anchorman

Well, I just had a brain fart, a big one. I just got a 60 day late on my credit report from Home Depot credit card. I had about a 760 FICO, and now it's about 630. I work in Brazil, traveling back and forth to work, and it's just hard for me to believe that it was that long and I did not make the payment. I always pay way over the minimum and had the account for 6 years with no late payments. I simply thought I paid, or just did not think about it.....I just know I was busy with work and projects. Any suggestions on how to approach this, with this particular creditor? I know all are different on how flexible they are. It's been a long time since I've been on CB and never thought I could be so stupid to let this happen right under my nose, like this, with the means to not let this happen....just stupid.

Well, I've been sitting idol for over a year and decided to pull the trigger on a Mortgage refinance through HARP 2.0. I have 765 FICO, Make $235,000/year, Debt to income is around 30%, and I was denied by Fannie Mae because the property would not get a waiver for value assessment. Denied! What is the point of such a program if the property is determining credit worthiness of the person in it. Talking about discouragement on your property when the institutions are basically saying it's crap. I wish I would get an answer on "WHY". I paind $399,900, I owe $372,000, and the county assessment on for tax purposes is was $305,000....not sure what Fannie Mae uses for value determination, but Willow says $265,000 which is just unbelievable.....cannot be that low.

Got a call from "The office of the President" of Bank of America today. They put my interest rate back to 14.99% based on my 2 late payments over the last 12 months were within 5 days of the due date. And, also in my complaint, the website processed payments made on Friday, the following Monday. This has changed and they attributed that practice to the 3rd vendor that they used to take payments. Anyway, I had no idea that a complaint to "The Office of the Comptroller of the Currency"....would result into something positive with a few days counting the weekend. I think I submitted the complaint Friday.

Why do you ask??? http://www.occ.treas.gov/ The Office of the Comptroller of the Currency Just curious of the abbreviation. Been a while since I've been here...just a little rusty I suppose. Thanks for the link.

OCC?

Whenever I was talking to BofA, and they asked if I was having trouble paying the payment, I asked her if that was a rhetorical question because they already answered that for me. She did not understand. I said excuse me, but I was just rate jacked by your own admission that I was having trouble making the payment, and this is punishment @ 27% - for being late twice within 3 days of the due date over a 12 month period. It does not matter what I say when you're looking at a screen where you can answer that question better than I can. They could not do anything for me.....as a 10 year customer. I will not use them anymore. Maybe all CC companies are like this now days. I have a few irons in the fire. I might just take it out of 401K and pay myself back.

That did not go as plan. I was just connected to the retention department. The efforts to get my interest rate reduced got my limit decrease from $55,000 to $1000 over the current balance effectively maxing out the card. The rate jack was due to the fact I was late on payments twice over the last 12 month. 3 days late in March of 2009, and 1 day late in February of this year. I was told that based on my income, I can afford the monthly minimum payment and my interest will remain in affect @ 27% until they see 6 months of consecutive payments - on time. Not exactly what I was hoping for. Live and learn.

I have heard of BofA having a plan where the account is closed and the interest rate is lowered. What does BofA say when you ask them? I have not called, yet. Just now noticed the rate jack. I did not want to lose my $55,000 credit line just by a phone call, but I may have to do that anyway. I know the feeling but you can't afford to borrow 55k at 25%. It's not a matter, for me, being able to afford it, but not wanting to afford it at that rate. $1500 / month would be no problem. I knew going in, that I would carry this balance for a while. I did not know it would morph into that rate. I just does not make sense now to carry the balance even with the ability to pay back over time. Just by finding out that B of A is restructuring CC into fixed rates has pretty much gave me the information that I needed. I just read another thread where 6% fixed was offered by closing the CC. I can pay that off much faster. Just need to find out if I do that, if doubling the payment will go straight to principle.

I have heard of BofA having a plan where the account is closed and the interest rate is lowered. What does BofA say when you ask them? I have not called, yet. Just now noticed the rate jack. I did not want to lose my $55,000 credit line just by a phone call, but I may have to do that anyway.

I haven't been on here in a while, but I just found out that I got rate jacked with BOA to 24.99% with a $33,309 balance. Not a good feeling, but I can manage the payments fine, but I do not want to manage them for 30 years. I knew I was going to have to carry a balance for a while to help with 24 hour care for my brother. He had a bad accident, but he recently passed away. I figured it would take two or three years to pay off, but not now. I checked my credit scores and all three averaged about between 700-720. Has anyone had any luck dealing with BOA in changing terms? - not my first choice. I thought about getting a loan with my credit union as well (NFCU), to pay off the card and get a fixed rate. That would most likely increase my score by changing utilization and also keep the credit card by helping on the utilization side. I just want a good plan before I start asking and applying for anything. Any thought? Not even sure what's out there since the credit crunch, or my options, but carrying a large balance @24.99% is the only option I don't want.

Is there any documented proof of this statement or is it just a general assumption around here? I am not trying to question you in a negative way, just curious because of the way my finances work. I tend to float large balances for 60-90 days, then will PIF in one shot. "Large balances" is a relative term of course but I have stretches of a few months where I will charge up between 2k and 3k and then pay it off after 90 days or so. I make healthy paymentes along the way of course but I am curious if I am setting off some red flags by doing this. I can't understand the logic behind it. In my situation it is all on my AmEx accounts making this even more interesting A large pay off is often seen as bad when.......(it looks like the card holder's high utilization is a risk). Having 90% utilization and paying the minimum payment all year long, then paying off the card when you get your tax return might trigger a CL decrease after the lump sum payment. This type of card activity is considered a higher risk, but generally PIF every 90 days is normal and bodes well with the base of other consumers in my opinion.

Even though most people on this board seek larger limits to help with utilization, Amex looks at this "extra" credit as risk...a risk intended to make them money!!! If AMEX doesn't make money off of their risk, why risk it? Limit decreases are practiced in this fashion among other things. Against popular believe, it is good to periodically carry a balance for internal scoring purposes. This doesn't mean that having a $50,000Cl with 5% utilization over an extended period of time guarentees a CL decrease because risk is based on several factors. Factors like income and credit score might offset the risk in this example. Most factors regarding credit cant be controlled by the consumer, but history isn't one of them. I would keep AMEX even if that was the only reason why.

I think I would have to grab the morning paper and a cup of coffee and go pull a Jim Carrey on the neighbor. Ever see Me, Myself, and Irene?

Me and my girl.....with my hands on the cookie jar

delzer, I haven't posted here in 6 months, but I read daily. So let me get this right... You're whining about other people whining about USAA, then you're asking them to go and fight for the ability to be able to whine when ever they want. People will continue to complain, and if it's regarding credit they're in the right place.