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fireyone
Joined: 26 Feb 2008
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Posts: 4124
1011 Magic Points
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Subject: Sears opt out
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Sun Aug 23, 2009 11:22 pm
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Sears recently sent my husband an opt out letter concerning an interest rate hike on a card only 6 months old. They are raising the interest rate 4%.
One part of the letter states: If you opt out of these changes , we will close your account. You must then repay the balance under the current terms. Does this mean we would have to come up with the total amount within days of opting out or will we be able to continue making monthly payments until the debt is satisfied? Also since this is a fairly new card it shouldn't hurt his score since he has alot older cards, all in good standing and a high credit score. |
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carol
Joined: 27 Jun 2006
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Posts: 1308
28489 Magic Points
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Mon Aug 24, 2009 5:38 am
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Hi firey
About the payment option I think you should get in touch with Sears. Each company has it's own payment policies. So, ask them if you plan to close the card, how do they plan to arrange your payment options? Maybe you can tell them how much you can afford right now or in consecutive months. I'm sure something'll work out.
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fireyone
Joined: 26 Feb 2008
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Posts: 4124
1011 Magic Points
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Mon Aug 24, 2009 1:09 pm
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Carol,
I really think it is unfair for these companies to do this. Most people could not afford to pay their bill up front and this is almost like blackmail. Foretunately we have good credit. I am going to call Sears today,which is actually, Citi card. If they are unwilling to work with us on a repayment plan then I am going to the bank and getting a small loan to pay this off. I can not imagine any loan fees being more than that added interest rate.
What really throws me is they said it was to begin in July and we did not get any info on this until August..unless it is back dated. Do you think a card only opened for 6 months would hurt our credit if we closed it? |
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carol
Joined: 27 Jun 2006
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Posts: 1308
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Tue Aug 25, 2009 12:21 pm
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| Quote: | | I really think it is unfair for these companies to do this. |
Yeah true firey but as far as I know you can't do much about it. Maybe you keep their card but don't use it too often except on emergencies accruing as less a balance as possible in future.
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fireyone
Joined: 26 Feb 2008
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Posts: 4124
1011 Magic Points
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Tue Aug 25, 2009 2:50 pm
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Carol,
I was looking into some different options and want to pass a couple through to see what you think.
I considered a bank loan. This would involve probaly loan fees and there would still be interest or roll over to a discover More card and only pay 3.99% on the balance transfers for 6 months...then the rate would go to like 11% up to 16% depending on credit score. I could have most paid off in 6 months so which do you think would be the best route to go?
A bank loan would take a couple years to pay but would be cheaper than Sears interest but rolling over to a Discover seems even better but what are the chances they will do the asme thing Sears has done? |
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lou
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Subject: sears opt out
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Tue Aug 25, 2009 7:12 pm
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| When i called and told them i wanted to opt out they said it would not effect my credit.I told them i did not want to close the account because it negitively affects my credit,but that i would pay it in full if need be.BUT NOT CLOSE OR USE THE ACCOUNT. |
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Guest
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Tue Aug 25, 2009 11:55 pm
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Seems to me that they would or should have a grandfather clause for the people that already have established accounts with them and imposte the new rules only on new accounts. Wouldn't that make more sense? then to punish established credit holders.
I am not sure when the new laws take effect, does anyone know when they plan to put the new rules into effect or are they already in effect??? |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3735
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Tue Aug 25, 2009 11:57 pm
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That was me, some how it logged me out.
Seems to me that they would or should have a grandfather clause for the people that already have established accounts with them and imposte the new rules only on new accounts. Wouldn't that make more sense? then to punish established credit holders.
I am not sure when the new laws take effect, does anyone know when they plan to put the new rules into effect or are they already in effect??? |
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fireyone
Joined: 26 Feb 2008
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Posts: 4124
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Wed Aug 26, 2009 12:09 am
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| Some new laws started a few days ago but the majority is not suppose to go into effect until next year. I to believe there should have been a grandfather clause but there is not. I think I have an idea of how I am going to tackle this. Only $400 is regular interest rate. The rest is on zero interest for 12 months plan which expires in mid january. I am going to pay it down and roll it over to another 6 month plan. Hopefully by then work will straighten around. |
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carol
Joined: 27 Jun 2006
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Posts: 1308
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Wed Aug 26, 2009 5:38 am
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Hi Firey
| Quote: | | I considered a bank loan. |
I think this would be a wise move if you can find one with a low rate of interest. Try and be regular with the payments to not hurt your credit score. Before you sing in any agreement make sure you ask them all sorts of questions.
| Quote: | | A bank loan would take a couple years to pay but would be cheaper than Sears interest but rolling over to a Discover seems even better but what are the chances they will do the asme thing Sears has done? |
True Firey, there's no guarantee they wouldn't do the same thing but I think if you want to roll over to discover, you should go through the agreement in details. Details about increasing interests must be mentioned in the agreement papers. IMO you should prepare a questionnaire before you go to discover. After your queries have been satisfied and then if you feel that you can change over, do so  I wish you all the best.
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bossierpops
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Subject: searscard
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Sun Oct 18, 2009 4:27 pm
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oct 18 2009
a few days ago i received my bill in the mail, i opened and to my supprise they had changed the due date three to four days early than in the past., i had been paying my bill at a set time every month on line, when i started to pay this time i noticed it was already past due by one day this caused a late fee and caused them to go up on my rates. what can a person do? HELP, HELP |
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fireyone
Joined: 26 Feb 2008
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Posts: 4124
1011 Magic Points
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Mon Oct 19, 2009 12:09 am
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Hi Boss, First are you sure they did not send a notice in your last months bill that the payment date would be changing? If I understand you right you are saying that you did not notice the date was changed to an earlier date. If so you could also call and tell them you did not get your bill in time. You could possibly say you either did not get it at all or it was delivered late. It is a little white lie but it may get them to refigure your account.
Now if they sent the bill and it was already past due when you got it I would be acalling my atty general if I could not get them to revise it. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3735
10 Magic Points
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Mon Oct 19, 2009 1:53 am
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| I think it is in the new laws that they have to give you quite a bit of warning, I have not followed it much but have heard it on the news. I would say just google new credit card laws and you should be able to come up with something. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
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Mon Oct 19, 2009 10:37 am
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| I actually also think they changed the amount of time that the company has to give you to pay. Before they would send bills in the mail and give you just enough time to hurry and make out the check and get it in the mail. I do not know for sure but I do believe it changed. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3735
10 Magic Points
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Mon Oct 19, 2009 11:20 am
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| I do believe that is true, plus they have a new grace period. And if they recieve the payment on a weekend or holiday they can not add the late charge, which they were doing with a lot of people. I am glad these new laws went into affect, they seem to give the consumer more protection. |
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