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skipdogg posted:A BK attorney is going to cost you at between 800 to 1000 dollars for their services, if your total debt is 2,000 dollars it doesn't make much sense to use your 1 every 7 years magic reset button on 2K. It may depend on the state/city... where I am, the whole process cost about $2200. The first meeting with an attorney (an hour) will likely be free. Having said that, it does seem rather foolish to spend $2000 to get out of a $2000 debt.
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Apr 4, 2011 16:45
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BusinessWallet posted:I sent 3 PFD letters 3 weeks ago, certified. They were all signed for, but I've only gotten 1 reply and it was a verification of debt (didn't ask for this), albeit a shady one. All my offers were for about 40-50% of the debt. What do I do now? Source: credit report scrub
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Apr 4, 2011 16:55
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Hey thread. I need some advice again. I have three outstanding debts. 1.) A ~350 dollar medical debt that mysteriously got sent to collections before I was ever contacted by the hospital. I don't even understand why I owe the money because I had insurance and paid a co-pay. I've been getting calls from the debt collectors about twice weekly. They haven't sent me anything through the mail. I have no idea whether or not this has been reported to a credit agency because it's happened since I've used my annual free credit check. 2.) A ~40 dollar debt for not turning back in a cable modem when I moved that has been sold to a credit collections agency. This has been sent to collections and the collections agency has issued a charge-off to one credit reporting agency. 3.) A ~8 dollar debt for an electrical account overage. This debt is still owned by the electricity company. It appears in my credit report as a charge-off and I literally had never received any notification about its existence prior to noticing it on my credit report. I have plenty of money to pay every single one of these debts in full. I'm pissed about having accumulated them actually - if any of the three original debt holders had ever tried to get the money out of me I would have given it over in a second to avoid the negative credit history I've accumulated. The ~$400 total I'd need to have had to have paid to make this all go away is not of any real consequence to my budget. I would like to know what, precisely, I should do to clear these debts from my credit report. My understanding is that I should first "dispute" all three debts with the credit agencies, then send pay-for-delete negotiation requests to all three debt holders, right?
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Apr 4, 2011 21:31
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Feces Starship posted:1.) A ~350 dollar medical debt that mysteriously got sent to collections before I was ever contacted by the hospital. I don't even understand why I owe the money because I had insurance and paid a co-pay. I've been getting calls from the debt collectors about twice weekly. They haven't sent me anything through the mail. I have no idea whether or not this has been reported to a credit agency because it's happened since I've used my annual free credit check. If they take your money, getting it off your reports (if it's even there in the first place) shouldn't be hard. quote:2.) A ~40 dollar debt for not turning back in a cable modem when I moved that has been sold to a credit collections agency. This has been sent to collections and the collections agency has issued a charge-off to one credit reporting agency. I'd normally say DV them and go back and forth, but for $48, you're going to spend more in time and postage than it's worth. Send each one a letter that basically says "I didn't know anything about this until I saw this on my credit report. If you agree to remove the items, I'll pay in full within 30 days of receiving your written response."
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Apr 4, 2011 22:29
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Hi thread. After my posts on the last page about a DV letter I sent, and they sent me back a list of charges, and I sent them another letter saying that what they sent wasn't validation, 30 days has gone by from my first letter, sent certified with return receipt. I just got a letter in the mail, dated the 31st day, which says this:quote:The above balance was incurred by you and paying for this is your responsibility. We expect payment in full or a DEFINITE arrangement for payment to be made with our office no later than 04-09-11. Any steps taken after that date will depend on your response. Your prompt response will avoid additional unnecessary expense. PAY IN FULL TODAY! Obviously this is all standard debt collector BS, but given that they didn't validate the debt within 30 days, this is a violation of the FDCPA, right? What would you guys suggest I send back to get them to go away? Threaten to sue? If so, what should I say? I have no idea how to draft up something like that. Thanks for any help.
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Apr 5, 2011 02:14
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TWiNKiE posted:Contact the hospital and see if they want your money. Tell them you're not paying a CA if they say it's in collections. Thank you Twinkie. You're a wonderful resource.
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Apr 5, 2011 12:10
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Here's my story. debt collector sends first notice that I owe around $150 on 1/17/2011. On 1/24, I sent the standard response asking for validation. I don't hear back within 30 days, so I send my 2nd letter (cease & desist) on 3/3/2011. Yesterday I get a response (sent 3/30) with my signature on an old bank contract. No validation of the amount, no bank statements, etc. So a few questions: 1) I assume a signed contract does not constitute full "validation" and that I am within my rights to ask for an accounting of the amount they say I owe them, 2) Since they took more than 60 days to respond to respond with "validation", are they in violation of the FDCPA? Thanks in advance for the help!
