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Interest Free Retail Financing Question
Posted on 7/17/12 at 10:19 am
Posted on 7/17/12 at 10:19 am
I'm new to interest free retail financing. I recently financed a purchase with Wells Fargo @ 0%/12 months. I forgot to make a payment on time and was late by a few days. I'm now being charged interest.
If I were to pay off 100% of the bill today would I be charged any more interest? Forgive my ignorance here.
Wells Fargo is impossible to reach by phone so far so I thought I would try here.
If I were to pay off 100% of the bill today would I be charged any more interest? Forgive my ignorance here.
Wells Fargo is impossible to reach by phone so far so I thought I would try here.
2
Posted on 7/17/12 at 10:25 am to nolanola
quote:
If I were to pay off 100% of the bill today would I be charged any more interest?
Probably from billing cycle date to today.
If you're going to do a 0%, ALWAYS set it up to auto draft the day after the billing cycle.
Posted on 7/17/12 at 10:33 am to Sheep
usually they can go back and charge you interest from day 1 (purchase day) on the amount purchased if you are one day late. Same thing if you don't pay it off in 90 days or 12 months etc.
Posted on 7/17/12 at 10:47 am to Im4datigers
quote:
usually they can go back and charge you interest from day 1 (purchase day) on the amount purchased if you are one day late. Same thing if you don't pay it off in 90 days or 12 months etc.
So it's in my best interest to pay it off today (in month 6 or so) to not incur more interest charges, correct? Or will they still charge me interest for the full period of 12 months?
TIA
Posted on 7/17/12 at 10:48 am to nolanola
These deals are typically just not worth the risk and hassle as you are finding out. And if you cant pay straight cash for that couch or TV or whatever you probably cant afford it anyway.
Posted on 7/17/12 at 11:58 am to jmtigers
Why don't you refer to your paperwork or return to the place of purchase and inquire about the "fine print" you didn't pay attention to the first go round?
Not trying to be rude but I think this is a prepare thy anus situation. You're more than likely going to be on the hook for all the interest on the purchase no matter when you pay it off.
Not trying to be rude but I think this is a prepare thy anus situation. You're more than likely going to be on the hook for all the interest on the purchase no matter when you pay it off.
Posted on 7/17/12 at 12:32 pm to jmtigers
quote:
These deals are typically just not worth the risk
True if you don't take care of your business.
Posted on 7/17/12 at 3:12 pm to iknowmorethanyou
quote:It's more than just making your payments on time. Your credit report now lists a revolving charge account at 22% interest.
True if you don't take care of your business.
Posted on 7/17/12 at 4:09 pm to nolanola
Thanks to those that helped. I finally found a way to contact Wells Fargo and paid off the current balance with the interest that was owed. I closed the account and was told not further interest would be charged.
Posted on 7/17/12 at 4:11 pm to jmtigers
quote:
And if you cant pay straight cash for that couch or TV or whatever you probably cant afford it anyway.
It wasn't for anything like that and I could have paid it off at the time of purchase but it just made more sense for me at the time to do it this way.
Posted on 7/17/12 at 4:26 pm to Layabout
quote:
It's more than just making your payments on time. Your credit report now lists a revolving charge account at 22% interest.
Do you know how I know that you don't have any knowledge about credit reports?
Please don't spew your Dave Ramsey crap here. You aren't even being helpful.
Posted on 7/17/12 at 4:30 pm to Layabout
quote:
Layabout
quote:
It's more than just making your payments on time. Your credit report now lists a revolving charge account at 22% interest.
I've looked at more credit reports than Debbie's done Dallas residents in my life. I've never seen a one that actually listed the interest rate on the trade line.
On top of that, I had my own credit run along with my fiance's last month. Listed all of our bills, but no interest rates.
Do you honestly know what you're talking about?
Posted on 7/17/12 at 4:42 pm to GFunk
quote:
On top of that, I had my own credit run along with my fiance's last month. Listed all of our bills, but no interest rates.
Anybody who sees GE Credit on a report knows what the interest rate is.
Posted on 7/17/12 at 8:06 pm to Layabout
This is simply not true. ^^^^^^
You're an idiot.
And for the poster that said return to the store and ask, they won't have a freaking clue. They sell the paper before you are even out of the store!
You're an idiot.
And for the poster that said return to the store and ask, they won't have a freaking clue. They sell the paper before you are even out of the store!
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