OT: How to interpret credit report?

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I have a credit report on a debtor who apparently filed bankruptcy (chapter  
7) and therefore I never get paid. The credit report lists 7 different  
credit cards which were said to be included in the bankruptcy and therefore  
discharged (worthless). But what I can't figure out is what the unpaid  
balance was on the credit cards when the debt was discharged. I guess it's  
none of my business.  The listing just says the balance is currently zero  
and the high balance was such and such and the card limit was some other  
number. Is there any way to find out how much someone stole by declaring  
bankruptcy? I think I'll print the thing out and go to my bank and ask for  
an explanation.









Re: OT: How to interpret credit report?
On Tue, 4 Jul 2017 16:42:04 -0700, "billbowden"

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I think you had it right.  It's none of your business.  

OTOH, such things are probably public record.  You might start with
the courts.

Re: OT: How to interpret credit report?
says...
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exactly


Re: OT: How to interpret credit report?
On 07/04/2017 07:42 PM, billbowden wrote:
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Heh, defaulting on 7 credit cards? Damn son that's gonna leave a mark...

Anyway probably not, it's unsecured debt that was likely sold to a  
collections agency; the original creditor wrote it off their books ages  
ago and giving out information on the particulars of a purchased debt by  
collections agencies to third parties is a violation of the FDCPA.

I think the only way there might be a public record of the particulars  
is if the collections agency took the deadbeat to court over one of the  
debts prior to the bankruptcy, but unless we're talking about defaulting  
on Amex Black card-level balances it basically never happens.

One time a collections agency contacted me in an attempt to collect on  
the unsecured debt of a deceased relative. It's OK to tell them to piss off.


Re: OT: How to interpret credit report?
billbowden wrote:
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   THAT would be very interesting!
   Please let us know what you discover.



Re: OT: How to interpret credit report?
On 07/04/2017 09:58 PM, Robert Baer wrote:
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Who cares? They defaulted on friggin' 7 credit cards; clearly a God-tier  
deadbeat any way you slice it. I don't see how knowing whether they  
defaulted on 100k of debt or only 70 would make me feel better.

Re: OT: How to interpret credit report?
bitrex wrote:
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   This is not about how much,it is about the mechanism employed.


Re: OT: How to interpret credit report?
On 07/07/2017 05:34 AM, Robert Baer wrote:

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I'm not sure what you mean by "mechanism." The mechanism is Chapter 7.  
It's unsecured debt, the creditors say "pay us" and you say "sorry don't  
have the money" and provide your proof of income statements, bank  
account statements, etc. to the bankruptcy trustee to present to the  
court in support of your case. If the court agrees then that's it. Can't  
bleed a stone.


Re: OT: How to interpret credit report?

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Well, in all fairness, each credit card was listed by status for each month  
for 3 or four years and all the ratings were either unknown or OK. So, I  
don't see any extremely negative reports and I give the guy the benefit of  
the doubt. He just got in over his head and thought he could make ends meet.  
Personally, I have never had a credit card and just pay cash. I figure if  
you don't have the money today, you won't have it tomorrow, so don't buy  
things you can't afford. Credit cards are like drugs where you get addicted  
and can't give them up.  .






Re: OT: How to interpret credit report?
On Tue, 4 Jul 2017 19:22:04 -0700, "billbowden"

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You can hurt yourself with most tools, if you don't know how to use
them.


Re: OT: How to interpret credit report?

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And I don't know how to use credit cards. Never had one. But, what I think  
is going on is credit cards are being used to invest in the stock market. I  
don't know how that is done but maybe it is possible to borrow money on your  
credit card to use anyway you want? Can you just walk into a bank and ask  
for 10K to be charged to your credit card? Or, if you have a brokerage  
account, can you just charge the purchase of stocks using the credit card?









Re: OT: How to interpret credit report?
On Mon, 10 Jul 2017 17:15:29 -0700, "billbowden"

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Silly, but your choice.

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Just what is your evidence for this hallucination?  No, you can't use
a credit card to purchase stocks.  Who is going to pay the merchant's
fee?  You can take a cash advance on a credit card but usually a lot
less than the available limit, and at a ridiculous interest rate.  It
may happen but it's certainly not at all common.  Some may chose to
invest rather than paying down a mortgage (a simple choice) or borrow
against a home to invest (dumb) but credit cards?  No way.