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Apr 5, 2011 12:56
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Feces Starship posted:Thank you Twinkie. You're a wonderful resource.  To expand a bit on the hospital, if they take payment from you and the CA has reported, you can use your receipt from the hospital to send to the CRA's and claim that you never had an account with the CA. Polluxx Troy posted:Yesterday I get a response (sent 3/30) with my signature on an old bank contract. No validation of the amount, no bank statements, etc. quote:So a few questions: If your state's laws say they have to give you a full accounting, then yes, definitely. Either way, answer back with "I have what you sent, but it doesn't explain the amount you're demanding. Please send a full accounting of the balance." quote:2) Since they took more than 60 days to respond to respond with "validation", are they in violation of the FDCPA?]/quote]Only if they called or sent letters between the time they received the letter and when they answered. If they left you alone between those times, they complied with the FDCPA.
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Apr 5, 2011 17:32
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Thursday is day 30 since the CA received my letter asking for validation. I still haven't heard back from them so what happens after Thursday? As a reminder I live in Arizona but the hospital bill that I apparently owe money on is from Washington, I don't know if that changes things or not. Hoping they won't come back with anything and I won't have to do anything after this week.
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Apr 5, 2011 17:46
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I said come in! posted:Thursday is day 30 since the CA received my letter asking for validation. I still haven't heard back from them so what happens after Thursday?
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Apr 5, 2011 19:52
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TWiNKiE posted:That's when you fire off your dispute letters to the CRA's. (Remember, if they can't validate to you, how can they possibly validate to the CRA's?) Awesome, I think I already have something bookmarked that gives you what to say but if not i'll just come back to this thread asking for advice on what to write in that letter.
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Apr 5, 2011 19:55
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TWiNKiE posted:That's when you fire off your dispute letters to the CRA's. (Remember, if they can't validate to you, how can they possibly validate to the CRA's?)
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Apr 6, 2011 05:12
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UrbanFarmer posted:In this case, if they validate to the CRA but not to you, is that a violation? If you're looking to sue, the best way to pull this off is to send your DV CMRR to the CA. The day you get the signed green card back, dispute with the CRA. The CRA tells the CA that you disputed, and starts the 30-day clock with the CRA. The catch being that the CA has to respond to you before they respond to the CRA. If they don't, they're violating, and lucky you, you've got a trail of certified mail to prove it.
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Apr 6, 2011 05:29
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Here's a good reference (taken from a post on CreditBoards):
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Apr 6, 2011 05:32
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BusinessWallet posted:I sent 3 PFD letters 3 weeks ago, certified. They were all signed for, but I've only gotten 1 reply and it was a verification of debt (didn't ask for this), albeit a shady one. All my offers were for about 40-50% of the debt. What do I do now? Anyone on this?
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Apr 6, 2011 11:33
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BusinessWallet posted:Anyone on this? Typically, if you want to PFD, you want to offer the full amount. I've had no luck with PFD's for half the amount, but once I started offering to pay it off completely, I really got their attention.
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Apr 6, 2011 21:56
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Twinkie, this is what I want to send off tomorrow right; http://www.fair-debt-collection.com/Disputing_Collections/follow-up-dispute.html
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Apr 7, 2011 14:00
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I have officially stopped paying one of my bills. They raised my APR to 29.99 for no loving reason, slapped random rear end fees on my account, run it 300 over the limit, and now I'm facing an average monthly payment of 400 bucks, then 800, then 1600. I've called them, asked for help, pleaded for mercy, and received none. My honesty was only met with callousness and a refusal to do anything in my favor. As it stands I'm in the hole on this specific card $2,618.84. the majority of that is interest charges. It's bound to go up. It's a store card, from Macy's. It was my first credit card oh so long ago. It should also be mentioned that I live in Washington State, city of Kirkland, ZIP 98034. This is pretty stressful. I've started smoking again, despite quitting several months ago, and now with my bank taking fees out for my not having $1500 in the account, I'm considering closing out that checking account and going elsewhere. All that said, what's my next move? Do I start by playing the waiting game? Is it too early to send off a DV letter?
