Save. The TracFone is a prepaid phone that allows users to decide what kind of plan they want. Those who use TracFones can buy phone cards and add minutes for calls based on their needs. If you receive an SMS on your TracFone and want to reread it, you can retrieve it by just clicking a couple of times on your phone.
How a default affects your credit score. Once a late payment goes past 120 days it is considered to be in default. A default not only causes a further drop in your credit score, but it also signals the creditor that itâs time to send your account to a collections agency.
Function. A credit rating scale rates how likely it is that a person will default on their loan. On the FICO credit rating scale, for example, anybody with a score of 780 and above has almost zero chance of defaulting on a loan. Someone with a score of 660 has a 1 in 72 chance of default on a loan.