quit paying on all cards or just some
Date: Fri, 02/20/2009 - 16:50
Is it best to stop paying all cards at once to try for settlement or maybe do the biggest ones first and keep paying the others.All cards are current right now but i wanted to attack bofa first if i go this route.I have two cards at around 12000 each.If i could get rid of those two first it eliminate half of my cc debt,but would they take offense to not seeing any other lates on my credit report and be less inclined to settle?Thanks
I am going through the settlement process, and want to forewarn
I am going through the settlement process, and want to forewarn you about what MAY happen on the cards you continue to pay on (both of things have happened to me personally). Your creditors check your credit report constantly, and know when you have other accounts that aren't being paid. If they discover this, there is a good chance that one of two things can happen: 1) they will lower your limit to the amount of your current balance so you can't charge any more, or, 2) they may close your account altogether, even if you are current, or even if an account may have a zero balance. The credit card companies are in a state of panic right now, and are acting very defensively.
