I had a $1200 dollar charge that I did not make appear on my capital one card. Capital one rejected my dispute, and I'm going to arbitration with them this week.
If I lose my case, I was thinking of just not paying them.
I'm aware that this will drop my credit score and make it harder to obtain credit, get a loan, and even get a job, and that it will remain on my credit report for the next 7 years.
But here are my reasons why I don't think this will affect me:
1. I'm an author, mostly self-published on Kindle and Nook, and make a middle class living for myself without a traditional job. The negative entry on my credit report won't affect my non-existant job hunting.
2. I inherited a large sum from my Grand Dad and used the money to purchase a modest but nice home outright. That means the negative entry won't affect me in finding housing or obtaining a home loan, and no mortgage payments so no need to worry about refinancing. That ship has sailed and I don't plan on moving in the next 7 years.
3. I just put a down payment on a new Jeep Wrangler and the auto loan has already been granted and the deal with the dealership made. I won't be needing an auto loan in the seven years that the entry will be on my credit report, as the Jeep will easily last me that long.
4. I don't need to apply for other credit cards. I have a United Airlines travel rewards card and an Amazon.com visa card that I use much more often than that old Capital One card, and I pay my balance in full
Added (1). 5. I don't finance luxury items. I purchase basic tvs and use $100 dollar smart phones on month to month, no credit check plans.
What I'm getting at here is I simply can't think of anything I would need to buy on credit in the next 7 years.
Am I wrong to think that an entry from Capital One on my credit report won't mean all that much to me?
Will it affect my life at all?
Read more: In my position, should I be concerned over a negative entry on my credit report?
