What happens when you default on a credit card?

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What happens when you default on a credit card?

Postby 12sooty25 » Mon Jan 23, 2012 7:48 am

What will happen if I default on a Chase Visa credit card? I live in SC.

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Postby PlatinumAMEX94 » Mon Jan 23, 2012 4:54 pm

You F up your credit score and any chance of getting a bank account, checking/savings, whatever. Chase hitmen will continually badger you until you have no phone because of the nonstop harassing, embarrassing, collection calls.
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Postby CC Deville » Mon Jan 23, 2012 5:12 pm

Default meaning you go one or two months past due or you charge off? In both cases you will damage your credit (a 1 or 2 month late won't completely kill you but it won't help). If you go further past due you will get hounded with collection calls; your relatives might be called looking for you and eventually if the card is charged off, they will sell it to a collection agency and then that collection agency will sell it to another one etc. etc. etc.

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Postby sticf » Mon Jan 23, 2012 5:47 pm

Are you planning to default? Why not call them and try to work it out? Make the minimum payments (if you can) and basically try to do what you can to keep it current.

Depending on the reason for your upcoming default you might have other options. Default should always be the last in option taken.

All that being said plan on the default being on your credit report for a while. Defaults are not taken lightly by others looking to to business with you. In some extreme cases a bad credit score could disqualify you from a certain jobs.

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