How a credit card acted

I find myself between jobs. i have no debt at the moment, having paid all my credit cards. i was treated strangely by one card by the following situation.they sent a super high value card, with a very high or no limit. it turns out that where i am living, for any use of a card you have to enter a pin number. that makes it be considered like a cash advance, which is subject to a higher interest rate (19% versus 13.5% for regular purchase.) you cannot buy the simplest thing where i am unless you have the pin. so i innocently asked for the pin to be mailed to me, the typical procedure of the past. that put me through to a grilling by a financial employee asking me many questions. since i mentioned i was between jobs, he wanted to know my other assets. i was uncomfortable so i hanged up. when i next looked at the account in the computer, i noticed that my other card with the same institution, which had a limit of about $9,000 now has a limit set at $800. that makes it practicably unusable.

This is very common now. If you are considered a higher risk they cut your limits. I have a friend whose limited were cut so low that had she used the card again she would have gone over her limit and been charged the higher interest fee. I think that the banks are so use to all of us charging everything that now that we are becoming more responsible with our credit they are trying to find other ways to charge us.

When I was in college our bank use to charge a check fee so like twenty five cents per check and a dollar a month for the convience of using checks. I don’t think that things will come to that because of the internet but I think that using the internet might start being charged within the next five years. So yes for now we’re saving on stamps which is putting the post office in financial trouble and flowing down to it’s workers. But I see the banks making money of this in the near future.

We pay off our credit card that we use online every month but I’m watching the statements closly looking for hidden charges.

Personal Finance

Hi everyone,

I am new to the blog. My goals are to create financial freedom for myself by 30. My biggest obstacle to creating financial freedom is controlling my spending habits. I have terrible spending habits. What information is out there to help people who spend without a conscious? I am good at financial planning. I started investing and to protect my money from my bad habits, I set up a ROTH IRA where I put most of my savings so that I don’t have immediate access to it. Thank you.

financial freedomI’d recommend reading the book “Total Money Make Over” by Dave Ramsey. He has some pretty powerful stuff in there. It really turned my hubby and I around. I wonder what you mean by financial freedom if you want to reach it by age 30 and you have not so good spending habits right now. If I can understand that better I might be able to give better suggestions.

In the meanwhile that Ramsey book is a good start but the immediate solution to control your spending habits is to put yourself on a budget. Create one and then follow it along as the month goes by. Once you begin tracking where your day to day money goes you’ll be able to control it better. And the way to do that is to create not just a budget but one that you can keep updated frequently.

To me, financial freedom means that you are generating enough income from investments to cover your living expenses. That is, you no longer have to work. If you can get there by age 30, you are doing well.

I believe that one of the best ways to get financial free is by buying stock in quality companies and keeping them for the long run. Stocks like Chevron, Apple and Berkshire Hathaway come to my mind. Another thing, I would consider, but it is not something I have done, is to buy investment real estate.

At the same time, financial freedom means something different for each person.  To me right now it means being able to pay my bills and feed my kids and sticking to my very limited budget.  I have a 401k at work so hopefully when retirement comes I’ll be okay.  Got a holiday saver account that will give me cash for Christmas shopping.  Put some of my tax refund into a CD that will mature next August so I can take my kids to an amusement park and stay in a hotel instead of making the long drive there and back the same day.  I can go to bed at night and not worry about how the bills will get paid, what my kids are going to eat tomorrow, or if we’ll be able to have any kind of vacation this coming summer.  For right now at this time of my life this is my financial freedom.

To someone financial freedom means:

  • Being able to provide my children with the best education that money can buy K-12 such as private tutors, homeschooling, or great private schools
  • Being able to choose to stay home without having to worry about surviving on one income
  • Being able to travel extensively with my kids without having to worry about money
  • Having absolutely no debt: No mortgage, no car note, NOTHING
  • Being able to invest in several charitable projects in Africa that build the infrastructure of the community: I would love to build educational institutions in Africa that improve the intellectual resources of the community
  • Having several properties in New York, Amsterdam, Paris, and two homes in Uganda

New to this game, how do you play?