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Apr 7, 2011 21:45
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kstatix posted:Typically, if you want to PFD, you want to offer the full amount. I've had no luck with PFD's for half the amount, but once I started offering to pay it off completely, I really got their attention. I called one of the CA's because they keep sending me these settlement letters, they're for half of the original debt, so I figured that they'd take the PFD since it's the same as what they were offering. Today I got a letter from them with the same generic offer, not honoring any of the terms I asked for. I called them asking about the letter and they basically bashed me and wouldn't answer any questions. I asked them what would be the tradeline on my credit report if I paid half like their offer letter states and they said they couldn't tell me how it would affect my credit or what tradeline it would produce, they just kept bashing that I should have just paid the original creditor. Not really sure what to do, this account is from 2007 and I just want it off my credit report. I don't care if I have to pay the full amount.
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Apr 7, 2011 22:24
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7thBatallion posted:I have officially stopped paying one of my bills. They raised my APR to 29.99 for no loving reason, slapped random rear end fees on my account, run it 300 over the limit, and now I'm facing an average monthly payment of 400 bucks, then 800, then 1600. I've called them, asked for help, pleaded for mercy, and received none. My honesty was only met with callousness and a refusal to do anything in my favor. DV is only for collection agencies. Their purpose is when a CA buys your debt from an original creditor (OC), they may not have the binding documents that prove you actually owe them money. Right now, this sounds like the OC owns your soon-to-be-debt so sending a DV wouldn't result in much. If you're going to wait this out, you'll have to wait until they charge it off and sell to a CA, which will take months and probably end up in an even greater balance. This isn't the end of the world, unfortunately I don't know much about what to do when it's still in the OC's hands, but I'd definitely look for a checking account that doesn't require a $1500 minimum balance if I were you. Unless it's easy to keep $1500 in there and has great interest or something. BusinessWallet posted:I called one of the CA's because they keep sending me these settlement letters, they're for half of the original debt, so I figured that they'd take the PFD since it's the same as what they were offering. Today I got a letter from them with the same generic offer, not honoring any of the terms I asked for. I called them asking about the letter and they basically bashed me and wouldn't answer any questions. I asked them what would be the tradeline on my credit report if I paid half like their offer letter states and they said they couldn't tell me how it would affect my credit or what tradeline it would produce, they just kept bashing that I should have just paid the original creditor. Not really sure what to do, this account is from 2007 and I just want it off my credit report. I don't care if I have to pay the full amount. Do you know what the statute of limitations are on your debt? From the 50% settlement offers it sounds like it's getting close.
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Apr 7, 2011 22:26
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I've been getting calls from a number that when I Google it, shows results as a harassing debt collector. Caller ID: 866-201-0940 Caller: Stephens & Michael Associates I know 100% that I have no debts (never had anything go to collections). However, my husband had a few items that are all now past SOL and he's been building up his credit again. There's a small debt still floating around out there (for like $100 for AT&T or something similar) that he's recently received mail about, and I'm guessing this is what they are calling me about. He has no interest in dealing with them in the slightest, just wants to wait it out and let it go away. I on the other hand, want these fuckers to STOP CALLING ME. Are they at all within their legal rights to call me (his wife) about a old debt from before he even knew me? I don't even know how they got my number. The one time I answered and they asked for him I told them they had the wrong number, this was NOT Mr. EVG's number, and not to call me again, and they just would NOT let me off the phone until I hung up. What's my best legal recourse to stop these freakin' calls? They're calling my cell while I'm at work and it's really Not Good.
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Apr 7, 2011 22:27
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If you can, set up Google Voice to handle your voicemail. You can then add this number to the Blacklist, which plays them a "This Number has been Disconnected" message. That'll probably stop the calls to your number. As far as the debt colletion, have your husband DV them and get 'no phone calls, written communication only' in writing. It won't "go away".. that's not how lovely debt collectors work.
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Apr 7, 2011 22:29
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EVG posted:What's my best legal recourse to stop these freakin' calls? They're calling my cell while I'm at work and it's really Not Good. Think you can send them a letter, not sure if "stop calling me" is enforceable but saying you're not the debt owner is. Send it certified mail with return receipt, and start logging everytime they call you from that date. Threaten to sue them after a bunch of calls rack up, now they'll settle with YOU.
