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credit card debt

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Money Talk > Credit & Loans

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thebigmike
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credit card debt  Reply with quote  

My wife and i have about 15k in credit card debt. Half is with chase bank (where we currently bank) the other half with bank of america. We have saved up enough that we can pay off he debt with one bank and settle with the other. We want to pay off the card with chase and settle with bank of america. If we settle with bank if america will chase try to close our card even though we paid it off?
Post Sun Dec 12, 2010 7:08 am
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coaster
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What's your reasoning for wanting to do it this way?
Post Sun Dec 12, 2010 7:40 am
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thebigmike
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quote:
Originally posted by coaster
What's your reasoning for wanting to do it this way?

That is just the way we have decided to handle it.
Post Sun Dec 12, 2010 7:48 am
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pennyp
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Credit Card Debt  Reply with quote  

Im thinking it might be better to take out a debt consolidation loan to combine the 2 credit card amounts into a personal loan with smaller interest rate?

Your thoughts
Post Sun Dec 12, 2010 1:08 pm
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thebigmike
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Re: Credit Card Debt  Reply with quote  

quote:
Originally posted by pennyp
Im thinking it might be better to take out a debt consolidation loan to combine the 2 credit card amounts into a personal loan with smaller interest rate?

Your thoughts

No thank you
Post Sun Dec 12, 2010 3:26 pm
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oldguy
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quote:
We want to pay off the card with chase and settle with bank of america. If we settle with bank if america will chase try to close our card even though we paid it off?


LOL , yes, of course - when you stiff a lender and refuse to repay what you have borrowed, it trashes your credit scores - ie, it warns your future lenders and your currect creditors that you are not a responsible borrower (the whole purpose of the credit scoring system).

It is in your best interest to be consisitent with your plan.

1. If you decide to 'settle' and take a hit on your credit, you may as well do it with both loans and save yourself some money. Remember, this is going to 'jam' you for 7 years, no new loans. So make it worthwhile.

OR

2. If you are going to repay money that you borrowed, repay it ALL and keep your credit.
Post Sun Dec 12, 2010 4:35 pm
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coaster
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quote:
Originally posted by thebigmike
That is just the way we have decided to handle it.

Well, the way you want to handle it will wreck your credit score, and so I figure you must have a good reason to do it that way; we can answer your questions better if we know your thinking.

With a wrecked score the answer to your OP question is "probably. but if not, your interest rates will go through the roof"

BTW, they don't "try" to close an account. If they want to close the account you get a letter in the mail stating it's closed. You have no recourse. There's no "try" about it.

I agree with oldguy's advice.
Post Mon Dec 13, 2010 5:57 am
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Jacintarayenz
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Credit card debt, unsecured consumer loans, credit cards reached .

Results of religion through the card system for purchasing a credit card company or service a customer. Debt accumulates and not pay interest and penalties when the consumer company to get money or spends it's through increases.
Post Thu Dec 30, 2010 7:35 am
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coaster
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quote:
Originally posted by Jacintarayenz
Credit card debt, unsecured consumer loans, credit cards reached .

Results of religion through the card system for purchasing a credit card company or service a customer. Debt accumulates and not pay interest and penalties when the consumer company to get money or spends it's through increases.

Forum rules require use of English. I understand many members have English as their second language, and I make allowances for that. But this post is just a random collection of words and conveys no meaning. If you can't communicate in English, even fractured English, then I'm sorry, but you don't belong here.
Post Thu Dec 30, 2010 4:28 pm
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syedrocky2024
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Merchant services  Reply with quote  

So you want to sell a product or service on your website and you want to enjoy the benefits of accepting credit cards? Firstly, congratulations on taking a big step. Accepting credit cards increases your credibility is often a safer way to buy and use "impulse buy" mechanism, which we all seem to have.
Post Fri Dec 31, 2010 10:53 am
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Vettori
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A credit card debt consolidation loan combines the debt on all your credit cards at a lower rate of interest. The main purpose of credit card debt consolidation loan is to combine your all existing debts in to a one single easy to manage payment.A credit card debt consolidation loan is one tool a person can use to overcome his credit card debts.
Post Wed Feb 16, 2011 8:34 am
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Spencer01
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Credit Card Debt  Reply with quote  

Most of the posts on here are correct - settling with one card is going to ruin your credit score. They typically wont settle until it goes late for at least 90 days, then has to go to collections. In other words, total credit destruction.

You said both cards are about equal in balance, why not just pay them both down equally?
Post Thu Feb 17, 2011 4:07 pm
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dthomas
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If you're going to settle one, you might as well settle both. Then take whatever you didn't spend on paying off the one account completely and use that to do something to improve your credit (secured credit card, something that will become a positive acct. on your credit report).
Post Mon Feb 21, 2011 8:23 pm
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kate032
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They should. You got into debt, then want it to magically disappear. If you "settle," then you have shown yourself to be highly irresponsible.
Post Fri Feb 25, 2011 5:53 pm
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