My credit card was closed because of one late payment

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My credit card was closed because of one late payment

Postby magnoliafarm » Sat Sep 21, 2013 1:13 pm

Credit union credit card late payment 1x in 15 years (almost 30 days). Paid that plus 4 mos ahead. They closed acct. in MO which I signed for in CA ( 15 years ago) & now live in FL ( last 11 years) Other Chase card dropped CL from 40k to 2k & increased interest. Wrote a letter to CU President. No reply. Quit paying 1 year 4 mos ago as they were unreasonable & damged my credit. Last reported 8/2012.

Anyone know about SOL and which ones are pertinent? Any actions I can take to get this off my report and how long can they report it with three states SOL involved?

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Postby willgatlin25 » Sat Sep 21, 2013 2:11 pm

Ouch... Um. Well, I hate to say this but I did the same exact thing as you, I defaulted based on unreasonable terms. BoA actually screwed me and I tried multiple times to reason with them and they treated me like dirt. I defaulted and basically told them to get bent and well, I didn't show them.
Last year I got a process server at my front door with court order, I was being sued by BoA for 2 grand. Given I only spent about 1000 on that account and they racked it up about another grand in fees and any other crap they could tack on.
Point is, defaulting on your account wont do anything, eventually the collection reports will bring your credit down further and you could eventually get sued like I did. If they obtain a judgement on you, like they did me, then your credit will fall even further.

If I may say... I would just suggest paying off all your CC debts, open and closed accts. Deal with the irritation that those companies caused you and start over with a new company and rebuild. I would be furious too, but there's not much you can do to "force" someone to give you credit, it's up to them, not you. Ya know?

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Postby Robrus1 » Sat Sep 21, 2013 6:10 pm

Yep, pay them off ASAP. Rebuild elsewhere. Seeing as you paid late, you don't really have much of a leg to stand on. Pay Chase on time for a while and try to negotiate better terms with them if you still want to do business there. Sorry all that happened due to one late payment. That's a bit harsh.
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Postby RewardHop » Sat Sep 21, 2013 8:09 pm

With all due respect, theres really no reason you should be late on your payment in this day and age. Setting up Autopay is really easy and painless.

I agree that their response to close your card was harsh but they have every right to do that and you agreed to that as a possible action for your inaction on paying the card when you agreed to their terms and conditions on sign up. Its that simple. Don't like it, move your business elsewhere or use a debit card instead. However like the others said, definitely pay it off.
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