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CC hardship programs

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Credit card hardship questions.

I have accumulated about 130k in cc debt mostly due to failing business.

I have been in business for over 30 years and been sinking for about 5 years. I am starting a full time job and will work the business part time. I should take home about 4k a month from the new job.

Most of my cards are close to 100% util. Min CC payments are just under 4k a month. I live bare minimum, no car payment. I have a mortgage and home eq line about 1200, 1000 shop rent 6k penfed loan.

I would like to avoid bankruptcy and try hardship programs to cut interest.

I have been reading here about hardship programs. I currently have zero negatives or lates on credit report. Scores roughly 640 due to utilization.

Here is a rough list of cards, 3 are business (personal guarantee) cards not showing in utilization.

Amex business $9700 21.24%

Amex $200 23.99

Amex $700 23.5

Usaa 3800 16.99

Usaa 7700 11.99

Paypal sync 8000 26.24

citi 7900 19.99

citi business 8000 14.99

bofa business 11182 23.24

bofa pers 6000 14.99

lowes 30.00 (10k limit) 26.99

penfed 7300 11.99

cap1 walmart 6700 25.20

cap1 3300 21.25

cap1 teamster 5000 19.99

discover 9376 24.99

chase amazon 2200 23.24

chase slate 5700 18.99

chase freedom 1800 20.74

chase inc business 9900 14.99

NFCU 17000 16.65

community pwr credit union 6000 9.88

I would like to keep as many cards open as I can. My question is which banks are easiest to get into hardship program and keep the cards. USAA is my oldest, I plan on not touching them or penfed and my low interest community pwr card. I did call NFCU, they said they can close the card and offer 6% interest, but I plan on keeping that card open. Which banks are easiest to get into hardship programs? Citi has balance chased my limit. Another question is how they handle business cards. If I call chase, citi or cap1 would I have to put all cards in the program, or can I leave one out. I plan on paying my 2 personal amex cards down, do they have a hardship program for amex business cards? I plan on refinancing my mortgage if I can get utilization down, so I want to avoid any negatives on credit report. What are hardship options without any lates? I have a signup bonus coming, so I will use that to pay down some.

 

 

 

 

 

 

 

 

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Many banks, especially in the current climate, are NOT going to keep an account open for use where the customer has expressed a need for a hardship program.  I would instead focus the requests on seeking a reduced APR for having been a good customer.  They are worse than sharks who sniff out blood in the water when a customer gives the slightest hint of not being able to pay...

 

Hopefully you have not been using the personal cards to finance the business.  That is another huge red flag to lenders. 

 

And don't get sucked into the 'debt reset' scams appearing in commercials...what they don't tell people in the ads is that they basically default every card and then try to negotiate a settlement.  Meanwhile, your credit report is tarnished for a number of years, which they will do NOTHING to help try to resolve.  When they claim you have a 'right' to the reset, what they are saying is that 'yeah, you have the right to trash your own credit...'

 

You will need to use the phone and become comfortable with the HUCA process. 

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I know NFCU will work with you. You can go online to navyfederal.org/pfi to complete the form. They will set you to current and allow you to make 1/2 of the payment due in the next month or two. 

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3 hours ago, aquarius78 said:

I know NFCU will work with you. You can go online to navyfederal.org/pfi to complete the form. They will set you to current and allow you to make 1/2 of the payment due in the next month or two. 

Thanks!

 

and Welcome to CB:)

 

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