Can You Get Bad Credit from a Credit Card
Can you get bad credit from a credit card? Yes, you can get bad credit from a credit card. One of the things that will happen if you don’t pay your bill, is they will send negative reports to credit bureaus.
Who cares, you should. Your credit rating determines a lot more things than you realize.
A lot of employers check your credit report now to determine your reliability as a potential employee.
If your credit report is full of red tape along with negative report after negative report, you are considered a risk and you more than likely will not get the job, no matter how many years experience you have.
Court action: Once you have accumulated enough debt and after all attempts to make arrangements with you fail, credit card companies can take you to court to get their money. It doesn’t matter if you don’t have the money, some will ask for personal property.
I know a lot of people that don’t even get their tax refunds anymore because they automatically get taken to pay off their debts.
Wait it out: There’s an old rumor that you may have heard before, if you wait 7 years they can’t do anything. Depending on what it is this is true but the list is in fine print. Most things can stay on your credit report now for up to 15 years.
Let’s say that all of the bad things did drop off your credit report after 7 years. Then what, now you have no credit or score and you have to spend the next 7 years or more trying to build your credit again. You don’t have that kind of time to waste.
You don’t automatically get good credit it is something that has to be earned. It’s the difference between you signing the loan for your new car today or having to come back, because the dealer has to find a lender who will accept your low credit score and shaky credit history.
If you owe them enough money, credit card companies may become your worst enemy. Are they wrong or are you wrong? If you spent the money then you are wrong if you didn’t pay it back.
Just because credit card companies are huge billion dollar corporations doesn’t mean they can afford to loose money. They are more at risk because they are lending you money and hope that you keep your word to pay it back.