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Apr 7, 2011 22:30
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I said come in! posted:Twinkie, this is what I want to send off tomorrow right; http://www.fair-debt-collection.com/Disputing_Collections/follow-up-dispute.html quote:Since you have failed to respond I assume that you have been unable to validate the debt and therefore, I consider this matter closed. You may consider this letter your official notification that I do not intend to correspond with you on this matter again unless you comply with my requests, the FDCPA and the FCRA. quote:I must remind you that any attempt to collect this debt without validating it, violates the FDCPA and that I am recording all phone calls and keeping all correspondence concerning this matter. Be advised that I will not hesitate to report violations of the law to my State Attorney General, the Federal Trade Commission and the national Better Business Bureau. You can get a little harder and say "if you don't validate by ________", I will report this matter to the Attorney General of <my state> and <CA's state>, as well as the Federal Trade Commission. Check and see if the CA has a record with their local BBB. If they do (and if it's not terrible), threaten to report to their local BBB. Otherwise, that's an empty threat. You can also check and see if they belong to the American Collectors Association and threaten to complain to them, if appropriate. 7thBatallion posted:I have officially stopped paying one of my bills. They raised my APR to 29.99 for no loving reason, slapped random rear end fees on my account, run it 300 over the limit, and now I'm facing an average monthly payment of 400 bucks, then 800, then 1600. I've called them, asked for help, pleaded for mercy, and received none. My honesty was only met with callousness and a refusal to do anything in my favor. quote:This is pretty stressful. I've started smoking again, despite quitting several months ago, and now with my bank taking fees out for my not having $1500 in the account, I'm considering closing out that checking account and going elsewhere. quote:All that said, what's my next move? Do I start by playing the waiting game? Is it too early to send off a DV letter? Consider calling them up, asking for a manager immediately, and telling him or her that you're considering bankruptcy. Sometimes that matters, since it means they're not likely to recover much, and don't have quite the same writeoff incentives that a chargeoff gives them.
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Apr 7, 2011 22:30
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BusinessWallet posted:I called one... PFD's should always be done in the mail. Always. If you've already sent one offer, mail them back what they sent you, and a letter offering to pay it in exchange for deletion. EVG posted:I on the other hand, want these fuckers to STOP CALLING ME. Are they at all within their legal rights to call me (his wife) about a old debt from before he even knew me? I don't even know how they got my number. quote:The one time I answered and they asked for him I told them they had the wrong number, this was NOT Mr. EVG's number, and not to call me again, and they just would NOT let me off the phone until I hung up. Since you're sending them a letter anyway, might as well have your husband DV them. End it with: It is inconvenient for me to accept calls between 8 a.m. and 9 p.m. at any number, and my employer does not allow personal calls. Future contact regarding this debt should be made via mail at the address you have on file (assuming they're sending stuff, too).
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Apr 7, 2011 22:39
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Knightmare posted:DV is only for collection agencies. Their purpose is when a CA buys your debt from an original creditor (OC), they may not have the binding documents that prove you actually owe them money. Right now, this sounds like the OC owns your soon-to-be-debt so sending a DV wouldn't result in much. If you're going to wait this out, you'll have to wait until they charge it off and sell to a CA, which will take months and probably end up in an even greater balance. In no specific order. It feels like the end of the world. It's hard to wait months when a few hours feels like hell. If you say wait, I'll wait. As for the bank account, I'm both looking for one that doesn't have fees for a low balance, and transferring some of my cash into actual assets. It's a process, but the bank account is the least of my worries, just another problem stacked on the list. Long story short, CHASE is a bunch of bastards. TWiNKiE posted:Consider calling them up, asking for a manager immediately, and telling him or her that you're considering bankruptcy. Sometimes that matters, since it means they're not likely to recover much, and don't have quite the same writeoff incentives that a chargeoff gives them. I'll try that tomorrow when I get home from work. They already closed for today, so that's out for now. That aside, I'll let you guys know what's up when it goes to a collection agency. Until then, I guess i'll have to just wait..
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Apr 7, 2011 22:39
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7thBatallion posted:It feels like the end of the world. It's hard to wait months when a few hours feels like hell. If you say wait, I'll wait. Yes, if you wait, it will go to a JDB. Yes, the JDB will buy the debt for pennies on the dollar. Yes, the JDB will almost certainly settle for less than they're asking for. You're still going to have an uphill battle getting them to PFD, and more importantly, you're going to have a chargeoff from Macy's that will be a royal pain in the rear end to get off of your reports for the next few years. Legitimate recent chargeoffs aren't like the good ol' days where companies may or may not have sucked all of their docs in to Documentum and storage was expensive. Unless you're independently wealthy and wanted to gently caress with Macy's, or have a millionaire uncle who you know is on death's doorstep, and who has always considered you his favorite nephew, you're going to want utilities, a cell phone, credit card, auto loan, or mortgage sometime in the next seven years. Banks sometimes overlook a collection account, but they don't overlook chargeoffs. Edit: It's still not the end of the world. You just need to help the right person at Macy's understand that getting some money is better than getting no money. Consider bitching to the BBB in the state of the issuing bank, too. That might be your best shot, especially if they have a branch presence (e.g. Chase, Bank of America) so that a ding on the BBB report doesn't put off someone shopping for one of their other services. TWiNKiE fucked around with this message at 22:51 on Apr 7, 2011 |
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Apr 7, 2011 22:48
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Knightmare posted:Do you know what the statute of limitations are on your debt? From the 50% settlement offers it sounds like it's getting close. Well, I lived in NY when I got the credit card but I moved to Philadelphia recently for a job. I think that the SOL in NY is 6 years, although I'm not sure how my not living in the state would affect it.
