Newbie has question..
Date: Mon, 01/03/2011 - 12:33
Submitted by InTooDeep OverMyHead
on
Mon, 01/03/2011 - 12:33
Total Replies: 6
I am beyong thrilled that I found a forum where people like myself are trying to get out of debt the doing it yourself way and there are people who will offer us newbies advise(thank you).
Before I "throw in the towel" and stop paying on my credit cards I have a few questions:
1. Should there be a certain amount of time I should wait before I stop paying if I have recently used the card? (was not for a cash advace nor was is for a huge $$ amount of stuff that was bought)
2. Should I let only my 2 highest ones go and the 3 "lower, though they are not all that low in my eyes, but comparied to 16 + thousands i guess it is" ones keep paying on?
3. What credit card companies in your opinion have seemed the hardest to settle with? My fear is I'll stop paying and I'll get screwed at the end..which is a chance I will be taking but If i know that a certain credit card will not budge them i guess there will be no sence in tossing the card to the wind.
4. All of the cards I opened in my name and after awhile added my husband name to two of them some years ago....will it hit my husbands credit score as hard as it will hit mine? I know overall I will be hit harder since the other cards are in my name...but I could careless about my credit to be honest( i mean i care..but at this point I'm over my head..so i am carring a bad additude towards my credit score. I would rather be out of debt than have a high credit score.
Here is my debt:
wells fargo: 16,400
US Bank: 6,500
Sony chase: 2,300
Kohl's(no idea of what they deal with) 2,700
Gap store credit card(not a gap Visa card) 1,500
THANKS SO VERY MUCH!!!!:D
If you need help call Solicitation removed per TOS - ND they hel
If you need help call Solicitation removed per TOS - ND they help me get out of debt and I only paid 28 cents on the dollar of 38k.
I did a forum search (upper right hand side) and it appears Well
I did a forum search (upper right hand side) and it appears Wells is very toug to settle with....50% settlement at the most. Do a search to check out threads on your other creditors.
Soaplady is right...it's a bit tough to play them down! Though i
Soaplady is right...it's a bit tough to play them down!
Though it varies a lot with your financial situation and the terms of agreement, yet it's better you do a research.
If you keep paying on your smaller accounts, your other creditor
If you keep paying on your smaller accounts, your other creditors may not be conducive to settling. When I decided to settle, I stopped all my credit card payments except American Express, I have only a $500 limit that I use for emergencies. I was able to settle with Bank of America (2 accounts), Citibank, HSBC and Chase. Discover offered me 40% with monthly payments for a year. I have only Capital One left.
Kohls uses Chase as their credit card processor (I work part time there).
If you are going to settle, set up a separate account to pay your settlements from. The $$ you are not sending to the creditors should go into this account so that you can gather the money you'll need for settlement.
If you added your husband to your accounts as an "authorized user", then his credit should not be impacted. I would check his credit report to make sure. If, in fact, they are reporting on his credit report, then contact your credit card company and have him removed. I had to do this with my Bank of America because it was showing on two of my children's credit reports.
Many of us have done our own settlements successfully. Good luck.
Ahh, figures that damn wells fargo has to be the hardest to deal
Ahh, figures that damn wells fargo has to be the hardest to deal with..I swear its always my damn luck..grrrrr and of course its the one with the highest balance(no luck is ever on my side..boo)...but, at 50% i would take it and hang up smiling to be honest..cause if this debt does not go away I think my body and head are going to BURST with all my anxiety, stress and every other emotion I am mentally at a breaking point.
THanks, I will do a search on Wells Fargo.
Aubrey: Thanks for the tip on calling to get my husbands name
Aubrey: Thanks for the tip on calling to get my husbands name off the account...I just call both credit card companies and they removed his name.