Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

sneaky credit trick...

Posted by on Dec. 12, 2012 at 7:19 AM
  • 14 Replies

 Dispute a legitimate debt

The strategy:
Have an outstanding debt that you know you owe but can't pay? Send a letter to the credit reporting agency to dispute it.

Does it work? Yes, temporarily. "The debt will come off the credit report for 30 to 60 days while the creditor validates its accuracy," Barrick says. "So people who decide they want to get a car may dispute a debt right beforehand. They know they have a window during which it will be removed from their credit reports, and their scores will go up right away. It's dishonest, but clever."
By the time the disputed debt reappears, the car loan or other new debt will already be in place. A related strategy is to ask a friend or relative for a short-term loan so you can pay a credit card down temporarily.

Possible drawbacks: There are no real drawbacks to disputing a legitimate debt, other than lost time and wasting your card issuer's time and energy spent researching it. But if you do it with the goal of taking out a new loan that creditors believe you can't handle -- consider the possibility that they may be right.

----- Visit my CafeMom homepage at http://www.cafemom.com/home/yvonne37
by on Dec. 12, 2012 at 7:19 AM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
michiganmom116
by on Dec. 12, 2012 at 9:35 AM
1 mom liked this
I'd rather play honest and fair.
cjsmom1
by on Dec. 12, 2012 at 9:40 AM
That's really sneaky. I guess if it's for something you really need and can afford.
Posted on the NEW CafeMom Mobile
yvonne37
by Yvonne on Dec. 12, 2012 at 10:36 AM

 I know.. i found it sneaky and dishonest.. but i guess some people need to do what they need to do.

suziejax
by on Dec. 12, 2012 at 11:53 AM

wow

QuiltLover
by Jocelynn on Dec. 12, 2012 at 4:10 PM
2 moms liked this

You made the debt....pay the debt...stop looking for quick fixes....

conniejo75
by on Dec. 12, 2012 at 4:14 PM
This is how those credit repair schemes work. They charge u a lot of money and guarantee credit score going up. And it does temporarily but it eventually comes back.
Posted on CafeMom Mobile
baconbits
by on Dec. 12, 2012 at 4:36 PM
1 mom liked this

 If you can't afford to pay your debt you currently have then how do you think you'll be able to pay a car loan? Be honest and up front with them. Dishonesty does not pay. They will remember and if you ever need a loan in the future they may just decide not to take a chance on you even if you have cleaned things up.

yvonne37
by Yvonne on Dec. 12, 2012 at 5:35 PM

 very true.

Quoting baconbits:

 If you can't afford to pay your debt you currently have then how do you think you'll be able to pay a car loan? Be honest and up front with them. Dishonesty does not pay. They will remember and if you ever need a loan in the future they may just decide not to take a chance on you even if you have cleaned things up.

 

----- Visit my CafeMom homepage at http://www.cafemom.com/home/yvonne37
deedee3849
by on Dec. 12, 2012 at 7:23 PM

That is shady lol....

AzariahsMother
by on Dec. 12, 2012 at 7:50 PM

Wow... this is interesting and almost shocking that someone has done this.

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)