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  1. @jonsonabout 29 days late. i was avoiding a 30 day late on the credit report. i ended up agreeing to the 12. some banks gave me a zero. average is about 5. better than 23.
  2. thank you @centex @hdporter @hegemony. the rate seems a bit hard on the stomach. have you heard if they negotiate down. i got a zero % from a 5% in one instance and just 5% non-negotiable in others. chase had more 'experienced' people 'negotiating' and also not willing to move from 12%. at the end, i have to make all these payments and every bit of reduction in rate translates into a lower monthly payment.
  3. Hi I have started closing my credit cards and converting the balances into low interest loans over 5 years. Citi, Barclays etc have given me zero to low rates. However, Chase wants 12%. Is this normal for Chase? Or do I negotiate harder? How? Thank you!
  4. @hdporter @hegemony : thank you. @hegemony : they would get distressed but i am stopping them before they get to the first 30 day late and trying to negotiate my way forward. am about done with half the tradelines. fingers crossed.
  5. hi! am having success with card companies in closing accounts, negotiating down the interest rates, and turning them into fixed loans. however, on one account (barclays), it was reported 'closed by creditor' ----> how bad is this, what do i do here? thank you!
  6. @hdporter @shifter bit the bullet. sounds like the best way forward. thank you!
  7. @hdporter : thank you for that. i talked to them just now and that is 'exactly' it : 2% a month @ 5.9%. I will look for the 8 year option. This will be great until this Covid thing passes or sooner. are you aware if other creditors (citi, chase, us bank) offer similar terms?
  8. thank you @centex @shifter @hdporter @mendelssohn two more questions as i negotiate with barclays: 1. it is an automated system and they are coming up with a number that does not work for me and i can't get to a human that can do anything 2. is it worth going through a hardship program (as i need to negotiate with other creditors also) or that 'looks' worse or is worse for reporting and it is better to do this myself? thanks!
  9. thank you @centex and @hegemony. @hegemony : checking to see if they will report as revolving or installment. @centex : where is the derogatory? if it is closed by consumer and current, then there should be no derog. yes? i am on time across the board and if i did not have a high credit balance, my score would be super. another point: i have several creditors. one option is to go through with hardship programs and the other is to default and negotiate down to 40 cents on the dollar. i prefer the former and also believe that this will be the fastest way back
  10. Thanks, Hegemony!. You are the best. 1. It is 20 days late. I believe if I cross thirty days, then it will report 30 days for 5 years. 2. There are no negatives (yet). 3. It is not a new loan. Same trade line being paid off at 5.9% over 60 months. Will double check. 4. How will it report? I do not know. Maybe 100% utilization is accurate. And 'current' and 'closed by issuer'? 5. Will other creditors start reducing/closing because of this? 6. Will review contract terms. I will have to find it. Haha.
  11. Hi Am unable to keep up with my Barclay Cards. They are offering to permanently 'close' the accounts. And, also move the debt to a low interest 5.9% and fixed payments for 5 years. I want to move forward with it. How will this impact my credit bureau reporting? Are there better options? Thanks!!
  12. grazie! pragmatic trumps idealistic. thanks.
  13. ok! so i informed the creditors. now a friend tells me that i should make a payment, however small say $5, to each creditor. he says, it establishes trust etc etc. good idea?
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