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i'm about to payoff a credit card bal. of 5k with BOA.
are there any things to keep in mind, when paying off the card. should i call them first and just pay off in the next bill. OR
2. is it wise to negotiate to 4000$.?
since it is a big cheque to write it out, what are the precautions need to be taken if any?
I have heard that if you want to pay off a card, they often let you pay it off at maybe 60%, so you would get 40% off. Maybe even half, but that might be only if you owe them the bill a while. Either way I would try to make them a deal rather than pay the whole amount.
Banks always pay let's make a deal. Declare Chapter 11 and you might have some luck. Call them up and offer less... Be prepared to have them laught in your face. Those late night tv commercials are BS.
Pay what you owe. If you pay anything less it will have an impact on your credit report, not to mention it's that line of thinking that got us into this whole sub prime mess in the first place. One thing I would negotiate before paying off the balance is a lower interest rate and possibly a higher credit limit. That will help your credit score and any future purchases on the card. I would not send a check to make the payment; do it as an online payment. First off it posts to your account immediately and secondly you have a record of the payment. Congrats on paying off your debt! It's ahuge weight off your shoulders...I know from experience.
When I paid off my CapitolOne they waived all late fees and interest for 3 months, but I was WAY past due and they were happy to take whatever they could at the time. When I paid off my ATTUniversal back in the day they told me to go kick rocks.
Either way, you DO want to call them and let them know you intend to pay off your entire balance. They will give you the exact figure. Dont rely on your last statement because you could be slightly short or over and have to deal with a balance or credit again next month. Also, if they will let you pay over the phone for no additional fee then I would simply do that. This way they have record of it immediately.
why would you not pay the entire amount you are obligated?
<<i feel my blood pressure starting to rise>>
I'm boiling too T. Why can't people just be responsible. Oh, I forgot that this is the era of "I'm not responsible for my own stupid actions". Like taking out a mortgage on a 650k house with 1k down on a 45k/year salary because "the mortgage company said I could afford it".
I haven't carried a credit card balance in over 15 years, and even when I did it was less than 1k. I'm far from rich, just don't charge what I can't pay for when the bill comes.
Offer them 60 % or nothing. Most of the balance is made up of interest anyway.
How do you know that? For all we know, the OP could have run up the $5,000 balance within the past month or two, in which case virtually none of the balance is interest.
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Why can't people just be responsible. Oh, I forgot that this is the era of "I'm not responsible for my own stupid actions". Like taking out a mortgage on a 650k house with 1k down on a 45k/year salary because "the mortgage company said I could afford it".
