Re: Paid Accounts/Credit Reports

Posted by Linda on March 05, 2002 at 02:32:44:

In Reply to: Re: Paid Accounts/Credit Reports posted by John on March 05, 2002 at 00:48:21:

Depends on the card company. Some treat you pretty well after you finish the hardship program, change the reporting to something like "unrated" which is neither good nor bad, and give you another chance with a small credit line if your situation has improved.

If their "hardship program" doesn't include features like lowered interest rate, crediting or stopping overlimit and late fees, and especially if they have continued to raise your interest (if you are at the default rate), then go see a lawyer and find out if you qualify for bankruptcy. You will be better off than if you keep trying to pay. With continuing fees and high interest, it is a bottomless hole that cannot be filled, and you will bury yourself trying to do it.

If you post a little more detail about your specific situation, you might get more specific advice from some of the other experts and experienced consumers on here.

Linda

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