Credit and Debit Cards

If your credit card payment is due on the 8th of each month and they received payment one day late on the 9th would that affect your credit to buy a house in the near future and damage your credit?


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2005-10-25 13:22:30
2005-10-25 13:22:30

No, it will not affect your credit. You will probably have to pay the late fee and your interest rate could go up. But legally, creditors can only report you LATE if you are at least 30 days past due.


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Your credit report will state that the vehicle was returned. It will still show a balance remaining once this vehicle is auctioned off. This is your best option, but it already has done it's damage to your credit report with missed payment. Also, this will affect your credit score monthly for the next two years from the date of last payment.

Any default on any loan will damage your credit in the future.

No. Once a person is being threatened by a collection agency, there is a high liklihood that the damage to the credit report is already done - a chargeoff or collections transline will already be in your credit report. Having a payment plan merely gets the debt paid and on-time payments are usually NOT reported (however, if you miss a payment, that company can and will send a negative tradeline to further damage your credit reputation).

Yes closing a credit card can damage your credit score. But as long as everything else is good it should not affect you credit rating to much. Look for tips to keep a good credit card rating.

No, under no circumstances are the two the same thing. A life point payment is not damage, and is never affected by effects that negate or affect damage.

High Credit card balance affect your credit score negatively. See, the debt to credit ratio makes up 10% of your credit score. This means the amount of money you owe on a credit line. The more you owe, the worse it hurts your credit (maxed out cards do the most damage). It is recommended to try to be below 30% of your line of credit.

You should never give your social security number to anyone, reguardless of their intentions. If they misplace that number, the damage can be irreperable. If you are 20, you likely have no credit, and sad to say, likely have no understanding of how bad credit can affect you. It's a bad path, I wouldn't go down it.

As a general rule the answer is no. Collection agencies will report this to the credit bureau as being settled for less than what was due, which can have a negative impact on your credit report. While paying this money could seem like an effort to repair your credit, it actually can damage it. A situation like this often results from a debt being old and about to fall off of your credit report. If you pay the money to the collection agency then it will stamp a record of such payment for an amount less than the amount originally due. The worst part is that such a record will stay in your credit file for another seven years from the day the payment was received! If you don't make the payment the negative report resulting from that will probably fall off of your credit report much sooner.

The act of divorce does not damage your credit.

They don't unless you let the debt go and either the attorney or debt colletion agency reports it as part of their collection efforts. If that happens it can seriously damage your credit.

Payment for damage caused.

Even the most financially organized person may find that they have inadvertently missed a credit card payment. It is inevitable that you will remember just a couple days past the due date, but there are a couple measures for removing the late payment before it does any damage to your credit report.Call the Creditor ImmediatelyIt is important to call the creditor as soon as you notice that you have passed your payment due date. Don’t depend on email or mail, because this results in more time passing and the payment becoming even later. Call the creditor and let them know of your error (or if it’s their error, if it is) and apologize.Ask the Credit Card Company to Remove the Late FeeOften creditors will remove the late fee associated with the late payment if you ask. This is of course only if you are not habitually late and if you explain why the payment is late, it is usually waived.Ask that the Payment is Not Reported as LateMost companies don’t report a late payment until it is past 30 days so if you are just a couple days past due, you may be okay. Make sure to make it a point when you speak with the creditor. If the payment is still reported as 30 days late, it won’t harm your credit much. 60 days late probably will, but I doubt a payment is accidentally missed when you get to 60 days. As I noted in the beginning, if your payments are consistently late, it will damage your credit report, but one payment a year may not.Set Up Automatic PaymentThis method of payment helps a lot of credit cardholders to stay on top of their payments without worrying that they may accidentally miss one. It is best to schedule the automatic payment a few days before the actual due date to insure that it is always on time. If you want to make an extra payment or pay more, you still have the option of doing so.Things come up and late payments are a fairly common mistake that consumers make.

don't use a credit card if it's possible. There is a number of credit card alternatives for online payment and you can always pay cash in the real life. The only place I spend money on the web is Facebook (I'm Farmville addicted hehe) and I use a prepaid card called paysafecard for it. You don't need to give your personal details with it and even if it gets hacked (which is less possible) the damage is not so bad.

