Log In Sign Up

New Here...with a Credit Line question


Forum: Financial Planning and Budgeting

Notices

Welcome to the JustMommies Message Boards.

We pride ourselves on having the friendliest and most welcoming forums for moms and moms to be! Please take a moment and register for free so you can be a part of our growing community of mothers. If you have any problems registering please drop an email to boards@justmommies.com.

Our community is moderated by our moderation team so you won't see spam or offensive messages posted on our forums. Each of our message boards is hosted by JustMommies hosts, whose names are listed at the top each board. We hope you find our message boards friendly, helpful, and fun to be on!

Reply Post New Topic
  Subscribe To Financial Planning and Budgeting LinkBack Topic Tools Search this Topic Display Modes
  #1  
June 21st, 2011, 08:37 PM
PuppyLove22's Avatar Mega Super Mommy
Join Date: Jun 2011
Posts: 1,669
Hi everyone! I have been reading a little bit here and read about Total Money Makeover and went out and purchased it (with a GC right away. I am doing my Monthly cash flow plan and Allocated-Spending plan and I have a question with one of our debts, my husband's Credit Line with Citi Financial. He has had it for approx 5 years. added more money to it part way through, which I guess started the time over. Current Balance is $4,230.93. He has paid $219.00 every month, NEVER late in the entire 5 years. It is automatically taken out of his acct. Out of the $219, $117.05 is applied to the balance. So it never shows the actual interest rate on the montly statement but obviously it is outrageous! He tried calling and asking them to lower the interest rate, and they really weren't helpful. Considering he has never been late, is there anything we can do, anyone we can talk to, to try and lower this interest rate? We want to go into CITI and actually talk to someone in person. This bill is just killing us each month, to pay off practically nothing.

If anyone has any experience with this or any suggestions please help =) Thank you!
Reply With Quote
  #2  
June 21st, 2011, 09:08 PM
Platinum Supermommy
Join Date: Oct 2006
Posts: 32,940
I am not sure of how specifics work for a line of credit. But sine you are paying a crap load of interest, I would figure out a way to pay it off ASAP-have a garage sale or sell things on Craiglist that are just sitting around collecting dust , pick up a part time job, offer to do tasks for your parents/grandparents for a fee, etc

Good luck
__________________
Reply With Quote
  #3  
June 22nd, 2011, 01:47 PM
PuppyLove22's Avatar Mega Super Mommy
Join Date: Jun 2011
Posts: 1,669
yah, we definitely need to do something! lol Thanks =)
Reply With Quote
  #4  
June 22nd, 2011, 07:47 PM
JessP's Avatar Lovin life and family
Join Date: May 2009
Location: Washington
Posts: 22,034
Send a message via MSN to JessP Send a message via Yahoo to JessP
You could look for another bank with a better interest rate to try to bring the interest rate down if paying it off quick isn't an option. That is weird that they won't tell you what the interest rate is. I thought they had to now days. I would be asking some big questions and either paying it off or moving it. I had to do that with a credit card when they got all crazy with the interest rate. Paying it off wasn't an option but moving it was. Good luck. Let us know how it goes.
__________________

Thanks .:Shortcake:. for my great siggie
http://skinny-jessi.blogspot.com/


Reply With Quote
  #5  
June 22nd, 2011, 08:04 PM
PuppyLove22's Avatar Mega Super Mommy
Join Date: Jun 2011
Posts: 1,669
I think if we call them they will tell us the interest rate, My DH thought it was in the 30s last time he knew. but I guess it can change. It just wasn't on the statement. I thought it was weird too! It also says "NOT THE PAY OFF AMOUNT, CALL FOR DETAILS" where the balance is. We need to go in and talk to someone this week. Unfortunately, after being laid off last year his credit has gone down the hill so I dont think changing banks is an option. But maybe in a few months if we could raise his credit score. Thanks JessP!
Reply With Quote
  #6  
June 23rd, 2011, 05:41 AM
JessP's Avatar Lovin life and family
Join Date: May 2009
Location: Washington
Posts: 22,034
Send a message via MSN to JessP Send a message via Yahoo to JessP
Try a credit union locally. They may be more apt to help you out. In my experience they tend to be more helpful than banks since banks are a for profit institution and credit unions aren't. Good luck and let us know what they say.
__________________

Thanks .:Shortcake:. for my great siggie
http://skinny-jessi.blogspot.com/


Reply With Quote
  #7  
June 23rd, 2011, 06:04 AM
Platinum Supermommy
Join Date: Oct 2006
Posts: 32,940
^^Not sure about how helpful they will be. In my experience, CUs make very low risk loans only. Depending on their credit score, they may not qualify. But it can't hurt to try.
__________________
Reply With Quote
  #8  
June 23rd, 2011, 12:19 PM
Platinum Supermommy
Join Date: Oct 2006
Location: Auburn, IN
Posts: 8,546
Send a message via AIM to way2gomom Send a message via Yahoo to way2gomom Send a message via Skype™ to way2gomom
I hope you get some answers from them soon!
__________________
Joanna
wife, mother, blogger, support group leader, perpetually behind on laundry



blog: justjoanna.com | twitter: way2gomom | facebook | pinterest: way2gomom
Reply With Quote
  #9  
June 23rd, 2011, 04:43 PM
PuppyLove22's Avatar Mega Super Mommy
Join Date: Jun 2011
Posts: 1,669
hmm I didn't think of a credit union. My DH is a union worker, so we can try getting a better rate through his credit union. Might be easier, since he is a member. Thanks!
Reply With Quote
  #10  
June 23rd, 2011, 06:07 PM
JessP's Avatar Lovin life and family
Join Date: May 2009
Location: Washington
Posts: 22,034
Send a message via MSN to JessP Send a message via Yahoo to JessP
I haven't had to "shop" for a new bank for years so I am not sure but I know that banks and credit unions are different.
__________________

Thanks .:Shortcake:. for my great siggie
http://skinny-jessi.blogspot.com/


Reply With Quote
  #11  
June 28th, 2011, 09:00 PM
Hazel's Avatar Mega Super Mommy
Join Date: Jan 2011
Posts: 2,635
I've worked for both banks and credit unions and you are much better off at a credit union Some CU's don't touch high-risk loans (low credit scores) but many of them do--they will have a higher interest rate but are still usually lower than the rate would be at a bank! If his score is low enough that it puts him in the risky category when it comes to loans, offering to move his direct deposit (if he has one) there and set up automatic payments can be a plus in his favor that the loan officer takes into consideration. They also may require that he closes out the Citi line of credit so they can ensure he doesn't run it up again and make it hard to repay the loan he has with them. Even if he can't get a loan right now, it can be a good idea to open an account at your preferred credit union and start building a relationship--a credit union loan officer may be more willing to do future loans for someone with an established relationship with the credit union and has a history of responsible banking with them--you may try again in six months to a year and get a different outcome (I worked in lending at a credit union and sometimes the established relationship with us is what moved the loan officer to approve a loan they would not have with a brand-new member)
__________________
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Mom of S, B, and Iz
Reply With Quote
Reply

Topic Tools Search this Topic
Search this Topic:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -7. The time now is 08:52 AM.



Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0