This is topic what happens if you dont pay your credit cards in forum General Talk at Northern California Ford Owners  .


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Posted by baggins (Member # 3957) on :
 
just curious?
 
Posted by hidnn.o.s. (Member # 1219) on :
 
You're kidding right? What are you curious about happening and we'll tell you yay or neh.
 
Posted by 89 FAKE SNAKE (Member # 4531) on :
 
you payments go up and ur credit goes down
 
Posted by JohnB (Member # 969) on :
 
Pay them. You don't want the alternative.
 
Posted by essasin (Member # 4741) on :
 
Eventually a hit man will be hired and you will be assasinated and your parents and or wife will be harassed for payment.
 
Posted by GRIGGYJAMESJIMBO (Member # 6319) on :
 
"Eventually a hit man will be hired and you will be assasinated and your parents and or wife will be harassed for payment."
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I like his answer better, but I'm guessing you'll go banckrupt? U can file for banckrupcy, but that will be in your credit history till the day you stop breathing.
 
Posted by hidnn.o.s. (Member # 1219) on :
 
Heard now they passed something where if you are "LATE" to one card it's reported to all your cards and the interest rates ALL go WAY up [Frown]
 
Posted by 94gt (Member # 3060) on :
 
quote:
Originally posted by hidnn.o.s.:
Heard now they passed something where if you are "LATE" to one card it's reported to all your cards and the interest rates ALL go WAY up [Frown]
Yup! Some credit companies have been doing this for years! [Eek!]

In the end some companies are different than others... some will give you a grace period of 10 days.. others will give you none. Some will let one payment slide into the next month... it all depends man.

You DEFINANTLY want to pay that crap off man, if you default, you will go to collections and they might even want you to pay the entire balance in full!

Just get a card that has a 0% APR/EPR for a year, transfer the balance to it and pay it down. It works pretty good.
 
Posted by DLo (Member # 6133) on :
 
quote:
Originally posted by 94gt:
Just get a card that has a 0% APR/EPR for a year, transfer the balance to it and pay it down. It works pretty good. [/QB]
Just out of curiosity, not that I would do this since my credit is on good standing right now, but let's say that you do this. Can't you keep signing up with new cards and continue transferring your balance without making any payments for a while?
 
Posted by twisted54 (Member # 1981) on :
 
You could try consumer credit counseling...They'll at least take the creditors of your back and your payments will be a lot lower. The only thing is your credit will be screwed for a while but it's definately not as bad as filing bankruptcy.
 
Posted by 88DroptopGT (Member # 2535) on :
 
They will prolly blow up your phone, send you mail and call anyone you know that are in contact with you..

Then maybe the Repo man commeth as well...
 
Posted by 94gt (Member # 3060) on :
 
quote:
Originally posted by DLo:
quote:
Originally posted by 94gt:
Just get a card that has a 0% APR/EPR for a year, transfer the balance to it and pay it down. It works pretty good.
Just out of curiosity, not that I would do this since my credit is on good standing right now, but let's say that you do this. Can't you keep signing up with new cards and continue transferring your balance without making any payments for a while?
very few cards offer this option to make no payments... usually it goes like this...


Say you have a 8k balance @ 12%apr.. Say you pay $200 a month and the interest payment will be about $198 a month... you make a $2.00 payment on principal!!! horrible! [Frown]

The credit card companies that want your business will offer you 0%APR/EPR for 6/12/24months in mailers... Transfer 8k to them and your $200 payment goes straight to the principal!! When the year runs out, transfer the balance to another card/bank offering the 0% and close out the account. [Big Grin]

Credit companies try to f*ck you, so it's only fair to do a little f*cking back [Smile]

[ May 04, 2007, 02:54 AM: Message edited by: 94gt ]
 
Posted by Jdub07 (Member # 2728) on :
 
I've balanced transfered twice and it works great! People say it effects your credit when you do it but that is only if you DON"T TAKE ADVANTAGE of the balance transfer. It will be clear to see if your balance transfering to avoid making payments or if you are truley trying to pay down what you owe. I don't own a house but my score is 820 which I think is pretty good. I had 12 cards at one time and didn't even use 9 or 10 of them. I made sure they were all in good standing then dumped all but two cards.

Don't balance transfer unless you intend to use it for it's intended use. Even if you have to make min. payments for a while.
 
Posted by Jdub07 (Member # 2728) on :
 
[/qb][/QUOTE]

Credit companies try to f*ck you, so it's only fair to do a little f*cking back [Smile] [/QB][/QUOTE]

So true. After I've paid off cards I've closed them out. Some credit card companies are so fucked up they will try and charge you an early payment fee!!!!!! That is the dumbest shit ever. CHASE does that shit...Now discover owns chase or chase owns discover I can't remember but we car stuck with a chase account again since we had an awesome discover offer,...we took it then chase was aquired. bitches! [patriot]
 
Posted by Juiced-03 (Member # 2245) on :
 
quote:
Originally posted by 88DroptopGT:
They will prolly blow up your phone, send you mail and call anyone you know that are in contact with you..

Then maybe the Repo man commeth as well...
They can't send a repo man on an unsecured debt (credit card debt).
 