Typically when you use credit counseling services there has been damage done to your credit already. It affects your credit, but not as bad as if you are paying late all the time and struggling. Typically they help you settle your accounts and sometimes this "settling" l;owers your credit score. Answer 2: Problems that cause you to seek credit card counseling will definitely lower your credit score. But the fact that you used a credit card counselor to help you out of your debt should not negatively affect your credit score, if your credit company is following the Fair Isaac & Company. Fair Isaac is the company who developed the first scoring model which is used by most creditors today. There are companies who follow a different model and as unfair as it sounds, it can affect your credit score. For more information, check the link below.

Most lenders will view it as a one time thing and consider ALL your other credit experience. Some may require a larger downpayment. seven years. and it will affect your credit badly for the first two to four years...regardless. If it has to be repossed let it be a willing repossession or try to sell it out-right before it is picked up. Credit in this time is as important as air. Don't damage it. I am a loan officer

This could damage your credit score. It will be harder for you to get credit cards or loans in the future.

Use the memo line on the check for explanation of payment or definitely get a receipt for payment

A voluntary repossession will have a very negative impact on your credit score; however, the damage may not be noticeable immediately. You will still be obligated to repay the loan although you are not in possession of the vehicle. The bank that holds the lien on your car (Honda Financial, Toyota Financial, GMAC, etc.) will sell your former vehicle at an auction and they will only receive a portion of whatever you currently owe. You will be responsible to repay the rest! Because you are not repaying the original auto loan, you credit report will begin to show missed payments for every month that you don’t pay (if it doesn’t already show missed payments already). Payment history makes up 30% of your credit score; as missed payments start to plague you credit profile, you score will eventually plummet to the 500 to 550 range. If you have other accounts (credit cards, personal loans, etc.) in good standing the damage won’t be as bad. Note: consider filing bankruptcy, you may be able to keep you vehicle. And the damage to your credit profile is not as bad as the damage from the missed payments.

When money gets tight it can be tempting to put off your credit card bills to make other payments. Unfortunately, this can lead to a cycle that will raise your interest rates and damage your credit score. Paying your credit card bill on time should always be a priority.Credit Card Companies Talk To Each OtherOne late credit card bill payment can raise interest rates on every credit card you have. Since credit card companies send each other payment status information, paying late can offer a window that will let the interest rate on any balance you are carrying start to skyrocket legally. The costs can add up quickly.Paying a minimum balance on time will work out better than paying a larger balance later on. If you can only pay the small amount when your bill is due, pay it and save the rest to add to your next credit card payment. choosing to make a payment of credit card bill balance as soon as it is due can protect you from interest issues entirely if you have the chance.

Of couse it does. If you are consistant about making payments and miss one or two, but contact the company and explain why, there is usually no damage to your credit rating or history. However, if you keep missing payments and do not make the minimum payment and do not give an excuse to the company then yes, your credit history will haunt you. In Canada, if you are really down and out and have little money, as long as you put a few dollars down on each bill, then the company you owe the money to can't send a collection agency after you. You must prove however, that you have either lost your job, just started a new job, don't own an expensive car or home. Everyone can get into a problem with their credit card, but just being honest with the company will take the stress off of you until you can pay on time. Your credit file is a reflection of how you have paid accounts. A credit score is a numerical calculation of your perceived risk as a borrower. Scores are performed by an extremely complex computer program. While no one can tell you specifics, what is known is: 35% of the score is calculated based on payment history. The emphasis is on what has taken place in the last 12 months. Even one late payment can drop a credit score 50-250 points. It is always a good idea to write (don't call) a creditor when you have one late, to see if they will change their reporting as a gesture of "goodwill" because of your "many years of great payment history" or "outstanding business relationship". But many creditors refuse to comply. Having even one late payment can mar you credit for 7 years from the time you were late. This is why paying all accounts on time is the #1 strategy to improving your credit score.

The purpose of Experian credit monitoring is to allow one to monitor their credit reports to minimize the damage that one could do to their credit levels and activity.

Magnets can erase data on magnetic tape, credit cards,and disks, damage mechanical watches, and affect some sensitive devices such as cell phones and music speakers. However, only powerful magnets have a strong enough and wide enough magnetic field to cause accidental damage.

no there is no permanent damage no there is no permanent damage

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