Help with National City and BofA please!!

Date: Fri, 03/13/2009 - 13:58

Submitted by DvineDay
on Fri, 03/13/2009 - 13:58

Posts: 6 Credits: [Donate]

Total Replies: 4

New to the forum and have a few questions. I have 2 CC debts and am current on both as of yet. Next month (and the at least the next several months to follow) I am pretty sure that I will not be able to make my payments.

I have a ton of student loan debt and have several medical issues going on. I need to keep current on my student loans as those are federal and secured. I have a few store credit cards but no balances on those, should I close those or keep them open (for the sake of my credit score)?

I am about 4.5k in with BofA and 15k with National City. I have read the settlement process starts around 120 days past due. I have read of few stories of BofA settlements on this site and they don't seem too bad to deal with. What about dealing with National City? I heard they were recently bought up by PNC so I don't know if that makes any difference. I have always had great customer service from them but that could all change when I stop making payments. If anyone has any suggestions or stories, please post. I am new to all of this and a little freaked out. Any help would be appreciated. Thanks.

Hi DvineDay, If you will not be able to make any payments soo

Hi DvineDay,

If you will not be able to make any payments soon, your credit score is the last thing you need to worry about at this time - as it will drop madly. But, as soon as you stop paying on the credit cards - assuming you decide on debt settlement - some of those stores may get wind of it and close your account, especially if there is no activity on them. Available credit is important, so they are good to keep. But I would make some kind of small charge on them occasionally.

Don't get freaked out, I totally understand, but it's best to stay calm. Two credit cards is actually very good and you should find it easy to settle away. Make sure you set money aside, when you get the good settlements you usually have to pay it right away and in full (not always, though).

First, I would ask the CC companies about their hardship programs. Let them know that crushing student loan & medical debt is making it near impossible to keep up with these cards for very much longer. They just might - just might - offer you a debt consolidation loan. At best, they will have a hardship program. It might help.

chrys