Top 10 Creditors To Avoid And Why!
- BANK OF AMERICA
They are the original creator of the visa card! They give credit cards to people that are here in this country illegally and have no social security numbers. Considering the size of their operation, they make more mistakes in reporting than all the other banks in the top 5. Those mistakes are difficult to remedy and nearly impossible to correct. Since acquiring MBNA America last year there have been even more mistakes. It is like a virus! They are the very worst at tacking on higher interest rates, over limit fees and general “nightmare” fees over anything they do not like when they view your FICO report. Bottom line, they take advantage of their huge size to screw with the clients anytime they wish. Furthermore, they do not inform you that there is a rate increase coming, they just implement it and let you find out later. In addition, with inside information obtained by this credit strategist, BOA hires personal bankers with no drug tests or credit checks! That means, folks working at their branch locations who make decisions on your loan applications are not properly screened. Lastly, they have had to duplicate MBNA accounts in bad standing and have not handled the merge very well. Everything has gone wrong that could and they will not admit fault or responsibility.
Final note: Currently, there is an internal id theft issue at boa. this is most likely due to their less than stellar employee hiring requirements.
- CAPITAL ONE
Too many charge off issues, they take every advantage of their customers that they can with fees, offer up to 4 credit cards to their clients even those with recent charge offs which appears in order to encourage more debt problems. Their excessive fees and penalities when clients are having financial problems thusly make them worse. They just started reporting credit limits like other revolving creditors do since we listed them as #1 in October, 2007. They charge off an account and maintain the paper until the right time to sell it off to a collection company and then too often duplicate items on the credit reports for the same entries. After 9 years, they file a judgment regardless of the amount of the debt.
- DISCOVER FINANCIAL
Not an easy card to get, they decline many more than they accept, low value card for credit scoring, low limits as compared to Visa/ MasterCard bank cards, portrayed as a valuable card anyone can get if they only apply, they double the balances after charging them off. They look for reasons to raise interest rates without informing you of when and why upfront. They do not disclose their reasons easily even when it is the FICO score. They tack on extra fees whenever possible.
4. VERIZON WIRELESS
Don’t ever get on their bad side or you will have double or sometimes triple entries on your credit reports, reports charge off instead of a regular collection with multiple current late payments, continuous charge off status even if the account is later paid off, thus unforgiving when you finally RESOLVE THE ACCOUNT.
5. WFNNB (WORLD FINANCIAL NETWORK NATIONAL BANK)
Examples of stores in their network are Victoria Secret, Palais Royal, Express, The Limited, New York & Company, Lane Bryant, Fina, Ann Taylor, Bath and Body Works, Service Merchandise, Newport News, Dress Barn, Spiegel, Eddie Bauer, Lerners and Jessica London. They have very rude customer service! Continuous charge off status and they maintain collection status within and later sell it off. However, it stays on after it is sold!
- WASHINGTON MUTUAL/ PROVIDIAN
Unforgiving with late payments, very high fees, they encourage their credit card clients to get over extended and get in over their heads, unforgiving with late payments, poorly trained bank employees, charge off issues, resistant to correcting credit bureau reporting errors and mistakes, very unlikely to correct any borderline item that is entirely or partially their fault.
7. AMERICREDIT
This is a finance company for autos for those with less than perfect credit. They are very unforgiving regardless of whose fault the late payment is. They serve up “whatever you want to hear” as a solution for credit misgivings without doing anything. They take advantage thus damaging the credit scores even more.
- DIAMOND SHAMROCK
These accounts are hard to get and not worth many points, hot checks show up on the credit report and are hard to remove even when paid, not the value of a regular gas card like an Exxon/Mobil or Citi Shell. They do not report to all bureaus any more and are therefore less than advantageous.
9. BEST BUY
Duplicate and triplicate accounts for late payments all too often. They will always make you reapply once your account is inactive for 12 months. This is a very low value revolving account that is marginally dangerous.
- CITI BANK
They often can fabricate reasons for declining applications! Example: One client was said to have a late payment in the last 12 months that did not and they would not admit the mistake. On several occasions they have reported a file in bankruptcy all though it had been after the 10 years statue of limitations on bankrupticies.
