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Pay your bills on timeOne of the most important ways you can do to improve your credit score is pay bills on time, This mean before to due date. We suggest setting up automatic withdraws from your bank account "Bill Pay Program" to insure that they are paid on time. It is best to coincide this with your paycheck so that funds are always available. While lenders are only able to report payments that are 30 days or more late, most credit card companies have penalties in place if you are a single day late. This penalty is usually an increase in interest rates. An increase in 10% interest rates on a credit card with only a $2,000 balance will increase your minimum payment from around $50 to $78 per month. That is a 56% increase in your monthly payment. If you are having troubles paying your bills on time, you should consider credit counseling. Many times these agencies are able to reduce your interest rates, remove late payment fees and restructure your payments so that they are manageable. I recommend the following Credit Counseling Agencies. Credit Counseling will NOT directly affect your credit and will help you get back in control and improve your credit worthiness by developing a plan to get you debit free in 2-4 years.
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How will your change in credit card interest rates impact you?
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.
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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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