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Advice on How to Recover From Credit Card Default

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kim09



Joined: 10 Oct 2009
kim09's page
Posts: 22



52 Magic Points

Subject: Advice on How to Recover From Credit Card Default
 
Posted on Sun Oct 18, 2009 7:08 am  

How do I recover from a default credit card? Should I just pay and hope for the best?
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



389 Magic Points

 
Posted on Sun Oct 18, 2009 7:20 pm  

How old is the account?
How much is owed on the account?
Can you make a settlement with the company?
How long is the statute of limitations in your state?
Is the account still with the original issuer or is it with a collector?

You will need to know all of this before you can decide how to handle it.
SIA



Joined: 18 Oct 2009
SIA's page
Posts: 62



2524 Magic Points

 
Posted on Wed Oct 21, 2009 6:00 pm  

Yes, in case of a default, you should try and pay the past due amount as soon as possible. There is nothing you can do in the short term to recover your credit, but to make sure that you do not default again. However, as time passes and you keep up a good payment history, you should begin to see your credit rating improve. Also, if you have any other accounts appearing on your credit report as current, such as a car payment, other credit card, etc., these trade lines should exert a positive influence on your overall credit profile. You should also remember that as time passes, the negative impact of these old accounts on your credit rating will become less and less. Unless you are planning to make a large purchase, such as a home or vehicle, in the near future, this particular credit card default should not cause you many problems.
SIA



Joined: 18 Oct 2009
SIA's page
Posts: 62



2524 Magic Points

 
Posted on Wed Oct 21, 2009 6:01 pm  

I encourage consumers to carefully review their credit reports from each of the three major credit reporting bureaus–Equifax, Experian, and TransUnion–at least once per year to make sure that all of the information appearing on the reports is accurate. You can obtain free copies of your credit reports once every twelve months by visiting www.annualcreditreport.com. Credit reports are notoriously inaccurate, and close scrutiny is required on your part to make sure that your credit report is current and accurate.

The Federal Trade Commission offers a free guide to disputing items on your credit report, available at www.ftc.gov, which may help you in cleaning up your credit reports.

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