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2.4. Credit card defaults

If you have not made a payment on your credit card in more than 60 days, your credit card issuer can list the account as “in default”. Defaults worth more than $150 can be listed on your credit report and affect your chances of getting new credit approval.

When you pay a default, the payment and date is added to your credit report and if you go into a new or varied agreement with your lender as a result of the default, then that will also be listed.