| Author |
Message |
|
Options 
Bookmark online
|
sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1498
111 Magic Points
|
|
Subject: credit
|
|
|
Wed Jul 30, 2008 9:46 am
|
|
|
| MARJORIE..you had a credit card for that long and the balance is NOT coming down? WOW!! What kind of card is it? I recently fell behind, on payments, on a credit card I had. I called several times to have them take payments from my account for the MISSING monthly payments. Well.......to make a long story short, a few months went buy and no payments were debited from my account. Everytime I called them, it seemed no one could understand what I was trying to say or just transfered me to another department ( which i was disconnected..). I received a letter from them stating a judgement will appear, on my credit, from this CC . I called them after I received this letter. According to the rep I spoke to, there is no record of my account in their system. God..what a nightmare. How am I suppose to take care of this, if they have no record now? |
|
|
CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 382
4435 Magic Points
|
|
|
|
|
Wed Jul 30, 2008 8:20 pm
|
|
|
marjorie
I have an atricle on my website that explains why it can take years and years to pay off balances and get out of credit card debt. YOu might want to read it *it's free, I dont even want your email address*
Anyway, you might consider transfering your balance to a card that has a lower or o% APR so that as much of your $$$ as possible goes to the prinicpal
_________________
****************************
Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:
www.homecreditrepair.net
http://homecreditrepair.hqforums.net/ |
|
|
Dosie
Guest
|
|
Subject: credit card
|
|
|
Fri Sep 26, 2008 2:27 pm
|
|
|
| We have over 60K in credit card debt. One card alone as 31K on it. I was thinking of calling the company and negotiating a settlement even if it means closing this account. I know my credit score will drop temporarliy, but how can I get back up again after that? |
|
|
goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 4007
1224 Magic Points
|
|
|
|
|
Sat Sep 27, 2008 3:49 am
|
|
|
I have never seen them negotiate unless the debt was in the collection end of things. They may though, hang out for more answers on this.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
|
|
erb1953
Joined: 31 Dec 2007
erb1953's page
Posts: 621
-55 Magic Points
|
|
|
|
|
Sat Sep 27, 2008 11:00 pm
|
|
|
| I think that they use settlement offers as a bargaining tools for a way to get their money back. |
|
|
goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 4007
1224 Magic Points
|
|
|
fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
|
|
|
|
|
Sun Sep 28, 2008 2:36 pm
|
|
|
| Thats my belief too. I do not think they even try to settle a debt unless it is in collections just in case they can recover the full amount. |
|
|
Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
|
|
|
|
|
Mon Sep 29, 2008 9:55 am
|
|
|
| What I think is that more and more credit cards would mean that although you have not maxed out your credit limit, you have more and more credit available for use. Now a prospective creditor will not consider you safe to offer a new line of credit because it may happen that after you have been given a new credit, you may also use and max out your existing credit limit on your cards too. Now doing this, you may not be able to keep track of your payments and become delinquent. So you should not apply for new credit cards if you already have one of two. Moreover, if you need to close any credit card accounts, it is always better to close the new ones, rather than closing the older ones, because older ones add up to your credit score. |
|
|
fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
|
|
|
|
|
Fri Oct 03, 2008 2:07 am
|
|
|
ERB how the heck do you get a -31 points on your magic points?
I would try to keep up all my payments and make them on time with my existing cards and forget about any new ones. Maybe you could even roll tehm over to one card with a zero percent interest rate and still make the payments you were so it would et paid off quicker. Once that card goes to lose its 0 percent try to find another until you can get them paid down. |
|
|
1002543
Joined: 31 Aug 2008
1002543's page
Posts: 82
79 Magic Points
|
|
|
|
|
Fri Oct 03, 2008 2:35 am
|
|
|
Justin
With all due respect you are fundamentally wrong. Available credit does not equal to debt. If person has a lot of credit it does not automatically mean that that person has more chances to be deliquent.
Indeed, some lenders, state "sufficient credit to income" as a reason to deny new credit, but usually when you call to credit analyst for reconsideration, you get new line of credit.
Sometimes, the same reasoning as yours is used by some subprime morgage lenders. In this case, just go away and use "good lenders" (big, national banks or CU's).
Now, how much debt is too much? Nobody knows.
I have choosen to have a lot of credit and my util. is less than 1%. Am I less creditworthy than person with fewer cards and /or less available credit.
I believe, in today financial enviroment, a consumer must have a lot of credit, only because lenders are scary and try to decrease their exposure. You never know when and by whom you are going to be AA'ed. |
|
|
Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
|
|
|
|
|
Fri Oct 03, 2008 3:36 am
|
|
|
Hi 1002543
I think you have misunderstood my post. I have never said that available credit is equal to your debt, but the fact that if you have more and more of available credit, there is a chance that you may avail that credit in future due to some reason or the other, after you opt for a new line of credit. Now with so much credit you may not keep track of the debt and may become delinquent (I have not said that you will be delinquent). That is the main reason why "sufficient credit to income" is one of the cause for denying new credit. Now as you said, some creditors still provide a new line of credit even with "sufficient credit to income" borrowers, but they provide it at a very high rates of interest.
_________________
All the Best 
Justin |
|
|
Jeff
Guest
|
|
Subject: Liable for annual credit card fee
|
|
|
Wed Nov 05, 2008 4:25 pm
|
|
|
| I applied for a credit card with a $90 annual fee. I received the card but did not activate it and intend to cancel it, because I believe I was mislead. Am I liable for the $90 annual fee? |
|
|
fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
|
|
|
|
|
Wed Nov 05, 2008 5:37 pm
|
|
|
| First of all that is a really high annual fee and I would stay away from those types of cards. If you did not activate the card then I would personally say you are not liable. I would call the credit card company and state to them you do not want this card and did not activate it. Tell them you were advised you are not responsible for the fee sue to nonactivation of the card and ask them to make sure you are not billed. If you do recieve a bill in the mail contact them again although I feel you will not recieve anything from them except for letters trying to change your mind about the opening of this card. To be on the safe side in a month or two pull your credit report and just ne sure they are not listed on there anywhere. Better safe than sorry. you will more than likely get more than one response here so check back because there will be more advice to come. |
|
|
JackieGG
Guest
|
|
Subject: Credit Cards
|
|
|
Mon Nov 24, 2008 12:39 am
|
|
|
| Does it hurt your credit score if the credit card company closes your account due to no activity? |
|
|
carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
|
|
|
|
|
Mon Nov 24, 2008 7:04 am
|
|
|
Hi Jackie
Yes, if your credit card is closed for not using it for a long time, your credit score will be affected. This is because credit score is largely dependent on your payment history which constitutes 35% in your score. Again length of the credit history constitutes 15% in your score. So if you have a good repayment history on your card, your credit score will get lowered. However, if you find that it is listed as "closed" in your credit report, ask the bureaus to change the status of the listing to "closed by grantor".
_________________
Keep in touch
Carol |
|
|
Previous 1 2 3 4 Next 
