Paying some creditors, not paying others

[DYLAN150]

I stop paying my major credit cards in Feb. When they update my credit reports will the other creditors that I am current with close their accounts with me?

[frogger]

It depends on who your other creditors are.

[helpme2010]

I stop paying my major credit cards in Feb. When they update my credit reports will the other creditors that I am current with close their accounts with me?

Very likely they will freeze your credit lines. My credit card companies and mortgage company began freezing my accounts one after the other and that was before I stopped paying them. It started with my home equity line of credit from my mortgage company, just froze me (which is what I counted on for money when I was inbetween jobs). Then one company greatly reduced my credit line, then each credit card company began freezing my credit lines.

They will likely do this when they run their credit reports on you and see you are a credit risk.

[SacMan]

^^^ as stated.. they will if your current risk changes.. which it will

[helpme2010]

I also began paying some creditors and not others. A good deal of time before bk, I tried to work out lower payment plans with creditors. Some accepted, so I paid them a smaller amount, others like Discover, refused, so I simply paid them nothing. Had all the creditors worked with me on this, I may not have gone bk and they all would have eventually gotten all their money back.

[FXClarence]

We also stopped paying some. Over about 60 days the other creditors all froze the accounts and most increased the minimum amount due.

[nokia123]

In some case's all accounts get frozen eventually. When i filed bk the one card that had no balance eventually was closed.