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Should I pay in Full or see if CC will settle for less or if thats super bad to do.

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Member

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

So I took everyones advice and got the money this morning put it in my checking and paid off all my cards today... I am going to call BOA being they are charging me a 59.00 a year AF for no reason when it never had one till they had the fraud thing on it... and tell them I will close the card if they dont remove the fee.. I hate to loose the 9k limit as its my highest one and that Ive had the card for 13 years BUT.. no reason to pay a fee... I will wait till my new scores pop up due to being 0 debit and shop around for a new card or 2 which I can maybe get a good limit and no AF...   again thanks everyone for the advice..

Message 21 of 36
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Senior Contributor

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

If it were me, I’d escalate this to the executive offices and wouldn’t rule out a CFPB complaint as well as BBB...


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | PenFed PCR | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | 2017 Audi A6 Prestige S-Line





TCL $85,100| Agg. Util under 5%
Message 22 of 36
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Community Leader
Senior Contributor

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

As you may know, let one bank card report a small balance around $10. Don’t report all zeroes or you’ll take a scoring penalty.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | PenFed PCR | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | 2017 Audi A6 Prestige S-Line





TCL $85,100| Agg. Util under 5%
Message 23 of 36
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Senior Contributor

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

Also, about two cycles after they're all paid. You should be in a psotion to apply for a different CC to replace BoA, if they don't want to accomodate AF removal. Though personally I'd probably just close it on principle. 

 

Not that I'm advocating incurring more CC/debt.






Message 24 of 36
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Member

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

lol yeah no more debit on CC for me I hope.. yeah I want to close it if I can get another one with a good balance to replace it with just due to how they acted about the whole thing.. this was 3 or 4 years ago but still pisses me off being Ive never had a late payment or etc ..

 

Message 25 of 36
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Member

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

Soo weird so so far CS has only went up like 14 points even thou 2 of the accounts showed paid off in myfico info.. and yeah BOA can kiss my A$$ after I paid them off they sent me a 125.25 interest fee on stuff from the account before I paid it off even thou I paid it off before the 25th which is the end of the billing cycle so that should have been included I would think in the billing cycle before it was paid off..... ughh yeah I am 99% going to be calling them and giving them a piece of my mind then closing the card... I did leave 300 on the FNBO card so that everything is not 0 and it has the lowest rate I will just pay it off over the next 2 months or so , so that I am not 0 all around .. I will prob start paying my utility bill on one of the cards phone on another just to show use on my accounts and pay it off every month... so that they are not just sitting at 0 all the time ...

Message 26 of 36
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Established Contributor

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

Two things I've learned about "calling the creditor and giving them a piece of my mind and closing the account", are:

 

1) They won't care. You're just 1 customer out of 50,000,000 other customers.

2) As the saying goes, don't cut off your nose to spite your face.

 

Unless you have actual valid reasons to close the card, closing the card just because you want to "make a point" is often a rash decision that's more likely to hurt you than them.

    Total Loan Balance: $28k / $70k

    Total SL: $41.2k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase 6/24
Message 27 of 36
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Established Contributor

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.


@UmmLee wrote:

Soo weird so so far CS has only went up like 14 points even thou 2 of the accounts showed paid off in myfico info.. and yeah BOA can kiss my A$$ after I paid them off they sent me a 125.25 interest fee on stuff from the account before I paid it off even thou I paid it off before the 25th which is the end of the billing cycle so that should have been included I would think in the billing cycle before it was paid off..... ughh yeah I am 99% going to be calling them and giving them a piece of my mind then closing the card... I did leave 300 on the FNBO card so that everything is not 0 and it has the lowest rate I will just pay it off over the next 2 months or so , so that I am not 0 all around .. I will prob start paying my utility bill on one of the cards phone on another just to show use on my accounts and pay it off every month... so that they are not just sitting at 0 all the time ...


I agree with Corey on this. You mentioned earlier about calling and "cussing out" phone agents. I hope you are not literally doing that, but if you are I could see some of them screwing around with your account.

Scores: Spt 20: EX FICO8 831, TU FICO8 828, EQ FICO8 823
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Slate, Chase Amazon, Chase CSP, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Prosper (20k/3yrs 7.14%), Lending Club (10k/3yrs 5.89%), Chase car loan (35k/6yrs 0.9%)
Message 28 of 36
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Established Contributor

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

Just call them and explain that you think the interest charge is a mistake because you paid the balance in full before the due date. They will either apologize and reverse the interest charge, or they will explain how you are incorrect about there not being an interest charge for that month. You'll either get your money back, or you'll learn a life lesson. Either way, shouting and closing your account is counter-productive.

 

FWIW, and you're not likely to agree with me because you're upset, but the reason you got charged interest is because you carried a balance the month prior to the month where you paid it in full. You only avoid interest charges if you PIF every month. The interest-free grace period isn't 30-45 days long, it's in fact only about 20 days long. So your account got charged 10-25 days worth of interest as a penalty for having not PIF the month prior. On the plus side, you didn't get charged a full 30 days of interest, and if you PIF every month from now on, you will not have any more interest charges.

 

I may not be explaining it very clearly, so I apologize if it still doesn't make any sense - if that's the case, hopefully someone else here can explain it better than myself.

 

But as it stands for this month, I doubt BoA made an error in charging you interest this month even though you paid in full - read the card terms carefully and you'll see what I mean. The same thing happened to me with my Citi card this month - I got charged $7 in interest even though I paid in full, because I had carried a small balance the month prior. It happens. I didn't call citi and shout at them and close my card.

    Total Loan Balance: $28k / $70k

    Total SL: $41.2k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase 6/24
Message 29 of 36
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Member

Re: Should I pay in Full or see if CC will settle for less or if thats super bad to do.

well my cussing them out has happened in the past I am 49 and dont deal with BS very well.. my X wife was in finance and my sister in law is as well. soo usually dealing with people at banks ticks me off lol  But yeah I understand that the rollover just happened to show up AFTER I had paid the card off.. I am just generally and have been PO with BOA for years due to how things when with them after they caused my credit score to drop after it was their negligence that allowed my card to be used in a foreign country then to start charging me a yearly fee right after that had happened my CS ever since I got it back up 10 or so years ago has always been in the low 700s or mid 700s so its not due to having poor credit scores and as I stated previously I have never been late or missed a payment of any kind with any bank etc and always paid more than the minimum payments.. just I tended to get close to the credit limit then pay down then go and buy more stuff again.. which is a cycle that I have now decided to break..

Message 30 of 36
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