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Afraid of Getting Balance Chased

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Pit-Smoker
Regular Contributor

Re: Afraid of Getting Balance Chased

Hi Folks-- I was wondering if there's been any news on this over the past quarter or so. 

 

My Disco card was maxed-- in part due to them chasing my balance about 2 years ago-- like the OP, I was afraid to pay them too much (and I still am.)

I started rebuilding in March. As part of that, I called My creditors, including Disco and told them I would be interested in their thoughts on how to do so.   D offered me a 'suspended privileges, hardship period of 6 mos.'  During that time, my rate would be reduced to 9% and I could play catch up a bit.  I could also call them to get out of it, if I wanted.   

Fast forward to October (about the time OP wrote, here) and they didnt' turn on my priveleges-- now, they're checking me on a monthly basis-- I'm still not on, and they've refused a few times. 

 

My util with them is about to hit 30%; My total revolving util is hovering at 50 (a huge improvement, in part from personal consolidation loans). So,  I have a small balance (appx 1700) remining on my Disco card.  and I just got this 1% BT offer from NFCU... it's tempting to wipe out Disco, call,  then and start anew-- maybe do a low rate BT back there  and continue on my journey.  

 

BUT if my CLs get cut here, then my score will tank again based on a higher UTIL.  Plus, I'll have nowhere substantial to "move" any more money. Furthermore, as we all know, once ONE does a CLD, others do , too.  

 

Any recent experiences (OP?) or recommendations would be appreciated.  

 

 


Rebuilding is like smoking a brisket: it takes a lot of love, the right spice, and a ton of patience. You don't rush a brisket-- it goes low & slow. Sometimes, you need a crutch through the stall. In the end, the process matters.
2021 goals: 
1) GARDEN until I app for Mortgage.
2) Pay Down overall revolving debt aggressively and accountably, to under 30%, including my HELOC.  
3) Don't waste the gifted 0% time on the student loans. 
4) Ultimately, refi the house at non-usury terms. 

Message 31 of 37
SouthJamaica
Mega Contributor

Re: Afraid of Getting Balance Chased


@Pit-Smoker wrote:

Hi Folks-- I was wondering if there's been any news on this over the past quarter or so. 

 

My Disco card was maxed-- in part due to them chasing my balance about 2 years ago-- like the OP, I was afraid to pay them too much (and I still am.)

I started rebuilding in March. As part of that, I called My creditors, including Disco and told them I would be interested in their thoughts on how to do so.   D offered me a 'suspended privileges, hardship period of 6 mos.'  During that time, my rate would be reduced to 9% and I could play catch up a bit.  I could also call them to get out of it, if I wanted.   

Fast forward to October (about the time OP wrote, here) and they didnt' turn on my priveleges-- now, they're checking me on a monthly basis-- I'm still not on, and they've refused a few times. 

 

My util with them is about to hit 30%; My total revolving util is hovering at 50 (a huge improvement, in part from personal consolidation loans). So,  I have a small balance (appx 1700) remining on my Disco card.  and I just got this 1% BT offer from NFCU... it's tempting to wipe out Disco, call,  then and start anew-- maybe do a low rate BT back there  and continue on my journey.  

 

BUT if my CLs get cut here, then my score will tank again based on a higher UTIL.  Plus, I'll have nowhere substantial to "move" any more money. Furthermore, as we all know, once ONE does a CLD, others do , too.  

 

Any recent experiences (OP?) or recommendations would be appreciated.  

 

 


It sounds to me like you're in good shape now and not in danger of adverse action.

 

If I were you I'd stop talking to Discover, and I would get NFCU's no-fee balance transfer to wipe the Discover bill out.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 32 of 37
Anonymous
Not applicable

Re: Afraid of Getting Balance Chased

9% is a decent rate TBH. But I guess it depends on the amount, what' the balance and your monthly payment?

