I am 34 years old and have a credit score of 824. I always qualify for the best credit options when financing cars or motorcycles. Recently my wife and I have been fighting a bad hospital bill for $320 do to a wrong coding or some other screwed up paperwork circle. If we can't work this out with the hospital we are determined to not pay it. How much should we worry about this wrecking my/our credit? Thanks
If it goes to collections and you don't pay and they get a judgement it will affect your score.Sometimes the best fight is not to fight.Pay the bill then fight it in small claims or go to the hospital in person and talk to them.Don't cut your nose off to spite your face.credit is to important to screw with.
If you have a collections on your report, your 824 will go to 624 (more or less). If it stays on your report, you won't be getting those killer rates on new accounts and if any of your current accounts do a review, they could raise your rates, lower your limits, close your accounts, or any combination of the above (and yes, they can close your account AND raise your interest rate). If you have a balance on an account and your rate goes from 9% to 29% the difference in one or two month's interest will cost much more than the original claim. Then figure that many creditors won't lower the rate for 6-12 months after they raise it. Anyway, as jj says, you probably have a good chance of clearing it up if you just go to the hospital billing office and try to work something out. If that fails, there are some posts on this board for how to make a stink at a hospital so that they'll lower the rate. Those might help you. Good luck!
This is a no brainer . . . pay it and go for a refund after the fact. An 824 is a score to die for and for $300.00 and some odd dollars it is worth tanking it.
