Advice GREATLY appreciated regarding a Credit Card issue?
I would GREATLY appreciate some help/advice from any Attorneys or Financial Gurus out there..
About 15 years ago, I took out a Visa CC issued thru MBNA.(I took it out in my name only) After my hubby took a BIG pay cut, I have used it 2 make ends meet for the last 4 yrs.
I have run up a very LARGE balance.
About 3 yrs ago, the acct was taken over by Bank Of America.
We have pretty much been using BOA for all our banking. We have our checking acct., my hubby’s business acct., our home mortgage (still in excellent standing, with only a few years left to go), as well as a rental home Mortgage with them.
We even have our children’s savings accounts there.
I have been considering working with a debt settlement service on the CC balance, but am concerned with our bank affiliation. Can this action hurt our current mortgages and accts or is this considered a separate matter. (especially since it was taken over from MBNA)
Any insight is valued….
Typically the credit card department and the checking/savings account departments are seperated and do not connect. So issues with the credit card should not affect your checking/savings/mortgage account too much.
You said you have almost paid off your home. Have financial matters improved recently to where you do not need to use the card as much? If you still find you have to use the card to make ends meet I would suggest a few things:
1 – sit down as a family and create a budget. Write down the amount of money that comes in, what money must be paid, and see what is left over. Try to eliminate non-necesary items from monthly bills (Cable/satellite, Cable internet, phone extras (caller id, call forwarding, voicemail on a homephone, etc) eating out, and other things can take a huge amount of money. This is the cheapest way to try to fix things
2 – locate a good financial advisor and see what they suggest you do. Many of them will just do what I told you to do above, but may have some other tips to help.
3 – Consider taking out a home equity loan/line of credit IF and only if you will not be borrowing from your credit card to make ends meet
4 – If these things do not help you get back on track, sell your house, pay off your debts, and find a smaller, more affordable home to live in. If you have almost paid off the house your children are likely to be almost in college and on their own.
It sounds like you are in a tough situation, and I know you and your husband probably spend tons of time worrying about this. I wish you luck on this.
Checking for spouse’s possible secret credit cards?
So short-version- I recently discovered that my husband has secretly charged up many thousands of dollars on my back-up credit card (which I thought had a 0 balance) by transferring the charges over from his credit card onto this one, since it has a higher credit availability. He says that he hasn’t wrung up any further debt anywhere else, but it’s hard to believe him, since he lied about this debt, and has done something similar a few years ago. Is there a way I can check and make sure he hasn’t opened up another credit card in his name, taken out a bank loan, taken out a 2nd mortgage on our house, etc. without my knowledge? Asking him isn’t a realistic option, since he would lie IF he has done any of these things.
We are starting counseling, and we have 3 small children, so divorce is the last option. I just need a way to protect my children and myself from his possibly messing up our financial situation even more, and I need a way to check this other than just asking him. I obviously know to keep a close eye on the credit cards and bank accounts that I know of…I’m just worried that he has some hidden card, accounts, and/or loans and need to know how to find that out.
Thanks in advance for any suggestions!!!
I would bring it up at counseling, pronto, that you want him to pull a copy of his credit report so you can see what is on there. Offer to do the same and let him see yours.
Shifting credit card balances to improve credit score?
We applied for mortgage pre-approval and when the lender pulled our credit reports they found that my husband’s mid score was 804 (great!) and mine was 701 (not as great).
The only problem the lender saw in my report was that we have a credit card in my name which is near the limit. We had a bit of debt which we had transferred from husband’s cards to my card to get the lowest rate.
I’m concerned that when it comes time to close on the house and they re-check our credit, my score might have gone below 700 (from the pre-approval inquiries) and that might cause a problem.
We need to put most of our extra money toward a down payment so unfortunately we might not be able to pay that card down significantly between now and when we close in a couple of months.
What if we paid for some of our expenses on husband’s american express card, to free up some money to pay down mine? Then my balance won’t be such a high percentage of that credit line. “His” debt ratio will go up a bit, but he can afford it with his high credit score.
Both lenders by whom I was preapproved have indicated that prior to closing they will need to verify that our credit & other financial info has not changed adversely.
There’s a difference between pre-qualified and pre-approved. If you’re approved, you’re fine as long as you make your final purchase within the window stated in the paperwork– often 90 days.
when will bacs clear? my work didnt pay me on time?
hi all, im after some information and advice really
so my pay was due to enter my account on the last working day of the month (yesterday) so i rang my bank (barclays) and asked them my balance, and bam! £6 available!!! so i went into panick mode and asked for details of all recent transactions thinking something has left my account wiping my pay out, but no payment was made to me in the first place, i then get on the phone to work, explain and the woman who deals with payroll said she will find out whats happened and call me back, so 1hr later she calls back, very appologetic, my manager hadnt informed her of my return to work after maternity leave so my pay had stopped!!!!! WTFFFF! so she said, im so sorry and i understand you have commitments, i need to get hold of the boss and get him to autherise a payment to you, but im not goin to lie to you, it will most crtainly be a cheque! WHATTT?? bearing in mind i had to pay the mortgage this day, a sky bill and two loan payments, let alone food ect, so im by this point hysterical, it takes 4working days for a cheque to clear by which point i will of incurred charges, not counting the fact that im taking the babies to butlins this monday!, so after several phonecalls to work demanding some sort of instant payment, they get hold of head office payroll dept. and the agree to do a BACS transfer, for today? so i check my account this morning and still no payment from them, now when will this clear? if they made the payment today or yesterday?, also where do i stand on the legal front? because one of my loans is now still outstanding, luckily i was able to borrow a huge amount off my grandma that i have to pay back, but work dont know that, this is their fault and im not happy with the way they have treated me after 4years working there, can they be liable for any charges incurred??
thanks if youve got this far.
any advice would be great
thanks sophie xx
Now, it depends on what kind of BACS they did.
If it was a normal BACS, then you are looking at 3-4 WORKING DAYS.
If it was done by FASTER PAYMENT, then you should have the money in your account
in 2 hrs.
Most companies do not have a FASTER PAYMENT option and just to the BACS.
If done yesterday, you are looking at Monday (fingers crossed it could be Friday).
If done today, then definitely next week.
As for where you stand, it should be written in your contract that you get paid on last day of month. If it does, then the company have to pay late fees and charges and they have broken your contract.
am i eligible to increase my credit limit in my credit card???pls help?
hi there,,, currently i only own 2 credit card. one is from bank o america visa and other from citi bank master card. its has been now almost 3 years i opened my first bank account with the bank of america and had my first visa card of $700 credit limit. i opened my second credit card account before 6 months from citi bank and got a credit limit of $6000. i use my credit card all the time and never missed any of my payments and rather my credit cards always has a negative balance as i kept on paying extra. by requesting, bank of america raised my visa credit card limit to $2500. i checked my credit score a week back for the first time from EXPARIAN and it was 783. my credit score raised to 783 in 3 years. but i currently dont own any mortgage or any loan under my name. i often get credit offers by mail but never applied any. i am planning to get a car on a loan of $25000. am i going to have problem getting the loan. is it the right time to apply for better credit card? thank you.
783 is a decent score even with a limited credit history.
If you are planning on getting a car loan within the next 6 to 8 months, now is not the time to apply for credit cards.
Applying for cards right now will hurt more than help even with the limited credit history you have.
The first thing that will hurt will be the inquiries from applying for credit cards.
The second thing that will hurt would be the “new account” if you are approved for a card.
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