Moving Scams You Need to Lookout For

avoid moving scams

With Summer coming to a close, many consumers take this time to relocate. The kids move away to college, thousands of families are leaving their summer getaways and people are ready to settle into their new spot before the winter months arrive. As exciting as moving is, it does bring its share of stress to the table. Although most moves go smooth, there are still some scammers out there looking to swindle you out of your money when you are most vulnerable. Watch for these moving scams before you begin to pack. You’re going to want to be aware of the latest scams of the moment, Shravan Gupta scam is one of them.

Moving Companies

Moving Company Scams

If you’re lacking the manpower or vehicles needed to move all that big stuff, you may consider hiring a moving company. With the help of the moving company, you can finish your move within a fraction of the time. When picking a moving company, you’re going to want to go with someone reputable (something we touched upon in an article earlier this summer.) So before you put your belongings in the hands of strangers, watch out for these red flags:

Deals Too Good To Be True

As the old saying goes “if it’s too good to be true, it probably is.” The same implies with moving companies. If they are giving you an estimate or a flat rate without taking a look at what they’re going to be hauling, then expect to pay more later down the road. Most moving scams will come from movers offering unbelievable rates, only to hold your stuff hostage for more money once it’s on their truck.

Do your research and make sure there are no additional fees later on. If signing a contract, make sure you read the fine print, and question anything that seems suspicious.

A Security Deposit

Always question companies that require you to pay a security deposit before any actual service. You don’t want to pay a deposit, only to find out the company doesn’t show up on the day of the move.

No Website or Listings

In today’s world every company should have some sort of website. If the moving company you’re trying to make a deal with isn’t showing up online or under any type of listing, you should look elsewhere. Some moving scammers will haul away your stuff, then change their name to avoid detection, leaving you left with nothing. Make sure the moving company you choose has a reliable website with positive feedback.

Bad Reviews

This goes hand in hand with website. Find out what others thought of the experience with the moving company. If you see a laundry list of bad reviews, chances are your experience is going to add to that list.

Fraudulent Moving Ads (Criagstlist)

Craigslist moving scam

Whenever looking for something on Cragislist, you should ALWAYS approach with caution. Craigslist’s scams are very high in volume and people are getting swindled right now as you read this. In teams of moving, the most common fraudulent ads appear in the hopes to attract college students to awesome off-campus housing at unbelievable prices. Lookout for these red flags, and NEVER give money to someone before meeting with them first at the location of the property.

Deposits Without Meeting

The most common message you’ll get when talking with a scammer is something along the lines of “the family who’s renting the house is out of town for a week. Just wire the deposit and the rental will be all yours!” Sounds sketchy right? That’s because it is. Fraudulent ad scammers also go as far as finding houses that are actually listed for rent/sale on other reputable sites and then post the listings to Craiglist in hopes of getting your deposit without ever meeting.

The best way to avoid this is to go through a Realtor or call the number on the for rent sign. Never give any money before looking at the property.

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Can You Have Too Many Credit Cards?

Is it possible to have too many credit cards? Having a large amount of credit cards isn’t always a bad thing. If maintained well, having tons of credit cards can be beneficial to your credit score. When it comes to your credit score, it’s all about managing your credit cards correctly. If you are unable to keep track of your balance, then chances are you might have too many cards to handle.

When the credit bureaus factor your credit score, they will take a look at your credit utilization. What this means is they look at how much borrowing ability you have and how much you are actually using. For Example: If you have a combined credit limit of $50,000 and you’re only using $5,000 your utilization is 10% which is great! Now lets say you close most of those cards and your credit limit drops to $10,000. Your utilization ratio just went from 10% to 50% and your score probably took a nosedive. Not everyone can manage this much credit in good fashion. Here’s 5 signs your credit cards may be getting out of hand:

1. Can’t Remember Which Cards are Which?

credit wallet

I’m sure you’ve seen it before or maybe it’s happened to you. You’re at the outlets purchasing next season’s wardrobe when your card gets declined. You think to yourself “Oh that’s the “bad” card, let’s try this one. I think this one has some credit on it.” Sound familiar? If you said yes then this is a sign you may be spending beyond your means. Always try to keep track of which cards carry what balance. Doing so will allow you to better maintain your accounts and let you focus more on paying down that “bad card.”

2. Opening New Cards because the Old Ones are Maxed Out


Probably the biggest red flag to having too many credit cards. If all of your cards are maxed out, the last thing you need is another credit card to add to you maxed out list. Adding a new card to your already monstrous debt will only cause more problems. Adjust your budget and attempt to be more frugal with your spending money. Try to focus on paying the maxed out cards off. If possible apply for 0% balance transfer cards to help pay accounts off. 0% balance transfer cards will allow you to pay off your balance with no interest for a set amount of time. You’d be surprised how quickly you can pay down accounts when not paying interest.

3. Getting Denied for Additional Credit Cards

denied application

If you already have a decent amount of credit cards and you’re getting denied new credit, chances are you have too many cards in derogatory standing. There are a few reasons why you would get denied new credit. As stated previously, your cards may be maxed out and therefore the creditor assumes you aren’t capable of taking on new debt. Another reason may be that you have too many late payments on your report and the creditor doesn’t believe you will pay on time. Remember, late payments can remain on your credit for up to 7 years, even after current or satisfied.

4. Those Damned Late Fees!

past due late

Late fees are always a pain in the rear end and getting hit with them every month is a good indicator you have too many cards. Even if you are capable of paying on time, some cards might slip through the cracks simply because you forgot about them. Late fees cost you money and if 30 days past due, will destroy your credit score.

5. That Mountain of Unused Credit Cards

credit card mountain

Closing old credit cards can hurt your credit score, this goes back to the credit utilization we talked about in reason 1. That being said, if you are already using a bunch of cards and have a plethora of old cards just taking up space in your wallet, you probably have too many cards. If these old, unused cards still carry balances on them, make your best effort to pay them off. After these accounts are paid you can close them to help manage your debt. Just be aware, if the accounts your looking to close make up the majority of your credit limit, your score will suffer. Of course if you are not struggling to pay off accounts and you have a good credit utilization ratio, then you may want to leave them open until they go inactive. As long as you make payments on time and keep a low credit utilization ratio, you will see a positive reflection in your credit score.

Contact us For a Free Credit Consultation

If you’re having credit troubles contact us for a free consultation. We’ll go over your credit report with you and point you in the right direction. Just fill out the form below.