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I was near the limit and turned off my auto payment so I could make a payment 2 days after the due date. I made the payment on January 30th but forgot to turn on the auto payment. I forgot to make the February payment and by the time I realized it I was 7 days past due and over the limit and my payment jumped from 258 to about 1000 for March 28th and my normal payments would then become around 450 due to the default rate kicking in. I can't afford to make the 450 payment and spoke to them about a payment arrangement plan of 150 a month for 5 years and I would close this account. My question before I agree to this is how is this going to affect my personal credit if it all? The card doesn't report to my personal credit even though they used my social to approve it initially 4 years ago. They also told me they only report negatively after 2 months of being in default. Once i'm in the program I was told They won't report anything negative because it locks in me being less than a month in default. I'm about to take the deal but I want to make sure this wouldn't affect my personal credit in any fashion since I was looking to get a home equity loan to take care of this debt and other credit cards for a clean slate.
Thank You for any forthcoming replies
1. Take this payment arrangement -- I assume it's also MUCH lower interest and you can always pay more if it's not going to have it paid off in 5 years.
2. Wont' be on your credit at all so best way to do it
3. DONT USE your house which is secured and on your credit to pay business credit that is unsecured and not on your credit!!!!!~