topic Re: Continental Finance Nightmare in Credit Cards

Continental Finance Nightmare

Anonymous — Thu, 13 Mar 2008 23:30:21 GMT

So I didn't do enough research before randomly applying for cards to help rebuild my credit and ended up with (among others) a Continental Finance Gold card with a limit of $300. I understood the fees and that there would be a balance of $225 on the card upon activation. I though that was the price I had to pay for my poor credit.

My account was opened 2/27/08. I got the card and used it for a meal, mainly to see if it worked (I then froze the card, literally, in ice in the freezer). That was a charge of $33.43 on 3/6/08. They told me upon activating my card that I already had a payment due ($50 was due 3/24/08), so I registered online where my account information appeared to be accurate and I made the payment.

This is where it gets bad. I logged on after the payment was deducted from my checking account and was very surprised to see that I had a current balance of $212.43 and an available credit of $8. This is out of a $300 credit limit and the card had only been used the one time. So, slightly panicked about having such a low available credit I made another online payment (stupid, I know) for $40 plus the $4 online payment fee. So after a $50 and a $44 payment my account currently shows a balance of $172.43 and available credit of $4. So I'm freaking out that they'll charge me some kind of crap fee and send my account overlimit.

I've done the research that I should have done beforehand now and I see that Continental are basically scam artists but I'm stuck with the account now.

Charges on the card

$300 credit limit

-$25 annual fee (2/28/08)

-$200 account processing fee (2/28/08)

-$33.43 dinner charge (3/4/08)

+$50 internet payment (3/6/08)

-$4 internet payment fee (3/6/08)

+$44 internet payment (3/11/08)

-$4 internet payment fee (3/11/08)

After all that I have available credit of $4 and a balance of $172.43. I cannot make their math make sense and really need to know where I should go from here. (BTW, I am trying to reach their customer service too, but with the reports I've read I'm not hopeful).

Thanks so much to anyone who made it this far and has any advice for me.

Re: Continental Finance Nightmare

Anonymous — Fri, 14 Mar 2008 00:14:45 GMT

This sounds unbelievable, although I do believe your situation. Thank you for posting the atrocities of this company. I don't know how these people sleep at night. I would report them to governing agencies if you think they misled you in anyway. Horrible business practices. Please review all the material you had prior to opening an account with them. Hopefully you find something that you can use.

If you find yourself tied to this company with no recourse, eat your humble pie, pay them off and cancel this account ASAP. Let this be a lesson to the next person.

Again, I am sorry to see you go through this.

Re: Continental Finance Nightmare

ngerasimatos — Fri, 14 Mar 2008 00:19:10 GMT

I am former customer of theirs and have nothing negative to report, except the fact their customer service sucks and fees are outrageous. But that's the price to pay to build credit.

Re: Continental Finance Nightmare

ficonovice — Fri, 14 Mar 2008 00:19:25 GMT

I've heard bad things about them, but I don't think they've done anything wrong. The upfront fees are what they are, and it looks like they're "holding" your last payment for a few days before releasing your credit. Fairly typical with some of the sub-prime lenders, but I suspect your balance is right and in a few days you'll have the correct amount of corresponding credit.

Hang in there and just always pay on time (or ideally at least one week in advance)...

Re: Continental Finance Nightmare

Anonymous — Fri, 14 Mar 2008 00:28:36 GMT

My balance is correct I believe, but there is a big discrepancy in the available credit. I should have available credit of $127.57. Even if they're somehow holding the amount of my payments against me it still doesn't add up.

Re: Continental Finance Nightmare

haulingthescoreup — Fri, 14 Mar 2008 00:31:58 GMT

@ficonovice wrote:

I've heard bad things about them, but I don't think they've done anything wrong. The upfront fees are what they are, and it looks like they're "holding" your last payment for a few days before releasing your credit. Fairly typical with some of the sub-prime lenders, but I suspect your balance is right and in a few days you'll have the correct amount of corresponding credit.

Hang in there and just always pay on time (or ideally at least one week in advance)...

I don't know; even with them not posting the payments, this doesn't seem right:

Charges on the card

$300 $300 credit limit

$275 -$25 annual fee (2/28/08)

$75-$200 account processing fee (2/28/08)

$41.57-$33.43 dinner charge (3/4/08)

+$50 internet payment (3/6/08)

$37.57-$4 internet payment fee (3/6/08)

+$44 internet payment (3/11/08)

$33.57-$4 internet payment fee (3/11/08)

How is this an available balance of $4? I'm not seeing this...

