Branded a Dead Beat

Discussion in 'Credit Talk' started by Michael, Jan 8, 2001.

  1. Michael

    Michael Guest

    Just a thought I've had on some of the recent postings regarding some sub prime offers, and credit limit increases.

    I am fully convinced that no one can escape a dead beat branding from most of the Sub Prime issuers, except perhaps FCNB.

    Once you have a First Premier Card, or any other Sub Prime Card even from Next Bank you will always be a dead beat in their eyes.

    You can post insults to the bank all day but that won't change their view of you. You can tell them Citibank and Discover just gave you $9K and $12K but please don't confuse the situation with facts the mind is already made up!

    There is frankly only one thing you can and should do. Close your account, wait 3 months for your FICO score to raise and apply for another card!

    Two of my clients got card from Next about the same time. One got a $700.00 limit the other $1,500.00. Since then credit limits have evened out and they both have about 4 cards each with over $10,000.00 on each.

    About 4 months ago the guy with the low limit pressed next for an increase and got it raised to $1,000.00 The guy with the higher one went to $2,000.00. 1 month ago the $2K limit was raise without asking to $5K, what a difference in the way Next still sees the "Dead Beat"
  2. Angela

    Angela Guest

    I agree. Even the Capital 1 an

    cards are temporary (2 -3 years to be used) before being replaced by more favorable cards. Favorable cards to be gotten when my credit is more favorable He He!!

    P.S. I hope you see and answer my question about the Fidelity AMEX.
  3. roni

    roni Well-Known Member

    I'm a deadbeat, I'm a deadbeat

    Yes, we with the subprime plastic are all deadbeats. BooHoo. I personally am struggling to keep it all together long enough to afford the interest rates on the material things in life that really matter- a beautiful home and vehicle. I'll take those deadbeat cards anyday if they help me. EVEN CITIBANK. Nextcard turned me down so I guess I am below deadbeat status. Michael do you have any positive info? Can you tell me how or if I will get a mortage at below 9%?

  4. Saar

    Saar Banned

    I can say from my experience that you are correct.

    If you feel your credit has improved but still hold secured cards, you'd normally have to close the secured accounts and then apply for an unsecured one.

    People may very well be approved for an unsecured card, yet be declined for an upgrade on their existing secured card. That's true even w/ the same company. Capital One, for instance, will many times decline an upgrade a secured card, yet if you close it, you might be approved directly for the unsecured one.

  5. Michael

    Michael Guest

    RE: I'm a deadbeat, I'm a dead

    Roni, all I can say is it can only last 7 years!

    Keep up the fight!
  6. roni

    roni Well-Known Member


    Ok, Finally someone told me the real truth. I am a deadbeat. And I cant get credit until 7 years has past. I knew I was dreaming about getting a homeloan. I am labeled a deadbeat and destined a renter forever. Listen can you tell me, is there a particular position that I should hold the gun when I shoot myself in the head, so as not to splatter my furniture with blood. It is brand new and I know my mother would like to have the items.

  7. J. Edgar

    J. Edgar Well-Known Member

    Within the prime card industry, the insiders have a much different version of 'deadbeat'.

    People who have no annual fee cards and pay their bill in full, on time each month, and never pay finance charges, late fees, or any other fees, are the ones referred to as 'deadbeats'. They are taking money away from the bank's bottom line.
  8. Gourmet10

    Gourmet10 Guest

    I disagree about purchasing a home. I have horrible credit. I would not call myself a deadbeat, but I do have bad credit that I have tried to correct over the last year or more. I just recently purchased some land and on the verge of building a new home on the lot. Trust me it was very, very difficult to get the approval, but there are programs out there to help you. My interest rate is extremely high, but that is the price I must pay for not being more responsible with my credit. I went from Grade A to....well I guess that doesn't matter, but it was my fault and only my fault. Before shooting yourself in the head about purchase of a new home, check out some of the housing programs in your area. I purchased my place through a Relo....something like purchasing out on a forclosed piece of property. If you have a good realtor and find a decent mortgage company, you can pull it off. I go through Associates and find that they have really been a big help. They have a program that with each on time payment that is made I get closer to a decrease in my interest rate. As far as credit cards. I received a Capital One card and now wish I had not. I only got $200 on the card and its more of a headache than a help. I don't use it and when I do, I pay it off in full. Now that I see there is a chance to have a $200 for at least two years, I think I will just cancel the card, I don't see where it's helping my credit much any way.
  9. Gourmet10

    Gourmet10 Guest

    I guess I am a deadbeat. As you can see in my response above. I do pay my bill off in full. I guess this card really is not helping my credit rating. The bank is probably pissed because I pay it off in full. But I mean really, $200, I can pay that standing on my head.
  10. kim

    kim Well-Known Member

    Don't worry about the mortgage

    you'll get it.

