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May 2012
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debt reduction
Caleb M asked:


“Your account is only eligible for a maximum of three payment arrangements with interest rate reduction and/or no fees during the lifetime of the account.

Please also be advised that we will report your account as closed to the credit bureau.

It is important that you do not break or cancel your payment arrangement as you may not be eligible for an additional arrangement.
This payment program temporarily reduces the annual percentage rate (APR) and monthly payment on your account.

If your account was open prior to the start of this arrangement, it will be closed and will remain closed after the end of the arrangement.
The original cardmember terms will be reinstated upon completion of the program. The default APR will be reinstated if a payment does not post to the account as agreed (see your statement for details on your APR).

If you are currently enrolled in credit insurance or debt protection, it will be cancelled.

If two agreed upon payments are missed, the arrangement will be terminated.

Additional payments may be required at the end of the arrangement to bring your account current and under the credit line.”

I’m trying to set up a payment arrangement to attempt to get a credit card that’s past due and over the limit back on the right track. Will this hurt my credit score severely?
my account is not closed yet

Shanna Tenpenny

2 Responses to “What exactly does this mean?”

  • CatDad:

    For referral to the card company id ask your creditor the arrangement by your account has been closed after the arrangement by being past.

  • Missy:

    The terms your credit from closedchargedoff back to take once you have completed the terms your card may be reopened they will also change the report on your credit from closedchargedoff back to take once you have completed the report on your.

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