LostSite,

OK. I read the other paragraph. BOA, and now MBNA too, are both very unforgiving when it comes to delinquencies. Many people on the credit forums have been dealing with BOA debt sold to collection agencies. I have tried to get those 2 settled MBNA accounts off my reports for over 3 years now. I even tried sicking the office of the Comptroller of Currency on them, but they won't budge. They scared me back then because they threatened to send the matter to their legal dept. and I figured I was no match for MBNA's legal dept. I gave up. Discover, from what I hear, also keeps a lifetime history on it's cardholders, and so does AMEX. When I settled with Discover, I was current and told them that I didn't want to wait until I wasn't, to work things out with them. That may be the reason they not only deleted the old accounts from my reports, but left me open new ones.

I would try sending sincere feedbacks messages to the ivory tower at BOA and Discover, asking for reconsideration and explaining the circumstances then and now. A PFB (Planet Feedback) sent to the president of BOA is how I got approved for my first BOA credit card with a $2K limit. Initially declined, a couple weeks later, a second credit report pull, out of the blue, and VOILA!, a card in the mail. Must've worked. I'm so glad for that first one because, now, even though the MBNA division closed that particular card last week, I still have $135.7K in credit with them, which I use routinely, even though the nearest branch is 20 miles away. That's what I did with Wells Fargo too. A letter to the president of business banking faxed to the same number I sent the app that they declined to. VOILA!, new checkbook 2 weeks later. Since then, increased twice, now $35K limit. I'm using $29K at 1% over prime for life.

SCM

supercreditman said:In my opinion, anyone or any company, cannot know with all certainty, that when they borrow money, they can or will be able to pay it back, and the create LLC's and INC's to insulate themselves from potential failure. I will not do that because I don't intend to run and hide from my business debt.

I hope this isn't too off topic, but you bring up an interesting point here, one which has always prevented me from being an entrepreneur.

How do you compete with LLCs and INCs who can take much bigger risks without fear of personal loss? I mean, by not taking advantage of these legal havens (and I agree that they are immoral), you are effectively stacking the deck against yourself.

makeinu said:
How do you compete with LLCs and INCs who can take much bigger risks without fear of personal loss? I mean, by not taking advantage of these legal havens (and I agree that they are immoral), you are effectively stacking the deck against yourself.

I would like to go one further. I have LLC's and s chapter corps and I am still exposed personally when I do anything financial because everyone wants a personnel guarantee so if you default with your business they have the right to come after you. I only inc my business to protect myself personally from the frivolous law suits I get at least once a year from people who do not want to earn money but want to try and steal yours by manipulating the system. So I would also like to know if there is a better way to minimize exposure and still get done what you need to get done.

Also SCM your comment of your wife put a smile on my face because I too go through the same BS with mine. They just do not understand and then you get into arguments all the time.

Lostsite,

My wife doesn't want economize at all. She is self-employed and has a part-time job, is going for her second masters, and yet, IMHO, she doesn't make wise decisions. Every magazine subscription, clothing catalog, etc. know to women, she gets. Spends her money on clothes that have $0 resale value, and won't pay any bills for the office space of mine she uses, or advertising, or equipment, supplies, etc. At my worst financial low, she used a biz LOC I had to practically beg her into talking to the banker about, to buy a new flashy sports car to rub in the nose of people who I'm begging to give me more time to get current with. Meanwhile, I don't spend anything on myself, and only buy things that I intend to resell or that break and I'm forced to buy to keep cash coming in. To top it all, everybody around here thinks I've got more money than GOD. Many won't talk to me but spread negative about me. Jealously in a small town. Frustrating!!!

SCM

I'm ready to try an AOR for TU pulling business credit available in PA. that I don't already have. I'm considering a WAMU biz CC but I don't know if they pull TU or EX for the biz card. For the personal Providian I opened about 6 months ago, they pulled TU. Does anyone have the WAMU biz credit card or a WAMU biz LOC, which may give me an idea who their biz credit dept pulls? Any other ideas. As I've said, my EQ report is back to not being able to being pulled otherwise I'd be looking for EQ pullers first and formost. I don't want to go overboard with the personal credit, so let's concentrate on biz pullers.

