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| *Ostroff, Fair and Company>>>Credit |
What exactly happen when i stop paying my credit card? |
i stopped using my card for 3 yrs & i did not received statement of accounts for 2 yrs alrdy but i keep on paying the monthly minimum,7 months now i stoppd paying it. And they are not calling you asking for their payment?? If you apply for another card I can assure you that you won't get one. Or try to get a car loan or mortgage. Your credit rating is probably getting so low you won't be able to get another loan....that's exactly what happens. u're fine.. they prolly forgot about it already. Why did you stop paying it. Was it paid off, did you just get tired of doing it. Usually if you wait long enough, the late fees turn into over the limit fees then they can step in and seize property or even garnish your wages. Think about it, the longer they wait to get you, the more money you will loose to them. They are in no big hurry. If you still have a balance on the card you are racking up interest and late fees and sending your credit score down the toilet. Eventually they will come after you for the remaining balance either by a collection agency or through your bank. You may want to call the company and get a statement. You can't just STOP paying. That will mess your credit up....and it takes forever to get straightened back out. Trust me. For the first 30, 60 and 90 days late you will receive late fees and interest fees on the balance. Then after the 90 day late notice your credit card account will go to collections. Collection will contact you a few times and then it will go on your credit report and stay for 7 years. You will have bad credit for 7 years and won't receive a loan for anything or another credit card. Many jobs do a credit check now, to make sure their employees are responsible. Think long and hard beofre ruining many chances for yourself over the next 7 years. A card company will work out a low payment plan if you are in financial hardship. Call your card company and find out......... find an old bill or look them up online to get the number. |
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