Posted by DLo (Member # 6133) on :
 
That's actually what I was getting at, if you're stuck with a really high APR. I've got that on one of my cards and it majorly sucks, although I don't owe a single dollar on that card. Is it bad to cancel a credit card?
 
Posted by SF89lLx (Member # 3965) on :
 
quote:
Originally posted by DLo:
That's actually what I was getting at, if you're stuck with a really high APR. I've got that on one of my cards and it majorly sucks, although I don't owe a single dollar on that card. Is it bad to cancel a credit card?
yes,, it will hurt your credit score a little. and if you havent been late on the cared with the high apr, try calling that creditor and ask them to lower your rates,, its worth a shot
 
Posted by SF89lLx (Member # 3965) on :
 
quote:
Originally posted by baggins:
just curious?
in a nutshell,, they get charged to collections,, collections harasses you up the ass, then depending on how much debt it is,, you get sued,, and possibly have your wages garnished,, liens placed on property,, forced to liquidate property,, levies on your accounts,,etc.. not to mention your credit is fucked for a very long time. [patriot]
 
Posted by SF89lLx (Member # 3965) on :
 
quote:
Originally posted by twisted54:
You could try consumer credit counseling...They'll at least take the creditors of your back and your payments will be a lot lower. The only thing is your credit will be screwed for a while but it's definately not as bad as filing bankruptcy.
not true,, your inital score might go down,, but if you need credit counseling your credit is probably fucked already,, but thats not the case always,,in the long run it will definitely help your score
 
Posted by Hungry Hippo (Member # 537) on :
 
nothing happens, credit cards are free money
 
Posted by Venomized93 (Member # 55) on :
 
Can you be a little more detailed on your situation? Is this for you?
 
Posted by NavidR (Member # 3164) on :
 
quote:
Originally posted by 89 FAKE SNAKE:
you payments go up and ur credit goes down
well said, plus they will send it to collections then your $1000 credit card bill will become a $2500 det or more!
 
Posted by NavidR (Member # 3164) on :
 
quote:
Originally posted by SF89lLx:
quote:
Originally posted by DLo:
That's actually what I was getting at, if you're stuck with a really high APR. I've got that on one of my cards and it majorly sucks, although I don't owe a single dollar on that card. Is it bad to cancel a credit card?
yes,, it will hurt your credit score a little. and if you havent been late on the cared with the high apr, try calling that creditor and ask them to lower your rates,, its worth a shot
I like to know were you guys are getting your fact??? In my opinion cancelling credit cards doesn't do anything, Actually the more open accounts you have, the worse your credit score.
 
Posted by ugotsmoked (Member # 6069) on :
 
getting a credit card was the first mistake. You should date different girls and have them buy everything for ya.
 
Posted by SF89lLx (Member # 3965) on :
 
quote:
Originally posted by NavidR:
quote:
Originally posted by SF89lLx:
quote:
Originally posted by DLo:
That's actually what I was getting at, if you're stuck with a really high APR. I've got that on one of my cards and it majorly sucks, although I don't owe a single dollar on that card. Is it bad to cancel a credit card?
yes,, it will hurt your credit score a little. and if you havent been late on the cared with the high apr, try calling that creditor and ask them to lower your rates,, its worth a shot
I like to know were you guys are getting your fact??? In my opinion cancelling credit cards doesn't do anything, Actually the more open accounts you have, the worse your credit score.
i work for a credit counseling agency .. your opinion is wrong,,your credit score is based a variety of things but primarily on your credit capacity,, meaning how much credit you have available at a certain time,, the length of time you've had that credit,, and your payment history... so if you have a shit load of cards, but your balance is still really low on all of them, your credit score should still be good.. but when you start getting more credit,, it also improves your risk of creating debt,, which could be viewed negatively by each creditor,,so again closing an account is negative because your cutting some of your credit line.. therefore hurting your score.
 
Posted by DLo (Member # 6133) on :
 
So then.. leave all credit card accounts open and just use them from time to time?
 
Posted by Venomized93 (Member # 55) on :
 
quote:
Originally posted by SF89lLx:
quote:
Originally posted by NavidR:
quote:
Originally posted by SF89lLx:
quote:
Originally posted by DLo:
That's actually what I was getting at, if you're stuck with a really high APR. I've got that on one of my cards and it majorly sucks, although I don't owe a single dollar on that card. Is it bad to cancel a credit card?
yes,, it will hurt your credit score a little. and if you havent been late on the cared with the high apr, try calling that creditor and ask them to lower your rates,, its worth a shot
I like to know were you guys are getting your fact??? In my opinion cancelling credit cards doesn't do anything, Actually the more open accounts you have, the worse your credit score.
i work for a credit counseling agency .. your opinion is wrong,,your credit score is based a variety of things but primarily on your credit capacity,, meaning how much credit you have available at a certain time,, the length of time you've had that credit,, and your payment history... so if you have a shit load of cards, but your balance is still really low on all of them, your credit score should still be good.. but when you start getting more credit,, it also improves your risk of creating debt,, which could be viewed negatively by each creditor,,so again closing an account is negative because your cutting some of your credit line.. therefore hurting your score.
SF89lx is right. FICO has a weird formula. There is a bunch of shit that is considered. Opening and closing credit lines affects in two ways. Utlization ratio, and history.
 




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