@tussking wrote:I have been through several natural disasters in Florida and NEVER has assistance affected my credit report or history.
Natural disasters are a different bird, especially if you did not lose your job.
@Superduper2014 wrote:Thanks for the concerns and suggestions.
I do have a credit card with wells fargo that has an APR promo expiring April 14th and I would like to pay it off completely to avoid the high interest rate that will kick in. But obviously since we don't know for sure what the future holds now that we are under this threat of COVID19, I would want to see about maybe getting wells fargo to extend the promo and I would still make the payments monthly instead of using a large amount of cash that could come in handy if lenders all of a sudden decide to decrease limits and close accounts due to a larger economic downturn.
Before I started calling around, I wanted to get your opinion on what these lenders do in case you call in asking for help.
Even asking to extend the promotion APR seems to me like a redflag, but I might just do it anyways since it is not as bad as saying you can't pay anymore. But who knows for sure how they will react to these requests. They are not forced by law to do anything.
Treading carefully over here.
What is the amount on the 0% promo?
@tussking wrote:Sourpuss29 - I'm just curious why you would feel gross about asking for assistance in this global pandemic?
Example - I plan for the future. Yes, I can pay every bill I have for the next few months. Why wouldn't I ask for an extra month or two?
What if this pandemic goes on for six months? I am already less one income (spouse - her office closed) no pay. I don't feel gross asking for assistance. I am being smart, proactive and responsible. Me asking my bank to put two loan payments in the rear hurts who? My asking my car leasing company to extend my lease two payments so I don't have car payments in the next two months hurts who? Plan for the possibility of many months of affected income, not just today...JUST MY OPINION.
I kinda feel the same way as Sourpuss29, while totally agreeing with your point of view on it. Think mine more/less stems from I just don't like asking admitting I need help and/or asking for it, while also fearing that it could have some sort of negative repercussions for my newly opened accounts.
IE: I'm really considering trying for the BECU 0% loan, but since I don't NEED it right this second, I feel like by asking for it, I could mess with the fates and screw someone else over or something - not to mention maybe having a negative repercussion on my newly opened accounts with them. Even though at the same time I realize if this lasts much longer, it's something that's more than likely going to be at the very least helpful.
@Stralem wrote:There might be some repercussions. Amex, for example, is widely reported to be freezing the accounts of people who ask for Covid assistance. But I think the question you should really be asking is this: Does having a credit line slashed or frozen really matter if the issue at hand is losing your income? Keeping a roof over your head and food on the table should be a higher priority, I think.
Hi @Stralem,
could you please direct me to the posts/forum/article regarding COVID19 assistance requests and any resulting AA from Amex that you stated in the underlined section of your post above?
I ask because I have read in the forums that Amex is believed to track your spending and payment patterns algorithmically and it leads to my question:
Q: if you always PIF, but rather than ask for COVID-19 "relief", you pay a large portion of your Amex bill, but carry a balance for the first time EVER, would that trigger some sort of internal warning system thus putting you on the "uh-oh, this person might be having issues" radar?
Understood, that it should always be Finances before FICO, but perhaps it would be better to carry a balance on another card, other than Amex, based on your post above and supporting information you provide ???
I would appreciate the additional feedback from anyone has had this sort of experience specifically with Amex with carrying a <1k balance for the first time (pre-national crisis/national disaster) or because this is unprecedented situation, thoughts on how Amex might view it ?
thanks.
Thank you.
@tussking wrote:Sourpuss29 - I'm just curious why you would feel gross about asking for assistance in this global pandemic?
Example - I plan for the future. Yes, I can pay every bill I have for the next few months. Why wouldn't I ask for an extra month or two?
What if this pandemic goes on for six months? I am already less one income (spouse - her office closed) no pay. I don't feel gross asking for assistance. I am being smart, proactive and responsible. Me asking my bank to put two loan payments in the rear hurts who? My asking my car leasing company to extend my lease two payments so I don't have car payments in the next two months hurts who? Plan for the possibility of many months of affected income, not just today...JUST MY OPINION.
I can't answer for Sourpuss29, but I'm not asking for any help right now because I'm all too aware there are people who need it more than I do, and I'm not going to increase the burden on these relief programs and risk making them less available to people who really need it when I don't have to. I've had to take a pay cut, but I'm still working and I can still responsibly make my payments so I intend to keep doing so. I'll just cut back on shopping and eating out, which I've been doing anyway thanks to this whole mess.
Now if things get worse and I can no longer make ends meet without help, then I'll ask for it.
