Ask Terry Questions Late fees accumulation

Late fees accumulation

By Terry Savage on February 17, 2023 | Credit/Debt

Hi Terry,
I recently opened a home depot credit card and unfortunately for me ignored the bill for 3 month due to some home emergency repairs. Once i started to get the phone calls, I paid the original amount and closed the card. Unfortunately the card was only able ti remove 2 late fees out of 3 and I refused to pay for the last one thinking they’ll leave me alone( so ignorant of me) if the card is closed. Now I keep getting the phone calls with an outrageous amount of late fees. I did ask to settle, but was told that I’m not eligible for a reason they cannot provide.

My question to you is how do I fix this so that it’ll stop damaging my credit score. What should I do to cancel the late feed without paying the entire amount? And what can I do about restoring my credit score?

Thank you in advance,

Terry Says

Expensive lesson to learn. They will get you in the end! Ask if the account has been sold to a collection agency. At that point, it won’t help your credit to repay the balance. Your credit has already been dinged. But if the Home Depot credit card division still owns the debt, your best bet is to pay off the balance.
You might get some help from the non-profit National Foundation for Credit Counseling at 800-388.2227. Maybe they will reach out to Home Depot and get them to write off the balance.

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