If you're told you have an "excellent score" then it most likely means you pay your bills on time without any adverse information in your file. THAT is good!!
The interest rates have always been acceptable so you answered part of my question. Well, really all of it unless I want to get my own personal score. I think if you sign up for Transunion(?) you can get an up-to-date score. Another question. I have always heard the more charge/revolving accounts open - the worse your credit record will appear. Department stores are always offering percentage off of your purchase if you will open an account right then. Sometimes it is tempting if you stand to save a good bit of money but I have abstained based on what I have heard about that. Is this true?
As far as having "too many" credit accounts goes, that would depend entirely on a person's ability to repay, i.e., income to debt ratio. Obviously a person who makes $300K a year can afford much more than a person only making $75K a year. This is where individual company policy on credit kicks in. Where a bank might not lend to someone because of the income to debt ratio, a finance company with a higher interest rate might take a chance on a person.
And thank you for sharing your expertise and knowledge. The things you learn on FR, eh?
You're very welcome. I just wanted to share some of what I know. I'm glad it helped clarify matters for you. :o) FReepers are an amazing bunch. I've learned a lot from them. Here is Trans Union's on line site. I would recommend going through the repositories rather than using an on line addy to someone unknown to you. That way you know you're getting the right company. They are less likely to try to pull a fast one over you too.
If you really want to learn about credit, go HERE. It's an excellent resource.
Interesting you should mention that. Not long ago, I was with some guys in a random room in my college library (which happened to have a telephone). We were all rather surprized when the phone rang...
It was an offer for a pre-approved credit card.
Why? People who are debt free and unable to apply for bankruptcy for several years are good risk.
Do not assume too much.
look at the number of bankers who are paid on a commission basis...
book the deal and let someone else cleanup the mess.
The banks are such wastelands of know-nothing ninnies.
look at the number of bankers who are paid on a commission basis...
What are you talking about? Bankers don't get commissions! I know that for a fact. My husband was the senior vice president for a very large bank and none of them got paid commissions! My uncle was the president of another large bank, and he didn't get commissions either. Banks pay their officers lots of money, because they are expected to socialize with the public. They also have nice expense accounts.
book the deal and let someone else cleanup the mess.
Yes, those someones are called "collectors." IF loan officers make a lot of bad loans they get fired. End of story.
The banks are such wastelands of know-nothing ninnies.
It sounds like you need to change banks. I have dealt with all the banks in my cities through my credit bureaus, and I've never run into what you obviously have.
Wow! Where to I get the mail version of the dnc list??
Also, I've noticed that the telemarketing calls have started creeping up again. Do we have to sign up periodically for that?
TIA
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