Sent to collections

[Trey@IG]

alright, in bootcamp they set you up with a bank account at FSNB (shittiest bank ever) for your direct deposit pay checks to go into. this is where mine have gone since then until recently i put them in my personal account. so i withdrew the remaining money from an atm and left a dollar in there because i could only take out increments of 20. i called to have them close the account but apparently they didnt and they charge around 10 dollars worth of fees a month (which is why i wanted to close it) so they naturally withdrew the amount and it overdrafted my account. long story short i owe them 40 or so dollars. i know its not a lot and can easily pay it but i dont feel like i should pay them any more money because of their mistake. maybe its my ego, pride w/e but they just pissed me off even more when i called and tried to explain their mistake. and now theyre threatening to send me to collections. i have perfect credit so far, as in i use my credit card and pay it off in full every month. no outstanding debts or anything. how bad will this affect it?


and before yall start bitching about i should just pay it...i still may when i'm not so angry just to spare the headache. idiots just **** me off!

 

[CavalryJim]

I would only pay as a last resort. Stop talking to the gatekeepers and get to a manager that can actually fix the problem. Be nice but firm and include as much information as possible about the date, method, and people you may have spoken to when closing the account.

You may also mention submitting a complaint to corporate, BBB, etc if appropriate.

Or you can just tell them to go eff themselves as one bad mark will not wreck your credit.

FWIW...Jim.

 

[robbynola]

1

 

[CavalryJim]

Oh yeah....I hate, Hate, HATE these firms that prey on military. $10/month in fees. Robbery!

 

[Trey@IG]

ya i just checked and it was 770 on experian. i dont think im going to worry too much about it. i'm going to try and call them again tomorrow and explain everything....again

 

[Nomad.2nd]

"let me talk to your supervisor"

"ok, "let me talk to YOUR supervisor"

Till you get high enough that someone cares/helps. Higher ranks don't talk to people as much, so when they DO talk to someone... They are more likely to help.

And let me recommend USAA... they go OUT of their way to help.

 

[baboonie]

My new people fresh from boot run into this all the time. Sorry to say, but they've got you...It's all in the fine print.

My advice is to settle up and close the account. Make sure you write names, times and dates down of who you speak to and get WRITTEN confirmation that the account is closed.

Look at it this way...what's worth more, $40 or your security clearance?

Use it as a learning experience for next time.

 

[nickatnite]

ya i just checked and it was 770 on experian. i dont think im going to worry too much about it. i'm going to try and call them again tomorrow and explain everything....again

If and when you decide to pay, pay by check. On the memo line be sure to put "for sexual favors" that will get their auditor asking questions...

 

[glimmerman]

"let me talk to your supervisor"

"ok, "let me talk to YOUR supervisor"

Till you get high enough that someone cares/helps. Higher ranks don't talk to people as much, so when they DO talk to someone... They are more likely to help.

And let me recommend USAA... they go OUT of their way to help.

Why WASTE time with asking for supervisors? Start by asking to speak to the PRESIDENT, first!!!!

 

[Trey@IG]

just found this online and am going to share it in case anyone else has a similar problem like i saw 03protege had a few weeks ago. apparently with the new FICO 08 that came out, if your original debt is under $100 FICO 08 will ignore it in computing your credit score. this only applies if its one account i believe though. if you have multiple outstanding accounts it obviously will affect it.

this is just one of the many sources i've read on the internet about it. just do a quick google search.

http://ficoforums.myfico.com/t5/Und...FICO-08-less-than-100-collections/td-p/313173


needless to say, FSNB can pipe me off

 

[Bryan]

"let me talk to your supervisor"

"ok, "let me talk to YOUR supervisor"

Till you get high enough that someone cares/helps. Higher ranks don't talk to people as much, so when they DO talk to someone... They are more likely to help.

And let me recommend USAA... they go OUT of their way to help.

+1

 

[USMC-Deano]

I had an account go into collections earlier this year thanks to my lovely properly management office back when I was stationed at Beale AFB...when me and my roommates moved out of a house we shared, we got all of our deposit back(home was being foreclosed, so they had no rights to the security deposit anymore), minus the amount of the last months water bill, which was taken out of one roommates portion, since he was there for about 3 weeks after the rest of us moved out. This was in August of 2008, the final water bill to be paid was in September, so again, they took the money out for that amount, and they were supposed to pay the bill. Well, fast forward to March of this year, and I get a notice from Sequoia Financial services that I have an outstanding balance for like $50 for an overdue bill for the City of Yuba City, CA...long story short, I end up having to pay the bill and take the ding on my credit history(which I had JUST gotten back to a decent rating, only to have it plummet a good 75 points thanks to this), because the property management office was too incompetent to do what they were supposed to do.

