Payment Reversed, Interest Rate Lowered

That’s right, I made the call. To get Capital One to reverse my second payment, that is. The account specialist (who, thankfully, could speak English that I could actually understand) called the credit union to make sure the payment cleared, and when he was done processing that, I pounced on the chance to lower my interest rate when he gave me the usual “is there anything else I can help you with today?”

The Good

• Extra $217 payment is being reversed.

The Bad

• It’ll take them 5-10 days to process it and send it out, and them supposedly another 10 days for it to get from them to me… which doesn’t make much sense, but whatever. Thought the postal service was better than that.

The Good

• Interest rate lowered from 17.8% to 14.9%. And why not? I’m a very profitable customer, after all.

The Bad

• It’s a 2 month “introductory” rate, after which it will be based on Libor + whatever, at which it will still be 14.9%, BUT after the 2 months, my cash rate will be 5 points higher than my purchases rate, rather than being the same as they are now. I’m still benefiting in the end, however, as my cash balance is $410 vs purchases balance of $6700 or so.

And, of course, that cash balance will stay there until I pay off the purchases first… naturally. At the best I can figure, though, about $20 more of my (minimum) payment will be going towards the principal instead of interest. Or, rather, I’ll be paying about $20 less interest every month (at current balance).

In any case, I still haven’t made my $165 loan payment this month, my $20 (though I’d like to keep paying $60 as I have been) AES bill is due May 2, I have a $20.50 bill here from the collection agency for back taxes due May 14th, and my rent at the end of the month. And, oh yeah, $500 for rent at the end of the month (ugh). I’m also expecting roughly $200 on May 2, maybe another $150 that same day, as well as my $300 “rebate” from the gov on that same day.

Let’s add all that up. $650 in, $745 out. I might be able to swing it. It’ll still likely involve dipping into the fund. I’m then expecting another $1100 or so during the month of May, which will be cutting it close, but I guess we’ll see how things work out, won’t we?

P.S. Time to organize. My desk is a slew of cash, empty envelopes, pay stubs, bills, and receipts. A dollar for a pack of push pins to post my bills on the wall next to my desk ought to help. To not lose them, that is, like I did with my last AES bill.

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