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Secured Credit Card Question

Date: Thu, 03/19/2009 - 12:10

Submitted by anonymous
on Thu, 03/19/2009 - 12:10

Posts: 202330 Credits: [Donate]

Total Replies: 4


I opened a Wells Fargo secured credit card when I was 19 years old and didnt have any credit nor would anyone give me any. I put $300 into the "savings" account they giving you. I ended up charging up the card to the limit very quickly and was an irresponsible teen thinking that if I dont make my payments thats what the $300 will take care of, WRONG! I got calls, letters etc. All said and done I owed an additional $538. I talked to the nice lady who said she would offer me a settlement of $250 but if I paid the full amount $538 she would remove it from my credit report like it never happened. Being young and stupid, I didn't receive anything in writing and guess what it never happened.

My question is, isn't the $300 supposed to take care of situations like this? Shouldn't I have only had to pay $238? Since the additional charges over $300 were bank charges. Any recourse on this or getting this debt removed from my reports through writing letters?

Thank you,

personal info removed for your security - Jason


It would be make since that since you had to put $300 into a savings account to get a card with a $300 limit that the amound in savings would have covered you if you maxed it out. However, I'm sure there would be interest due on it. I don't have alot of experience with this.

I'm sure someone else will be along soon to give you a better answer.


lrhall41

Submitted by sassy_lil_brandy on Thu, 03/19/2009 - 12:26

( Posts: 479 | Credits: )


Your account was accruing interest, late penalties and likely over limit fees so it is entirely feesible that the account ballooned to an $838 balance. Subtract the $300 initial guarantee you placed on the account with your deposit and it could possibly leave you a balance owed of $538. These are only assumptions based on very limited information you provided. What state do you live in and when did the account go into default? Federal reporting period is 7.5 years from that date.


lrhall41

Submitted by NASCAR_Devil on Fri, 03/20/2009 - 03:51

( Posts: 4671 | Credits: )