Banks used to be entities that could be respected. In the present financial situation many small ones are being gobbled up by the big ones that got us here. They are doing any thing they can get away with to make bucks. Some of the things they do are illegal but get under the radar till a class action contest brings them to light. The commercials you see for credit reports may have very small print disclaimers saying that you are signing up for a daily, weekly or monthly report that will cost on a regular basis. That is why the bad "rock" band is no longer blaring at is. Check to see if there is a fine print agreement to consistently charge for regular credit reports. I think looking for a small local bank or a credit union is the best move to make at this time. Why use the ones that messed up the economy?

You can get a background check online for less than $20 and detailed credit report for $30 online.

Hi breenthumb, Rumour has it that there are other insurance companies. Granted, there are fewer than there used to be, as they, like most corporations, hate competition on their own level and will go to great lengths to get rid of competitors. Some time ago I had a personal tax-deferred retirement account with a stockbrokerage, which had incurred no administration cost for years, as it had been grandfathered that way when that company took over another company. When I came to the age where I had to reverse it from an account into which I paid in, into one into which I could no longer pay in, but must withdraw a certain percentage annually, which increases from about 7% at age 71 to 20% at age 90 and beyond, a problem arose. They said that there would be an annual administration fee, and my claim that it was a continuation/reversal of a fee-free account that I'd had with them for years fell on quite deaf ears. So ... I did some checking with some other agencies, and came back to report that, since such and such a company and so and so company would agree to carry my account without an administration fee, I was considereing transferring my account ... they seemed to have a change of heart, for it appeared that they, too, could carry that account without an admin. fee. Which they've done for about 10 years, now: nice to have a little skill and effort save one well over $1,000., on occasion, right? I didn't feel it necessary to include in my report the fact that I would be somewhat less inclined to use the other companies than the one that I had been with for years ... as Grandma used to say, "One should tell the truth ... but there's no reason that one should blab and tell all that one knows". So ... ... if you don't, or haven't owed money for several recent years in several locations/circumstances ... ... they figure that your trustworthiness is suspect, do they? As I've lived in over 20 locations in my 79 years (as I discovered when they asked over on KT in how many places one had lived), I've never owned a home ... ... so never had a mortgage. As I live fairly frugally, I've had few loans. Which situation is aided by the fact that I tend to buy old cars and drive them into the ground, which usually takes 5 - 7 years ... which enables me to buy them for cash (having added a bit to emergency funds from time to time, and drawing on it to make those smallish purchases). When I have substantial debt and must pay quite a lot of interest every month, it seems to me that, since much of our debt is usually non-deductible, if I have to pay $100. monthly in interest, and make $10.00 per hour, after-tax income ... that means that I work 10 hours/month for someone else, the holder of my loan(s). I'd rather wait until I can afford to pay cash ... and pay myself, instead. Learning how money works is an interesting hobby ... that pays well ... and I hope that you're developing increasing shrewdness at managiong your income and assets effectively: to benefit you rather than the other guys (with the exception of worthy charities). Hope you're part way into a happy weekend. One nice thing about retirement is ... that every day is weekend. A nice benefit of learning skillful management of money may well be/quite likely will be ... early retirement (at your choice, not because your company downsizes when you're about 50 ... leaving you out in the cold). ole joyful P.S. I could qualify, as I've had a Line of Credit, usually unused, for about 10 years, and have had a credit (actually "debt") card for several years, which I use infrequently. I recently took on another, which offered 1.9% on transferred balances for most of this year, figuring that I'd buy some stock using the original card, then transfer the balance, as the bank, which had usually charged me bank prime on my loans (fully secured), they recently said that prime was 3.5% ... but they needed a 1.5% surcharge, to total 5%. Now, however, they say that the interest on my Line of Credit will be 2.25% ... so I'll take that, instead of jockeying on credit cards - not a good idea to shift from one horse to another while crossing a stream, I figure. Most cards charge full rate (often 18% on mainline cards: 28% or so on store-issued cards) from the date of the advance until it is paid in full, and I'd not be sure how long it would take to transfer to the second card. o j

Hi SoftballMom, From your post, I can't tell many of the important things. I realize that this seems like Greek to the common-man, and the analysis is counter-intutive to most folks... Have you CLOSED your revolving accounts, or merely paid them down (closing them eliminates the facility, and makes it appear you are less trustworthy since there are obviously fewer banks willing to lend you funds, or who have perhaps refused to continue lending you funds.) Open, but unused, revolving credit makes it obvious that ou are indeed credit worthy, and responsible with your credit management to boot. RECENTLY opened credit makes it appear you are "reaching" and not so strong. LONG STANDING OPEN credit looks like you are well-established and stable. NEXT; what is your current real-market home value? What loan-to-value are you proposing? NEXT: What is your proposed debt-to-income ratio, after the consolidations? Currently the general target is 38-45% or less of your gross (pre-tax gross) income can be alotted toward the combined total of minimum consumer debt payments, mortgage payments, monthly property taxes & insurance (and condo dues, if applicable.) If you're solid in these aspects, then the loan officer is probably not seeing your numbers accurately. Hope that's helpful. Dave Donhoff Leverage Planner