SCM

lostsite said:I only inc my business to protect myself personally from the frivolous law suits I get at least once a year from people who do not want to earn money but want to try and steal yours by manipulating the system.

You wouldn't happen to have any business relationships with the FW member that goes by the name of Codename47, would you?

SCM'
Unfortunately I had to shut it down for good. I hired a specialized consulting firm for this type of business and even they advise me to sell and get out. The other problem was I tried to sell it for equipment and licensing only and because of the constant bad mouthing I could not even do that. I had to close to the doors and liquidate everything. Then to add insult to injury the landlord of the building is trying to sue me. He rented the space out to a friend of his for a fraction of the cost and he suing me to try and get the difference from his rent to mine on the remainder of my lease. He won't win and I am countering his claim because I did a lot of building improvements to his property in the short time I was there. It is just the aggravation now that I have to contend with this law suit for the next 3 years or more and throw away money on lawyers to defend me. Check your private messages I sent you a message.

makeinu,
I do not know the person your referring to that goes by codename. All of my companies I either have 100% ownership in or no less than 90%, except for a contracting company I have with a life long friend in which we split 50-50.

lostsite said:Getting to the topic of credit and lenders. One thing to be on the look out for that I accidentally came across is that some lenders now have gone to breaking the law. The law of a thing called the statue of limitations that states you can not hold someone accountable for their past actions after 7 years. In this case I am referring to credit and the FCRA and FACTA. It stipulates that one can not be held accountable for bad debt after 7 years unless bankrupt which would then be 10 years. I found that BOA still has a bad account of mine in there files from the late 80's and the big one is Discover Card.

I think you are confusing the law, Statute of limitations on reporting, and internal blacklists.

The 7 year statute of limitations applies to Credit reporting ( this still is not to be confused with the legal statutes for suing). This simply means that the creditor can't keep reporting a negative after 7 years.

However, the time they have to sue you, collect, or hold you accountable are completely different.

Technically they can try to collect on an old debt forever. If they try to sue you, the SOL is an affirmative defense and depends on state laws. For example, my state is 3 years. SO negative accounts that are 5 years old remain on my reports for 2 more years, but they are SOL as far as suing me.

An internal black-list is simply the bank choosing not to extend credit to you again if you stiffed them before. AMEX, Discover, and others have known to black-list some for Life. That is their right.

If someone is reporting a bad account from the 80s on your credit reports, that is a violation. Not granting new credit is not.

lostsite said:If enough people got together and only gave business to those that are more understanding and honest

These people where I had one of my businesses actually went out of there way to do a smear campaign against me and I was never able to recover from it.

So which is it? You want people to only uses businesses that have a good reputation but then when your business suffered due to bad reputation you think the people are wrong.

Those people who didn't use your business were following your own advice and choose to stay away from a company that had a bad reputation (aka not understanding and honest).

lostsite said:asdf9876,

So if you think that is a good reason to stay away from an establishment that I had....well I will not go further.

and if you think that is wrong.....it speaks for itself.


I LOVE how you leave out all the relevant facts. Then when you put them in you have to make little jabs about how I have no morals and can't understand your upright ways.

You might as well have said, "I think people who miss work should be fired." and then later said "I missed work for a week straight". Then when I call you out on it you say, "My Dad died and I flew home to to his funeral...if you can't understand that I won't go further and it speaks of your character...".

I had no idea about your anti-drug policies. I have no idea about the cultural discrimination. You didn't share them so I like how you throw them in my face after the fact.

All I do know is you asked for people to use businesses based on their reputation then you complain when you your business went under because of your reputation.

I also like how people who can trace something in their family back to the 1800s that gives them the right to elitism and snobbery you just displayed.