My scores are:
Equifax: 709
Transunion: 717
Experian: 697
Over the last 4 years I've been repairing my credit. I went through something of a consolidation program. It's from a not-for-profit company that is government backed.
One of the things that they do is freeze your accounts and negotiate low to 0% interest rates with each lender in order to get a payment plan in place. Discover was one of them.
When I went through Discover's "pre-approval" tool they couldn't pre-approve me for anything.
I found it really weird as I've gotten some high limit cards in the past year (7k Venture Cap1, 8k SCCU, & 6k Citi). My scores have been at its highest in over 12 years.
The only thing that I can think of is that they are not giving out new cards to a customer going through consolidation. I had that issue with Amex, they wouldn't even do a CLI until I called in and got "special permission" and then they raised me $2k.
Has anyone heard of this? Discover isn't normally the conservative one of the bunch, but it may be punitive. 😂
@Edgedev wrote:My scores are:
Equifax: 709
Transunion: 717
Experian: 697
Over the last 4 years I've been repairing my credit. I went through something of a consolidation program. It's from a not-for-profit company that is government backed.
One of the things that they do is freeze your accounts and negotiate low to 0% interest rates with each lender in order to get a payment plan in place. Discover was one of them.
When I went through Discover's "pre-approval" tool they couldn't pre-approve me for anything.
I found it really weird as I've gotten some high limit cards in the past year (7k Venture Cap1, 8k SCCU, & 6k Citi). My scores have been at its highest in over 12 years.
The only thing that I can think of is that they are not giving out new cards to a customer going through consolidation. I had that issue with Amex, they wouldn't even do a CLI until I called in and got "special permission" and then they raised me $2k.
Has anyone heard of this? Discover isn't normally the conservative one of the bunch, but it may be punitive. 😂
There are no "government backed" debt consolidation programs, and the "non-for-profit" that told you so lied (an extremely common one at that) and is more than likely not non-profit. You could've made the same phone call and have gotten the same deal in about 15 minutes without paying a dime to the company you're dealing with.
And what you got is not a "consolidation" program. All they did was call the creditor and offer to put a payment program (financial hardship) in place. Your cards are more than likely not frozen, they're pending closure, and will be reported as such when your payments are finished. There are extremely few lenders that will allow you to go into a payment program while allowing you to keep your cards open.
I did the same thing with Discover years ago, went on a payment program at 0% for 60 months (cards were closed and cannot be re-opened). Discover will blacklist you for 7+ years from the date of program enrollment. You should be eligible for another card when the old card falls off of your credit reports.
Citi, Chase, Discover, BoA, they all follow the same procedure. Accounts are closed (not frozen), and you're allowed to pay down the account over 60 months at a low rate, 0%, or settle. Amex is the only one I know of that may re-instate your card at the end of the payment program.
@northway wrote:
@Edgedev wrote:My scores are:
Equifax: 709
Transunion: 717
Experian: 697
Over the last 4 years I've been repairing my credit. I went through something of a consolidation program. It's from a not-for-profit company that is government backed.
One of the things that they do is freeze your accounts and negotiate low to 0% interest rates with each lender in order to get a payment plan in place. Discover was one of them.
When I went through Discover's "pre-approval" tool they couldn't pre-approve me for anything.
I found it really weird as I've gotten some high limit cards in the past year (7k Venture Cap1, 8k SCCU, & 6k Citi). My scores have been at its highest in over 12 years.
The only thing that I can think of is that they are not giving out new cards to a customer going through consolidation. I had that issue with Amex, they wouldn't even do a CLI until I called in and got "special permission" and then they raised me $2k.
Has anyone heard of this? Discover isn't normally the conservative one of the bunch, but it may be punitive. 😂
There are no "government backed" debt consolidation programs, and the "non-for-profit" that told you so lied (an extremely common one at that) and is more than likely not non-profit. You could've made the same phone call and have gotten the same deal in about 15 minutes without paying a dime to the company you're dealing with.
And what you got is not a "consolidation" program. All they did was call the creditor and offer to put a payment program (financial hardship) in place. Your cards are more than likely not frozen, they're pending closure, and will be reported as such when your payments are finished. There are extremely few lenders that will allow you to go into a payment program while allowing you to keep your cards open.
I did the same thing with Discover years ago, went on a payment program at 0% for 60 months (cards were closed and cannot be re-opened). Discover will blacklist you for 7+ years from the date of program enrollment. You should be eligible for another card when the old card falls off of your credit reports.
Citi, Chase, Discover, BoA, they all follow the same procedure. Accounts are closed (not frozen), and you're allowed to pay down the account over 60 months at a low rate, 0%, or settle. Amex is the only one I know of that may re-instate your card at the end of the payment program.
Discover can reinstate the card at the end of the program. If it doesn't meet their criteria they can close it, or keep it suspended and will review every month for reinstatement.
Op: you're blocked due to the hardship program. It's not vindictive. You weren't able to pay for your current card under the original terms. Why would they give you another while still on the payment plan?
I guess I'm a bit more used to the leniency of companies like Capital One because I have gotten 2 cards even though 3 of my previous cards were in the program. Once they are paid off, I just saw it drop from my account and everything is all good.
@Edgedev wrote:I guess I'm a bit more used to the leniency of companies like Capital One because I have gotten 2 cards even though 3 of my previous cards were in the program. Once they are paid off, I just saw it drop from my account and everything is all good.
Capital One's business model is far more forgiving, they literally state in their terms, you need only be a year out from complete default to get another card with them. They also remove their negative reporting/sell it to collectors who PFD to help their customers qualify for their cards.
they're incentived to get approved many 'customers teetering on the edge of paying a ton of interest and defaulting' to put in their securities for their customers
most everybody else doesn't quite look at default/payment plans like that, it's nothing personal, just a different way of doing business
Bro... you don't have to be so agro about it! Geez. Maybe I got some of my details mixed, and you may be right, but when I was faced with overwhelming debt at the time due to being unemployed for an extended period of time this place was the one that came recommended, and wasn't predatory like some of the "national debt relief" companies out there. I can get you the details, but I do believe at least that the are a non-profit. I remember checking that out prior to getting involved with them.
I'm getting serious angry vibes from you. Just chill. It was about 4 years ago and I've since gotten a lot more educated about it all and lowered my debit overall. Big reason I'm here. Knowledge is power, but these people got me out of a jam for a small fee and didn't ruin my credit unlike the "strategies" that some of these other companies recommended. So I'm good with it. Considering that at the time I wouldn't have known where to even start, and I was drowning up to my eyeballs. It was either that or bankruptcy.
No angry vibes here dude. Just for predatory “debt consolidation” companies that charge people for things they can resolve pretty easily on their own.
For the previous commentor, there are two kinds of financial hardship programs. One is short term and designed to help get you current. Your card is temporarily blocked until you’re brought current. The long term ones require card closure, no if, ands, or buts.
But you’re gonna be blacklsited for Discover for years. Keep going with your rebuild. Avoid any lenders you entered into a hardship program with for a long time.
@Neiltyson wrote:@Edgedev do you have the space coat signature card? Wondering if Costco codes as 3x for groceries.
Way to necro a thread for a non-related question, lol. You should direct message them instead; this thread was a year and a half dead.
Sock - 
On my 
