Make the Call: Missed Credit Card Payment
While our move was pretty seamless, running the budget numbers for August exposed 2 missing credit card payments. I searched through all of the mail we’ve received and those bills had not arrived – looks like we missed updating the addresses for those in time. Sometimes things like this happen and you shouldn’t just sit back and let it slide. The astronomical late fees are the least of your credit worries because late payments can raise the interest rate on your current card and subsequently all of your other credit cards as well.
Having noticed the error, I immediately sent payments through our billpayment service and called the two credit card companies to discuss the problem. Each company listened to the situation and had no problem removing the derogatory entry/late fee and resetting our interest rates. Each company is different, so make the call and don’t be afraid to ask.
After hearing the situation, the first credit card company volunteered to remove the late fee (they had not automatically increase the interest rate) and was very focused on keeping us a happy customer. The second company didn’t offer any assistance but was willing to make the adjustments when I requested it. Be sure to ask about the interest rate, the second company was willing to remove the fee when I mentioned it, but didn’t inform me that my interest rate had increased as well. I knew to ask and they were willing to reset that as well.
Had I not called them, I would have lost about $80.00 in late fees and much more in increased interest rates. Having a perfect payment history is worth keeping – don’t let one little slip-up get passed you. Plus, you can make this call more than once. Last time we moved, we also missed a due date and I made the same call then (I think to one of the same companies too).