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How will your change in credit card interest rates impact you?
September 1, 2011
If you happen to
miss a payment on your credit card or any other loan it may impact your credit
card interest rate. If you owe about $1,000 at 11% interest it will take you 73
months (6 years) to pay it off and $320 in interest. but when your credit card
company increases your interest rate due to a late payment, even if the late
payment is not that credit card, they can increase your rate to a penalty rate.
Let's say that rate is 19.9% (some states allow up to 29.9%). It will now take
you 100 months to pay off your balance (8.3 years) and $860 in interest.
It pays to pay your
minimum payments on time.
.
FREE Credit Scores for Prospective Borrowers or NOT.
September 5, 2011
It has been just over a month
since the new Federal credit score disclosure law went into effect. Lending
institutions have already found loopholes to keep from disclosing your credit
score when you are denied credit, loan, or if you received less desirable terms
because of your score. According to SmartMoney.com there are time you may not
get a credit score. These are usually when banks use their own in-house credit
scoring system. There are other ways to get your credit score that will not
impact your credit rating by going to MyFICO.com
Click here for more information.
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