Canceled my credit card.......questions

[dpodblood]

Assuming this isn't trolling...

There is no reason to cancel the card, just come up with a payment plan and stick with it until you're debt is resolved. It would be better if you could pay off the CC using a lower interest line of credit, but chances are your credit is already too screwed to get a LOC.

 

[blackangst1]

i am glad that my financial problems amuse you. i am on the brink of disaster and bankruptcy and you are having a blast with this?! stay classy, Lotheron.


back on topic.....what if i let it go to collection and work out a deal? my fico is probably less than 550 now (lol). i dont care about the fico score though. its just a way to keep u in debt.

A collection agency will not "make a deal" unless the debt is out of collection statute of limitations, and then....maybe. Best is to work something out with the credit card company.

And the comment of " i dont care about the fico score though. its just a way to keep u in debt" is very naive. I dont say that in a negative way, but it is.

 

[IceBergSLiM]

A collection agency will not "make a deal" unless the debt is out of collection statute of limitations, and then....maybe. Best is to work something out with the credit card company.

And the comment of " i dont care about the fico score though. its just a way to keep u in debt" is very naive. I dont say that in a negative way, but it is.

if its beyond statute of limitations why would there be deals to make besides "Go F yourself'

 

[Soundmanred]

Get the new Margaritaville blender.
You put salsa in the top and it comes out the bottom!

 

[blackangst1]

if its beyond statute of limitations why would there be deals to make besides "Go F yourself'

Because after SOL expires (2-6 years depending on your state) the collection agency cannot use the courts to go after the debt. Which means no judgement, thus no garnishment or bank account attachment. After this time, a consumer can tell the CA to fuck off, and there's nothing the CA can do. Send a cease and desits letter to the CA (so they wont call any more) and the worst that happens is it continues reporting for 7.5 years after the account first went delinquent. Then it falls off.

Sometimes, when a debt is beyond SOL, you can structure a pay for delete...in other words, if I pay this, you delete it off my reports. In other words, Im offering to pay this, and without this deal you wont cellect a cent. In return you delete it off my reports. So the CA has a choice: collect what is uncollectable, or take the deal and get the $$$.

More commonly, you can offer to pay for 1/3, 1/2, or more of the original balance (not the best idea usually though).

 

[JTsyo]

I would call the CC company and try to work out a plan. You can also try to juggle the debt to other cards and then pay the min on the lower APR cards and pay as much as you can on the higher one. How much of your disposable income is 10K?

 

[Sea Moose]

i am glad that my financial problems amuse you. i am on the brink of disaster and bankruptcy and you are having a blast with this?! stay classy, Lotheron.


.

Your losing your cool about it?

I thought you were an ex soldier?. If you were : Fucking stand up strait, stop being a pussy and sort it out.

 

[Pardus]

With a balance of $10,000 at 12.00% APR

$200 Estimated initial minimum payment.

25 years Amount of time to pay off your balance, if you make no more charges and make only the minimum payment on time each month.

$9,394 Interest charges you will pay in that amount of time.

 

[MotF Bane]

All personal comments aside-

utilization is 30% of your FICO. With a maxed out card, not taking into account whatever else you have reporting, could have a negative 100 point effect on your FICO...again, depending on what else you have open, total UTI, and FICO score before you maxed it.

AAoA (average age of accounts) is 15% of your score. Your closed account will report for another 10 years, but when it drops off, you'll take a hit.

payment history is 35% of your score. As your delinquncy ages, your score will fall harder.

All in all, you could take a 150 point hit for this rash move of yours, moreso when/if it goes to 3rd party collections.

Wow.

t

 

[SandEagle]

With a balance of $10,000 at 12.00% APR

$200 Estimated initial minimum payment.

25 years Amount of time to pay off your balance, if you make no more charges and make only the minimum payment on time each month.

$9,394 Interest charges you will pay in that amount of time.

i can pay about $500/mo towards the debt. let me see first if they raise my rates.

blackangst1, good info above. thx

 

[gorcorps]

I will never worry about my $2k in CC debt again. Thank you sandeagle for putting life into perspective.

 

[blackangst1]

Wow.

t

What?

 

[EagleKeeper]

With a balance of $10,000 at 12.00% APR

$200 Estimated initial minimum payment.

25 years Amount of time to pay off your balance, if you make no more charges and make only the minimum payment on time each month.

$9,394 Interest charges you will pay in that amount of time.

Once you are over the limit or late; the CC companies love to boost the rates to 20% or higher

 

[halik]

Wow, thank you for paying for all the rewards/perks that the rest of us get.

What sweet stuff did you buy with that $10K?

 

[dud]

so i've had his same credit card for 15 years. this week, i maxed it out, but they allowed me to keep charging. is that legal?

I don't believe you. No one in their right mind would come onto a forum and share their stupidity with a bunch of total strangers. It would take extra-special skill to crap on yourself this badly.

i owe 10k on it. its already closed. how bad of a hit on my already dismal credit score?

If true ... get ready for the fun of the collection agencies coming after you.

 

[HeXen]

you realize you even take a hit on your Credit score just for closing an account like that.

 

[jupiter57]

OMG!
You cancelled your CC?
How are you going to live without all those rewards they give for using their card?
Everyone knows CC companies give away thousands of dollar to ATOTers each year, hell, some live on the rewards points themselves!

 

[nick1985]

OMG!
You cancelled your CC?
How are you going to live without all those rewards they give for using their card?
Everyone knows CC companies give away thousands of dollar to ATOTers each year, hell, some live on the rewards points themselves!

Are you being sarcastic, or are you a moron? I'm not sure which you are!

 

[alkemyst]

Are they going to repo your Honda?

 

[Powermoloch]

CCs can be good or bad. IF it is used going above your means...then it's bad.

Using it as cash and pay it off full within a month or two, it becomes convenient.

 

[Bignate603]

Are they going to repo your Honda?

I sure hope so, then maybe the posts where he just says "Buy Honda" will stop.

Actually, wasn't the OP discussing buying a brand new minivan a month or two ago?

 

[TakeNoPrisoners]

10K is pretty big. Good luck getting another credit card.

Secured card for you! Have fun!

 

[TakeNoPrisoners]

CCs can be good or bad. IF it is used going above your means...then it's bad.

Using it as cash and pay it off full within a month or two, it becomes convenient.

This, use credit card as if it were your own money means no problems whatsoever and a fantastic credit score.

 

[TakeNoPrisoners]

What?

The epic fail that has just been done that you are apparently oblivious to.

 

[SandEagle]

Are they going to repo your Honda?

are u dumb? its an unsecured cc. they cant take my baby honda.

anyway, if i can find a 0% card to transfer to, i may just keep paying. will the cc company do any type of forebearance or drop me to 0% if i promise to pay it offf?