After frustrating conversations with Fleet (used to be Advanta), I closed my account. Little did I know, they could raise my APR once closed. They have raised my APR from 9.9% to 27.64% over the course of the past ten months since i've closed my account. I can not afford to pay off the balance in full, nor do I have resources available for a balance transfer. Bankruptcy is certainly the last thing I will do. I asked them to lower the APR as I have made all my payments on time and have paid more than the minimum due each month. They said they could not adjust the APR because the account is closed. So I asked if they could re-open the account...after finding out I switched employers six months ago, their criteria was that I have not been with my present employer long enough and/or my debt-credit ratio was not the score they required. Any suggestions?
I'm not entirely sure what it means not to "have the resources available for a balance transfer," but have you considered other sources of refinancing besides credit cards? If you're in good with the bank where you keep your checking account, they might give you a signature loan.And there's always Consumer Credit Counseling Services if you need it. First, though, I'd keep trying to negotiate with Fleet or transfer your balance somewhere, anywhere else. It doesn't have to be a credit card. And of course, don't take on any more debt.Dave
Dave, I 127.64% agreed with you as to not take on anymore debt. To clarify what I meant when I said that there aren't anymore resources available for a balance transfer is that... my debt-loan ratio scores are not allowing me to open new accounts for a balance transfer or just an account in general. In terms of CCCS, they require all accounts to be closed and I am not in the position as a new father and as a travelling businessman not to have one card available for hotels, rental cars, airfare, emergencies, etc. Of course, my employer reimburses my expenses.
There is another option you can consider. Do you have any relatives who would be willing to lend you money to help you get back on your feet? I hesitate to suggest this because if anything goes wrong you might potentially lose a family member, but you seem to genuinely want to dig yourself out of this hole. And on the plus side, relatives will understand your family situation and should be more willing to work with you.I don't know what your debt/income ratio is or how much total debt you have, but the first step is believing you can dig yourself out. Second step, you and your spouse will have to get together and brainstorm other ways to come up with money. Can you sell something you don't need and apply the money to your debts? Can your spouse take a small part time job while grandma watches your baby?These are just some ideas I'm throwing out. Some may work, some may not. You might think of something on your own. The point is, you're doing the commendable thing by trying to pay off the debts you acquired. It's going to be tough, but you have an entire board behind you cheering you on. Please do keep us posted on what happens, and post with any questions.Best of luck to you!Dave
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