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Please Help

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Anonymous
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Please Help

Hello, we have a large amount of debt that is just mounting and we are basically overextended. I have navy federal and have spoken to their personal finance counselers. Is it a bad idea to do a program that reduces your interest and payment and freezes accounts temporarily? will this effect my credit negatively during the time they are frozen?

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3 REPLIES 3
FireMedic1
Community Leader
Mega Contributor

Re: Please Help

Finances over FICO. If NFCU is going to work with you to get caught up. Take it. If you want to list out the accounts with Credit Line/Balance. We may have a way to get things back in order. Hopefully there are no lates or any other baddies as of yet.


Message 2 of 4
SouthJamaica
Mega Contributor

Re: Please Help


@Anonymous wrote:

Hello, we have a large amount of debt that is just mounting and we are basically overextended. I have navy federal and have spoken to their personal finance counselers. Is it a bad idea to do a program that reduces your interest and payment and freezes accounts temporarily? will this effect my credit negatively during the time they are frozen?


1.  Have you asked Navy?  I would ask them first.

 

2.  As @FireMedic1 pointed out, if you were to list out your limits and balances, some folks here might have some ideas.

 

3. I have found NFCU to be the best in terms of serving their customers instead of themselves. So if there's any institution that can do it in a way that would be helpful, I imagine it would be them.  I don't trust any financial institution, but I mistrust NFCU least of all of them.

 

4. The opportunity to reduce your interest and your monthly payments is certainly something to seriously consider, even if there are some downsides to accepting it.


Total revolving limits 651200 (530700 reporting) FICO 8: EQ 706 TU 714 EX 715

Message 3 of 4
CreditInspired
Community Leader
Super Contributor

Re: Please Help


@Anonymous wrote:

Hello, we have a large amount of debt that is just mounting and we are basically overextended. I have navy federal and have spoken to their personal finance counselers. Is it a bad idea to do a program that reduces your interest and payment and freezes accounts temporarily? will this effect my credit negatively during the time they are frozen?


Hi there

No, it's not a bad idea. My ex has 3 NFCU CCs w/max balances and large APRs. He asked NFCU rep about assistance. So he was granted one year at 6% interest and a fixed monthly pymt on each card. The cards are unfrozen after one year. Only one card's CL was reduced from $20K to $19K. After the year, the CCs original interest is applied and the minimum monthly pymts start again. This program had no negative effect on his scores. What it did was stop the bleeding on paying the exorbitant interest and give him freedom to pay more than the fixed amount in order to get the outstanding balances lowered as quickly as possible. 

GL2U


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
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