Need help with CITI Hardhsip That I just discussed with rep & how it reports

[professorr]

I 'm going to take the offer most likely.  BUT I wonder how it'll report.

I'm always behind on payments with Citi Biz card.  It's 8K of debt at 22% NEVER 30day late ding because I always pay at least the previousl min. due before it actually hits the 60 day mark.  It does not report on personal CRA either.

They agreed to 5 years 0%.  (i'd hope to pay off a 0% before then) I asked him how it would report and he mentioned your currently behind now and reporting will show account closed by you and it would show you were behind but that would go away as time goes on. (Im assuming he though my lateness was dinging credit file)

So my question is:  Has anyone gone through the CITI Hardship program with a business card and had it show up on your personal??  if sho how did it report?

I'm happy they offered 0% for 5 years, I'm just happy about the 0% thats all I cared about.

Tolf tyhem I'd call back to follow through after I had a chance to think that this is what would work.

[Creditaddict]

Typically all hardship programs business or personal will continue to report as they are and like in your case if you are currently just within 1 payment behind as soon as you take the offer you could make a double payment and then you wouldn't be behind AND still in this fab new 0% for 5 year plan.

I dont' think you will see it start reporting to your personal credit because it's still considered current and business accoutns with many including citi don't report unless WAY behind.

TAKE IT AND RUN and get out of debt for yourself finally.

[professorr]






Well, I entered the program.  Im actually 32 days (more like 62) today, so hopefully that doesn't ding my credit but I think he said as long as payment is made BEFORE the cycle print I'd be ok.  I enbtered the program at almost 1/2 the payment at 0% for 5 years.  I made the one scheduled payment today and then made an extra payment so as to avoid a poissible ding.  (so technically i'm now just a simple 30day late)  My goal was to avoid dings and I have so far.  This reduction in 0% is great, and the monthly cost will be easier to pay now.

Its that 0% and seeing the principal reduction immediately happen that will make me feel great.  when will banks understand, peopel just want their payments to show progress and showing 26% apr doesn't do the trick.

I'm just praying that it stays off my Personal report and that no 30 days late ding make it (cause then might be reported to personal, but some say you's have to default for that to happen)

[MyDataMyChoice]

It wont report unless your business stops paying 120+ days past due

Actually i have PG a home depot mastercard that was closed (charged off)  never showed up on my credit profile 

[professorr]

thanks for mentioning, adds quite a bit of relief now.  WOW, charge of and NEVER reported.  lucky you. once again, thanks for chiming in.  I'll report back on what happens down the road.  the program was failrly easy, but they want to know if there is any furute increase in your pay and such; so watch what you say because iof they feel you will be able to make higher payments they might deny or find a different program/apr rate.    Still pumped.

[MyDataMyChoice]

Hardship programs are great... but they close the account

Don't miss a payment it will void the hardship