LATE credit card payment... my apr just went from 10% up to 27%.... HELP

[wj4]

You dudes who are making minimum payments are just covering the interest, if even that. You're not cutting chunks out of your initial amount at all. Thisis why companies love to give out cards to you teens.

 

[dacityslanga]

Is this your first time being late?

If so, then you can call them, explain the situation and it should be reversed/refunded.

If you can pay off Bank of America and close them. They are just like Capital One, HORRIBLE!!!

 

[xcellziscrack]

Originally Posted by DaGreatJ

RIP

 

[ciph4]

Don't have a CC so maybe I'm just missing something, but how would cancelling the account do anything? Wouldn't you still have to pay off thesame balance at the same APR?

 

[diego]

Originally Posted by eaalto

Hey, I was taking a dump and just thought of a solution for you.

A lot of credit card companies allow what is called a balance transfer. They pay off the debt that you owe to Bank of America, and you now are in debt to the new credit card company (or bank), but at a much lower interest rate. My wife did this with a $4,000 debt she had to Wells Fargo. We did the balance transfer through a credit union, and instead of paying an interest rate in the high teens, we locked it in at 7.9%. You can probably even find lower rates now, but this is a better route to consider than fighting with Bank of America to bring your rates back down

Try doing some research with different banks and credit companies, and find out which ones will allow balance transfers of $8,000, and what the interest rate can be locked in at, and then ditch Bank of America.

Doesnt it also affect your credit score when you go around to different lendors to shop for the lowest rate, being that youll get a lot of credit checks doneon your credit in this process?

 

[xcellziscrack]

lenders checking your credit to many times does lower your credit score.

 

[dacityslanga]

Originally Posted by ciph4


Don't have a CC so maybe I'm just missing something, but how would cancelling the account do anything? Wouldn't you still have to pay off the same balance at the same APR?

yes he would have to continue to pay even if he cancelled

 

[grand hustle it]

Listen people, NEVER MAKE A CC PAYMENT THE DAY OR EVEN A DAY BEFORE ITS DUE.

Avoid the headach and pay at least 4-5 days before.

To OP, give them a call and tell them you were outta town and not near a BOFA bank and the internet wasnt around you. This happen to my cousin, he gave themthis excuse and it worked. You have to sound really sincere and regretable. But keep fighting with them and tell them "hey, i paid on the exact due dateregardless of cut-off time." I mean it'll be tough, but its possible. Also in the future, try setting up a automatic bill pay from your checkingaccount or savings to your CC.

Good Luck.

 

[crumbs]

well damn...seek a balance transfer ASAP

 

[freshsince1982]

call em, tell them you are going to go bankrupt, and wont be able to pay the money back.

Ask them to lwoer it because u are trying to avoid that at all costs and u want to pay them the $ they you owe them

 

[nationaltruckerdave]

RIP

 

[eaalto]

Originally Posted by Diego

Originally Posted by eaalto

Hey, I was taking a dump and just thought of a solution for you.

A lot of credit card companies allow what is called a balance transfer. They pay off the debt that you owe to Bank of America, and you now are in debt to the new credit card company (or bank), but at a much lower interest rate. My wife did this with a $4,000 debt she had to Wells Fargo. We did the balance transfer through a credit union, and instead of paying an interest rate in the high teens, we locked it in at 7.9%. You can probably even find lower rates now, but this is a better route to consider than fighting with Bank of America to bring your rates back down

Try doing some research with different banks and credit companies, and find out which ones will allow balance transfers of $8,000, and what the interest rate can be locked in at, and then ditch Bank of America.

Doesnt it also affect your credit score when you go around to different lendors to shop for the lowest rate, being that youll get a lot of credit checks done on your credit in this process?

You don't need to have them check your credit to see what rate they offer on balance transfers. A phone call is probably all you need. Theywill run your credit when you set up an account, but hopefully you'll only need to do this once.

It's usually just something that they offer. But even with several credit inquiries, depending on how long you have had your accounts open, it might notmake much of a difference. My wife and I have been putting offers in on houses left and right, and within the last several months have had at least 6 or 7different inquiries made (changed lenders). Our FICO scores are still 750+, so an inquiry here or there probably won't hurt you much.

Even if he had 5 or 6 inquiries, if that's what it takes to get that rate from 27% down to 7%, I'd rather have that be the cost than hemorrhaging moneywith a predatory rate like that.

 

[j0rdan23dunker]

they should have given you at least a week grace period for the payment to process. but you should pay way above the minimum balance due. also, try to make ita habit in paying it at least a week before the payment is due to avoid these kind of things.

i would call their customer care and see what they can do for you.

 

[ev209]

i cant even get a cc