What I would do, and what I did, was disputed the record on my credit history. I haven't seen anything on it since then, and it did get my credit score back up where it was pre-incident, but I did eventually end up paying the bill, just to get it out of my way.

Oh, and yeah, USAA freakin' ROCKS. I've had them for 5+ years now, and if things continue the way they are, I doubt I will EVER bank with anyone else. I had LaCap when I went to basic training and had my money deposited there.

 

[Trey@IG]

why you gotta go and make sense bosco? i was ready to tell them to f**k off....now you have me second guessing myself

 

[Nomad.2nd]

Hell no!!!!


OTOH I keep several bank accounts so I have options.


I've had places try to threaten me time to time (when they are wrong) by threatning to ding my credit. First I told them I would contest it (happened when I had canceled progressive insurance due to how $h!tty they were, USAA helped, but I've had a couple other instances) as the documentation was on my side, I would countersue inclusive of my time, AND to. Heck my credit score. I had none, didn't care, and didn't use it.


I won.

I'll pay what I owe, not a dime I don't!

If you had the info you said you should of taken it to the prez of the bank, filed fraud charges, contacted the news etc...

back when i was 20 years old, i had an account with CPB. i had a gym membership and they wouldn't let me cancel it. so i canceled my account with CPB.

CPB didn't officially cancel my account even though i had the confirmation number and everything. the gym membership went through and overdrew me -$35

i fought with that bank for about 3 years and the fees kept building and eventually that $35 turned into $300. they had me in collections and that's not something you want with a bank. when capital one bought out hibernia i decided to switch banks again and i found that the issues with CPB made me a high risk when it comes to banking.

nobody will give me a free checking account. i can't even get a checking account with the credit union through my work. i have to go with some crappy little bank that has a "second chance checking" option where i'm paying $8/month so i can have an account to pay bills

all of this over a little pride because the bank screwed up.

moral of the story? don't f**k with the banks as it will end up screwing you over in the future. just swallow your pride and pay the fees and make damn sure the account gets closed. i paid that $300 several years ago and i'm still paying for second chance banking because of the damage it did

 

[JWG223]

Hell no!!!!


OTOH I keep several bank accounts so I have options.


I've had places try to threaten me time to time (when they are wrong) by threatning to ding my credit. First I told them I would contest it (happened when I had canceled progressive insurance due to how $h!tty they were, USAA helped, but I've had a couple other instances) as the documentation was on my side, I would countersue inclusive of my time, AND to. Heck my credit score. I had none, didn't care, and didn't use it.


I won.

I'll pay what I owe, not a dime I don't!

If you had the info you said you should of taken it to the prez of the bank, filed fraud charges, contacted the news etc...

Some people do care about their credit score, though, and it is important to their ability to have a home, etc.

 

[Nomad.2nd]

Some people do care about their credit score, though, and it is important to their ability to have a home, etc.

Actually, it's not.


I'm on the brink of going into debt for the first time in my life. (Mortgage) -Title company should be done tomorrow
(Those 80 acres I was thinking about)

And I was in the bankers office when my credit score came back... LITERALLY nonexistant.

slightly over 20% down and a income 5x the mortgage... it was not a problem. He didn't even even bother getting eyes on or documentation of some of my other assets (Which could pay it off), look into my 'nontraditional credit score, or anything.

PROOF that the 'need for credit to buy a house' is a myth!

-Bout time too. I told the seller if it wasn't done by the 7th I'd just cash in some stuff and pay cash.

 

[louis488]

I don't know but I had a account with BOA that I closed and they tried to charge me a fee on closed account. They keep calling me and I told them to FOAD. They sent it to collections and when I dealt whit collections all I would say is send proof that I owe this amount and the jerk would keep asking me questions such as is your name? is your dob?ect. He ended up hanging up on me because I would answer his questions I am not asking if you know my name I am asking for proof that I owe said debt. after the the 3 round of that I started adding some thing nasty at the end. Any way I do have a collection on my account that shows I dispute the debt and I do have a free checking and even get a little interest.

