This could only happen to me. Help! - Tilted Forum Project Discussion Community

Washington · 03-20-2007, 09:09 AM

So, I take my friends advice and call my credit card company to try and get them to lower the APR.

They initially said ok, but then realized that I still have a student card, and that the APR is as low as a student card can go. Since I have graduated, they recomended that I change to a regular card.

Fine.

Then they say they cant do that without closing my student account and opening another (regular) account. In other words they said they cant just switch it.

Fine.

So I cancell my student account and apply for the regular account.

Regular account application denied. Not good.
Ive been a member since 2003 in good standing but aparently my debt to income ratio is too high.

Fine, just open my student account back up and we can just forget about this.

"oh, im sorry, I am unable to open your student account back up, it has been cancelled".
"your balance of 5445.00 dollars is due April 7th, have a nice day"
(paraphrased)

Really NOT GOOD.

Yea, where the heck am I going to come up with 5 grand in 2 weeks. My debt to income ratio is too high for a personal loan, I dont own a home and I cant borrow from anyone.

What should I do? Im in a pickle. A big fat dill pickle.

The_Jazz · 03-20-2007, 09:19 AM

I'll leave the technical issues for the folks that deal with credit all day every day, but I expect that you'll just keep your present APR for the oustanding balance. You won't be able to charge anything new (not necessarily a bad thing), but you won't have to cough up the full amount immediately or be hit with onerous terms for not doing so.

Hopefully, I'll be proven right by our board experts.

ngdawg · 03-20-2007, 08:40 PM

I've never heard of a credit card or credit line being due in full after shutting it down-normally the payments continue, you just can't use it. I open and close CC's all the time-never was I told to pay it in full.
You could try another CC like Discover, if you really need one-do you ever get solicitations in the mail at all? Read one or two, especially the fine print; many have a 'transfer balance' offer.
Your debt to credit ratio ideally should be about 25-28%; some banks or lending institutions don't mind a 33% figure. Ask for a copy of your credit report, make sure there's nothing in there questionable and if there is, find out how to strike it from the report.
In the meantime, call them back, ask to speak to a credit supervisor(write down names) and clarify that you don't owe the whole balance at once.

03-20-2007, 09:09 AM	#1 (permalink)
Washington Insane Location: somewhere cool	This could only happen to me. Help! So, I take my friends advice and call my credit card company to try and get them to lower the APR. They initially said ok, but then realized that I still have a student card, and that the APR is as low as a student card can go. Since I have graduated, they recomended that I change to a regular card. Fine. Then they say they cant do that without closing my student account and opening another (regular) account. In other words they said they cant just switch it. Fine. So I cancell my student account and apply for the regular account. Regular account application denied. Not good. Ive been a member since 2003 in good standing but aparently my debt to income ratio is too high. Fine, just open my student account back up and we can just forget about this. "oh, im sorry, I am unable to open your student account back up, it has been cancelled". "your balance of 5445.00 dollars is due April 7th, have a nice day" (paraphrased) Really NOT GOOD. Yea, where the heck am I going to come up with 5 grand in 2 weeks. My debt to income ratio is too high for a personal loan, I dont own a home and I cant borrow from anyone. What should I do? Im in a pickle. A big fat dill pickle. __________________ there is no absolute, only the moment.

03-20-2007, 09:19 AM	#2 (permalink)
The_Jazz Asshole Administrator Location: Chicago	I'll leave the technical issues for the folks that deal with credit all day every day, but I expect that you'll just keep your present APR for the oustanding balance. You won't be able to charge anything new (not necessarily a bad thing), but you won't have to cough up the full amount immediately or be hit with onerous terms for not doing so. Hopefully, I'll be proven right by our board experts. __________________ "They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety." - B. Franklin "There ought to be limits to freedom." - George W. Bush "We have met the enemy and he is us." - Pogo

03-20-2007, 08:40 PM	#3 (permalink)
ngdawg peekaboo Location: on the back, bitch	I've never heard of a credit card or credit line being due in full after shutting it down-normally the payments continue, you just can't use it. I open and close CC's all the time-never was I told to pay it in full. You could try another CC like Discover, if you really need one-do you ever get solicitations in the mail at all? Read one or two, especially the fine print; many have a 'transfer balance' offer. Your debt to credit ratio ideally should be about 25-28%; some banks or lending institutions don't mind a 33% figure. Ask for a copy of your credit report, make sure there's nothing in there questionable and if there is, find out how to strike it from the report. In the meantime, call them back, ask to speak to a credit supervisor(write down names) and clarify that you don't owe the whole balance at once. __________________ Don't blame me. I didn't vote for either of'em.