How do I recover from a default credit card? Should I just pay and hope for the best?
Yes, in case of a default, you should try and pay the past due amount as soon as possible. There is nothing you can do in the short term to recover your credit, but to make sure that you do not default again. However, as time passes and you keep up a good payment history, you should begin to see your credit rating improve. Also, if you have any other accounts appearing on your credit report as current, such as a car payment, other credit card, etc., these trade lines should exert a positive influence on your overall credit profile. You should also remember that as time passes, the negative impact of these old accounts on your credit rating will become less and less. Unless you are planning to make a large purchase, such as a home or vehicle, in the near future, this particular credit card default should not cause you many problems. For more information about credit, credit scoring, and credit reports, I encourage you to visit the Bills.com Credit Resources page.
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Generally speaking, I encourage consumers to carefully review their credit reports from each of the three major credit reporting bureaus–Equifax, Experian, and TransUnion–at least once per year to make sure that all of the information appearing on the reports is accurate. You can obtain free copies of your credit reports once every twelve months by visiting www.annualcreditreport.com. Credit reports are notoriously inaccurate, and close scrutiny is required on your part to make sure that your credit report is current and accurate. The Federal Trade Commission offers a free guide to disputing items on your credit report, available at www.ftc.gov, which may help you in cleaning up your credit reports.
I hope that the information I have provided helps you Find. Learn. Save.