Re: OT: How to interpret credit report?
On 07/10/2017 08:29 PM, snipped-for-privacy@notreal.com wrote:

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A possible, but probably unlikely scenario, is that someone might use  
cash advances to "invest" in _extremely_ high risk -> high return  
futures, like maybe Bitcoin or some other ridiculously volatile  
cryptocurrency.

I'm going to guess it was strippers and booze, though, which is much  
more pedestrian and plausible.

Re: OT: How to interpret credit report?
On Tue, 11 Jul 2017 12:42:59 -0400, bitrex

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Yes, this is a possibility but cash advances amount to a fairly small
amount of money.  Given the huge interest rates for cash advances, I
*highly* doubt this is a significant problem.
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A lot more likely, though food and toys are just as likely.

Re: OT: How to interpret credit report?
On 07/11/2017 01:23 PM, snipped-for-privacy@notreal.com wrote:

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Years ago I dropped a credit card somewhere in Allston Rock City (natch)  
and didn't realize it and shut it down until the next morning, but  
someone had already been using it. But from the list of charges it  
looked like basically all they did was first charge about $200 worth of  
shampoo and toiletries at CVS, and then treat themselves and their  
friends to a little dinner at Pizzeria Uno that totaled not much more  
than $100. On an American Express with a $15,000 limit.

I thought "Well that was neighborly of them. Some people might have  
decided to go a lot more upscale on someone else's dime"

Re: OT: How to interpret credit report?
On Tue, 11 Jul 2017 13:53:06 -0400, bitrex

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Someone grabbed my debit card numbers, a couple years back.  It was
used once, across town at a TJ MAX.  They bought a $50 sweater, or
some such before I got it turned off.  No skin off my nose either way.
Just a couple of phone calls.
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Particularly since it was "Da Man's" money.


Re: OT: How to interpret credit report?
On 11/07/2017 01:29, snipped-for-privacy@notreal.com wrote:
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Even people that ought to know how to use them like highly numerate  
professionals can come unstuck if something untoward happens to them  
that prevents them from earning and the cards are close to maxed out.

I know at least one maths genius that had this problem. If you don't  
have any savings at all you are walking on a tightrope with no net.

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I can't see anyone sane borrowing cash against a credit card to invest  
in stocks or shares. They charge far too high an interest rate so it  
makes no sense at all. How odd - I find myself agreeing with krw!

--  
Regards,
Martin Brown

Re: OT: How to interpret credit report?
On 07/11/2017 01:00 PM, Martin Brown wrote:

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Yup. They're not playing the above-board stock market with cash  
advances, at least. Maybe paying off loan sharks but who would break  
your kneecaps first is a tossup.

Relax though guys, it's just the usual oxycodone/eight balls



Re: OT: How to interpret credit report?
On 07/10/2017 08:15 PM, billbowden wrote:

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lol use a credit card to invest in stocks; have you seen the APR on  
credit card cash advances? Would make Bernie Madoffs returns look like  
slow performers. And nah Charles Schwab ain't gonna let you put 50 grand  
in junk bonds on the Visa.

Supposedly it used to be possible, way back when, to gather up several  
credit cards that offered "zero APR cash advances" for 6 months to a  
year, run them all up to the limit, deposit the money in a high-yield  
savings account, and if you somehow managed to stick six figures in  
there you might end up with a couple "free" grand in your pocket after  
everything was said and done. But that was ages ago and "high yield"  
savings accounts paying 3 or 4% interest rates are a thing of the past  
for the average person.

If it's any consolation getting defrauded by a credit card scam artist  
is something that happens to just about every small business employee or  
owner at one point or another. Time to write it off as a loss on your  
taxes if you can and "Charge It To Tha Game":

<
https://upload.wikimedia.org/wikipedia/en/b/b7/ChargeIt2DaGame98.jpg


Re: OT: How to interpret credit report?

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Charles Schwab will allow you to purchase about 3 times your account value.  
So, if you open an account at 10K, you can purchase 30K of stock. It's  
called margin. Very simple.  If the market drops significantly, they will  
give you a margin call and ask for more money to cover your bet.  Meanwhile.  
interest rates on the credit card are only 15% a year or a little more than  
1% a month. So, if I can borrow 10K on my credit card and margin it out to  
30K, and invest in the market, and make 2% in a month, or $250,  I can come  
out ahead since the interest is only 15% of 10K or $125 a month.




  



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