Re: Continental Finance Nightmare

ngerasimatos — Fri, 14 Mar 2008 00:36:00 GMT

Call customer service and get the info.

Re: Continental Finance Nightmare

ficonovice — Fri, 14 Mar 2008 00:42:21 GMT

I'm far from an expert, but as long as the balance is correct you don't have much to worry about with other fees pushing you over your credit limit. Your available credit is only $4.00, but the balance is what matters. I'm sure they're holding your payments before releasing your available credit and they must have some other finance charges that you're not seeing yet, but will.

Good idea to call customer service, but I'm sure your available credit (more to your liking) will catch up in a few days, but never lose sight of finance charges and other potential fees...

Re: Continental Finance Nightmare

NICKI183 — Fri, 14 Mar 2008 00:56:47 GMT

Well, I currently have a Continental Finance charge that started with a CLI of $300. When I initially received the card I too was hit was the fees. However, I choose not to utilize the card until I received my intial bill. I was a little leary knowing that the card was almost to its max and didnt want to take the chance in receiving an over the limit fee.

Now, that I have had this card for two years my CL $600. That doesn't seem like much, but they were there were no one wasn't.

The only thing I have to say odd about them is that every payment regardless of the balance is $50.00.

Also, I found the CSR's to be friendly and helpful. They had made a billing error and charged me a $70 payment. When I called, they immediately recognized the problem, updated the system, and informed me the payment was on $50.00. Even though my CL is low, they upgraded me to a GOLD card- ha ha ha .

I am really sorry that your experience with Continental, in this short time, has not been great.

Re: Continental Finance Nightmare

ECHOBOI4U — Fri, 14 Mar 2008 01:39:59 GMT

I had to get rid of this card after what they did to me. I was never late and never had anything wrong with handeling the card. I got the card when it first came out with the "Go for the Gold" program. I got credit limit increases every 3-4 months after my 1st year and after the 3rd year the monthly maintenance fee would be waived according to the terms that I applied for and accepted at account opening. I reached my 2nd year this January and was told 1-that my monthly maintenance fee would go up from $10 to $12 a month and 2-that they decided to cut the "go for the gold" program. I was irrate and demanded that I still have my maintenance fee removed after the 3rd year per the agreement. I don't carry a balance besides the maintenance fee each month and always PIF. They said "sorry too bad." I said oh really....we'll.... see ya. Paid the balance off and closed it immediately. The supervisor on the floor suddenly appeared on the phone and pleaded with me to stay with them but offered no consolation in return. I said, "I'll enjoy my new citi card instead" and hung up on him. Called again later to confirm account closure and got the letter confirming with final bill at $0 balance a while back. Feels good to kick these dirt bags to the curb after baiting and switching me so. I believe they have made a lot of people mad. Oh well. It served it purpose and today I get a 20 point FICO boost on EQ and TU. Heading to 700 club fast.

Re: Continental Finance Nightmare

dangphuocloc72 — Fri, 14 Mar 2008 02:23:50 GMT

when My Score really bad they give me change . so their fee is ok with me . U must pay for what do you need . after you got what you want . so you can do what ever you want to .

After you paid they hold for 8 day . so don't worry . don't use your card untill they refund your money back in your account .

Now I have BB store card they hold my fund back 14 days . I never call them b/c I know I don't need them no more . lolz Keep going you'll be fine .

Re: Continental Finance Nightmare

Anonymous — Tue, 22 Sep 2009 23:36:32 GMT

They give you no line of credit but maybe the 4 bucks for a year.I had an emergency after the year and put 200 bucks on the POS

CC. Well by the time they were done (they do bad math I thought I had 100 credit still) I had to pay the card off to the tune of 600 dollars with tax refund money. I have not used it for 8 months or so and kept paying 20 bucks a month. Then...I got a get a GOLD VIP card letter in the mail.

DO NOT SIGN UP FOR THIS!

Re: Continental Finance Nightmare

MsKiwi — Wed, 23 Sep 2009 12:52:28 GMT

@Anonymous wrote:
My balance is correct I believe, but there is a big discrepancy in the available credit. I should have available credit of $127.57. Even if they're somehow holding the amount of my payments against me it still doesn't add up.

