Being sued by Citi Financial

[inpain66]

Sweet! Last time I checked my FICO was about 489. Does that mean I am in the "don't waste any money or time pursing this guy" list?

The whole FICO score is just depressing. Mine went from 600's to 400's in last 6 months. I guess it will be in the 300's after I file.

[debtmonster]

Maybe it's because the CEOs can't get their big bonuses if they take bailout money. They telling the guys in the trenches, "if you want to keep your job's, you better find a way to get that bailout money paid back so I can get my bonus back. One of my multi million dollar homes has a payment due this month. 'I' don't have time to play the 6 month charge off game any more".

I can't stand capitalism. I wish they would modify it and put caps on CEO incomes to make about only 20-40% more than the CEO's average employees.

[Willy13]

Maybe it's because the CEOs can't get their big bonuses if they take bailout money. They telling the guys in the trenches, "if you want to keep your job's, you better find a way to get that bailout money paid back so I can get my bonus back. One of my multi million dollar homes has a payment due this month. 'I' don't have time to play the 6 month charge off game any more".

[debtmonster]

Sweet! Last time I checked my FICO was about 489. Does that mean I am in the "don't waste any money or time pursing this guy" list?

[StartingOver08]

Well debtmonster - in addition to our regular FICO scores (which there are several models used for credit cards, mortgages and cars) there is a score called the Bankruptcy risk score!

They probably looked at your report and it indicated you should have filed a while ago.....

If you want to read more about it, look here:

http://www.fairisaac.com/ficx/Produc...tcy-Score.html (This is one of the sites that promote the use of the BK score)

To read about the score check this out: http://www.associatedcontent.com/art...ore.html?cat=3

What Your Creditors Don't Want You to Know
It is a little known fact that the credit report that a merchant pulls on a consumer is not the same report that the consumer receives when one is ordered. The information can be drastically different.
Why is that?
Doesn't it seem a bit devious?

There is a scoring method that has been around for over twenty years that has absolutely nothing to do with your FICO score that merchants and retailers use on a regular basis and that is the Bankruptcy Risk Score. Unlike credit scores, bankruptcy risk scores are not sold to consumers by any of the credit bureaus. Consequentially, individuals have little or no way of knowing what their bankruptcy risk scores are or how to adjust them downward.

This is also referred to as "debt analysis" which allows lenders the ability to assess a customers risk in taking out a line of credit. This score is supposedly a complex mix of your credit score plus your spending habits such as information of how you use your credit card, shopping cards and any other way they can assess what you buy. The credit agencies and those that have contributed to creating it have been reluctant to reveal exactly how the model works and what it is based upon because they see it as proprietary information. They spent a lot of time and money developing it and if they explain it, they are giving away part of its value. Therefore little is said about this report which is why you have likely never heard of it before. Out of 10 credit card holders I have asked, not one knew of this scoring method.

The Bankruptcy Scoring Model calculates a consumer's bankruptcy risk score by comparing their credit report characteristics with the characteristics of the credit scoring model. A specific point value is associated with each characteristic. The total of these points is the consumer's bankruptcy score. Bankruptcy scores range from -200 to 2018, with most ranging between 0 - 1000. Higher scores indicate greater likelihood of bankruptcy.

Bankruptcy scores utilize this inverted scale to measure bankruptcy risk where low scores are an indicator of low bankruptcy risk (good) and high scores are an indicator of high bankruptcy risk.

[Trixie007]

There's a big difference between the local branches and their personal loans and a Citi cc. I was thinking that might be what you had. Sorry that this is happening so quickly to you!

[debtmonster]

I am just wondering, WHY THE HELL DO PEOPLE NEVER SUE ME?!?! I have way more debts than anyone on this entire forum. I have 64 people on my list that I will be submitting when I file. In the past 20 years I was served just a few days ago for my mortgage being 90 days past due, but that's because they want to start the foreclosure on my home.

How come Wells Fargo, Citibank, GMAC, HSBC, Citizen's Bank and tons of other people have never taken me to court or got default judgments on me?

It wasn't hard to serve me at all. My wife answered the door and poof! We were served. That's why I always recommend to NEVER open the door for anyone if you're not expecting anyone. They can't sue you if they can't serve you. Just do whatever you can to stall them in court and keep getting it delayed until they get tired of throwing good money after bad and then they will eventually go away.

I don't know why banks go after people who are broke. That is really a very stupid business model. They should just got their loses, get the tax break and move on to the next victim.

I can't even afford food, let alone current or past debts. Anyone thinking that they would ever get a dime from me in a court has another thing coming to them. The courts love all this because they are just like stock brokers... no matter what happens, the court always makes money for all arguments. Just like a stock broker... whethe you make or lose money, the stock broker doesn't care. He makes money regardless.

Good luck with your case.

[inpain66]

Citi Financial is able to move fast since they set up local branches. I took out a 6k personal loan with them. They are jerks and I never should have taken the loan. The interest on the loan was 21% but at the time I was so in need of cash to get other bills in order I just signed not thinking.

[jeb]

I have a Citi CC which I did not pay in Dec, Jan or now, Feb. They called me a few times but nothing else. Last time I gave them Attorneys name and number and have not heard from them. - jb

[sophia]

Okay ..this thread has me freaking out. I owe Citi over 25 k and will miss my first payment at the end of this month. I have been reading here and everything I have read says that CC companies charge off after 90 days and then it goes to collections and at around the 6 month mark or longer you get sued.
I was thinking of waiting to file for a few months but reading stuff like this scares me enough to just get the whole thing over with as soon as possible.

[BKorbust]

Wow that sucks. It took Citi 8 months and 3 CA's to sue me. When the debts charged off after 6 months they sent my accounts out to the CA's and last CA was a scum bag law firm. After 30 days is very quick.

[albacore44]

yeah. It still shows current on my credit report as of last week yet they are suing me. I think it is because of the economy that these companies are moving so fast now. I love how they got bailout money too. They are scum.

what kind of loan was this and how much owed ?? I have several Citi accounts.

[CatsInTrouble]

i am clueless to everything but wanted to send ya a vote of confidence on the scum part.

[inpain66]

Nope you don't go to court you don't send anymore money and you don't worry about it. the judgments if there really are any will be vacated by your discharge. This does seem fast unbelievably fast they don't even charge off for 90 days.

yeah. It still shows current on my credit report as of last week yet they are suing me. I think it is because of the economy that these companies are moving so fast now. I love how they got bailout money too. They are scum.

[TEW]

So my last payment to Citi Financial was January. They filed lawsuit against me Friday and the court date is March 10th. That seems really soon. I cannot believe that they sued me on the 30th day of being late on payment. They are scum.

I am still short 300 for the lawyer to pay him in full to have the Chapter 7 filed. I will not have the money for 2 more weeks.
What happens if I do not file the Chapter 7 by the 10th of March?

Do I go to court then?

I finally called back Citi and told them I retained a lawyer. I had not done this before since I do not want my credit union to know until I actually file. I need to protect my car!!

Advice please!!!

Nope you don't go to court you don't send anymore money and you don't worry about it. the judgments if there really are any will be vacated by your discharge. This does seem fast unbelievably fast they don't even charge off for 90 days.