 

[operator223]

nowadays....... like other posters said, they add late fees, postage fees, management fees whatever onto the delinquent amount and it ballooooooons into hundreds. its the latest trick to zap you for your last bits of lint remaining in your pockets. Got your original contract? might want to read it if you can (I can't unless I have a magnifying glass and a long weekend....).

but, if it has gone to collections, there isnt much left to do but you dont have anything to lose by disputing it. Half the time for such a small amount the creditor wont reply because it's costing them more to process it than to get their money back.

it's really your choice... it depends on your circumstances. IF you have a sensitive security clearance or you have a job where you are guarding high amounts of valuables or work in an armored car or etc....., then well....

 

[JWG223]

Actually, it's not.


I'm on the brink of going into debt for the first time in my life. (Mortgage) -Title company should be done tomorrow
(Those 80 acres I was thinking about)

And I was in the bankers office when my credit score came back... LITERALLY nonexistant.

slightly over 20% down and a income 5x the mortgage... it was not a problem. He didn't even even bother getting eyes on or documentation of some of my other assets (Which could pay it off), look into my 'nontraditional credit score, or anything.

PROOF that the 'need for credit to buy a house' is a myth!

-Bout time too. I told the seller if it wasn't done by the 7th I'd just cash in some stuff and pay cash.

I understand, with enough money down you can buy anything you want, but the interest rates are always lower when you have a solid credit-score. When it comes to a house, that can mean tens of thousands saved down the road. Think of it as a triangle made up of "ability to earn", "Previous history of debt payment (credit score)", and "money in-hand".

Any one leg can be longer and make up for the shorter, but the triangle is prettiest when they are all long.

 

[gbundersea]

Some people do care about their credit score, though, and it is important to their ability to have a home, etc. Almost ALWAYS.

Actually, it's not. For you maybe. For almost everyone else, it is crucial.
PROOF that the 'need for credit to buy a house' is a myth! Wrong.

Nomad - I feel I need to caution you to keep in mind that you are a very atypical borrower. You have no debt, property that you own free and clear, and apparently a substantial income. Maybe 5% of all borrowers fall into the same category as you. Yours is an enviable position, but it is not one shared by the vast majority of people.

Your upcoming land purchase is a prime example of how yours is a unique situation. Very few lenders are doing land loans, and those who are tend to be smaller banks. They almost certainly will keep and service the loan themselves. It is a lender's dream - 20% down with a DTI (debt to income ratio) of less than 20%, and a borrower with cash reserves, other assets, and zero other debt. It's no wonder that they do not consider your lack of a credit score to be a problem. However, if I went to your bank, or you went to a conventional mortgage lender to finance a house, the outcome would be very different.

For the other 95%+ of the population, credit score is crucial. Most home loans today are backed by Fannie or Freddie. I guarantee you with 100% certainty that any such loan will be immediately denied to a person lacking a credit score. I saw exactly such a denial very recently. And don't throw out the "alternative credit" stuff either. The young couple of whom I speak have good jobs, various regularly paid bills such as cell phone, utilities etc and no derogatory credit whatsoever. They were INSTANTLY denied a mortgage. Their only way to buy a house was to - guess what? - establish a couple of lines of credit for the sole purpose of establishing a credit score. It took them over a year, and it is still not a 100% sure thing that they will be approved. Borrowers who do not have the same ideal situation as you do absolutely must have credit scores.

You admittedly abhor credit; you don't have it, don't want it, and say you don't need it. Yet, you constantly make sweeping pronouncements and give out advice about credit! This is like me telling CEHollier about physical therapy, or giving advice on running an M4 to a bunch of veteran Marines. Most of what you proclaim about credit is dead wrong, and some is downright dangerous. When you give out erroneous information, and make broad statements such as "credit score does not matter", you are doing a HUGE disservice to those who read threads such as this for advice.

I implore you to stop assuming that what is true for you is true for everybody. Please understand that it DOES NOT APPLY to almost everyone else. You sometimes respond to such statements by saying "Well, just be like me then!" In other words, "make a lot of money, be debt-free, and have a lot of unencumbered assets." Understand that such a goal is exactly what the rest of us are indeed working our a$$es off to achieve! Unfortunately, most of us are not there yet.