Credit Card....pains?

Question

I am Usually failry responsible but once upon a time got a best buy/hsbc/retail services in store credit card- I bought 200$ worth of stuff and over time (probably about 2-3 years) 200 turned into 600$ with service fees, late fees and etc. my card has been shut off for a year and im not worried about my credit as i have paid cash for my home and cars, I called to try and settle and they refused a settlement plan, can i just let it go? or will i be in court one day paying the 1,000s of dollars that will build up between now and then? I know alot of people that owe almost 100k and this is the only bill i have- I was hoping maybe someone has taken this road before and possibly just had a slap on the hand.

Answer 1

actually your credit went into the dumper the min they reported to the credit reporting companies you didn't pay. ( they won't care you paid cash for things..)

If you could pay all your bills, why not that credit card ???  I'd pay  it off and then tell the credit reporting companies that it's all done and you get your good credit back...(otherwise it will follow you for 7-10 yrs and you won't get good interest on loans.)

Answer 2

If you're not worried about your credit, then don't worry about it. . You can request your free credit reports from annualcreditreport.com or call them toll free @ 1-877-322-8228 for all 3 free credit reports to see what's on it.

Answer 3

well, your not quite forth comming as to why they won't settle. However why should they settle. settle means your trying to pay less than you owe, You stated servise fees and LATE fees.You were irrewsposible with the credit, so no you pay. Basically, find out the owed ballance and pay it off.Close the account.Quite simple. If you can buy your house and cars cash, whats a simple 1K to clear your credit??????  You make no sence to me.

Answer 4

unfortunately i know a little too much about this subject.  if you made a payment plan and didnt follow yhrough with it, then it will automatucally come off your credit in 7 years.  but my question to you, mr. fortunate.  if you paid cash for your house and cars which i assume was more than $600, then why cant you pay this card?  just asking  one more thing.  if 6 years go by and you decide to pay it<  it will still remain on your credit as paid late for the next 7 years.  so you may be better off letting it sit on your credit

Answer 5

You will get more than just a slap on the hand for this one.  If the debt is within your states SOL, then they will proceed to take it to court where they will get a court ordered judgment and seize the funds from any bank accounts you may have, or they may even seek a wage garnishment (usually 25% of income if your state follows federal guidelines). They will also collect legal fees that could bring the balance even higher.

Now this judgment will remain on your credit report for far longer then just 7 1/2 years.  If you fail to pay the judgment, it can be renewed on your credit report and remain there for many many years.  Most states have the right to renew a judgment on ones credit report. Most states have a SOL for reporting judgments of 10 or more years and can renew it.

Now you may not care about it, but it could affect your chances later on if you apply for a job, your auto and home insurance rates are based on your credit score and that long over due judgment will keep your score low.

Your best bet, pay it and have it removed from your credit report.  It will save you headaches in the future.  You may decide to buy a bigger house and need a mortgage and guess what, if there is an unpaid judgment, then they will refuse your application.

Hope this answers your question

LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.