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Topic This message has been archived.
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By colin
On 07/10/02
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I hate to say this, but paying late is just a bad idea. It is a much better idea to pay a minimum payment of 2-3% instead of paying a big lump sum payment late. Have you looked to see if your late payments showed up on your credit report? Besides the increased interest rates and late fees, if the late payments are reported to the credit bureaus they will show up for seven years.
Also, I understand that they promised to "work with you", but I hate to say it but they have no legal obligation to do so. I am actually suprised that they lowered your interest rate to 14%. If you have the energy it would not hurt to keep on asking them to work with you.
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By colin
On 07/10/02
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A bankruptcy has a much more drastic effect than a few late payments, so beyond ethics I believe you are doing the right thing trying to keep up with payments. Could you get some assistance from your parents or apply for additional financial aid? A student loan at 6% would be ideal to pay down your credit card debt.
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By creditexpert
On 07/31/02
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Maybe look into a consolidation program.
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By creditexpert
On 07/31/02
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Wyn,
In my experience with creditor negotiations I have found that by passing the customer service reps and speaking directly with a supervisor is the best route to take. I understand your frustration, however, the key to effective negotiations with creditors is to be kind. Explain that you are a happy customer and there was some misunderstanding on your part as well as the customer service reps part. Let them know that you have perfect credit and that you want to continue using their services...... you get the drift. Also, Colin is correct in stating that you should find out if the item is on your credit report first. You can find this out two ways: 1. contact MBNA and ask the sup. if they have already reported the derogatory info. 2. Pull a credit report from www.truecredit.com- I use these guys myself.
Understand that most credit card companies and banks will only report to the bureaus quarterly. They do this because is the bureaus charge them a fee to report information.
Anyway- If I can be of further assistance please let me know.
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your questions are answered by the gromco team and card users like you
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