Impact on credit score and history because of late payments?

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Ouseph

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Got average credit scoer of 707 (between the three bureau's), Credit card balances are close to the limit, a few cards do not have any balances.

In order to pay off the credit cards, what if I stop paying the credit cards (save the payments) for a few months and then payoff one card at a time, what will be the impact (like how much will the score drop and how quickly will it drop) on credit score and history?, Also what is the timeline that credit card companies will send account to collections? Assuming the above happened, and then I payoff all the credit cards, how soon will the score climb back up, also what is the impact on credit history in doing this?
 
You cannot stop paying your credit card balances willy nilly. You must send them something - every month - or you'll start getting black marks on you CC reports. If you pay on time each month - they don't report it - but if you miss or are late, they report that IMMEDIATELY.
Your score goes up when the amount of money you have available to borrow goes up and your payments are regular, that can take 6 to 9 months of regular attention. Your credit will drop like a souffle the minute the CCs notice a different pattern in payments.
 
Deliberately defaulting on your credit cards to force your creditors to settle for less is a dangerous game to play...be careful.

Creditors only settle when your cards are near or at default...like at least 4 months past due...so you will ruin your credit rating in the process. A settlement is a big negative factor. Your creditors are under no obligation to accept settlements from you or any outside firm that you hire...Their response to your plan to deliberately default on your cards might be to serve you a summons and take you to court. If your plan backfires....you could be looking at wage garnishment and frozen checking accounts...Unless you like to gamble with your finances, I advise against doing this.
 
you get turned in 30 days after late payment, then really hurt 60 days after, and then murdered 90 days after. i would pay, the fees you incur will beat up any interest savings from paying off an individual card.

i would pick the one with the highest balance and pay that off first while paying the minimum on the others. remember, if you pay a dollar on a card with 15% interest, you just made 15% on that dollar
 
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