I have not checked my credit rating in years ;as there was nothing that I believed needed to be checked;as I do not believe in bankruptcy; and I have to many assets ;so I have no choice ;but to pay my creditors off.I am really surprised at how easy it is to manipulate information ;and not always to the detriment of myself. I have always been very lucky that way.There is far to much superficial importants put on credit nowadays to the point of extreme redundancy.I am not concerned with what is reported ;but more with what is not. I have as far as I am concerned to much unused credit. $200;000 unsecured; "no problem"But why? and where to put it
.No matter what people tell you! the market{stocks} is gambling; "nothing more";but if you want to play you may want to play on margin. This is where credit may come in handy; as the brokerage house may want to check your credit? Borrowing on margin is "Fantastic" on the way up.margin is not so great on the way down.People will enviable take losses; or default; on loans somewhere during there lifetime;so I guess the banks are looking for patterns of behaviour;during certain periods in a persons history;who can blame them.There really the only ones."Go and ask your family and friends" ask them for the loan.?" Your family have the money"!; but my family do not loan to there immediate family "EVER". well maybe back when I was 14.
P.S
I love banks;bankers and banking
Edward H.C Graydon
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8 comments:
Edward H C Graydon June 9, 2019 at 12:46 am
Agreeing then signing the original contract is where ones financial irresponsibility begins. It is the fact that one would enter into such a rate of interest that shows desperation and the need for credit at any cost regardless.
I have found in my own dealings with unsecured credit that volume is king. The interest rates are deterrents for lenders and the real money made is from point of the sale income for the banks. Point of sale income is the money that the merchant pays on each transaction when you buy and that percentage varies from bank to bank but I have found in my own personal dealings that banks would rather have income flow from that side than the interest paid by the end user. The lowest rate of interest that I have negotiated for my own personal card issued by the bank of Montreal is 3.9 per cent for ten years. I can live with prime but it is hard to achieve. Banking for many is a game of challenge where actual materialism is not the end goal but the astuteness of the contractual agreement is the end game. I have never entered into a credit card agreement where the assigned rate of return is more than 3.9 per cent
Regardless of rates, it is the principle that most people never are able to pay for they did not save they borrowed and ignored the ability of delayed gratification for instant, that now puts them in a ball and chain type relationship with the banks for the sake of materialism.
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Gerri Detweiler
April 26, 2021 at 12:32 pm
80 is excellent. I am not sure what incremental gain you would get at 100. Also D&B doesn’t reveal the details of the scoring formula. So my best suggestion is to just keep on doing what you’re doing and focus on growing your business!
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Jimmy Roy Roberts
May 13, 2021 at 1:10 pm
I have a negative account on my business credit report that’s not accurate. I dont owe anyone any money. How do I remove this
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Edward HC Graydon
June 15, 2021 at 5:00 am
That is a good advice as the difference between an 80 PAYDEX score and one of 100 is only that the company that is rated 100 is paying too soon . An 80 is in fact closer to perfect in some ways has it indicates perfect terms. A PAYDEX score of 100 means you are paying sooner than the contractual agreement outlines leaving interest that could be calculated and kept in reserves instead of paying too early ….It is a tricky game!
Regardless ,I think Dunn &Bradstreet are in fact really fantastic to deal with.But as any new business it is hard for some to get a rating.
Edward HC Graydon
Graydon Investments Group LTD
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Edward HC Graydon
June 17, 2021 at 4:16 am Your comment is awaiting moderation.
Regardless of credit bureau business or otherwise the bureau’s most show accurate if not precise payment history as it is being reported”it is the law” and at this time in history it seems unlikely many people or corporations where not effected by the lockdown to some degree ? Because capitalism was within reason shut down for months at least at the retail and governmental level {Revenue Canada }it seems more likely people did not pay their invoices and credit card statements on time .Along with corporate returns!
When I think about the debt loads that where being held by corporations and individuals before the last part of 2019… I think in reality it will be difficult if not impossible to achieve an 80 paydex rating over the next few years .If the banks and creditors enter into the system the reality of life during the lockdowns and what truly transpired I think it will show. That will be the testing period where the lending industry must look the other way and turn the other cheek to slow payments ,or the credit market ceases up far worse than 2008.
Edward HC Graydon
Graydon Investments Group LTD
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Steps to Take When Your Credit Line Is Pulled
During periods of tight business credit, lenders are more likely to call a note payable on demand or even find borrowers in default for minor technicalities. Business borrowers should have a backup plan ready in the event a bank pulls your line of credit.
Business loans differ from consumer loans in many ways. Banks and other commercial lenders often have covenants requiring a business to meet certain performance and liquidity benchmarks. They also typically have financial reporting requirements. If you fail to meet one of these loan agreement requirements, your lender may find you in default of the loan. If that happens, the lender can require you to immediately pay the full outstanding balance due. Many credit-line loans also have on-demand provisions that allow the lender to reduce the maximum amount available with no notice or simply make the balance payable immediately. While these provisions may seem harsh, they are widely used in lending agreements throughout the United States.
