Frankie Solomon, WalletHub Analyst
@frankie.solo
Yes, Capital One does have a credit card forbearance program. It assists customers who can’t pay their Capital One credit card bills because of unforeseen circumstances. Some types of assistance available could include lowered interest rates, debt settlement, repayment plans and more. The exact terms of the program depend on each person’s individual situation.
How to qualify for the Capital One forbearance program:
You must show that you have a financial hardship in order to receive assistance. A hardship could be the result of a natural disaster, unemployment, injury or other similar situations. Financial difficulties stemming from the coronavirus pandemic are also taken into account. Keep in mind that you may be asked to explain your current financial and employment situation, how much you can afford to pay and when you’re likely to resume regular payments.
If you think you have a good enough reason for Capital One to temporarily adjust your terms, call the number on the back of your card to get started.
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Who is eligible for the Capital One credit card hardship program?
Everyone facing financial hardships could be eligible for the Capital One hardship program, according to customer service. However, Capital One’s hardship program isn’t the same for all customers. The exact terms will be based on your individual situation.
Depending on how much you owe, the reason for your troubles and how long you anticipate them to last, Capital One can help design a solution for you.
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If you don’t pay your credit card bill at all, you will likely get charged a late fee, lose your grace period, and have to pay interest at a penalty rate. Your credit score will also go down if you fall at least 30 days behind on a credit card bill payment. If you continue to not pay, your issuer may close your account. But you’ll still be responsible for the bill.
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read full answerDoes forbearance affect credit? What about deferment?
Forbearance (a modified payment plan required by financial hardship or illness) and deferment (a temporary respite from payment obligations) are perhaps best known in relation to student loans, but they’re relevant to mortgages, credit cards and other borrowing vehicles, too. The extent to which they stand to impact your credit score ultimately depends on the type of debt in question, how the lender classifies the arrangement and what you intend to use your credit score...
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