Posts by wearyheron99

wearyheron99 said:Which bank is more flexible when it comes to approving overdrafts for temporary contract workers? Is it Chase or Bank of America?

Does anyone actually know—or have experience—with whether any bank even approves overdrafts for temporary staff? And if so, what are the terms?

Which bank is more flexible when it comes to approving overdrafts for temporary contract workers? Is it Chase or Bank of America?

wearyheron99 said:As far as I know, once you're flagged in the Federal Reserve system, it doesn't just "disappear" after one good year. It takes four.
1. Were you just "messy" with a few accounts, or were you actually officially flagged in the Federal Reserve system last year?
2. This merger (Federal Reserve into the credit bureau system) only started this month. When you were dealing with this, maybe it was just a side effect of the old system being phased out.

Based on what’s being said about the credit bureaus, they're essentially merging the old reporting into a "new" consolidated system where that four-year rule still applies.

The real question is whether those four years apply only to new flags, or if they're going to pull in all the old ones to hit that four-year mark.

It isn't really a question anymore. 🙂
Just so everyone is clear: the report includes everything from the past four years—current debts, previous irregularities, payment delays, debt sales, lawsuits, all of it.

Sophia Walker7 said:My experience has actually been a bit different. I was sorting some things out this past spring and was genuinely worried about how the Federal Reserve might see my history, since I had some messy finances back in early 2023 that were definitely on the record. However, when I spoke with my people over at JPMorgan Chase, they assured me it wouldn't show up. Apparently, because I've been so consistent for the last year, that previous slip-up isn't being flagged, even though the full four-year window hasn't technically passed yet...

As far as I know, once you're flagged in the Federal Reserve system, it doesn't just "disappear" after one good year. It takes four.
1. Were you just "messy" with a few accounts, or were you actually officially flagged in the Federal Reserve system last year?
2. This merger (Federal Reserve into the credit bureau system) only started this month. When you were dealing with this, maybe it was just a side effect of the old system being phased out.

Based on what’s being said about the credit bureaus, they're essentially merging the old reporting into a "new" consolidated system where that four-year rule still applies.

The real question is whether those four years apply only to new flags, or if they're going to pull in all the old ones to hit that four-year mark.

rapidskipper12 said:1. You can just ask for a statement at any bank where you actually have an account. You don't even need to give them a reason.
2. True, Diners Club isn't part of the OSR system, though they are under DOR. You can't even see your actual balance there, just your approved limits and debts.
3. Honestly, your best bet is to just request a statement and check for yourself. 😉

Is there a fee if I just want to satisfy some personal curiosity?

rapidskipper12 said:1. You can just ask for a statement at any bank where you actually have an account. You don't even need to give them a reason.
2. True, Diners Club isn't part of the OSR system, though they are under DOR. You can't even see your actual balance there, just your approved limits and debts.
3. Honestly, your best bet is to just request a statement and check for yourself. 😉

So basically, with Diners, I can see if I owe money or used to owe money (DOR), but I can't see current debts if they're being paid on time (OSR)?

Regarding those credit reports and background checks
1. Can I request these from any bank, or am I limited to my own,
and is there a fee involved? Do I actually need a specific reason, or can I just ask for them without providing one?

2. Is it true that Diners Club balances don't show up in the standard credit check system, but unpaid debts do appear in the specialized reporting?
3. Someone mentioned that debts from American Express aren't visible prior to 2018, implying they don't report everything going back four years. Is that accurate?

neondriver5 said:But let’s be real here—aren't we all aware that these lists exist, among other things, specifically to prevent a repeat of what happened with the Swiss banks? It’s about making sure people don't go out and take on insane amounts of debt from a single lender, only for that lender (the dealer, if you will) to suddenly cut them off. If they stop supplying the goods, people just cross the street to the next bank to get what they need, right?

If you borrowed money from Joe Smith and didn't pay him back on time, why on earth would I trust you with a loan?

Give me a break...

These theories of yours fall apart for two reasons..
-The Swiss case—people took out loans, but the interest rates skyrocketed, creating the crisis. Court rulings show banks bear significant blame for that....
-Overindebtedness and hunting for more credit—that’s not even accurate. The credit bureau system doesn't track total debt levels; it just tracks if someone is unreliable, which isn't a debate. What's debatable is whether past unreliability should be visible. A person could be drowning in debt at other banks and it wouldn't show up in the bureau, but the fact that they defaulted once stays on record. So, that person becomes "problematic" to banks, while the truly overleveraged person flies under the radar because there's no data showing they're maxed out....
The point is: can things be reported retroactively? If someone commits a crime that isn't codified, you can't just pass a new law and label them a criminal for something that happened before the law existed. Technically, anything *can* happen, but retroactivity is reserved for extremely rare, specific circumstances..

rapidskipper12 said:Just head down to the bank and ask them directly. My guess is they’re still showing old debts that were actually settled over the last four years. Since the bank acts as the data manager, they report everything regarding delinquencies to the credit bureaus, like Equifax or Experian. If there was an unpaid balance from, say, 2017 that you finally cleared in 2018, the bank doesn't just wipe the slate clean; they send that history straight to the federal regulators.

Yeah, I know someone in a similar spot. Debt was cleared last year and payments have been perfect since, yet it’s still showing up in the federal system.

Rebecca Green7 said:unknown

Right, but that wouldn't be retroactive. Or am I wrong about that?
I believe banks should start populating this new database from the day it actually went live, rather than recycling outdated information from the old unknown system.

Agreed, but it looks like they're sending everything... who knows how much of that "retroactive application" is actually legal.

electricbadger89 said:Hey everyone, does JPMorgan Chase automatically approve an overdraft limit once my first paycheck hits an account that's part of a direct deposit setup? Do I need to file a formal request, or does the system just handle it?
Since direct deposit amounts can fluctuate, does the overdraft limit jump straight to three times my salary, or does it start smaller?
Also, if I already have a loan through JPMorgan Chase, will that affect how much they let me overdraw?

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anyone know?

I don't want to start a whole new thread, but I was just in Chicago for an appointment and now I'm wondering if anyone knows where I can find a private clinic for laser removal of fibromas or similar things. Ideally somewhere closer to home, maybe around Phoenix or Tucson.

I see the thread was moved to the right section. If anyone has any insight on this, I’d love some help deciding which route is better and any advice you might have.

I need to head into Chicago for some consultations regarding some skin fibromas on my face and
neck. Does anyone have experience deciding between a clinic in downtown or one out in the suburbs? If laser treatment isn't an option, will I be left with scarring after surgery?

p.s. Realizing now I've posted this in the wrong thread. Moderators, please move this if you can.