Help with Home Depot acct

Tryin2rebuild08 · ‎12-09-2009

Hi my FiCO Fam,

It's been a while since I was on here. I started fixing my credit in Jan 08. My scores where high 400's and low 500's. They good thing is I was able to raise my scores 100 pts. My highest score was 655. I was soo happy. I was able to get a Home Deport CC with a CL of 2000. I was paying fine until about 2 months ago. I am now unemployed and can't keep up with the payments. The interest rate is soo high. I received a letter from them with a payment arrangement. They stated that if I accept the payment arrangement the account will be atomatically closed. I need some advice on this because I do not want to close the account. I would like to pay it off as soon as a get a new job. If I close it, my cr score will decrease, but the payment is really killing me right now. What should I do?

6/20/08 TU=553 EQ=577 EX=458
07/16/08 TU=599 EQ=621 EX= 556
8/05/08 TU=632 EQ=652 EX=598, 9/30/08 TU=632 EQ=655 EX=616

DI · ‎12-09-2009

@Tryin2rebuild08 wrote:
Hi my FiCO Fam,

It's been a while since I was on here. I started fixing my credit in Jan 08. My scores where high 400's and low 500's. They good thing is I was able to raise my scores 100 pts. My highest score was 655. I was soo happy. I was able to get a Home Deport CC with a CL of 2000. I was paying fine until about 2 months ago. I am now unemployed and can't keep up with the payments. The interest rate is soo high. I received a letter from them with a payment arrangement. They stated that if I accept the payment arrangement the account will be atomatically closed. I need some advice on this because I do not want to close the account. I would like to pay it off as soon as a get a new job. If I close it, my cr score will decrease, but the payment is really killing me right now. What should I do?

If you decide to let them close the account, the tradeline will still report for up to 10 years. What will cause a score decrease is when you have other CC's balances reporting. I think you should take the payment arrangement. You don't want the balance to escalate to an unmanageable amount. Good luck!

Message Edited by DI on 12-09-2009 05:18 PM

Anonymous · ‎12-09-2009

I like DI's advice. You definately don't want them to keep adding late charges, etc on. Also, I think its important to stay in contact with them and let them be aware of the situation. MOST LENDERS will work with someone, if lines of communications are kept open. It is when they hear nothing it becomes difficult.

Also, by taking the payment arrangement and keep it current, you are still exhibiting a willingness to pay and being responsible in doing so. if you keep communications open with them, when you get a new job and can afford to pay more, be sure to let them know and I think it will be to your benefit.

Good luck and I hope this works out best for you.