 Is it better for your credit report to close credit cards or leave open (& not use them)? |
My son has a few credit cards that he doesn't use and wants to close them out. I was told that closing them will affect your credit rating (in a negetive way). True or false?
Additional D... |
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 My Dad cosigned on my car since I have no credit... but? |
Since I'm trying to earn credit and I make all the payments on my car, can I have the car put in my name? Or do I have to have established credit for them to make that decision?
If ... |
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 How to build credit? Credit card recommendations? |
| I have little to no credit. I got a credit starter loan and have been paying on it for a year now but i still can't get approved for things because i don't have enough credit. What are some ... |
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 How many credit cards do you have? |
Does it affect your credit rating for the best or the worst?
If none, how do you establish credit?... |
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 Anyone else get duped by freecreditreport.com? |
| The part that hooked me into freecredireport.com was the "free" part. Only to find out that they have a monthly hidden membership charge unless you cancel. Why can't anyone earn an ... |
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 What can you do if you have bad credit and need to get a loan? |
| please provide any resources or companies that may be able to accept bad credit ... |
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| Why is it not possible to pay with a debit card? |
| i did try to sign up for the personals but yahoo does not accept my debit card why ??... |
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 If I pay my Credit Card off, and then cancel it, can that screw up my credit? |
| I'm considering completely paying my credit card off and cancel it. I rarely use it, and it's just been collecting interest for a few months. Before I do so, I am wondering if that mess up ... |
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 If someone dies and is the only liable name on a credit card, what happens with the bill? |
there is a widow and everything passed into her name via and/or on bank accounts, vehicals and property.
Additional Details
Some of you are not reading th entire question: there is NO ... |
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 Social Security Number? |
| Is it possible to get a new social security number??... |
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 How long does it take for a credit return to appear on the account? |
| I returned an item that I bought with my credit card and I wanted to know how long it will take to show up on my account and if it will appear online?... |
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 Minimum Payments? |
| I have a Mastercard with a $1000 limit. This is my first card and I was wondering, if I spend $100 how much do I have to pay back when I get my first bill? How can I find what the minimum payments?... |
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 When do I make my first car payment? |
| When do I make my first payment for my car loan? I am financing a car and picking it up tomorrow, just needed to know if I need the first payment up front or if I pay the first payment in a month?<... |
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 Is this a scam? |
| I got this dude's e-mail address from a question on here. He says he gives out personal loans to people $4000-$100,000. He asked for a copy of my ID. He is overseas. Is this a scam? What ways ... |
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grison b | What would a credit-card company do if i refused to pay? |
if i just said "look, the risk of non-payment was yours when you gave me the card, I can't afford to pay it back and you will have to write off the money?" |
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curmudgeon1955
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Know a guy that basically did this, he gets some calls but tells them to check with states attorney. He took shady credit card for $3500.00 - what did they expect from twice convicted felon recently released from state prison? He laughs at threats to ruin credit report- it was already bad when they issued card. States attorney tells them it's civil matter, take him to court and try collecting- basically judgment proof and anyone who actually checked application to records would have caught it, no fraud since records available and application has no false statements. Credit card company on the other hand has a dozen deceptive add and false billing charges in process. |
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Apple Crumble
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I have been there.
They nearly all sell bad debts to collection agencies.
Then you get bombarded with letters and phone calls.
Then they will probably give up if you have no assets because they can't get blood from a stone so to speak.
What they really want is to get some money even if it is not the full amount. They will accept reduced payment.
Your credit rating will be shot to bits.
Finally don't worry about it ............it won't help and life goes on .....la dee da.
Added next day...............
Why is it that Americans reply to a question about British consumer credit ?????? |
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xxxxx
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it will **** you up |
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Jellicoe
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They'll laugh it off. Then, when they have had their fun, they will ruin the rest of your life with a bad credit report and sell the debt off to a collection agency (no skin off their nose, then).
Now ask what those gorillas will do if you refuse to pay. |
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nwftbl25
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Credit card companies do understand the risk beforehand but you will be punished via your credit report. Technically they have no legal recourse but remember your credit score will affect everything you do financially. |
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KevinStud99
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Heh, well there's a well-trod route. First, there's no point in being a smart*** and actually saying that -- you just quit paying and go dark.
Then you'll get a lot of mail and phone calls from the credit card company. But 180 days after your last due date, they charge it off.
After that, they may keep the debt, or they may sell it to a collector. Either way you'll start hearing from collection agencies on and off for a long time.
Ultimately, the credit card company or whoever buys the debt MAY sue you. You signed a contract and failed to honor it, so you can be sued for the money as a civil matter. (This is never a criminal matter, you can never be arrested for it). But they probably won't sue you, because there's not enough time in the day for them to sue everyone who's quit paying. Possible remedies vary by state.
At some point (usually 4 - 6 years depending on the state), the debt hits a statute of limitations. You are still "morally" obligated to pay and collectors can still call or mail you to pester you, but they no longer can successfully sue you or have any legal recourse.
The ramification of all this is that you'll get a black mark on your credit report that will last for 7 years from the point of charge-off.
It's really preferable that before you ever reach the point of being 30 days late on a payment, you call them up, tell them you're having trouble, and ask for some special consideration with interest rate or minimum payment or whatever they can do. If they don't cooperate, screw em.
If you plan to do this you may wish to move to Texas now -- good consumer laws :) |
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Soup Dragon
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Take you to court and then the judge will decide what to do with you. |
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MUD FAMILY (i Hater hate)
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sweet f.a lol really take you to a claims court |
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Bibs
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They could get a judgment against you. This would prevent you from financing a future car purchase until they are paid. They also could garnishee your wages or any bank account. |
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Phillip J
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do not take this course of action if it can be helped as this will reflect on your credit rating. your better option would be to simply contact them and arrange a payment option with them. if you decide not to pay them then the debt will be transferred to a debt collection company at which point they will put their bit on and charges for the courts and bailiffs. my aunt had an 80 bill which ended up being over 300 pounds once everyone had put their charges onto it. |
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TOM B
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they will lodge a default on your credit reference and if you owe more than a certain amount will apply for your persoal bankruptcy
if you have taken money from them knowing you cannot repay it you have committed fraud and or stolen it
you should have exercised more of an adult attitude and not taken it out in the first place if you were not in a position to honour your promise to pay! |
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k2col
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Assuming you are in the UK....
If you are having problems meeting your credit commitments, do speak to a fee-free debt management company like CCCS and Payplan.
If you work with one of these organisations they will work out a repayment plan with your creditors and in many cases be able to freeze interest charges.
If you simply stop paying then they will add fees and charges left right and center, then issue a default (which stays on your credit report for 6 years), then they've got options, they might sell the debt in which case you'll be dealing with a collection agency - they could take you to court - in the worse case baliffs can get into your home and take your belongings.
They could apply for a court order to automatically dock the repayments from your wages... do you want to explain that to your employers?
You'll end up paying back a lot more than when you first defaulted.... unless you go bankrupt... but that's a whole different story. |
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