If your bank calls in your loan or credit line, the first thing you should do is take a deep breath and imagine you are on the other side of the banker’s desk. Lenders know that most borrowers can’t simply write a check and pay their line of credit; otherwise they wouldn’t need one. Bankers have two things on their mind: to get your loan paid off and to keep your loan off of the bank’s past-due list. That said, lenders are not likely to foreclose on the collateral unless you exhibit extraordinary signs that your business is rapidly liquidating the collateral or otherwise compromising your ability to repay. Most lenders will work with you to find a way to pay off the loan.
One common technique lenders use when they terminate a business line of credit is to set up some or all of the outstanding balance on a term note and allow you to pay the note off over one to three years. This may not be a good option for you if your business still needs a line of credit, because unless the line of credit is unsecured, you won’t be able to pledge the same collateral to another lender.
If your business sells to other businesses and carries accounts receivable on its books, the easiest and quickest way to replace the lost line of credit is to set up a financing arrangement with a factoring company. Factoring companies are commercial finance firms that finance your accounts receivable for a fee. Rates and terms vary significantly among factoring companies, but if you shop right, this financing method can be affordable, especially when measured against the cost of lost sales opportunities.
If you choose to use a factoring company, do your homework. Make sure you read companies’ legal agreements before you agree to do business with them. Understand all the fees associated with factoring. Better factoring companies have easy-to-read agreements with few additional costs. Many companies actually find using a factoring company for their working capital is easier, albeit more expensive, than a bank line of credit.
If you or your business has equity in real estate, you may be able to refinance the property and get cash out. Many states prohibit borrowers from using home equity for business purposes, so check with your state first. Businesses with real estate equity can also use a combination of two loan arrangements: a factoring line of credit with accounts receivable as collateral, and a real estate equity refinance for permanent working capital. This dual loan arrangement allows for safety cash to be injected into the business and a working capital line of credit to be used for the future.
Businesses should also consider approaching a community-based lender that works under the Federal Community Development Loan Fund program. These lenders are chartered to help create and keep jobs. Though they usually have loan limits of $200,000 to $300,000, they are often a good place to turn to if your business needs funds and a larger commercial bank is not an option.
Can you dispute a credit card charge after 6 months?
How long do you have to dispute a charge? You normally have 60 days from the date a charge appears on your credit card statement to dispute it. This time limit is established by the Fair Credit Billing Act, and it applies whether you're disputing a fraudulent charge or a purchase that didn't turn out as expected.
This is horrible advice by Google ! Horrible in that companies like Chargeback 911 exist to help navigate you through the system of banking and chargebacks while ignoring the number one reason chargebacks are won by the consumer, is by very promptly drawing the details of what transpired and your concerns before the bill is even printed ! Don't delay in making the call to the bank if you feel you have no other alternative ?
The longer you wait between the date of purchase and the call to the bank the worse off you will be !
I guarantee it! And you can take that to the bank
Humans are not capable on average of applying delayed gratification it is obvious given the circumstances the world now finds itself in .
So it is my opinion only that the coalition between ones credit rating and climate change could be entertained as an introduction into conversation around responsible materialism that would be forced apoun the world by way of force.
One of the biggest arguments made in society on almost every online site dealing with personal finance is maintaining a positive credit rating in order to participate in the system that facilitates materialism .
Those with very high credit scores on average have very little debt and have very low credit utilization .Credit utilization could be used to show how some are out of control regarding personal entitlements while on this planet.
The side effect of materialism is toxic waste and pollution this cannot be disputed and because it is a human weakness society needs to draw attention to those that are abusing there time while on this planet by way of exsessive personal consumption .
On average a credit score of 800 or more indicates a credit utilization of around 6% relative to availability. While those that find themselves victim to human nature without inner contemplation are in fact the main culprits and their credit scores are indicative of this.
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Edward HC Graydon
February 28, 2024 at 10:19 am Your comment is awaiting moderation.
Dear Joan !
It has been a few years now since I stipulated my personal opinion on where I believe the North American economy was headed based on the ramifications of closing the economy down on both sides of the boarder, Canada and the United States . What I could not have imagined was the sheer velocity straight to the bottom. Since we last communicated business bankruptcies have exponentially grown in numbers ,it is really quite rapid, but at that time governments on both sides of the boarder where diminishing any thought of rate increases ,in fact in Canada they publicly stated that Canadians set aside any concerns of possible interest rate hikes!
2021 was only three years ago and the negative implications that might have accrued regardless of no fault of the small business owner of missed payments that must legally show regardless of reasoning are still fresh as they are only three years old. This is a negative attribute at this time in history while rates will more than likely continue to rise into the low double digits over the next few years .
It my opinion that moving forward keeping a clear damaged free Dunn & Bradstreet rating will be very difficult and if I where to take into account my believe that rates have only just started to rise based on historical highs while considering the current financial system that may or may not? Be a contributing factor in climate change ? I am betting it is! And that human consumption on this planet or at least in North America will be greeted with exceptional high rates .
