Credit Card Companies

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I am referring to collection agencies that try to collect after a credit card company has written off a debt. How and where do these company get the information and who gets the money if it is collected? Seems to me that anything collected after a company has written off a debt woulkd be illegal.

Best Answer

Buying, and collecting, charged-off debts is a billion dollar business. Credit card companies usually give up trying to collect from you after about six months. Then the debt is charged to their profit and loss account and sold to a Junk Debt Buyer (JDB) at great discounts. JDBs can collect the entire amount plus any interest and fees.

Why do credit card companies offer you a pre-approved card and later on decline your application when nothing in your credit history has changed from the time you got the letter to the time you sent it in?

Best Answer

Because they don't have access to your actual credit report until you give them permission. The only info that they have is that your score falls into a certain range. When they actually see your report, they obviously are seeing something that doesn't fit into their guidelines.

I'm trying to increase my credit score. One of the negative factors on my credit report was the apparently small amount of available credit on my credits cards. My credit card company does not give out that information. What credit card companies will share this information with the credit bureaus.

Best Answer

CITI CHASE GE BANK WELLSFARGO

I once had an old power bill and capitol one credit company offered me a credit card but I had to charge the old debt to the credit card in order to start a history of on time payments. Once I paid off the debt they gave me a three hundred dollar limit. It was an unsolicted offer, where can I find that same deal again with another credit card company to help clear debt and re-establish my credit rating once again?

Best Answer

look for a secured credit card to start. with all due respect, i didnt know credit cards offered a $300 limit - mine is $25K per card and i think my first card in college was no limit (amex). get card, pay on time, every time.

I used two credit cards which have now decided because I was late on one, that they both would increase my rate to 30%. My balances are extremely high, and I do not know what to do. I have only charged a total of maybe $15,000 but because of the interest I now owe over $30,000 in only two years!!! I dont know what to do because I work on commission and I can only pay the minimums. If I got another job, I would not make enough to pay the minimums plus rent, bills etc. Does anyone know any ideas on how to get a loan to pay off the cards. I wouldnt even mind a loan for 15% if it got me out of the credit card mess. I feel like suing the card companies, I dont think they should be allowed to charge you more then I charged on the card. At this rate, I will be in debt $40,000 by April. What can I do? I dont want to do a Debt Reduction company, because I dont want to hurt my credit score. Even though I made on time payments, my finance charges are higher and go over the limit!

Best Answer

Dig a deep hole and jump in. Your not getting a loan with that knid of debt!