06-23-2009 03:23 PM
06-23-2009 03:29 PM
they can do it.
Many companies raised from 1-2% to 3-4%, 5% is kind of high but must be there way of trying to get some of these for the life balances paid down a little.
06-23-2009 03:39 PM
06-24-2009 10:12 AM
06-25-2009 01:47 AM
I too got that letter.
.....was told that they could file a hardship claim for me and lower my interest to 0% with a minimum balance of $263 for 60 months. At the end of the 5 year period my account would then be closed.
I'm now awaiting word on whether I'll qualify for hardship
If you accept the hardship deal you may possibly have numerous late payment notations inserted in your credit files which could trash your credit scores for a very long time. .
06-25-2009 06:13 AM
06-25-2009 06:19 AM - edited 06-25-2009 06:21 AM
06-25-2009 07:53 AM
5% minimum sounds reasonable to me. I looked at my Chase accounts and the minimums are 2%. I looked at payment history and I saw one payment that was about 5%.
I have one account that is 3.99% for two years and am paying it at a fixed amount per month - that works out to 6% currently but will gradually rise to be 100% for the final month when it is paid off in 19 months.
If I paid 5% the whole time, it would still have a substantial balance in two years - that is just silly!
06-25-2009 04:10 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.