how do secured credit cards go to collections?
I put the money upfront as a deposit so if I decide to stop paying, they can just take my deposit. Why am I seeing secured credit cards marked as collections on my credit report
the entire balance was sent to collections with credit one
- Anonymous4 weeks ago
Late fees & interest??
- StephenWeinsteinLv 74 weeks ago
Because you're still required to pay. The deposit is to protect them, not you.
- SlumlordLv 74 weeks ago
If you owe more than the deposit (including late fees and interest) then they'll take you to court for the difference.
- SlickterpLv 74 weeks ago
Your balnace was more than the deposit perhaps?
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- MichaelLv 74 weeks ago
Secured cards still charge things like interest and late fees, so it is possible to owe more than your deposit on a secured card. If the amount you owe exceeds your deposit, the card issuer may choose to send the remaining amount to collections.