Howdy. This is all new to me and while I know many of options out there, how do I determine whats right for our family?

Nutshell: DH is a carpenter. Out of work since 11/08. I was laid off 3/09. On unemployement and savings/credit cards we had been actually doing quite well (not much on cards, not late on anything)
until 12/09. We re-fi’d last year and it helped a bit but we didnt qualify for the loan modification because DH’s unemployment is ending soon.

We have been hit with some financial setbacks that have caused us to at this point miss two mortgage payments. ( oh and the taxes went up so mort is now $300 more out of our reach a month)
and DH finally found a steady job (yeay!)

But.. with the mounting debts, higher mortgage, and much lower income, there is no way we can make it. (in the hole $400 each month and we have run out of savings and room on credit cards)

We could ditch the house and that would help alot but if we are going to trash our credit, is there any incentive to NOT also file bankruptcy? Even with the loan modification its not enough we would have to do that and Bankruptcy to stay in the house and afford it.

on the flip side if we only file bankruptcy its not enough to make our budget balance (we dont owe much on cards thankfully)

and we did the math.. the cost of a rental where we need to live and filing bankruptcy would allow us to save almost $900 a month!!! (based on what we are making now)

I have never known anyone to do this (that is still alive) so I have no idea how to navigate the options.

any input is appreciated!

Any advise on consolidating?

I’v been looking into doing “debt consolidating” I have about 3000.00 in collections and another 3000.00 that i pay on time in CC and such that i want to clean up. Has anyone had any experiance with debt consolidating, or have any advise?

Unless you are willing to cut all credit cards and swear to never use credit again and can keep that oath, DO NOT DO IT!!!!!!!! Let the voice of other’s experience talk to you. You will find yourself having consolidated your current debt into one nice, neat, little payment and start thinking, hey – I can buy that on credit. Next thing you know, you are back in the same boat, only there is more water inside the boat this time! The only way to do it is to get rid of the credit cards.  I had over 16,000 in credit card debt and went through a credit counceling place and with that those cards are closed and you can’t have a card through them again.

You just don’t have a lot of debt (although I’m sure it feels like you’re completely under water). You can totally do this on your own. To that end, you’re better off NOT consolidating. It will make your credit even worse because the first thing they advise you to do is stop making your payments. You have a couple of good options though.

1) Keep on keepin’ on with your current payments.
2) Call the collections co and ask to settle for a lower amount. This will only work if you have cash stored up to give them.
3) Call your credit card co and tell them that you’re in hardship. Ask for a lower rate.
4) Take out a personal loan from a credit union or an online place to consolidate gracefully.

I’m assuming that you’ve destroyed the credit card so you aren’t still using it.
Right? :)

The good news is that you’re in charge at this point. The collections stuff has already hit your credit report so it’s not like you’re trying to prevent them from reporting. Use this power to your advantage. You’d be surprised how much you can do on your own. Google things like “work with credit card companies” or “how to settle a collection” and you’ll get some good advice.

I personally do not use any of my credit cards anymore, and my two bigger balance ones iv called and had the interest rates lowered.  It just seems like I don’t get anywhere even paying much more than the minimum.  I’m just trying to get my stuff straightened out the right way.

Spouse being persued for part of debt?

Hi, I am a newbie. I’m going thru a bankruptsy in OR, and the legal aid group asked for my x spouse’s details, age, name, etc..they sound like they are going to go after him. I’m going to do the full on request for hardship around college loans if I possibly can and the only thing I can think of is they could go after him for part of the interest that accrued on them during our marriage, has anyone experience with any of this? Or could they go back over the divorce paperwork and go after him if they think it wasn’t fair. He apparently just wanted a green card, and left me in very very poor straights during the divorce, I negotiated with his lawyer, I was so poor and got only 2 grand and made him take his credit card debt from very man restaurants(excessive purchases of food to impress others as well).

