{"id":1832,"date":"2007-12-27T19:24:31","date_gmt":"2007-12-28T02:12:31","guid":{"rendered":"http:\/\/lukeford.net\/blog\/?p=1832"},"modified":"2007-12-27T19:27:09","modified_gmt":"2007-12-28T02:15:09","slug":"top-ten-creditors-to-avoid-and-why","status":"publish","type":"post","link":"https:\/\/lukeford.net\/blog\/?p=1832","title":{"rendered":"Top Ten Creditors To Avoid And Why"},"content":{"rendered":"<p><a href=\"http:\/\/www.creditrestoreinc.com\">Calvin Brown, CEO of CreditRestoreInc, writes<\/a>:<\/p>\n<ol type=\"1\">\n<li><font size=\"3\" face=\"Times New Roman\"> BANK OF AMERICA<\/font><\/li>\n<\/ol>\n<ul type=\"disc\">\n<li><font size=\"3\" face=\"Times New Roman\">BOA is the original    creator of the Visa and the first commercial national bank.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They give credit    cards to illegal aliens who have no Social Security card.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They make more mistakes    in reporting than all the other banks in the top 5 and those mistakes    are very difficult to remedy.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Since acquiring    MBNA last year, there have been even more mistakes.&nbsp; <\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">It is common for    them to tack on higher interest rates, over limit fees, and other penalties    when they review your FICO report.&nbsp; <\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They do not inform    you of an interest rate increase.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Our research indicates    that BOA hires bankers with no drug tests or credit checks, which potentially    puts all of their clients at risk.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Finally, there is    an internal ID theft issue at BOA.&nbsp; This is likely due to the afore    mentioned hiring practices.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">In sum, they tend    to use their size to the detriment of their clients.<\/font><\/li>\n<\/ul>\n<ol type=\"1\" start=\"2\">\n<li><font size=\"3\" face=\"Times New Roman\">DISCOVER FINANCIAL<\/font><\/li>\n<\/ol>\n<ul type=\"disc\">\n<li><font size=\"3\" face=\"Times New Roman\">One of the more    difficult cards to get, declining more than they accept (which is damaging    on one&rsquo;s credit).<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Yet, it is a low    vale card for credit scoring.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They have low limits    compared to Visa and Mastercard.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They depict themselves    as a valuable card anyone can get if they only apply.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They double the    balances after charging them off.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They actively look    for causes to raise interest rates and do so without informing clients.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They do not disclose    their reasons easily,even when it is the FICO score.&nbsp; They add    on additional fees whenever possible.<\/font><\/li>\n<\/ul>\n<ol type=\"1\" start=\"3\">\n<li><font size=\"3\" face=\"Times New Roman\">CAPITAL ONE <\/font><\/li>\n<\/ol>\n<ul type=\"disc\">\n<li><font size=\"3\" face=\"Times New Roman\">They suffer from    too many charge off issues.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They are excessive    with their fess.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They offer up to    four credit cards to their clients, including those withrecent charge    offs, in order to encourage more debt problems.&nbsp; <\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Excessive fees and    punishment when clients are having financial problems, thus making their    situations worse.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They have only recently    started reporting credit limits like other revolving creditors do since    we identified them as number one (in terms of poor quality) in October. <\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They charge off    an account and maintain the paper until the right time to sell it off    to a collection company and then there are duplicate items on the credit    reports for the same items.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">After nine years,    they file a judgment regardless of the amount of the debt.<\/font><\/li>\n<\/ul>\n<ol type=\"1\" start=\"4\">\n<li><font size=\"3\" face=\"Times New Roman\">WFNNB (WORLD FINANCIAL    NETWORK NATIONAL BANK)&nbsp;&nbsp;&nbsp;&nbsp; EXAMPLES OF STORES IN    THEIR NETWORK ARE VICTORIA SECRET, PALAIS ROYAL, EXPRESS, THE LIMITED,    NEW YORK &amp; COMPANY, LANE BRYANT, FINA GAS, ANN TAYLOR, BATH AND    BODY WORKS, SERVICE MERCHANDISE, NEWPORT NEWS, DRESS BARN, SPIEGEL,    EDDIE BAUER, LERNERS, JESSICA LONDON.<\/font><\/li>\n<\/ol>\n<ul type=\"disc\">\n<li><font size=\"3\" face=\"Times New Roman\">They have very poor    customer service.