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dantheman1099
Joined: 26 Aug 2009
dantheman1099's page
Posts: 3
99 Magic Points
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Subject: Should I stop paying my credit cards?
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Wed Aug 26, 2009 12:44 am
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I have about $15,000 in credit card debt in my name. My wife has about $55,000 in her name. Her credit is better than mine and we use her income and credit for home refinancing, etc.
I am considering halting all payments to my credit cards (all current) to get the creditors where they'll negotiate settlements and pay for deletes. Is this a good idea?
My credit score is in the 630's |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California
29555 Magic Points
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Wed Aug 26, 2009 4:15 am
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Hi dantheman1099
IMO you may get in touch with the creditor and explain to them if you have any financial trouble and request for a settlement. Maybe a loan modification would also work for you. You could explain to your creditor why it is difficult for you to make the payments you are making right now. They may lower your interest or extend your loan term or any other arrangements. But don't stop making payments as it will affect your credit report and why would you want to hurt your score and your report?
_________________
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Carol |
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dantheman1099
Joined: 26 Aug 2009
dantheman1099's page
Posts: 3
99 Magic Points
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Thu Aug 27, 2009 2:47 am
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I'm not really having financial trouble now. I did in the past and I have some late pays showing up on my report. I recently was 1 day late on a card and it immediately raised the rate from 9% to 27%. They refuse to lower it. This is similar on a couple of my cards.
I agree that it would hurt my report, but wouldn't this be temporary because I'm going to get a pay for delete?
_________________
"To get what you've never had, you must do what you've never done"
Dan |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3927
10 Magic Points
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Thu Aug 27, 2009 2:57 am
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| How do you know for sure that they will agree to a pay for delete? They may not and then your score will stay lower. Just becareful that you don't do harm that you can not fix, it takes a long time to recover from a late or negative on your report. |
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James Orr
Joined: 07 Jun 2009
JamesOrr's page
Posts: 54
Location: Maharashtra
298 Magic Points
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Thu Aug 27, 2009 9:21 am
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I would like to advice you that,Do not stop paying them. It will effects on your credit report & its going to harm your current credit score that is 630,It's not a low credit score.If it damaged it will take more time to recover. So avoid late payments & missing payment too.
Thanks & Regards.
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Secure credit card will help you to improve your credit score faster. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California
29555 Magic Points
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Thu Aug 27, 2009 12:39 pm
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Hi dantheman1099
I hope you have all the agreements in writing. Agreements like pay-for-delete can be very important for your score. So make sure you get this in writing to avoid any hassles in the future.
_________________
Keep in touch
Carol |
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