T Nation

Credit Score - Non Payment

OK, so I don’t want to go into all the details, but there is a possibility of me getting a bill that I’m going to refuse to pay, I don’t care if it goes to collections and needs to get charged off or what…

Anyway, I have a very, very good credit score, anyone have any idea if I do in deed need to go this route, how this will effect my score and how much it will matter???

Depends how much and what the bill is for…

Sounds like you could come up with a better plan than just not paying it.

[quote]LJ4174 wrote:
OK, so I don’t want to go into all the details, but there is a possibility of me getting a bill that I’m going to refuse to pay, I don’t care if it goes to collections and needs to get charged off or what…

Anyway, I have a very, very good credit score, anyone have any idea if I do in deed need to go this route, how this will effect my score and how much it will matter???

[/quote]

yes it will drop your credit score…how much? it depends on so many different factors that there is no way to figure out what it will drop down to.

why don’t you just pay it?

[quote]LJ4174 wrote:
OK, so I don’t want to go into all the details, but there is a possibility of me getting a bill that I’m going to refuse to pay, I don’t care if it goes to collections and needs to get charged off or what…
[/quote]

Penis pump didn’t work as advertised?

Without knowing the circumstances behind why you would be getting this bill, and why you feel you shouldn’t have to pay it, it’s hard to say what I would do regardless of how it would affect my credit rating. I would probably just pay it and eliminate any future hassle.

My advice. If it’s not a lot of money and it’s the principle that you won’t pay, I’d pay.

Being late on a pyament will hurt, going to collection will hurt your score a lot more.

Happened to me in college on a utility bill. Unfortunately, I didn’t realize a utility bill going to collection would hurt my credit score.

If you can’t pay it right now, you gotta do what you gotta do and you’ll have to take the hit.

[quote]jehovasfitness wrote:
My advice. If it’s not a lot of money and it’s the principle that you won’t pay, I’d pay.

Being late on a pyament will hurt, going to collection will hurt your score a lot more.

Happened to me in college on a utility bill. Unfortunately, I didn’t realize a utility bill going to collection would hurt my credit score.

If you can’t pay it right now, you gotta do what you gotta do and you’ll have to take the hit.[/quote]

I agree with J-Fit, if its not a substantial amount of money I would pay it, its not worth the higher interest rates you will pay for future purchases. Yes it will hurt your score, the first thing i would do is to try and clear up the discrepancy with the vendor, they may end up settling for a discount, or they may find the billing in error. The last thing you want is to go to collections, In my job I view credit reports and that is an automatic red flag along with late payments (30+ days late).

If you plan to get a mortgage, refinance existing mtg, get a line of credit, etc., in the next few years, pay it. It is obvious that not paying a bill will result in a hit to your credit score. If ruining your very, very good score doesn’t bother you, don’t pay.

i was late on a payment for 3mo (i moved and didn’t change adress)

screwed.

figure something out to pay it man. my credit is JUSt starting to get better…after about 3yrs.

If you don’t pay it and you want to apply for a loan, you will get hit with a nasty interest rate. So you have to weigh both options.

[quote]B rocK wrote:
i was late on a payment for 3mo (i moved and didn’t change adress)

screwed.

figure something out to pay it man. my credit is JUSt starting to get better…after about 3yrs.[/quote]

If your credit was screwed for three years, there were more issues than just 1 missed payment.

[quote]malonetd wrote:
B rocK wrote:
i was late on a payment for 3mo (i moved and didn’t change adress)

screwed.

figure something out to pay it man. my credit is JUSt starting to get better…after about 3yrs.

If your credit was screwed for three years, there were more issues than just 1 missed payment.[/quote]

He said 3 missed payments. If it was connected to a mortgage you can be screwed for a few years.

Considering what the government is planning on doing to fix the mortgage crisis, it probably really won’t matter one way or the other in a few years.

[quote]Geminspector wrote:
malonetd wrote:
B rocK wrote:
i was late on a payment for 3mo (i moved and didn’t change adress)

screwed.

figure something out to pay it man. my credit is JUSt starting to get better…after about 3yrs.

If your credit was screwed for three years, there were more issues than just 1 missed payment.

He said 3 missed payments. If it was connected to a mortgage you can be screwed for a few years.[/quote]

He just says 3 months, not 3 payments.

[quote]malonetd wrote:
Geminspector wrote:
malonetd wrote:
B rocK wrote:
i was late on a payment for 3mo (i moved and didn’t change adress)

screwed.

figure something out to pay it man. my credit is JUSt starting to get better…after about 3yrs.

If your credit was screwed for three years, there were more issues than just 1 missed payment.

He said 3 missed payments. If it was connected to a mortgage you can be screwed for a few years.

He just says 3 months, not 3 payments.[/quote]

most payments are due monthly :shrug:

I used to work for a collections company and I know that if someone said that they refused to pay we would send the account to a lawyer. Depending on the credit card, I am assuming this is a credit card, it take up to 10 months for it to charge off… and they will call you all that time.

[quote]LJ4174 wrote:
a bill that I’m going to refuse to pay, I don’t care if it goes to collections and needs to get charged off or what…
[/quote]

For some reason I don’t think it’s that simple. If it were credit card debt, they would nail you for 30 days late. 60 days late. Then 120+ days late. It eventually gets “charged off”.

Then a junk debt buyer comes into the picture. They buy the debt for pennies on the dollar. Then they start reporting it to the credit agencies also.

Heaven forbid they sue and get a judgment. You’ll end up paying even if they have to garnish your wages.

In the end you pay the debt anyways and end up with a credit file that Hurricane Ike blew through.

no one in the business of loaning money gives a shit about why you didn’t pay a bill. You could have a perfectly logical reason, but all your credit report will say is that you don’t pay your debts.

If you have a legitimate reason to not pay the debt, then get a lawyer, otherwise buck it up and pay. In the end you’ll only be screwing yourself if you don’t pay. Credit stuff sucks, and the stress you’ll be under having to screen calls for a year just isn’t worth it in the end.

Um, OP?

Maybe he was talking about his internet service bill…

[quote]Shadow Hunter36 wrote:
Maybe he was talking about his internet service bill…[/quote]

hahahaha