 

If you're only paying minimal amounts, then I can see their hesitation to reinstate anything. Which wouldn't be in your best interest if the rate goes back the standard, right?

Message 33 of 37
longtimelurker
Epic Contributor

Re: Afraid of Getting Balance Chased


@Remedios wrote:

Bottom line, utilization is easily manipulated via check book.

What's a "check book"?   I think my grandfather mentioned one once but didn't want to ask

Message 34 of 37
Remedios
Credit Mentor

Re: Afraid of Getting Balance Chased


@longtimelurker wrote:

@Remedios wrote:

Bottom line, utilization is easily manipulated via check book.

What's a "check book"?   I think my grandfather mentioned one once but didn't want to ask


Long time ago, in a land far far away, bank would send rectangular papers, bound together with glue and cardboard. You could then WRITE ANY AMOUNT and pay with it!!!

After that, you'd hope and pray that by the time rectangular piece of paper is returned to the bank, you actually had money to exchange for that paper. 

 

Somehow, I have a feeling that's not what your grandpa was talking about. He was probably carving numbers onto  a stone tablet. Runes Bank, most likely. 

 

I did not have to deal with any of that because of where I'm from. We simply exchange chickens for cheese etc.

The only exception was getting to see a doctor without waiting six months. In that case, you needed chicken, cheese, and homemade plumb brandy. 

Message 35 of 37
Pit-Smoker
Regular Contributor

Re: Afraid of Getting Balance Chased

9% was fine. Agreed in full. Sorry, I left this out: it went back up to full APR % in October and they still haven't reinstated charging privileges. When I called them to inquire on this point, their retort was, "so you want to go back on hardship?" I said, "no. But I entered this status voluntarily to get a jump on things with you, not so you could charge me full price with no benefit later."

Apparently this decision is NOT up to the discretion of a standard rep.

My next review is immed. After my statement issues-- the 11th. I think I'll wait the week to see what happens, then, as @SouthJamaica said, I'll send that income to NFCU via 1% BT.

I'm in the Garden anyway. I suppose if I'm not seeking credit, I shouldn't be as concerned about a short term decrease... it's just that I've been putting so much effort into raising my scores, that it will hurt quite a bit to see them drop.

Rebuilding is like smoking a brisket: it takes a lot of love, the right spice, and a ton of patience. You don't rush a brisket-- it goes low & slow. Sometimes, you need a crutch through the stall. In the end, the process matters.
2021 goals: 
1) GARDEN until I app for Mortgage.
2) Pay Down overall revolving debt aggressively and accountably, to under 30%, including my HELOC.  
3) Don't waste the gifted 0% time on the student loans. 
4) Ultimately, refi the house at non-usury terms. 

Message 36 of 37
Pit-Smoker
Regular Contributor

Re: Afraid of Getting Balance Chased

Wanted to post my experience here:   Disco restored my privileges this month. It didn't happen on the statement date, but about 3 days later, there was the available credit. The next AM, I got an email which led with  "Let's say good bye to the past and embrace the bright future."  (Which I thought was pretty darn corny... and weird.)  The note continued:  Congratulations, your achievement in making responsible payments has rebuilt your credit with Discover.  

 

They then invited me to use my card to "Earn rewards on every purchase. So you never stop earning."   I just love irony.  Heart

 

So now, I ASSUME I'm safe from any balance chasing,  but I'm still fearful of wiping them out with a NFCU 1% offer...  and yet, I honestly believe that may be my best play.  


Rebuilding is like smoking a brisket: it takes a lot of love, the right spice, and a ton of patience. You don't rush a brisket-- it goes low & slow. Sometimes, you need a crutch through the stall. In the end, the process matters.
2021 goals: 
1) GARDEN until I app for Mortgage.
2) Pay Down overall revolving debt aggressively and accountably, to under 30%, including my HELOC.  
3) Don't waste the gifted 0% time on the student loans. 
4) Ultimately, refi the house at non-usury terms. 

Message 37 of 37
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