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Apr 7, 2011 23:05
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TWiNKiE posted:I really wouldn't advise that. TWiNKiE posted:Yes, if you wait, it will go to a JDB. This all sounds good, but getting there scares the hell out of me. TWiNKiE posted:You're still going to have an uphill battle getting them to PFD, and more importantly, you're going to have a chargeoff from Macy's that will be a royal pain in the rear end to get off of your reports for the next few years. Legitimate recent chargeoffs aren't like the good ol' days where companies may or may not have sucked all of their docs in to Documentum and storage was expensive. Again, in no order. Not rich, no rich relatives, noone to help me out. I have two other cards that have a decently low APR and low totals in dues and whatnot. I've never missed a payment, and Citi and Chase generally like me, at least on the credit card side. they've helped me out in the past, forgiven simple mistakes, and let serious mistakes slide if I ask them nicely. It's this drat Macys card that's killing me. I don't need auto insurance, I don't drive. Everwhere I go to is within walking or bus distance, I have carpools, and I get by pretty good without the hassle of owning a car. I don't have a cell either. I used to, it was a prepaid thing, and I barely used the plan for what it was worth. Cell phones just aren't a major part of my life. And I really don't see myself having a mortgage in the next seven years. I rent, and I rent from people that don't do credit checks and poo poo like that. they aren't the best places to live, but I generally keep to myself and lay low. TWiNKiE posted:Edit: It's still not the end of the world. You just need to help the right person at Macy's understand that getting some money is better than getting no money. Consider bitching to the BBB in the state of the issuing bank, too. That might be your best shot, especially if they have a branch presence (e.g. Chase, Bank of America) so that a ding on the BBB report doesn't put off someone shopping for one of their other services. Getting through to them is hard. I've tried in the past, they just read off a card and ignore everything I say. Even the supervisors. It's always the same " i understand what you're going through, but" line 20 times in a row.
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Apr 7, 2011 23:12
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Okay one last question Twinkie, this debt isn't actually on my credit report, still go through with the letter tomorrow though right?
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Apr 7, 2011 23:27
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TWiNKiE posted:No. I only called to make sure that they got my letter and to ask some questions about what they're sending me. I've send them a DV and a PFD and they just reply with this default response settlement letter they sent over and over way before I ever sent them anything.
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Apr 7, 2011 23:29
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7thBatallion posted:I have two other cards that have a decently low APR and low totals in dues and whatnot. I've never missed a payment, and Citi and Chase generally like me, at least on the credit card side. they've helped me out in the past, forgiven simple mistakes, and let serious mistakes slide if I ask them nicely. It's this drat Macys card that's killing me. How solid is your credit right now? And I mean right loving now, because if you don't pay the Macy's bill, you'll probably be out of luck on this: Have you considered a balance transfer onto a new/different card? If you can do that, typically balance transfers can get you lower interest rates for a percentage up front (sometimes for 0, even), and if you're seriously at 29.9% now you've got nowhere to go but down. Here's a site that lists some great transfer cards that you could check out: http://www.creditcards.com/balance-transfer.php Again, you'll need to have good credit for the new cards to work, but that would give you some breathing room to catch up on things. Even if you're credit isn't great, call your other CCs and see what they can do for you for a transfer. They might not be as good as a new card, but again, anything is better than 29.9%.
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Apr 7, 2011 23:54
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T0MSERV0 posted:How solid is your credit right now? And I mean right loving now, because if you don't pay the Macy's bill, you'll probably be out of luck on this: Last I checked my credit was at 647. I cannot get new credit cards due to the amount of debt I owe. I've tried. It may say I'm pre-approved, but that doesn't mean poo poo once I fill out the forms. And I've checked, it's due to the amount of debt, nothing else. Most of it is on the Macy's account. All my problems are due to this one card.
