topic Re: Secured Card Charge off? in General Credit Topics

Secured Card Charge off?

Anonymous — Mon, 27 Apr 2015 11:32:23 GMT

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?

Re: Secured Card Charge off?

icyhot — Mon, 27 Apr 2015 12:25:34 GMT

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

Re: Secured Card Charge off?

takeshi74 — Mon, 27 Apr 2015 13:13:47 GMT

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.

Re: Secured Card Charge off?

Anonymous — Mon, 27 Apr 2015 13:39:47 GMT

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.