credit card issue from Washington Mutual?

Question

i am 19 years old, and I live in Eastern Tennessee. I received a Washington Mutual Visa Platinum card with a $2500 spending Limit. now the thing was...they had me on 0% interests until Jan. 1 and i got this card back in April of this year... and after maxing it out like a month later...i was sending a Minimum of $50 a month...and then after the first payment i sent..the 2nd one apparently got in alittle late though the mail..and now they changed my 0% to 23% interest due to me making a *late* payment. .after that, it enraged me, so I stopped taking their calls and once in a bluemoon i would take their call and they would bug me bout making a minimum paymet of like 200+ cash...so i stopped paying them..and I done did some calcalations and if i were to pay this $50 per month with 23% interest..i would only be giving $4 into the actual card each month..and so after bout 60 years ill finally have it paid off if i started paying on it now..whats the worse that can happen if i dont pay?

also my credit score before this credit card..my score was about 800

Answer 1

They can screw your credit rating for YEARS. And call you every hour on the hour to collect the money. And then you will never get a good credit rating again. Say goodbye to the chance of ever getting a house, or a car loan at a decent rate.

Answer 2

Well, if you don't pay, it will go on your credit. And stay there for 7 years. That affects the ability to buy a car, sometimes getting a job, renting an apartment, insurance, ect. Look the best thing you can do is visit this website http://www.ftc.gov/bcp/conline/edcams/credit/coninfo.htm. Get some ideas on how to deal with the creditor. Then call them up, tell them you would like to close the account. And you set up payment arrangements. But you let them know that you are only willing to negotiate if they stop adding interest, or lower the interest rate. And the way to get ahead and pay less interest is to pay more than the minimum. Say they agree to $50.00 a month. If you send $75, they have to put that extra $25 towards principal if you specify that. So the next month instead of paying interest on that $25, you are saving money

Answer 3

As from the information you provided I can say that you were the one that made a mistake and they increase your rate. Because you breach the Agreement conditions. They have the right to change your APR from o to 23% if you do not follow the conditions of the agreement.

I would request you if you are financially sound then please make the payment that they owe. And then you can cancel your card if you dont like the services they provide.

In both the options above you will be the one who will lose. If you pay or not pay now your credit score is already decreased from 800 as you said and if you cancel the card still you have to pay the bill and then you can cancel it. Else you have to declare a bankruptcy that you can not do it for the amount of some dollars.

Answer 4

You'll be sued, they will win, your credit will be ruined and, 5 years from now, when you grow up and realize what an idiot you were and try to buy a home... you'll have to pay an interest rate 3-5% higher than everyone else which will costs you hundreds of thousands of dollars over the life of your mortgage.

Call them, make re-payment arrangements and STICK TO THEM. You spent the money on the card... you're experiencing the benefit of the products your purchased and now you expect the Big Bad Bank to take one for you?

This is why 19 year-olds should not be given credit cards.

Do the right thing and you won't regret it. Be an immature little brat about it and pay for it for the next 50 years. It's your choice.

Answer 5

That's the trick with credit cards! They get you when you're not looking.
Try to pay off as much as you can ASAP! Don't just pay the minimum.
Your credit rating must be really low right now, so try to work to get it back up. It might not seem like a big deal, but it really is. Aside from annoying creditors hounding you, this can haunt you for the rest of your life. You won't be able to get a car loan, a mortgage, even student loans.
Some employers also ask for a credit check before offering you a job!
Start paying it off now. The next time a creditor calls, see if you can make a deal with them- to pay a certain amount of money each month, and stick with that!

Answer 6

If you don't pay it off, they'll turn it over to a collection agency and then you're credit will be crap.
Call them and cancel the account or stop using the card. With the rate at 23%, I'd cancel it. But pay it off and pay as much as you can when you send the payment and send it as often as you can.
If you're supposed to send them $50, send them $60, every little bit will help.
Or there are places that you can call, financial advisory companies, that can maybe get the interest rate taken off and you can pay only what you owe. You'll have to look in the phone book or do a search on them, no name comes to mind at the moment.

Answer 7

I was told by a collection agency worker. Just keep sending what you can pay. Then write them a letter to this fact and tell them you should not be charged a fee or have your interest raised. Just because of missing a payment one time.

Answer 8

Tighten your budget and pay as much as possible. Stop non necessary spending. Buy only food and pay your utilities. If you have luxuries then sacrifice and stop them. Consider a 2nd job if you have the time and will not get sleep deprivation.

Answer 9

There is no debtor's prison in the U.S.