I posted the following to another site, but didn't receive any responses. What do the good folks think about the following?
I am slowly getting to the point where I can't pay all my capital one credit card debt. I have three cards, all of which are close to maxed (or maxed out), and I have had them for 4 - 9 years. One is about to go 60 days late, another 30 days late, and the third one is current. (Total on all 3 cards is about $10K.) In addition I have a capone auto loan that is current. The car is about a year old but already has 24K miles on it since I travel a great deal to stay current in my field. Here are my questions:
1) I can't make my credit card payments or any other unsecured debt payments for the next 2 - 3 months. Should I call CapOne and request they close the accounts?
2) Will Capone repo the car if I am current, but haven't paid my credit cards for 3 - 5 months?
3) How long would you estimate I have until capone takes me to court.
Other creditors have worked with me, but I'm beginning to sense that whem they look at my credit report, they will see that some majoe trouble is brewing.
Again, as many of you know, I'm not concerned about my credit at this point. I'm dealing with other collection issues as they arise (Thanks to this board.) My biggest concern is that I will lose the car because I stopped making the card payments. I'm guessing that the auto financing is separate from the cc and should do my best to stay current on the auto. I don't have any banking (checking/savings) with Cap1, so I doubt there can be any cross-collateralization (spelling?) Any thoughts? TH
I am slowly getting to the point where I can't pay all my capital one credit card debt. I have three cards, all of which are close to maxed (or maxed out), and I have had them for 4 - 9 years. One is about to go 60 days late, another 30 days late, and the third one is current. (Total on all 3 cards is about $10K.) In addition I have a capone auto loan that is current. The car is about a year old but already has 24K miles on it since I travel a great deal to stay current in my field. Here are my questions:
1) I can't make my credit card payments or any other unsecured debt payments for the next 2 - 3 months. Should I call CapOne and request they close the accounts?
2) Will Capone repo the car if I am current, but haven't paid my credit cards for 3 - 5 months?
3) How long would you estimate I have until capone takes me to court.
Other creditors have worked with me, but I'm beginning to sense that whem they look at my credit report, they will see that some majoe trouble is brewing.
Again, as many of you know, I'm not concerned about my credit at this point. I'm dealing with other collection issues as they arise (Thanks to this board.) My biggest concern is that I will lose the car because I stopped making the card payments. I'm guessing that the auto financing is separate from the cc and should do my best to stay current on the auto. I don't have any banking (checking/savings) with Cap1, so I doubt there can be any cross-collateralization (spelling?) Any thoughts? TH
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