You are showing an available credit of $4 because they are holding your payment (even if it shows cleared by your bank) Go to the web site and look at your account summary and you will see an entry marked "pending" that should show your payment, this is where the discrepancy is between what you show and what they show. At first they will hold your payment for 14 days, after about 6 months the time for holding your payment will become less.

Remember that this is a rebuilder and to not go over 10-20% of your CL. Pay it down before you charge on this card again.

Re: Continental Finance Nightmare

MsKiwi — Wed, 23 Sep 2009 12:58:21 GMT

@haulingthescoreup wrote:
@ficonovice wrote:
I've heard bad things about them, but I don't think they've done anything wrong. The upfront fees are what they are, and it looks like they're "holding" your last payment for a few days before releasing your credit. Fairly typical with some of the sub-prime lenders, but I suspect your balance is right and in a few days you'll have the correct amount of corresponding credit.
Hang in there and just always pay on time (or ideally at least one week in advance)...

I don't know; even with them not posting the payments, this doesn't seem right:

Charges on the card

$300 $300 credit limit

$275 -$25 annual fee (2/28/08)

$75-$200 account processing fee (2/28/08)

$41.57-$33.43 dinner charge (3/4/08)

+$50 internet payment (3/6/08)

$37.57-$4 internet payment fee (3/6/08)

+$44 internet payment (3/11/08)

$33.57-$4 internet payment fee (3/11/08)

How is this an available balance of $4? I'm not seeing this...

They also have a one time fee to set up internet payments (don't recall how much that is) and his next monthly $18 fee probably just hit. They change their fees every few months so my #'s may be wrong. Best bet is for the OP to pay off the initial fees , wait a few weeks and it should all balance out.

Re: Continental Finance Nightmare

haulingthescoreup — Wed, 23 Sep 2009 13:18:14 GMT

Holy cow, someone dug up a thread from March 2008!

I looked at the quote of what I wrote (and quoted), had absolutely no memory of writing it, and briefly wondered if I had progressed to sleep-posting!

Re: Continental Finance Nightmare

Anonymous — Wed, 11 Nov 2009 01:31:15 GMT

I have had my Continental Finance Card since January of 2009 and have paid the balance in full every month to avoid the high interest rate they charge. I noticed on my October 2 billing that my monthly account maintenance fee increase from $15 to $18. When I read over the terms and conditions printed on the back, the paragraph explaining the monthly account maintenance fee says $15. I called about this discrepancy and was offered no help or explanation other than to be told that a separate letter was mailed out prior to the billing (which I never received) and that I could write a letter to the corporate office since the call center wouldn't be able to adjust my account.

If I decide to attempt to get my $3 back, do I have a valid argument?

Re: Continental Finance Nightmare

Charlington — Wed, 11 Nov 2009 06:41:46 GMT

Continental Finance my a** ............ More like...... CONTINENTAL LOAN SHARK.....minus the blackmail and threats of violence.

Re: Continental Finance Nightmare

Anonymous — Wed, 11 Nov 2009 11:26:24 GMT

I always check the terms and conditions of credit cards before I apply. I can tolerate a card with an annual fee (my orchard card has a 39 fee)- especially considering I'm post bankruptcy, but when it goes above and beyond that...a few months ago I got a preapproved credit offer with these kinds of terms:

Annual membership fee: 50
Acceptance Fee (one time) $119
First time credit limit increase fee: $25
Participation Fee (every month the account is active) $6 (72 annually).

So the preapproved offer went into the shredder. I don't need a credit card that bad that I'll fork over $200 just to have one.

Re: Continental Finance Nightmare

Anonymous — Wed, 25 Nov 2009 03:51:58 GMT

No not really they said that they sent out letters saying thet we upping the fee to $18.00 amonth.I would suggest getting away from this company soon.I never received the letter.Had to request a copy.I am kind of stuck keeping mine open for now, its my oldest account 21months with them.Staying with this company will cause u to pay un reasonable fees, other then they to do report properly.Lets 18X12=$216+50 a year for annual fee=25 every six months for ur increase,but dont be over even if its do to there fees u wont get the increase, but the total will $316.00 a year.I about to say the hell with this company and first premier.If my score tkaes a drop so be it.

Re: Continental Finance Nightmare

Anonymous — Thu, 26 Nov 2009 04:10:43 GMT

same here with me, when i called in sept. about my card, they told me my maintance is going up to $18, i asked why he said to replace lost or missing cards credit cards. what kind of mess is that. cant want til i pay OFF!!!!!!!!!!!!!!!!!!!!!!!!