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Apr 7, 2011 23:59
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7thBatallion posted:Last I checked my credit was at 647. I cannot get new credit cards due to the amount of debt I owe. I've tried. It may say I'm pre-approved, but that doesn't mean poo poo once I fill out the forms. And I've checked, it's due to the amount of debt, nothing else. Most of it is on the Macy's account. All my problems are due to this one card. Do you have room on the balance amounts of your current credit cards to transfer to them? Even if they charge you 3% or something for the transfer, you're better off after the 1st month (29.9%/12 = 2.4916%/month interest), particularly when you consider compounding. Even if you don't have the room, maybe you can transfer some of it so it's not so onerous. Call them, explain the situation, and ask them what the deal is - worst case they say that they can't help you and all you're out is the time on the phone.
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Apr 8, 2011 01:27
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T0MSERV0 posted:Do you have room on the balance amounts of your current credit cards to transfer to them? Even if they charge you 3% or something for the transfer, you're better off after the 1st month (29.9%/12 = 2.4916%/month interest), particularly when you consider compounding. Even if you don't have the room, maybe you can transfer some of it so it's not so onerous. Call them, explain the situation, and ask them what the deal is - worst case they say that they can't help you and all you're out is the time on the phone. Even if I could, I'd still have a non-negotiable $580 minimum payment due next month, and $1160 the next, as well as additional debt on a current, not-hosed card.
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Apr 8, 2011 01:34
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7thBatallion posted:Even if I could, I'd still have a non-negotiable $580 minimum payment due next month, and $1160 the next, as well as additional debt on a current, not-hosed card. If you transfer the Macy's balance, you don't have any minimum payments on it, because it's paid off...
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Apr 8, 2011 01:45
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7thBatallion posted:Even if I could, I'd still have a non-negotiable $580 minimum payment due next month, and $1160 the next, as well as additional debt on a current, not-hosed card. You wouldn't still have a non-negotiable payment if you transfer the whole balance - the card would be paid in full, there wouldn't be any additional money due. I don't know if partial balance transfers count as "payments" or not, but ideally you could close the account entirely by moving the balance to a new card. Even if you didn't get it all the way moved, knocking the thing in half should make a dramatic difference on your payment minimums, and hopefully would give you more room to negotiate with Macy's bank. And yes, the debt would be on a new card, but hopefully the min payments wouldn't be so large - $150 I'm guessing? I don't know the terms of the existing cards, but I can almost promise you it won't be as bad as 580/1160 over the next two months. Not to mention the interest rate would be FAR more favorable. Edit: sniped, but traveling midget is right.
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Apr 8, 2011 01:48
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All it would give me is 6 months on my balance transfer, at least with my credit score. Even if I transferred 750-100, that would be but a dent. that, and 6 months is jack poo poo for paying things off. What would I do? Transfer balance, close card, get card, transfer balance, close card, and repeat over and over as my credit slowly atrophies? Waiiiit. may have found one, 21 months, 0 APR on transfers. Nope, credit limit would be $500. That isn't worth the hit on my credit score for getting a new card. Kilo147 fucked around with this message at 02:18 on Apr 8, 2011 |
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Apr 8, 2011 02:03
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7thBatallion posted:All it would give me is 6 months on my balance transfer, at least with my credit score. Even if I transferred 750-100, that would be but a dent. that, and 6 months is jack poo poo for paying things off. What would I do? Transfer balance, close card, get card, transfer balance, close card, and repeat over and over as my credit slowly atrophies? You don't have to pay the thing off in the time limit they state - you just need to pay it off in that time to avoid paying interest on the amount for the duration of the offer. Worst case, you miss the window and owing back interest on the card. Is the card at better than 29.9%? If it's the same interest rate, it's not worth it, but if it's better than it probably is. I just did the math, and even if they charge you back interest after 6 months and 3% flat to move the amount over, you're better off if the card has an interest rate of less than 23.9%, which shouldn't be hard to beat. Also, as far as the hit on your credit score is concerned (and quoting Suze Orman), are you kidding me? You're going to have an account at best delinquent for awhile, if not charged off outright. You think that hurts your score less?
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Apr 8, 2011 02:32
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T0MSERV0 posted:You don't have to pay the thing off in the time limit they state - you just need to pay it off in that time to avoid paying interest on the amount for the duration of the offer. IS it worth it for only $500? That's all I'll get. I just checked again to be sure. Kilo147 fucked around with this message at 02:38 on Apr 8, 2011 |
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Apr 8, 2011 02:34
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