I have no answers for you. All I know is that in my own divorce my ex accepted full, sole responsibility for a vehicle we’d bought during the marriage. He stopped paying for it and the people that held the debt garnished my wages. The only way I can stop paying for his van is to declare bankruptcy but right now this is my only real debt. But the judge set a monthly payment, which beats the weekly garnishments. The van was bought during the marriage and both our names were on the original purchase papers. No clue if this will help but this is my experience. Oh, and I’m in Michigan.

I also have a question for all of you. I am a stay at home mom and my spouse works full time. Id like to find a way to bring a little xtra money into our home. I have a bshs degree, and can do just about anything. Does anyone have any ideas or know of any jobs that can be done from home. I don’t want to pay to get a job only to have it not make anything. Everything I look up is a scam. Any and all ideas would be appreciated.

Yet Another Collection Agency Question

Is there anyone out there dealing with Central Financial Control collection agency? They’re located in Anaheim, CA. I’m having the worse experience with this collection agency. I researched this collection agency on (Better Business Bureau) and they have an “F” rating.

I had an outstanding medical bill that I thought was paid by my insurance. I later found out I was responsible for this payment. I received an invoice saying I owe $700. I sent my credit card information with the invoice back to the collection agency for payment in full. Months went by and I received a letter saying, I was reported to the credit bureau. I started to research and discovered the collection agency never charged my credit card. Maybe my payment got lost in the mail. Anyways, I contact the collection agency by letter.

I told them what happened. In my letter I stated I will pay the balance only if they remove the negative item from my credit report. It’s been over 30 days, so I contact them by phone. I spoke to a representative and she stated that she received my letter and because I called she will rush the process. It’s been about 3 weeks and I have not heard anything. Have anyone else experience? What should I do now? Any suggestion?




I have no love for collection agengys,you have to legal right o tell them not to contact you anymore. My question is how can you not notice a 700$ charge not showing up on your credit card a 7$ charge not eing noticed but not a 700$ one the fault is as much yours as there. Never just assume anything that letter probley got lost at some point in the chain, probley by our postal service. It’s possible. When you make a payment with a credit card it takes weeks before you receive your next statement. So weeks went by and by that time the collection agency had already sent a letter to my home. I never ever had problems with lost mail. To be honest I think someone in the collection agency misplaced my payment. As I stated in my original email, this particular collection agency has a poor business rating according to the Better Business Bureau. So I wouldn’t be surprise if some incompetent employee misplaced my payment.

Always send letters to collection angencies by registered mail. That way they have to sign for it. Also too, I understand that you can contact the credit bureau and ask them to validate the debt. If they do not respond in 30 days, the credit bureau must take it off your report.


Success Story Of The Month – Family First Mortgage

home-mortgageBetween all the ads and information, sometimes it’s nice to share some of what we do! If you have a sucess story, or a better one.. LET’s HEAR IT!!!


Mr. & Mrs. S. of Murfreesboro, TN came to us from a realtor seeking a guaranteed payday loan to buy a new home because they were planning on walking away from their current home due to the following. They were paying OVER $1600/month on 3 liens and the 2nd lien had a $600/mo payment with a rate of 16% and they were 30 days late on the 2nd at the time of application. Believing they had no other options they were willing to give the house away or let it go into foreclosure if we could help them buy another.

Added to this:

  1. They filed CH7 Bankruptcy 2 years prior
  2. Mrs. S. currently has a life threatening illness, which reduced her income to a small disability payment.
  3. At the time of application, Mr. S. was temporarily out of work on disability, due to an injury which reduced his qualifying income to ½ his normal monthly income.
  4. Credit score was 565 mid, at the start and dropped to 535.
  5. The 2nd mortgage rating went from 1×30 to 1×60


  1. Convinced our client that we could help them & not to walk away from their home.
  2. Qualified them for 100% financing in a cash-out refinance
  3. Negotiated a reduced payoff with the 2nd mortgage holder
  4. Secured a fixed rate that was lower than their advertised rate with out investor
  5. Secured 100% financing despite the 535 mid score and 1×60 late on the 2nd mortgage, either of which automatically disqualified them for 100% financing
  6. Saved them over $600/month in their mortgage payment & paid off every debt they had
  7. Provided them with $3000 in cash back at the loan closing
  8. Setup the 1st mortgage payment so that they got to keep over $3000 that would have gone to mortgage payments.
  9. Got a REAL BIG HUG from a good ole’ boy from Tennessee at the closing
  10. Charged them less than 2% in total broker fees for our services

When we say No Is Never an Option.. .WE MEAN IT and WE DELIVER!!

