So I lost my job yesterday, that's fun. I have a BT offer from Cap 1 I'm going to take advantage of after my statement cuts on Friday (to give me 2 months before payment is due). I called them yesterday to let them know I'm no longer employed and to find out what kind of assistance they can offer if any. I was told to call their "Early Assistance" department once my BT's posted. I'm just curious what kind of assistance they can offer, has anyone gone down this road before? Lower my minimum due? Allow me to skip a payment or two? I'm trying to plan ahead in case I can't find another job in the next two months.
Thank you for the kind words.
@Anonymous wrote:Condolences on the job loss.
No experience in this realm, I don't think I've ever been unemployed for more than two weeks in my adult life, but having haunted these forums for the last ten months, my first fear would be that once I let them know I'm unemployed, creditors might start dropping my limits or closing accounts, which could have a cascading effect by raising utilization. I'm honestly interested in the opinions of those with more experience in this matter, because it would be reassuring to know that creditors aren't quite that fickle when bad things happen to good people.
I'll let you know if I suffer any negative account activity. Cap 1 is the only account that's going to have a balance, I don't plan on letting Chase/PenFed/Amex/Discover know that I've lost my job. I was actually thinking about closing some of my other accounts or calling to have the limits reduced so that I wasn't tempted to live off credit while I look for work. A friend of mine did this when the real estate market tanked years ago (he was an agent) and quickly found himself in massive credit card debt.
I'm not in your shoes, but I would think if you are in good shape on all your other credit lines... I personally would try to find a way to make the minimum asking from Capital One. Even with a significant balance the minimum payment should be reasonably small.. even if that were to mean a small advance from another card to make that minimum. I only say this because advising a creditor that you have lost your job would be a last resort for me... only in the event I had gone a month without finding a new one and felt it would be awhile. I personally wouldn't take any risks of my credit lines being shut down. Furthermore, Capital One is (in my opinion) probably one of the absolute best for not punishing someone for a minimum payment here or there... they dont reduce lines often for leaving balances on cards ... they just really care about timely payments.
I'm really sorry you lost your job and hope the best for you... I'm sure you will find a replacement position quickly. In the meantime, credit might be your best friend during this time in keeping you afloat while you rebuild income.
Best of luck!
