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@lakerfan2011 wrote:i do credit report repair for a living and its amazing how many people have charge offs on fp cards
It amazes me too. It should be a real sign to yourself that you DONT need CC;s because your not responsible with them. (Unless you have unfortunate curcumstances happen)
@LS2982 wrote:
@lakerfan2011 wrote:i do credit report repair for a living and its amazing how many people have charge offs on fp cards
It amazes me too. It should be a real sign to yourself that you DONT need CC;s because your not responsible with them. (Unless you have unfortunate curcumstances happen)
I wonder why that happens. What are some of the possible reasons why FP customers default:
1. FP's Terms & Conditions?
2. People just have no clue about living within their means?
3. Irresponsibility?
???
I did my time with FP. Its like having to start the game over, you go mack to Baltic Avenue LOL.
If you dont want to play the game, dont roll the dice.
There was nothing wrong with them besides charging you to make a on line payment, that seems a little out of line. Both people with good and bad credit have to make payments. It seems to me the risk is over if someone is sending you cash, but maybe thats just me
Or choose NOT to use this and instead GO GET a jcpenny card and secured card.
minimock wrote:
I did my time with FP. Its like having to start the game over, you go mack to Baltic Avenue LOL.
If you dont want to play the game, dont roll the dice.
There was nothing wrong with them besides charging you to make a on line payment, that seems a little out of line. Both people with good and bad credit have to make payments. It seems to me the risk is over if someone is sending you cash, but maybe thats just me
@minimock wrote:I did my time with FP. Its like having to start the game over, you go mack to Baltic Avenue LOL.
If you dont want to play the game, dont roll the dice.
There was nothing wrong with them besides charging you to make a on line payment, that seems a little out of line. Both people with good and bad credit have to make payments. It seems to me the risk is over if someone is sending you cash, but maybe thats just me
That's the one really predatory practice they engage in. It would cost them less to process ACH (direct debits) payments, but they don't do it because it clearly generates more late fees by not accepting them.
@stan_the_man wrote:
@minimock wrote:I did my time with FP. Its like having to start the game over, you go mack to Baltic Avenue LOL.
If you dont want to play the game, dont roll the dice.
There was nothing wrong with them besides charging you to make a on line payment, that seems a little out of line. Both people with good and bad credit have to make payments. It seems to me the risk is over if someone is sending you cash, but maybe thats just me
That's the one really predatory practice they engage in. It would cost them less to process ACH (direct debits) payments, but they don't do it because it clearly generates more late fees by not accepting them.
Without knowing what percentage of their cardholders end up stiffing FP or making payments that bounce, I do know that when they process an ACH payment that bounces, FP gets hit by the Fed with a fee. Not sure how big of a fee and I'd think it is minimal, but if they have a significant number of cardholders who make ACH payments that ultimately bounce that may be why they charge a fee to make them.
@Anonymous wrote:
Without knowing what percentage of their cardholders end up stiffing FP or making payments that bounce, I do know that when they process an ACH payment that bounces, FP gets hit by the Fed with a fee. Not sure how big of a fee and I'd think it is minimal, but if they have a significant number of cardholders who make ACH payments that ultimately bounce that may be why they charge a fee to make them.
I have to imaging that the NSF rate would be about the same for ACH vs. checks though.
@stan_the_man wrote:
@Anonymous wrote:
Without knowing what percentage of their cardholders end up stiffing FP or making payments that bounce, I do know that when they process an ACH payment that bounces, FP gets hit by the Fed with a fee. Not sure how big of a fee and I'd think it is minimal, but if they have a significant number of cardholders who make ACH payments that ultimately bounce that may be why they charge a fee to make them.
I have to imaging that the NSF rate would be about the same for ACH vs. checks though.
Could be.
Just reading FP's lawsuit against the Fed:
40% charge-off rate. Wow! Bank of America cries like a stuck pig at 5%.
Forty Percent!
Somehow I feel less sorry for those who have no other choice than to resort to FP and pay fees out the nose.
I don't know if it makes anyone else feel better...but at least Mod cut (owner and founder of FP) is giving away a great deal of the personal fortune he made from FP. Lots of buildings, health facilities, etc. now named after him, of course. Couple of statues.
Mod cut
The latest is that Sanford Health is now planning to open a series of clinics/hospitals in Ghana. Lots of complaining about that in SD because a couple of our reservations are literally the poorest counties in the nation. A lot of people would like to see him help with the Native American health crisis in the state...but that's a discussion for a different place. I bring it up because at least some of the money "earned" from very poor folks is going to help some very sick poor folks.
Please review the Forum's Terms of Service which prohibit the posting of:
MarineVietVet, myFICO moderator
ETA: Sorry MVV...it was a wikipedia article...if it had his personal info in it I did not notice. Thanks for noticing. Lynette
Without knowing what percentage of their cardholders end up stiffing FP or making payments that bounce, I do know that when they process an ACH payment that bounces, FP gets hit by the Fed with a fee. Not sure how big of a fee and I'd think it is minimal, but if they have a significant number of cardholders who make ACH payments that ultimately bounce that may be why they charge a fee to make them.
Didnt think of that, guess because I never had one returned LOL