New Member – Any Credit Repair Assistance Is Appreciated

I am relatively new to this blog so I am basically looking for any assistance I can get. I am 23 years old and I have horrendous credit (like a lot of people out there I guess). I however am very willing to improve my credit and my credit score starting now. The problem is I dont know where to go after pulling my credit scrore. I have already decided that I do not want to use a credit counseling service and to do it on my own, I’m just not sure what would be the most effective approach.

My credit report includes just about EVERYTHING; including collection accounts, charged-off accounts, repos, etc. The only thing that I dont have is a bankruptcy or a foreclosure. The one good thing that I do have is 2 open credit cards that are in good standin, so at least they are helping a little. For one of my accounts I did do a settlement; however I have now discovered that settlements do not help your credit either. I sat down and I know how much I can contribute to debt, I just dont know how to start distributing it. If anyone has any ideas, IT WOULD BE GREATLY APPRECIATED!!!! I hope to gain alot of knowledge from this blog.

I just came from this credit repair workshop and I was GREAT. This lady provided me with factual information about the credit bureaus, creadit repair manual, diskette with sample letters to send to the credit agenies and glossary terms, and a step-by-step process to clean my credit. It was only $100 for 2 hours.

I wish I would have went to this workshop a longtime ago so that I would not have previously paid $500 for someone else to clean it for me and in turn, that individual made it worse.

Credit counseling is different than credit repair. Are you against both?

Also, I recently received a credit denial letter stating I have “Insufficient Credit”. I have good credit. My score is 700+. I applied for a loan with my credit union. My credit union called me to verify my social security #. The person I spoke with said they could not obtain my credit report with EXPERIAN. I ordered my credit report/score through myfico and I was only able to order Transunion and Exquifax. I tried ordering my report with EXPERIAN and it said, “unavailable”. What does “Insufficient Credit” mean? I have never had this problem before. Is it possible I have a fraud alert?

Get Low or NO Closing Cost Loans

loansOthers offer it BUT NOT LIKE THIS!! Now you can BUY or REFI with little or NO CLOSING COSTS. While some offer a flat fee option, this option allows for NO FEEs.

Under this option there are NO:

  • Broker Fees
  • Origination Fees
  • Appraisal Fees
  • Notary Fees
  • Processing Fees
  • Underwriting Fees
  • Courier Fees

If there are fees, they will include:

    The interest charged from the day the loan funds through the last day of the month.
  • TAXes:
    Property taxes; Transfer taxes; City/County/State taxes (if required)
  • PMI:
    (Private Mortgage Insurance) if required
    Homeowner insurance & Flood insurance (if required)
    If escrow is required the amount needed to fund the impound accounts.
    Includes but is not limited to; qualification discounts; optional
    rate reduction discounts; 2nd appraisals

This funding option is not based on credit qualifications and is available on all loan programs, where available and restrictions do apply. Please contact us for more details.

  1. I do not work for free.. correct, no one should and I do not want people to think that.
  2. My company is Family First Mortgage.
  3. This funding option is NO DIFFERENT than most (99.5%) of FHA loans that are funded where the buyer has little of no money of their own.
  4. The difference is… my company gets paid when we transfer the servicing (collecting payments) on the loan OR the investor that funds the loan is paying us, to send the loan to them. In some instances we do offer the borrower a higher rate of interest to offset the costs that will be incurred to fund the loan. Also every (99.5%) of most FHA loans are funded in this fashion.
  5. The challenge is, 99% of the companies that fund FHA loans don’t tell the borrower so they presume that the rates they see are the lowest available.. NOT!
  6. We offer & advertise this as an “option” which is what it is and can be seen (some of them) on the rates page of our website. Chances are you will not see ANY other lender providing a rate that pays you.. we do because our clients often need this to close a deal.

