Committed Line Of Credit

When I opened my business and DBA, I am now constantly getting flooded with new offers to open more credit line. How do I stop this? I have already tried to remove my name from the credit bureaus, but how do I also remove my business name as well? I don't like the idea of new credit card offers being sent out and anyone can easily get a hold of it and commit identity fraud.

www.optoutpresceen.com is the site to stop credit offers, but I'm not sure if you can use it for a business the same way you can as an individual. Can't hurt to check it out anyway.

2007-12-01 07:35:05 by drjtdinh

This is what happens when the Federal Reserve offers weapons to Poland in exchange for it's economic control to the IMF. executees.net Poland ...

Hi my name is Jane and I am living in Virginia.
I purchased a house in Woodbridge VA in Dec/2004.Tom was my mortgage agent. I made 10% deposit. (Contract amount was $535,000.00)
US Express Mortgage Company approved first and second mortgage (1st $374K and 2nd $107K). About two months after settlement I received check book from BB&T Bank (3rd lien - Line of Credit $125,000).

I called Tom (Mortgage Broker) and asked about the check from BB&T because I had never applied or asked Raymond to open a Line of Credit for this property. He said "Jane, you did not need a loan application and you didn't have to sign anything because you have a good credit and your Woodbridge house had an immediate equity right after you closed the deal. So BB&T approved the loan based on your excellent credit and equity of your house.

By the way I did not close the account and unfortunately I used the money.

December, 2008, the house was foreclosed (by 1st lien holder) and 3rd mortgage lender; BB&T Bank filed a lawsuit against me in the amount of $125K. I received complaint by mail in 01/15/2009.

* Right before foreclosure I requested all the documents regarding this loan to the entire lender including BB&T. (I was not sure what they have but I tried.)
Shockingly enough, there was a Loan Application which I have never seen and someone forged my signature.

BB&T Bank was not a wholesale lender. (BB&T had a wholesale department but I am not talking about them)/I didn't know at that time because Tom and Bank loan officer were acting like they are…/The loan officer had to contact with borrower directly but it didn't happen. Someone forged my signature in Loan Application, Credit Line Agreement, and Credit Line Deed of Trust (Notary Public? I don't know who she is and there was no seal)
So they foreclosed my house and also asked me to pay. Yes I did use the money. If I have to pay then I have to. But how about a FRAUD. (Forgery and violation of lender’s liability...
Q #1. What should I do? Do I have to pay them and bury that fraud?
#2. We have 2 years of statute of limitation for fraud in Virginia. Someone told me that when I received the checkbook from BB&T Bank I should have known that it was a FRAUD (He said this is common sense). What do you think? I confirmed fraud when I saw someone forged my signature on Dec.2008–My deference is –“Jane you did not need….. your excellent credit and equity of your house.”
#3.Can I fight with the lender for anything like-Breach of Contract or Fraud or Lender Liability… I don’t know.
Thank you so much

P.S. Just for your information, Mortgage Broker and the loan officer are in federal prison committing Bank Fraud, money laundry etc. But not for my case.

You questioned the line of credit initially and found out that it was a 3rd mortgage placed on your home.

Had you returned the money and then asked to see the loan documents you would have a good case. But instead you used the money (why not tell us what you purchased with it). You had full knowledge where the money came from at the time you received it.

Now that it is time for someone to take responsibility for that money you want to say.. "I never asked for it".

Too late. While you know now that your signature was forged, you had to know then as well. Not to mention the monthly payments you were or weren't making. This makes you an accessory to the fraud, like accepting stolen goods.

Bottomline.. you had NO problem using the money.. only paying it back...

2009-03-03 13:37:56 by Sung A

Hi this is a second similar question I asked..the previous question asked if I should use an equity line of credit to consolidate my 22000 credit card bill..consensus on that? NO
But since I have full equity on my coop...might it not be a good idea to take out a LOAN at 7% to pay off my credit cards over a 7 year period? it would be about 390 a month. My reasoning is: 1) the interest will be tax deductible 2)I can avoid making the mistake of a late payment bringing my interst up to 15% on my CC
Presently the interest is 3.99% and about 7000 at 1.99%
Is it best to continue transferring balances to those low rates or just take out that loan and commit to one monthly payment that I may even be able to pay off sooner>

thanks!

Regarding those two low interest CC's, are those interest rates fixed for the whole term or do they expire on a date. Read the fine print, I think you will see they expire from 6-12 months after you made the transfer.

Now, if those interest rates are fixed, why would you trade those in for a higher interest rate? Even the benefit of a tax write off doesn't justify it. If your only reason for doing it is fear of a late payment triggering the penalty...then get diciplined! Make sure the payments are sent!

Regarding the other cards....

Let me say that I'm in favor of balance transfers and debt consolidation. BUT....the danger is that when you do it, you must dicipline yourself on your budget.

Over the past two years, thousands of people fell into the trap of consolidation. Then they turned around and ran up their credit cards again. Now they have twice the debt! It ended up with them filing for bankruptcy.

It sounds from the way you are talking that you are on that path. So take my advice. If you consolidate, cancel all your paid off cards and budget yourself! Otherwise you will lose your Coop.

Don't play the balance transfer game! It's going to ruin you.

2006-05-17 17:55:10 by Pepibom

Im sure most of you will say yes, but has anyone actually worked for one of these outfits and do you think they commit fraud on customers to make more $$$???

I have seen where when I get one of those letters where a credit card company is sued, I sually get another letter stating their change to my credit card agreement. For example, Chase might get sued, but Citicard will send me a new credit card agreement. Is there a correlation to this you think?

So everyone is a crook except you. Sure glad to know that so I can avoid you.

Mortgage companies do not have to be dishonest at all. You home buyers seldom read the contracts and under stand what you are doing.

Over the years I have helped people understand just what the contracts say. Some are very straight forward and easy to understand and some are not.

Mortgage companies must by now believe that all you home buyers are constantly looking sor something for nothing in that if there is a problem you just do not pay.

So many want and get without ever thinking ahead. Now it is time to pay.

2007-04-15 01:47:31 by beebo

I have a credit card with around $43,000 worth of debt at an interest rate of 11%. I used this credit card to purchase 50% of a business as I wasn't eligible for a small business loan since I'm acquiring a successful business instead of starting one from the ground up and have zero equity so this was my only option. Now that I've committed myself to this debt, I'm not struggling to make payments but would prefer to lower my interest rate to save thousands upon thousands of dollars. My current lender has a program for a 2.99% APR on the lifetime of all balance transfers which I'm trying to take advantage of. The only way for me to take advantage of this program is for me to apply and be approved for a new credit card, transfer my debt to that card, and then transfer it back to my current lender. Sounds complicated; is complicated; and I get denied every time which can't be helping my credit score which was around 720 last I checked. I also have a line of credit through the same lender for 25,000 which is pretty much maxed out.

My question is where can I find a credit card that would be willing to accept my large balance transfer and approve me for the card. If that's not possible, any other options?

You are going to have a really hard time finding another credit card that will give you that kind of limit right off the bat. Also, many cards have a 3% balance transfer fee, and those fees can add up. You need to up your income to pay for that. If you don't want to sell the business, you need to take on a second job or sell something of value.

2009-05-20 11:21:39 by Andy B