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Hi all... I'm new to this forum... wish I had seen it earlier...
My Cap One credit card account is about to be written off... I have two cards with Amex and one with BofA that are maxed out but current... I have kept using them as a way to 'stretch' my remaining funds one more month at the time... in the last couple of months, I have made the minimum payment to Cap One as well, just to push the write off one month... but I won't be able to do it anymore... so, the question(s):
1. Is it worth to keep extending the Cap One write off even if I start getting late on one of the other cards? I.e. maybe 'buy me' another month using part of the money I have to pay one of the Amex cards....
2. If I let it go to write off, will the other card companies 'penalize' me by freezing or cancelling the cards?
Thanks in advance for your help!
@DolfanCLT wrote:Hi all... I'm new to this forum... wish I had seen it earlier...
My Cap One credit card account is about to be written off... I have two cards with Amex and one with BofA that are maxed out but current... I have kept using them as a way to 'stretch' my remaining funds one more month at the time... in the last couple of months, I have made the minimum payment to Cap One as well, just to push the write off one month... but I won't be able to do it anymore... so, the question(s):
1. Is it worth to keep extending the Cap One write off even if I start getting late on one of the other cards? I.e. maybe 'buy me' another month using part of the money I have to pay one of the Amex cards....
2. If I let it go to write off, will the other card companies 'penalize' me by freezing or cancelling the cards?
Thanks in advance for your help!
Welcome to the forum! I'll start with #2: Your CCs soft your credit reports, usually monthly, sometimes more or less often. They will see if/when you are late to another creditor and will take AA (adverse action).
I ditto what the other poster said. A moderator might actually move this post to the rebuilder's thread, since that's where you'll get the most help.
If you have a relationship with a local bank or Credit Union, you might call and see if they will help you with a debt-consolidation loan.
@DolfanCLT wrote:Hi all... I'm new to this forum... wish I had seen it earlier...
My Cap One credit card account is about to be written off... I have two cards with Amex and one with BofA that are maxed out but current... I have kept using them as a way to 'stretch' my remaining funds one more month at the time... in the last couple of months, I have made the minimum payment to Cap One as well, just to push the write off one month... but I won't be able to do it anymore... so, the question(s):
1. Is it worth to keep extending the Cap One write off even if I start getting late on one of the other cards? I.e. maybe 'buy me' another month using part of the money I have to pay one of the Amex cards....
2. If I let it go to write off, will the other card companies 'penalize' me by freezing or cancelling the cards?
Thanks in advance for your help!
I would definitely explore every option you can in order to prevent it.
Loans and debt management programs have already been mentioned. Are you able to cut your expenses any further? I would look into cutting anywhere you can so you have more funds to pay toward your debts. If you've already done this, do you have any options to increase your income, perhaps even doing additional part-time work or odd jobs?
BK is probably an option at this point. But keep in mind it's something you'll have to contend with for a long time. My BK discharged in 2005, but it's still reporting on my CRs and certainly creditors still cite BK for denial.
I definitely wish you the best of luck and hope you're able to pull out of this.
Thank you very much for the prompt and thorough answer!!
I understand those options, but my issue now is the lack of income, so a new loan or even a payment plan is out of the question. As i've told the Cap One reps that call every so often, they'll get one of my first calls once I get a job so we can work out a plan to get out of this... but still, no cigar.... any day, though!
Thanks!
I am very actively looking for a job and have a few active leads... Hope is still high and I trust I will get a job any day.... truth is, that hope has been there for a year and then some, but got to keep trying...
Thanks, SunRise.... Yep, the way I've understood it, being written off will bring me one step closer to Bankruptcy... I am actually in contact with a lawyer to explore options and have asked him these same questions... but wanted to check real life experiences, first hand... Thanks!
Thanks, bichonmom!
As said above, the main issue I have is the lack of income... Once I get a job, any job, I will be able to make a plan... any day now... have nothing if not hope!
Thanks!
@DolfanCLT wrote:Thanks, SunRise.... Yep, the way I've understood it, being written off will bring me one step closer to Bankruptcy... I am actually in contact with a lawyer to explore options and have asked him these same questions... but wanted to check real life experiences, first hand... Thanks!
I understand how being out of work will take its toll on credit. I've been laid off twice in the past few years. Last time, I was fortunate to be rehired by my company about 2 months after it happened. The time before that was 8 months.
IME, networking has been the best way into a new job. Definitely ask friends in your line of work for leads and references. Also, my local unemployment office had a weekly networking group for professionals that I joined. They had classes that helped me improve my interview skills and sharpen up my resume. I wasn't a big fan of job fairs, but they do help you hone your interview skills, if anything.
I actually started with the company I'm as a temp. I'd definitely register with the temp agencies, if you haven't already.
Hopefully, your currently leads work out! But just keep trying and go for as many things as you can. Sometimes, it is just a numbers game.