Would you accept a rate at 6.25% with no closing cost vs. a rate of 5.5% where you have closing costs? On the surface it would make plenty of sense to reject the 6.25% rate however a closer examination shows that the difference in payment on a $100,000 loan is less than $50.00. More importantly if you needed $1500 of your own money in closing costs & did not have it…… that lower rate may not be an option.

Based on today’s rates, FHA funded loans can be had at 5.25% YET….. I have seen lenders advertising (today) a rate of 6% w/a discount fee & you have closing costs to pay.

Be your own judge, but be well informed as you do.

Pre-pay periods can range from 2-5 years with 2 years being the average, it all depends on what is offered and if the state allows.  In some instances, you can buy out the penalty period.

The site is secure when you begin either type of application. I am attaching a Msword document with a screen capture on the application page that confirms the page as being secure. In the lower right corner, you will see the yellow pad lock and in the address line begins with http”s” and the “s” states that the site is secure. In the Msword document there is also a link to the section of our site that discuss the security system used.

Please contact me if you need any additional information.

I have been suffering from bad debts for the last 12 years


My name is G. Naarainn. I am from India – Bangalore. I have been suffering from bad debts for the last 12 years and yet unable to come out of it. I request for possible help from you. I got into all these bad debts due to my mother’s Cervix (uterus) cancer problem way back in 1991 – 95. All my savings vanished then in order to meet her huge medical expenses but I got into endless financial burden from then. My mother also died without responding to all medication I tried.

All these years, interest charges have been piled up so heavily over the principal amount I borrowed to such an extent that I could never able to opt out of these loans however hard I try. I sadly need someone to lift me out of this grave situation. 3 years ago, I quit my job in order to get some monetary benefit from my employer and to clear about 50% of debts I had in total. Initially while leaving my job I thought somehow I will manage to get alternate employment. But it was a wrong step I took in my life which has put me into unemployment for last 3 years. Currently, I have debts close to US$ 6000 (Indian Rupees 3 Lakhs – Rs.3,00,000).

Month after month, managing my life has become thickly difficult. Right now, for my basic life needs (food etc) I am somehow managing my life using credit cards using revolving credit facility. That is to say, I am making only minimum payment for the month and again I will withdraw it . This way I am eating my food out of loan. I am trying hard to get some job and clear out my loans but in vain. I am still searching for job but opportunities are open only for freshers and youngsters here. My wife is an anaemic and sickly person who always got one or other physical sufferings possibly due to stress out of insecurity feeling. She often complains of migraine and stomach ache along with Gynaec problems.

She is unable to handle work related stress whenever she attempted for job. She is trying to support me through conducting tuition for students at home. All her jewellery had been mortgaged right now and all my Insurance policies have been expired. I feel so sad to realize the fact that in case something wrong happens to me in the near future, my beloved wife and 6 year old daughter also would prefer dying not able cope up with this truck load of debts. This gives me so unsecured and feel of guilt to such an extent that often I keep thinking about selling off one of my kidneys to the needy and through the revenues I can get by doing so, I think of clearing all my loans once forever.

But there are legal formalities in India that is preventing me from doing me so. This is all about miseries I am facing for the past many years. Hence, I humbly request for your help and pull me out of this grave situation.

Thank you.

With warm regards….G. Naarainn.


The answer:

I know that in the world it’s not easy finding a job but one thing I can share with you is don’t give up! You are 6000.00 in debt and that is not that much. Are you willing to do any type of work. A little bit of money is better than none. Stop using your credit cards to eat with that’s would be a victory and a first step. Once you start walking with that type of mindset then doors will start to open!!!

Good luck!