Hey, I need advise, this bank DMB is to me the worst bank anyone can do business with! I had a Master Card Platinum Card with them with a high credit limit, within the six months of having my new card, I mailed my payment with personal check, I left in the bank the amount of that check to cover DMB, I totaly forgot about the check I mailed and used my check card to pump gas, the DMB check bounced and DMB revoke my card, now i'm left with a balance and canceled card, It's been canceled for about 2 years. I pay directly to DMB they send me monthly statments, I have never been late nor overdrafted. My main concern is that this account was "Closed at Credit Grantors Request" and DMB is in financial problems, i'm affraid that they may sell my account to some external collection company and screw up my Good Credit. In the event that they do sell my account to some external Collection Agency, can I pay it off fast before the 30 days, will this prevent the collection agency mark on my credit report if it where to happen? I have my Closing Cost money but i'm trying to save as much as can, I owe DMB around $2,000.00. Please Advise! Thanks Everyone.....
Are you current on the account, but it is closed right? IMHO I don't see why they would sell it to a collection agency if the above is true...it is still a performing account.
Yea, i'm current, always been, never late nor over the limit, They cancelled because of the bounced check, I tired opening it back up about a month after they closed it but, I got a letter stating they connot open because of bounced check. =( the intrest on this account is way way high. Purchase 29.9% Cash Advance 29.9% I'm paying monthly almost $57.00 in finance charges and the minimun payment is $ 58.00 LOL it's crazy, I would transfer to a Bank of America Platnium Card, but I'm buying a home soon and don't want new credit for now. =)
Well, if you are planning on buying a home soon this deal is going to go hard on you even if you can get a loan at all. Most lenders won't give you a loan if you have any outstanding debt on your credit report. So the question is how are you going to buy an home anytime soon if you have that outstanding loan and the lenders all demand that you pay it off before you can get a loan? If you didn't know that or never thought that would bother you then maybe you ought to think again.
Re: Re: Direct Merchants Bank HELP! =( I'm going with a "NO DOC" "NO RATIOS" Mortgage, no ratios are calculated. It's Credit Score Driven Mortgage. This Account from DMB is not in collection. I'm just asking "what if"
Re: Re: Direct Merchants Bank HELP! =( Ok. I can understand that. Now what if you want some help then I suggest you give me some facts to work with.
Re: Re: Direct Merchants Bank HELP! =( Bill, They will give you a loan with outstanding debt, as long as your ratios income/debt on the front, and income/debt w/house payment on the backend are within a certain range. A good rough number is 28%/36% - but it does vary! Now most lenders will demand that you pay off collection accounts and chargeoffs to protect themselves from someone slapping a lien on their collateral.
Re: Re: Direct Merchants Bank HELP! =( Thank you! That is exactly what I was trying to tell this poster.
