Missed Payments
If you have missed one or multiple credit card payments then you are either in default or delinquent with these loans.
- Delinquent, means you’re late making a scheduled loan payment(Usually 30 days).
- Default, means you’re 270 days or more late in making a loan payment.
This is not something to take lightly as it can do serious damage to your credit score and it can take years to repair. Once you have missed three payments the credit card companies will freeze your account and send the account to collections. If you thought the phone calls from the credit card companies were annoying then prepare yourself for much worse. Collection companies are known to be extremely harassing when trying to collect on defaulted loans.