How badly can one damage their credit?
Let's say I have four different credit cards. I make regular monthly payments on all of them but one.
I'd been making regular payments on the card which is in question. But due to an extremely high interest rate.... It is my intent to refuse to make any additional payments , as I have paid in the past and get discouraged when the balance the balance doesn't lower
How will this hurt my credit score?
- something fishyLv 74 weeks agoFavorite Answer
You've already ruinned your credit score.
You need to consolidate to one monthly payment and trash all credit cards.
I would not charge any more on them, cut them up fast.
If you have outstanding credit of 10k plus some agencies help get balances lower just to get paid.
Id get a second job to pay those off the interest along a kill ya.
- 3 weeks ago
One can damage it pretty badly when the company sues you for the debt. Not worth it.
- 4 weeks ago
This will totally wreck your credit.
When you got the card, you knew that there was a high interest rate. You can have the intention not to pay the amount owing, and you can refuse to pay them, but they will still sue you for the amount owing after a while.
If you think that the interest rate is high, wait until they add on collection and legal fees.
And of course, you have become a bad credit risk; the three other cards will find out about this, and your interest rate will go up on those cards as well, unless the issuer cancels them.
- SumDudeLv 74 weeks ago
Very badly !!!!
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- Anonymous4 weeks ago
stop posting. ,,,,,,,,,,,,,,,,,,,,,
- curtisports2Lv 74 weeks ago
It will severely damage it. You have options. The rule is that you ALWAYS pay MORE than the minimum payment or you don't get out of debt, and this is exacerbated with high-interest cards.
Another rule is that you concentrate on the card with the highest interest rate first. If you have to pay only the minimums on the others to pay as much extra as you can on the worst rate, you do that until it's paid off.
Ideally, you can find a new card to transfer the balance from that worst card to. You may even have a 'no interest for one year' on that new card.
You can also work a second job temporarily and out every penny into paying off those debts. That would be MY first choice - because I did exactly that in my days starting out.
The LAST thing I would do is go into default and tank my credit.
- Anonymous4 weeks ago
It will ruin it.