I had a post a few weeks ago about my credit scores, which was all about getting a home equity loan to pay off High credit card payments.
I got the loan which was $25,000.
Here’s the problem:
My loan officer sent a digital check to visa for my Costco card, which was $6,000.00
The loan officer also sent out $7,747.00 on the same day to MasterCard for my Sears credit card.
It took one day for the payoff to show on the visa Costco card “But” it has been almost two weeks and there is no payoff for the Sears MasterCard!
I contacted my loan officer last Thursday and she said that she (loan officer) has the name of the person, the time and day that the check had been accepted!
After I called MasterCard to see why they haven’t showed the payoff, they say they have No record of the payment!?
I called my loan officer back and she said the check hasn’t been processed?
My question: If my next payment date arrives and my account hasn’t been “Zeroed Out” … what should I do?
Make a payment and trust that they will refund the money after the account is paid in full?
I do not want these people to ding my credit for a late payment … especially since I have paid them off!
My loan officer is away until Wednesday and my payment date is coming rapidly! 8(
It was my bank (BB&T) that approved the loan, same bank that has my mortgage.
I took the loan because the credit cards interest rates were at 25% and my new loan is only 5.75%.
I will have no problem on the loan repayment and I really didn’t have a problem with the credit card payments.
It all came down to paying out $750.00 a month on the cards or $217.00 a month on the new loan!
The math looks a lot better now. 8)
The fact is, I have over a hundred thousand dollars in equity in the home and I saw no reason not to use a small part of it?