Late fees - help!

[KSK1912]

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@ShootingForTheStarsOr800 wrote:
Thanks everyone for the advice and support. A little bit of an update. I spoke to a CSR last night who waived close to $200 in late fees provided that payments were made that day. We made the payments to bring the accounts current and the CSR said that payment protection has been on the plan so that if there are additional issues we should reach out. My brother has been a capital one customer for coming up on 10 years, so I think we will do what one of the contributors said and reach out to EO after some consistent payments to see if they can goodwill some of the delinquent payments since prior to this he has never been late and typically kept utilization below 25%.

Any other advice is greatly appreciated!

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Awesome job. Don''t listen to anyone discouraging you. If CSR can do what he did, EO can do even a lot better. Just make sure you guys mention that this is not due to an irresponsible spending habit, but rather a result of a job/hours cut, and tell them it is temporary, but until then you need some help either with apr, or late removals to bring the account to current / below credit limit. Tell them it is not the credit report, but the relation between him and Cap one you are worried abbout as he has been a customer for several years and wanna stay that way

[Creditaddict]

If he has the insurance protection crap on this account CANCEL IT NOW!!! that is a huge waste of money and is currently eating up his minimum payments with a larger fee for having the protection that he couldn't even use!!

[Dalmus]

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@Creditaddict wrote:

If he has the insurance protection crap on this account CANCEL IT NOW!!! that is a huge waste of money and is currently eating up his minimum payments with a larger fee for having the protection that he couldn't even use!!

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 *IF* he thinks there is a real possibility of him losing his job in the next month or two, I would keep it active.  But unless its virtually certain, I agree... Cancel it!  If he gets wind that layoffs are coming, he can always reactivate the protection insurance *before he gets laid off*.

 I fell for that protection scam myselff in the years leading up to my BK.  It sounds like such a great thing... and is, assuming you never carry a balance on your cards!  As soon as you start carrying a couple thousand dollars in balances (ie, when you're falling behind), it gets ridiculous.

[takeshi74]

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@ShootingForTheStarsOr800 wrote:
I'm thinking that we can keep the cards current for three months and get some score increases potentially when utitilization is brought to 75% or less for those three months.

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Scores are the least of his concerns with revolving utilization like that.  He will want to get it down ASAP to avoid the potential for adverse action.  I know that's easier said than done with his situation.

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@ShootingForTheStarsOr800 wrote:
Let those report for three months and then get a 0% balance transfer card

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Do not rely on a new BT card with high utilization.  Even if approved high utilization will constrict the limit he would qualify for and the limit would likely by useless considering that the utilization on the BT card also matters.  The lates are an even bigger issue on top of that.  Once balances are paid off then seek goodwill removal of the lates.