Credit Cards Bad Credit
I have around 5-10k in bad credit card debt. I was wondering if I pay them off, I get my card back?
Its been more than A year ago I've been able to make any payment to them. Also, they have been turned into collection agencies. I know I'll have to to build my credit again. I was just wondering if the cards I will be returning again or will I have to start afresh? Also, let's say I was in unable to meet all of my bad debt tomorrow, will my credit report must be approved by all the bad stuff?
Creditors can either enlist collection agencies to recover debts on their behalf or they may sell your debt to collections. If the latter, so the account is closed. If the former, the account is enough "active", but there may be a block on it. For example, when I worked at the library, we used an external debt collection to collect library fines over $ 50. The library card is blocked. Only until they pay their balance sheet, we will allow them to use the card again. (The books are assets of the city …. a library card is like a credit card when you borrow property.) Your credit report will show that your collection accounts have been closed. They will still show up on your credit report so your credit card will be destroyed until you are able to repair it (through time and more responsible care of your credit card). Even if your accounts are still active, you will have to pay high interest because you defaulted, which allows them to charge the normal rate. You might want to start over, so you have a better interest rate and your limit will be very lower, so you can keep control of your credit.