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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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Super Contributor

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


@UmmLee wrote:

Yes but I'd rather stop having to pay monthly crazy interest and if I could save not having to borrow as much to pay them off Id take a small ding to my CS not knowing how much they would drop them by settling over pust paying.


By "small ding" you're looking at around 100-150 points for the next 2 years, followed by maybe 60-80 points for another 5 years after that.  In my book, that's not a small ding.  Also such a move would make it dramatically more difficult for you to secure a loan at a favorable rate, something you said you may be after in the near future.

Message 31 of 36
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Super Contributor

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


@UmmLee wrote:

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...


If they won't waive the AF, tell them you want to PC/downgrade the card to one that has no AF.  That way you get to keep the 13 year old account with your best limit alive.

Message 32 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 well as making it tough to get cards in the future with these lenders, and possibly others.

Settling isn’t a smart option in any way. It crushes you for the near future and severely harms you later on as well.


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Message 33 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.


@coreysw12 wrote:

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.


True. But on the flip side, they're 1 out of 50,000+ Banks that a person can choose to do business with. No one is forcing a person to choose just one particular bank. If the're not working out for you, it's time to move along. 

 

As always it's YMMV with anything, some Banks for certain people while others not so much. Based on OP's statement about fraudulent charges being CO, I'd have closed out with them long ago. Though I don't know the exact particulars on this story, so i don't know exactly who's at fault here. 

 

I don't condone cussing out reps as it's not their fault, they're just doing their job. However, a person can ask to speak to someon higher up and be a bit more resolute in their convictions. Certain matters call for a person to be stern about a fault not brought upon by the consumer.






Message 34 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.

I think I posted the whole story before but BOA use to contact me like every 20 minutes on normal charges I made all the time their Fraud dept.. "Hi did you make a charge for 25.39 at Target" Yes yes I did same as the one yesterday or the day before etc next day Hi did you make a charge at ToysrUS for 73.25  Why yes yes I did .. ME.. if you will notice my spending patterns I shop at these places very often so no real need to call me EVERYDAY for a normal charge at a store I make purchases at weekly almost ( at this time I was mostly paying off the card every month) then one day I go online to look at my bill and BAM 5,000 dollar charged on it at a travel agency for airplane tickets IN Malaysia CHARGED IN Malayasia... NO one called from from the Fraud dept to ask me about that which was SUPER suspicious being I live in South GA and have never traveled outside the country and they had called me the day before that charge went on my account.. soo some how I flew to malaysia and bought tickets inside of a travel agency there for more airline tickets........ yeah dont call me and ask me about a 5,000 charge in a foregin country call me and ask me about charges in my home town/area... So that time I DID call and cuss them out wanting to know why they bothered me constanly about charges that were small amounts in my town but when a MAJOR charge was made in a foregin country no one called me or even looked at it at all.... So they ran an investigation.. then said oh yeah your card was one that was leaked when BOA had gotten hacked a year ot 2 before... so thats how they got your info... So they had to eat the 5k then my CS got dinged 50/60 points and I called and was like WHY it was YOUR fault on both accounts. They never gave me a actual straight answer and then like 3 months after that I started having to pay an AF on a card that is NOT an AF card and I had never paid an AF on it for the 8 or so years I had it before this happened like 4 years ago...   as of now I owe them nothing so I am going to call and ask about why I have to pay a AF and its paid for this year and I will shop around for another card in the mean time.. if I have to loose the Credit ability and history on the card I might just being the fact that I find no reason to pay an AF on a card I never did before this and I have never been late on or missed a payment and now that I am 99% debit free they can Bite me lol

Message 35 of 36
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New Contributor

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

@SouthJamaica Sorry but I just have to say im super jealous of your CC lineupSmiley Happy

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Message 36 of 36
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