So it is my opinion 2008 as a reference point for what would constitute Financial despair for so many would be to positive a financial call or opinion, if I where to equate into the factor that climate change is one of the biggest threats to humanity .
These types of email correspondence become common when accepting balance transfer loans ,it becomes routine the amount of predatory loans being offered to Canadians .
To the investigating representative of the Ombudsman office.
The reason that the office of the president informed me that they would no longer investigate the fraud that had taken place against myself was due to my language {I don't blame them for not wanting to listen! But I take it personally when my name is attached to the loans and my reputation financially is at serious risk of being damaged by what now seems like a predatory agreement in writing and this is after being subjected to a intentionally misleading predatory loan
But that is after the fact that we had prior business arrangements outlining how the bank was going to compensate me for being subjected to a predatory loan based on intentionally misleading and what now appears financial fraud of sorts ?
I would have never believed this type of lackadaisical approach to following the rule of law could take place in Canada . We had an agreement!
Is it interesting to some degree ? Or is it common practice that banks in Canada waive the balance transfer fee not once? But five times due to issues of what appear to be the meaning and understanding of what constitutes predatory lending practices ?
Was it by error of not understanding what they were selling ? Everytime I made a balance transfer with the Bank of Montreal they reversed the fee of 2% based on the fact that each time they concluded I was a victim of what would have constituted the meaning of a predatory loan .
I would like to press criminal charges under the financial crimes act of the banking industry that would address the fact that I have been subjected to over five cases in which the bank of Montreal deemed the actions of the employee so outlandish that they decided to deal with the concerns by paying the balance transfer fee of 2% each time. I have been lied to on numerous occasions and ask your office to investigate all aspects of this case as the results might seem alarming to some degree.
I accept and prefer this route of communication as it is less prone to immediate out burts directed at BMO employees ! But the actions of the Bank of Montreal seem aligned more with the understanding of what constitutes a financial crime against their customers as once I might believe it was by accident and out of misunderstanding , but five times? It seems implanted in BMO culture to use and promote the use of predatory lending practises routinely .
I would like to press criminal charges and bring this case before a judge not out of malaise or revenge but to ask the judge if he concurs that the actions on several occasions occured due to being exposed to predatory lending practises that eventually although promised to be composted by the Bank of Montreal the agreement in writing to cover the balance transfer fee never materialised and the agreement to do so in writing by way of email communication never materialised and that is a form of neglecting a formal financial agreement .
I really look forward to the opinion of your office!
Have a great day !
Edward HC Graydon
The original sin is on BMO!
Yesterday at roughly noon I received a call from Sandy Sheahan of the BMO senior resolutions department.
She was addressing my concerns the best she could! But because the issue was over the fact that Mastercard was asking for $410 minimum payment because they stated I did not pay the balance transfer fee and I had missed payments I could not understand what they were talking about?
I was a victim of inside fraud with the intention to deceive hence the reasoning for the agreement to have the 2% balance transfer fee waived.
I don't know why Sandy Sheahan from the executive resolution department would have stated that what is in the email as to the agreement to pay never took place . It is always a battle to do business with BMO to some extent as misrepresentation of the terms are often fabricated .
I would like BMO to inform Mastercard directly as to the terms that were agreed upon by the bank specifically that the $400 was in fact agreed upon for the sole purpose of covering the balance transfer fee.
Edward HC Graydon
Good Day Mr. Graydon,
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> Thank you for your patience while I complete my investigation regarding your concern for your BMO Mastercard ending 5382.
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> As discussed previously, I did get a chance to review the call you had with BMO on March 2nd and can confirm that the employee did advise you that they would complete a form to update your promotional balance transfer offer from your existing 0.99% rate with a 2% fee for the first 9 months the account is open to a 0% rate with a 3% fee for 12 months. We confirmed that the employee did not have the authority to approve or offer you such an update and we are unable to complete that update. As compensation for this error, we can extend your current offer of 0.99% rate with a 2% fee till November 2024 (so any balance transfers you complete will have the promotional rate until November 2024). We will also reverse the 2% fee as additional compensation.
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> We apologize for any inconvenience this issue may have caused you and the added time and frustration in trying to resolve it.
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> If you would like to accept this offer, please let me know via return email or call me at 289-305-6012 and I would be happy to process this for you.
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> I also had the chance to review your additional calls with BMO. Your demeanor during several telephone conversations with our staff was inappropriate and disrespectful.
> BMO employees strive to adhere to the highest degree of ethical standards and professionalism when speaking to customers. BMO believes that it is fair to expect that its customers treat its employees in a similar manner.
> Your recent behavior is not conducive to the customer experience that BMO strives to provide and will not be tolerated going forward. BMO’s employees, including management, will not engage in any conversations with you that are not constructive and respectful.
> I trust that these are isolated incidents which will not be repeated. Should future calls or dealings with any of BMO’s employees involve inappropriate and disrespectful remarks, steps will be taken to close your accounts at BMO.
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> Mr. Graydon, BMO values your business and looks forward to having a more positive relationship with you going forward.
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> I trust that you understand BMO’s position in this matter and look forward to hearing from you soon.
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