National "Dump Your Bank" Day

Ska Lagos Jew Sun Ra · 11-04-2011, 06:43 PM

Quote:

Originally Posted by Engine

You make it sound as if there are only two choices for where to keep your money: 1) a commercial bank and 2) under your mattress.
The point is we don't need banks to keep our money safe. We have other options that many aren't aware of (i.e. credit unions).

I know the majority of Americans probably don't care whether other Americans are "too stupid to read the fine print" but a lot of people apparently think that even the stupid and the stoned don't deserve to be robbed by bankers.

What about wanting too make Internet purchases?

Engine · 11-04-2011, 06:51 PM

Quote:

Originally Posted by Ska Lagos Jew Sun Ra

What about wanting too make Internet purchases?

What about them?

Ska Lagos Jew Sun Ra · 11-04-2011, 07:01 PM

Quote:

Originally Posted by Engine

What about them?

misread your reply, apologies.

Guybrush · 11-05-2011, 05:13 AM

Quote:

Originally Posted by Engine

You make it sound as if there are only two choices for where to keep your money: 1) a commercial bank and 2) under your mattress.
The point is we don't need banks to keep our money safe. We have other options that many aren't aware of (i.e. credit unions).

I know the majority of Americans probably don't care whether other Americans are "too stupid to read the fine print" but a lot of people apparently think that even the stupid and the stoned don't deserve to be robbed by bankers.

Yes, I was a bit quick on the 'submit reply' button. Of course, any kind of investment can give you interest (if that's what you call it when it's not coming from the bank).

The point I should've made is that you should still do something with your money. The more you have, the more important it is.

Mrd00d · 11-05-2011, 04:46 PM

Quote:

Originally Posted by tore

Yes, I was a bit quick on the 'submit reply' button. Of course, any kind of investment can give you interest (if that's what you call it when it's not coming from the bank).

The point I should've made is that you should still do something with your money. The more you have, the more important it is.

That's part of my thing Tore. I've been working minimum wage jobs and similar (never made more than 10 dollars/hr.) for 8 years straight, paycheck to paycheck my whole life. I never have more than 500 dollars and it usually goes straight to rent, bills, food. Having an account at a bank or credit union doesn't help me.

I think it's nice to point people in the direction of credit unions. I wish everyone would pull out of all their banks so that the bankers would cry, though.

hip hop bunny hop · 11-05-2011, 06:46 PM

Quote:

The point I should've made is that you should still do something with your money. The more you have, the more important it is.

Credit Unions aren't just for checking accounts, home & car loans; they generally offer everything from CDs, Bonds, etc. They're wonderful places to invest your money because they've (usually) no incentive to deceive their customers.

Really, if you want an

Quote:

I wanted to start with the second half here. I don't mind the black cloud. I'm assuming I have 0 credit and working under that. I've never thought about taking out a loan and I probably won't. I'm 24. It's not even on my radar. What is that, for buying a house, or a car, or starting a business? I don't see that happening. I've worked 7 years as a cashier at minimum wage, I'm used to having nothing and wanting nothing and doing nothing. I have no plans on opening up at a credit union, though I admit you're right that they're better than major banks. I do respect youropinion and acknowledge I might be acting rash but I assure you it made sense for me.

A good credit score helps with everything from securing employment to getting student loans. But, it is your life, and I trust you've the ability to manage it yourself.

Mrd00d · 11-05-2011, 07:09 PM

Quote:

Originally Posted by hip hop bunny hop

Credit Unions aren't just for checking accounts, home & car loans; they generally offer everything from CDs, Bonds, etc. They're wonderful places to invest your money because they've (usually) no incentive to deceive their customers.

Really, if you want an

A good credit score helps with everything from securing employment to getting student loans. But, it is your life, and I trust you've the ability to manage it yourself.

I believe after 7 years, it'll drop off my record. I'm over halfway there if that's true. I have a new phone and address so they haven't been able to contact me about it which is nice. I don't have a creditor problem luckily and nobody's gone for my wages. If it doesn't clear off my record, I should have enough to pay them their 800 in a few years either way, but I'm pretty sure I don't owe them but can't prove it.

