I have a First USA card w/ $3500 cl and $4800 balance, I can only afford $95 payment a month but with $29 overlimit fee and $80 finance charge I'm not getting anywhere. I should get about $2500 in April and I just want to settle this account and get on with my life, any suggestions on how to negotiate with them? Thanks
How did they let you get that far overlimit? I didn't realize First USA quit denying purchases at a certain overlimit threshhold. Please fill me in. As for advice, put the $2,500 toward paying down the First USA card in April -- just 4 months away. (You already spent that money when you borrowed the $4,800 from First USA.) During these intervening four months, continue paying the minimum balance. Call First USA and ask if they will work with you regarding the overlimit fees until April when you plan to pay down the loan substantially. They probably won't do that, but it doesn't hurt to ask. Otherwise, simply swallow hard and metabolize the fees until April when you'll no longer incur them. I do not advise negotiating a new payment plan or the like except as a last resort. You will probably end up ruining your status with First USA and net a really strange and unhelpful R7 Equifax rating (or its verbal "payment arrangement" equivalent with TU and Experian). "R7" is also known as the CCCS designation -- looks almost as bad as an included-in-bankruptcy tradeline. Doc
2 years ago my husband lost his job and we didn't pay for 3 or 4 months, we never spent over the limit, thats just from the charges and interest for 2 years, we've never had enough to pay down substantially and found ourselves in a hole. They closed the account awhile ago. Thanks for the advice.
Aha, that explains that. It is incredible to see how well the creditors do for themselves while raping their customers. Doc
My credit is already ruined I don't have anything to lose as far as that is concerned. As a young newlywed I acquired many cc. The others are charged-off and hope to pay back one day so I guess I'll start out one at a time. The sad thing is a couple of years before our money problems I tried to close the First USA account because I had too many cards, but the lady convinced me to keep it open. Dumb move on my part.