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Continuous charge    off status.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They maintain collections    within and later sell them off.&nbsp; However, it stays on the account    even after they have been sold.&nbsp; This makes it very difficult to    correct one&rsquo;s records.<\/font><\/li>\n<\/ul>\n<ol type=\"1\" start=\"5\">\n<li><font size=\"3\" face=\"Times New Roman\">WASHINGTON MUTUAL\/    PROVIDIAN<\/font><\/li>\n<\/ol>\n<ul type=\"disc\">\n<li><font size=\"3\" face=\"Times New Roman\">Unforgiving with    late payments.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Have very high fees.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They encourage their    credit card clients to get over extended and get in over their heads.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Poorly trained employees.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Charge off issues.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Resistant to correcting    credit bureau reporting errors and mistakes.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Not likely to correct    any items, including those that are their fault.<\/font><\/li>\n<\/ul>\n<ol type=\"1\" start=\"6\">\n<li><font size=\"3\" face=\"Times New Roman\">VERIZON WIRELESS&nbsp;<\/font><\/li>\n<\/ol>\n<ul type=\"disc\">\n<li><font size=\"3\" face=\"Times New Roman\">Don&rsquo;t ever get    on their bad side or you will have double or sometimes triple entries    on your credit reports.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Reports charge off    instead of a regular collection with multiple current late payments.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Continuous charge    off status even if the account is paid off.<\/font><\/li>\n<\/ul>\n<ol type=\"1\" start=\"7\">\n<li><font size=\"3\" face=\"Times New Roman\">SEARS<\/font><\/li>\n<\/ol>\n<ul type=\"disc\">\n<li><font size=\"3\" face=\"Times New Roman\">Ridiculously high    interest rates for no reason.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Inconsistent credit    bureau reporting missing many reporting periods.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Accounts have minimal    scoring value in the models.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They sell your account    off to collection companies, even if you go through a bankruptcy and    continue reporting derogatory late payments after the account is closed.<\/font><\/li>\n<\/ul>\n<ol type=\"1\" start=\"8\">\n<li><font size=\"3\" face=\"Times New Roman\">AMERICAN EXPRESS<\/font><\/li>\n<\/ol>\n<ul type=\"disc\">\n<li><font size=\"3\" face=\"Times New Roman\">They have many charge    cards and only one or two revolving.&nbsp; <\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">The charge cards    show OPEN accounts with no real point value and no credit limits.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Very unforgiving    for late payments and a very hard card to obtain.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">They will close    the account very easily and with minimal cause.<\/font><\/li>\n<\/ul>\n<ol type=\"1\" start=\"9\">\n<li><font size=\"3\" face=\"Times New Roman\">DIAMOND SHAMROCK<\/font><\/li>\n<\/ol>\n<ul type=\"disc\">\n<li><font size=\"3\" face=\"Times New Roman\">These accounts are    hard to get and not worth many points.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Hot checks show    up on the credit report and are hard to remove even when paid.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">Not the value of    a regular gas card like an Exxon\/Mobil or Citi Shell.<\/font><\/li>\n<\/ul>\n<ol type=\"1\" start=\"10\">\n<li><font size=\"3\" face=\"Times New Roman\">SMART FINANCIAL<\/font><\/li>\n<\/ol>\n<ul type=\"disc\">\n<li><font size=\"3\" face=\"Times New Roman\">This account is    a teacher&rsquo;s credit union that does not report consistently every month.<\/font><\/li>\n<li><font size=\"3\" face=\"Times New Roman\">It has unfair practices    compared to other credit unions are in terms of how it reports!<\/font><\/li>\n<\/ul>\n<p><!--adsense--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Calvin Brown, CEO of CreditRestoreInc, writes: BANK OF AMERICA BOA is the original creator of the Visa and the first commercial national bank. They give credit cards to illegal aliens who have no Social Security card. They make more mistakes &hellip; <a href=\"https:\/\/lukeford.net\/blog\/?p=1832\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[162],"tags":[],"class_list":["post-1832","post","type-post","status-publish","format-standard","hentry","category-economics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1832"}],"version-history":[{"count":0,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1832\/revisions"}],"wp:attachment":[{"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}