Freebase Dali · 11-05-2011, 08:12 PM

Quote:

Originally Posted by Mrd00d

I believe after 7 years, it'll drop off my record. I'm over halfway there if that's true. I have a new phone and address so they haven't been able to contact me about it which is nice. I don't have a creditor problem luckily and nobody's gone for my wages. If it doesn't clear off my record, I should have enough to pay them their 800 in a few years either way, but I'm pretty sure I don't owe them but can't prove it.

If you have negative marks from an unsettled account on your credit report that you're not responsible for, you can contest it and get it taken off.
If you are responsible for it, you can wait the seven years, but be very careful, because if there's any activity on the account within those seven years, the timer will restart from the date of new activity, and you'll either want to pay it off, or wait another seven.

Paying the account off is considered activity, and you'll still have the negative marks for 7 years. So, I'd just leave it alone if you're gonna wait.

Also, beware of debt collectors tricking you. Sometimes they'll call and try to get you to admit the debt is yours, and get you to infer that you're planning on paying it off. On that basis, they can update the account and run you past the seven years, starting a whole new statute of limitations in the process (which they can then sue you for the debt).

I had a credit card that went into collections like 9 years ago, and the info is now off my report, but the collectors keep selling the account to other collectors, and I still get calls to this day. They even send me letters saying they'll settle the debt for 99 dollars (was originally like 3,000), but that would be a dumb move because the statute of limitations is wayyy over, so they can't sue, and paying would put it right back on my credit report if they sent the account status to the reporting agency. So... best move for me is just ignore them.

Any time my phone shows an 800 number, I know it's them. lol.

Mrd00d · 11-05-2011, 08:22 PM

Quote:

Originally Posted by Freebase Dali

If you have negative marks from an unsettled account on your credit report that you're not responsible for, you can contest it and get it taken off.
If you are responsible for it, you can wait the seven years, but be very careful, because if there's any activity on the account within those seven years, the timer will restart from the date of new activity, and you'll either want to pay it off, or wait another seven.

Paying the account off is considered activity, and you'll still have the negative marks for 7 years. So, I'd just leave it alone if you're gonna wait.

Also, beware of debt collectors tricking you. Sometimes they'll call and try to get you to admit the debt is yours, and get you to infer that you're planning on paying it off. On that basis, they can update the account and run you past the seven years, starting a whole new statute of limitations in the process (which they can then sue you for the debt).

I had a credit card that went into collections like 9 years ago, and the info is now off my report, but the collectors keep selling the account to other collectors, and I still get calls to this day. They even send me letters saying they'll settle the debt for 99 dollars (was originally like 3,000), but that would be a dumb move because the statute of limitations is wayyy over, so they can't sue, and paying would put it right back on my credit report if they sent the account status to the reporting agency. So... best move for me is just ignore them.

Any time my phone shows an 800 number, I know it's them. lol.

Thanks for the assurance, yeah, that's pretty much what I knew about it. I haven't talked to them in 3-4 years. New number, new address. Feeling pretty safe. Yeah, just planning on avoiding them forever.

"If you have negative marks from an unsettled account on your credit report that you're not responsible for, you can contest it and get it taken off."

I never knew that, but I've never looked at my credit report. Maybe I'll keep that in mind.

Freebase Dali · 11-05-2011, 08:34 PM

Quote:

Originally Posted by Mrd00d

Thanks for the assurance, yeah, that's pretty much what I knew about it. I haven't talked to them in 3-4 years. New number, new address. Feeling pretty safe. Yeah, just planning on avoiding them forever.

"If you have negative marks from an unsettled account on your credit report that you're not responsible for, you can contest it and get it taken off."

I never knew that, but I've never looked at my credit report. Maybe I'll keep that in mind.

It's a good idea to check your credit report at least once a year. In the US, you can get a free credit report annually, from Experian and Equifax. (Or you can do it every 6 months by getting one from one company, and another from the other 6 months later)

Just google free annual credit report. All is done over the net.

Most people probably don't see the point in checking their credit report, especially when they don't have any lines of credit, but that doesn't mean they're invulnerable to identity theft. If you have a social security number and are old enough to get a credit card, you're vulnerable. And checking to make sure you don't have any accounts on your credit report that weren't started by you is how you make sure someone isn't rubbing your good name in the mud and stealing with it.