Did I do the right thing? Credit Card...?

Question

I maxed out my credit card, I had if for 6 yrs. I only went over the limit & missed pymnt 2 times together, I was penalized and paid the higher interest rate w/no problem. I lost my job due to outsourcing to India, I called bank to pay off as "Hardship" how does this come back in 5 yrs on credit?

Answer 1

It won't matter a wit in five years. It will simply show that you paid off your credit card and that is all that matters. People only care what you've done the past year and that you have your credit under control. Don't allow them to scare you so much, it's not such a big deal at all. good luck and email me if you need help. jack

Answer 2

I did the same thing ''maxed my credit card'' and it took over 3 years to pay it off, Best thing to do is make your minimum payments every month without missing a payment till you find more permanent work, then pay more on the principal.
For nearly 6 months they hounded me to pay the balance over my limit (had a $1500. limit over $2200 owed over limit ),I kept making payments whenever I got extra cash be $40-50-100 dollars (2 maybe 3 or even 4 payments ) till the nasty letters demanding payment quit coming in. Upon checking my bill, I noticed they raised my limit to $3700.00, giving me about $900 spending power with my credit card. I said ''NO WAY'' !!!!
I continued to pay my card off till it was paid. As far as I can tell there's nothing against me in the credit bureau about it...

Answer 3

Actually it stays on your record for 7 to 10 years on your credit report....until you pay the full amount of the max card.

Answer 4

It will on your credit report for seven to ten years paid them abit back at the time

Answer 5

Yes.