Credit cards are considered unsecured debt. Unsecured debt simply means that specific property has not been used as collateral to "secure" the debt. A creditor can use standard collection methods such as phone and mail contact, as long as they do not violate the FDCPA. The creditor also has the option of filing a lawsuit against the debtor. If a creditor wins a suit (and they always do) a judgment will be entered against the debtor. There are several ways a judgment can be enforced, the preferred method is through wage garnishment, followed by bank account levy. Other options are the seizure and sale of non exempt property belonging to the debtor or a lien against real property (in very rare instances a forced sale of a home can be done). In the majority of states jointly owned property is subject to creditor attachment. In other words, a bank account jointly held can generally be levied by a creditor judgment.
If you don't pay your credit card bill, the company may put the nonpayment on your credit report. Also, the credit company may sue you in court.
Yes. Credit card companies have no obligation to offer an account to anyone they believe could be a future "risk."
A person might want to use a credit card for making various purchases. For example, a person might use a credit card to purchase a TV or pay for his/her bills.
What are the possible consequences of not being able to pay monetary judgments against you.
Yes, but the consequences of having bad credit could be and would be much worse than just losing your card. +++ Primarily, you would find it far harder to obtain credit, including mortgages, in future
Yes.
If you don't pay your credit card bill, the company may put the nonpayment on your credit report. Also, the credit company may sue you in court.
Yes. Credit card companies have no obligation to offer an account to anyone they believe could be a future "risk."
Generally, it will sue (or sell the debt to someone who will sue) within the statute of limitations for suing on a credit card debt in your state. This is often 5 years, but it can be less or more.
Not directly. They could sue for your assets, which would include your house though.
A person might want to use a credit card for making various purchases. For example, a person might use a credit card to purchase a TV or pay for his/her bills.
What are the possible consequences of not being able to pay monetary judgments against you.
A new green card holder will be in the same situation as any other consumer that has not yet established credit accounts that are reported to the three main credit bureaus. Until you have a traditional credit account that is reported to credit bureaus, you will have no credit history. You will be known as an unscorable, since there is insufficient data to be able to adequately predict your risk of nonpayment on a credit account.
Yes, but the consequences of having bad credit could be and would be much worse than just losing your card. +++ Primarily, you would find it far harder to obtain credit, including mortgages, in future
In order to obtain a credit card one must pay a credit card processing fee. A credit card processing fee is the amount in which is due at the time of purchasing ones credit card.
That decision is up to the credit card company. If the corporation is relatively new or had no credit history, the credito card company might demand that you personally guarantee the debt and you will need to have a credit check. If you have been in business a long time, the credit card company MIGHT not require a personal credit check.
It maybe related to the credit card processor, or there could be a problem with your card as well. You could ask the restuarant what credit card processor they use, it might be on their POS terminal.