late pay vs chargeoff

Discussion in 'Credit Talk' started by Newcomer, Jan 13, 2001.

  1. Newcomer

    Newcomer Well-Known Member

    I have 2 capital one accounts, orchard bank and aria. they are all late right now. I was wondering should i pay something every month (i can't afford thepast due amt) to avoid it bieng a charge off? or jsut let it go
  2. roni

    roni Well-Known Member

    How late are the accounts. Obviously, late payments are going to hurt your credit. A charge off will ruin your credit for 7 years. Most people here have made mistakes and let accounts charge off and are not desperately trying to get the ideas off their credit reports. Some have hired companies to do this for them which is costing even more money. I say all this to say, you should let anything charge off if you can avoid it. However, if you can live with the 7 years of bad credit and just dont want to pay the debt, that choice is yours. No one knows your situation but you. If you have mouths to feed and can not realistically protect your credit at this time, I certainly would understand. However, I suggest you calling the companies first. Also maybe Kristi or Carreon's can help you negotiate a interest rate.

  3. sam

    sam Well-Known Member

    The accounts you've mentioned are the sub-prime's already. IF you burn them, dont expect to get any new cards within 7 years. You must contact them (i know its painful), setup a payment play that is agree-able, and stick to it.

    7 years is a Long time, might be time to bust another side-job or something to keep on top.

    all credit card companies will allow you to come to a plan before sending to collection or charge off.
  4. Larry

    Larry Guest

    Contact all the creditors newcomer... try to negotiate (interests/payment plan/removal of late charges) tell them why you are late and what you will do to pay them. Create a new budget, cut unnecessary expenses, borrow from your parents, get a side job but don't ruin your credit. A little temporary sacrifice will not hurt.

    Good luck!

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