Credit Cards and Credit Score

[B.E.N.]

But, it seems to me that if they are going to ruin your credit anyway, it would be much better to be on record for 7 years for non-payment of debts, than to have the scar of bankruptcy on your record for life.

Bad advise...

You can recover (get a mortgage/credit) in two years from a bankruptcy. Simply avoiding creditors will drag your credit through hell. The original creditor will turn the account over to a less than honest collection company. If they don't collect they might turn it over to another company. Then you have three different dilequent account on your credit. Then you eventually go to pay them...GOOD LUCK get them removed or showing paid. The bad thing is that they continue to update the collection showing current so that account continues to ding your credit where as a bankruptcy can drift into the past.

[Polska]

Indymuscleguy, any updates?