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Hello guy...
I'm also experienced what you describe.
They change their rules rapidly.....
Within a small period we are in the situation to learn another set of rules....
Your words may warn the new users. Nice job.
Thanks,
=========================
AleX

Debt Consolidation

Brought over from thread at

Credit Repair Forum

Coolz writes:
Right now I am being denied by almost all lending institutions because of illegal collection items being reported on me. If I get a secured credit card, and pay it off each month without any missed payments for the next year or two, will this increase my chances of obtaining credit in the future? It is really worth the deposit? because if I still get denied for a "regular" credit card, and most loans, then why take it?
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Monty Loree writes:
Secured credit cards are the only way to "buy" a credit rating right at the moment.
Even though it seems like a waste of money, having 2 secured credit cards and keeping them current over a period of time will build your credit score.

The credit bureaus want to see positive current credit dealings. If you just wait the 6 years until all of your negative credit history falls off, you'll still have a bad credit score because you don't have any postive items on your credit report.

atla writes:
PostPosted: 06 Aug 2005 02:23 am Post subject: Re: Secured Credit Card FAQ Reply with quote Edit/Delete this post Delete this post View IP address of poster
coolz wrote:
Right now I am being denied by almost all lending institutions because of illegal collection items being reported on me. If I get a secured credit card, and pay it off each month without any missed payments for the next year or two, will this increase my chances of obtaining credit in the future? It is really worth the deposit? because if I still get denied for a "regular" credit card, and most loans, then why take it?

If they're "illegal collection items" then why don't you contact the creditor or agency? After confirming those items on the wrong credit report they'll remove them. Unless their "illegal" because you had a bad debt and you don't like it reported...

I agree with Montee, no credit looks almost as bad as poor credit, secured Visa/Mastercard looks like your only way to go,as long as you pay your minimum payment on time every month you will receive your deposit back after a set amount of time(usually a year).

coolz writes
If the creditor doesn't have the original agreement that would allow them to disclose my personal information and account to the credit bureau, then they must be illegally reporting them. And if they don't have this document, then they MUST have my written contratual consent otherwise.

I have complained, and the Ontario Consumer Protection is working with me.

atla writes:
PostPosted: 06 Aug 2005 01:17 pm Post subject: Re: I have complained Reply with quote Edit/Delete this post Delete this post View IP address of poster
coolz wrote:
If the creditor doesn't have the original agreement that would allow them to disclose my personal information and account to the credit bureau, then they must be illegally reporting them. And if they don't have this document, then they MUST have my written contratual consent otherwise.

I have complained, and the Ontario Consumer Protection is working with me.

Usually both the application, and if approved, the cardholders agreement state that they (the original creditor and/or an agent on their behalf)will communicate with the credit bureau...From my recollection they are not required to keep a copy of the original application after a certain period of time, usually several years. To play the devil's advocate here, I'm wondering if you'd be upset about this credit line being reported if it was a current account in good standing. Just seems like your trying to pretend that a bad debt didn't happen...I'm not saying that people should be penalized for life with these accounts, maybe reporting 7 years on the credit bureau is too long, but, by the same token if you have a bad debt, future creditors(at least potential ones) should have the right to review your actual credit history to determine if you are an acceptable candidate. Just as consumers should protect their rights, I believe creditors should as well, one of the ways to do so is the accurate reporting of credit lines, whether good or bad. From your reply it seems you're not disputing that these collection items were indeed accounts you had and subsequently defaulted on. I think that trying to have this removed because you believe the creditor does not have the original contract is irresponsible, and I don't know why anyone would advocate such an action unless it is indeed a fraudulent account.[/b]