Secured Card Charge off?

Anonymous · ‎04-27-2015

I was just curious what happens if you stop paying on a secure card. Does it show up the same on a credit report as an unsecured card?

icyhot · ‎04-27-2015

Yes. A credit card is a credit card. If you stop paying the bill and it goes into collections and is eventually charged off and kills your credit score

takeshi74 · ‎04-27-2015

Given the impact of derogs you don't want any on your reports. It doesn't matter if the account is secured or unsecured. Manage your accounts responsibly.

Anonymous · ‎04-27-2015

The only possible difference is if you stop paying and the fees charged don't equal more than your secured amount, you may not get sent to collections so there may not be a collections ding. However, you still get the late payment dings and the charge off dings.

A credit card is a credit card regardless of how it was issued. Treat it nice and it will help you out. Don't and it's like shattering a mirror - 7 years bad luck.