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Credit cards are considered unsecured debt. Unsecured debt simply means that specific property has not been used as collateral to "secure" the debt. A creditor can use standard collection methods such as phone and mail contact, as long as they do not violate the FDCPA. The creditor also has the option of filing a lawsuit against the debtor. If a creditor wins a suit (and they always do) a judgment will be entered against the debtor. There are several ways a judgment can be enforced, the preferred method is through wage garnishment, followed by bank account levy. Other options are the seizure and sale of non exempt property belonging to the debtor or a lien against real property (in very rare instances a forced sale of a home can be done). In the majority of states jointly owned property is subject to creditor attachment. In other words, a bank account jointly held can generally be levied by a creditor judgment.
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What can happen if i don't pay my credit card bills?
If you don't pay your credit card bill, the company may put the nonpayment on your credit report. Also, the credit company may sue you in court.
Can you be turned down for a credit card that you had claimed on a Ch 7 because of nonpayment if your credit is now good?
Yes. Credit card companies have no obligation to offer an account to anyone they believe could be a future "risk."
What are the legal consequences of using someone's credit card without their permission?
Using someone's credit card without their permission is considered credit card fraud, which is a serious criminal offense. The legal consequences can include fines, imprisonment, and a criminal record. It is important to always obtain permission before using someone else's credit card to avoid facing these consequences.
Is getting declined for a credit card bad?
Yes, getting declined for a credit card can have negative consequences on your credit score and make it harder to get approved for credit in the future.
When might one want to use a credit card?
A person might want to use a credit card for making various purchases. For example, a person might use a credit card to purchase a TV or pay for his/her bills.
If you have both checking and credit cards with the same bank can the bank freeze your checking for nonpayment of the credit card?
Yes.
What can happen if i don't pay my credit card bills?
If you don't pay your credit card bill, the company may put the nonpayment on your credit report. Also, the credit company may sue you in court.
Can you be turned down for a credit card that you had claimed on a Ch 7 because of nonpayment if your credit is now good?
Yes. Credit card companies have no obligation to offer an account to anyone they believe could be a future "risk."
What are the legal consequences of using someone's credit card without their permission?
Using someone's credit card without their permission is considered credit card fraud, which is a serious criminal offense. The legal consequences can include fines, imprisonment, and a criminal record. It is important to always obtain permission before using someone else's credit card to avoid facing these consequences.
How long before credit card company sues for nonpayment?
Generally, it will sue (or sell the debt to someone who will sue) within the statute of limitations for suing on a credit card debt in your state. This is often 5 years, but it can be less or more.
Is getting declined for a credit card bad?
Yes, getting declined for a credit card can have negative consequences on your credit score and make it harder to get approved for credit in the future.
Can you lose your house for nonpayment on a credit card debit of if your house is paid off?
Not directly. They could sue for your assets, which would include your house though.
When might one want to use a credit card?
A person might want to use a credit card for making various purchases. For example, a person might use a credit card to purchase a TV or pay for his/her bills.
What are the consequences of using someone else's credit card without their permission?
Using someone else's credit card without their permission is illegal and considered credit card fraud. Consequences can include criminal charges, fines, and potential jail time. It can also damage relationships and trust with the cardholder.
What credit score will a new green card holder have?
A new green card holder will be in the same situation as any other consumer that has not yet established credit accounts that are reported to the three main credit bureaus. Until you have a traditional credit account that is reported to credit bureaus, you will have no credit history. You will be known as an unscorable, since there is insufficient data to be able to adequately predict your risk of nonpayment on a credit account.
Is it permissible for me to use someone else's credit card?
No, it is not permissible to use someone else's credit card without their permission. It is considered fraud and can have legal consequences.
When might one pay a credit card processing fee?
In order to obtain a credit card one must pay a credit card processing fee. A credit card processing fee is the amount in which is due at the time of purchasing ones credit card.