    I answered re: tax liens on the other post, but I'll do it again here. One in 1998, one in 1999, both paid in 4/2000. I did have to write a letter to the lender explaining them, basically told him that I made a choice between feeding myself and my son or paying the taxes ~ i choose to feed me and the kid.

    Interest rate less than 9%, these days heck yeah!! Granted I'm going ARM, my rate is around 6.75% (I know this varies by location).
  11. Elizabeth

    Elizabeth Guest

    roni- mortgage information


    My husband and I both have poor credit - his FIFO score was around 580, mine was about 620 (but we are not dead beats). We were approved for a mortgage with BofA with the current rate of 7.5% (this was about a month ago- now they are less). We had to fight to get the mortgage since BofA only does A papers for the programs we qualified for (we make too much to qualify for 1st time home buyers- which is determined by area's average income). We are also only putting 5% down.

    We put together spreadsheets and a binder that explained our credit history and all the negative information on our credit reports. We took it line by line on our credit reports and had detailed explanations. It was a tough process but we also had the mortgage lenders fighting for us. You have to find someone that will fight your case to the underwriters to get you approved even though your scores are not high enough. We had professional and executive banking with BofA, therefore we already had a good realationship with the bank.

    Good luck roni! You can get the mortgage at a prime rate!! I would recommend getting into a good relationship with a local bank, set up a money market or something, see if there is some sort of premier banking for doctors (that is available around here in Charlotte with BofA and First Union).

  12. Michael

    Michael Guest


    Look bad credit stays on for 7 years unless you can dispute it off!

    Now obviously after some time goes by and you prove that you are in fact a new and improved creditee you will get a mortgage,
  13. kim

    kim Well-Known Member


    Michael, it doesn't take 7 years to get a mortgage with a decent interest rate ~ don't sound so negative.

    My interest rate will be somewhere around 6.75, that's not any higher than my god sister who bought a house across the street from the one i'm purchasing and her credit is much better than my own.
  14. Momof3

    Momof3 Well-Known Member

    Yes you will Roni

    That is not correct at all, I have known atleast 2 couples filed Bk 3 years ago both got mortgages with rates of 7.5% that is not bad at all and last year the rates were higher than they are today.

  15. roni

    roni Well-Known Member

    RE: Don't worry about the mort

    Oh, my god. That is a great rate. Thanks for the encouragement. I just took the bullets out of the gun. For now! I am just kidding. I am not suicidial.

  16. roni

    roni Well-Known Member

    Did you know what you are talk

    R you just stating things that everyone here already knows. Do you even have a real clue at my credit situation. Do you really know all the possibilities out there for me. Anyone can predict that bad credit = high interest rate. Are you a mortgage broker.If you are, I'll listen to you. No doubt.

  17. roni

    roni Well-Known Member

    FYI: my post above was to Mich

    .the post titled: "do you know what you are talking about".
  18. roni

    roni Well-Known Member

    RE: roni- mortgage information

    I have an account with First Union and Chase Manhattan. I have left about $5K in my Chase account. I might use that for something. I was trying to establish a good relationship with a bank. Chase I have checking,saving,mastercard and a paid secured loan. First Union is new to me. Thanks for the words of encouragement. I hadnot mentioned this b4, but my professional organization has a special home mortgage program for dentist. I dont know how strick the requirements are but they are suppose to be their for us. I am hoping I can fall back on that when all is said and done. Honestly, I am just funning here about Michael's post. He seems to be correct about Fidelity and getting flashy credit cards, but he dont know nothing about credit and mortages. 7 years, bull hockey.
    I am a North CArolina Native btw.

  19. marvin

    marvin Well-Known Member

    RE: I'm a deadbeat, I'm a dead

    Roni, you could probably get a mortgage right now. All it takes is having all of you're credit paid (usually), and if I remember correctly, all of you're bad credit is at least paid, right?
  20. Michael

    Michael Guest


    Did I say it would? All I said was it will be higher than if there is no derogitories on her C.B. file as her FICO score will be lower with out them!

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