Hi all, I have my bills automatically deducted through online banking. To cut to the chase, I just happened to check one particular account and noticed my credit limit was drastically reduced. It seems that because I was 30 days, yes, thirty days, late, they reduced my limit causing me to go over the credit limit by 15 dollars. I was so furious with them that I sent them the entire balance to pay them off and it is posted to my account. Would I be doing my cr more harm than good if I call and angrily tell that particular merchant to take that measley offering and shove it, thus, closing my account, or just let it sit there and not purchase anything for about three months while I get rid of some other pesky subprime high interest rate credit cards. I am taking a financial beating because I am sending fifty per cent of the balance for each card just to get rid of them. In short, since I am not rich, I send one creditor half of their balance until the accounts are zeroed out.
Is this where they automatically draft you account on certain times of the month? Or do you go inand do it manually?
Eileen, will your other cards allow you to pay only .50 without penalizing you? If so, I would pay off this nusance account in two or three months-why cause more problems associated w/it? I am also uncertain as to why you were 30 days late if you had an autopay arrangement. Did they drop the ball? I would pay this account off, then write them about the 30 day late. Planetfeedback might be good here-be nice, even if they have been jerks-tell them you have enjoyed their service (even if you didn't) and then tell them that you were reported as 30 days late by no fault of your own. In fact, you set up autopay w/them to ensure timely payment. Ask for deletion. No threats to close the account-just remind them that you have many other alternatives that are more competitive (even if you don't). And actually, a zero balance will help your score due to balance ratios. A low (or no) balance account gives you much more available credit than a closed one. Good luck.
My payments are automatic. They are to be withdrawn on specific days of the month in conjunction with my pay check. However, instead of posting the direct deposit as usual, something happened in payroll here at my employer and payments were 1-3 days late, depending on your bank. I had to go in and manually adjust those payments that didn't go out. But that balance is now a zero. And what I meant by 50% payment? If I owe 700, I send 350 over two months. I don't have a mortgage (yet) so there is no penalty.
I would contact each company, mention it was an employer payroll problem and ask for adjustments, including restoring the credit line. If possible I would have a note from the payroll department explaining their error available, probably not necessary. I have seen this work in another situation when a payroll error had a major impact. I also ask my card companies to set-up my accounts to not approve any charges that will put me over the limit. Works for everything except pay at the pump which authorizes for only $1.
