You've made a big mistake like I did 3 years ago. I've paid all my bills ''on time'' and ''in full'' for 18 months. But my credit score drops more than 50 points. WHY?? After I studied for 3 years on credit. Let me tell you some tips...... 1. pay your bill on time ( cause one late payment could drop your credit score 30-50 points 2. you need to keep your balance under 30% of your credit limit.( trust me, that was the mistake I made ) and your credit score will definitely drop if your balance higher than 50% of your credit limit. So you do not want your credit card show ''maxing out'' on your credit report. And if you want to increase your credit score faster, its better to keep your balance between 10%-20% but you have to keep eye on all your revolving accounts ( car loans & mortgages are a little different ) 3. Dont apply for too much new accounts with a short time 4. If you have a credit acct with good history but you dont use it anymore. just make sure DO NOT close that acct. 5. Dont ask your creditor to lower your credit limits. 6. pay down your debt asap. Anyway, I hope those info will help you out. but remember...sometime we just cant beat the credit system. For example, one time my America Express balance increase from $0 - $116 and my credit limit is $8200. but guess what? my score drop 2 points. I know its not much. but how can you explain that? I have no any late payment. all my accounts balance are below 30% and plus balance $116 is only 0.02% of my credit limit. but basic follow my info, your credit score will definitely increase. It takes time....Good luck my friend!
Depends on how much you owe. The more you owe, the more the minimum payment.
It is unwise to pay minimum payments due on credit cards because the payment will cover only a small portion of the principal amount and more on interest and financial charges.
You pay longer & more interest overall.
"The credit crisis has affected the mortgage lending rates drastically. Many lenders are not giving out loans and mortgages at all without either high down payments, or pristine credit."
You MUST make the minimum payments or the company will come after you. If you just make the minimum payments you will eventually clear the debt but the rate of interest on credit cards is very high. If you are having trouble financially the first thing to do is to stop using a credit card (cut it up) then if you can not afford the minimum payments go and seek help from a third party (in the UK a free advice centre) - they will help you with your debt problems and will be able to get the interest on your card debt stopped - (you will still have to make small payments to pay off the debt but if you meet these the debt will no longer grow). Also some debts are more 'important' than others - your taxes, mortgage, rent etc. A credit card is an unsecured debt and you will not be sent to prison for it or thrown out of your home. Get Help!!
By using them & only making the minimum payments.
Depends on how much you owe. The more you owe, the more the minimum payment.
It is unwise to pay minimum payments due on credit cards because the payment will cover only a small portion of the principal amount and more on interest and financial charges.
You pay longer & more interest overall.
Credit Card Minimum Payment Calculator Use this calculator to determine how long it will take you to payoff your credit cards if you only make the minimum payments. Enter your credit card information below and press "View Report" to see your payoff details.
A credit card allows you to pay for purchases at a later date. Credit card balances have a minimum payment due, but by paying more than the minimum, you save on interest payments.
"The credit crisis has affected the mortgage lending rates drastically. Many lenders are not giving out loans and mortgages at all without either high down payments, or pristine credit."
This is the Website that i found most helpful when looking for info on Does debt consolidation decrease credit card payments. here is the website www.bankrate.com/calculators/.../minimum-payment-calculator.asp... - Cached
You MUST make the minimum payments or the company will come after you. If you just make the minimum payments you will eventually clear the debt but the rate of interest on credit cards is very high. If you are having trouble financially the first thing to do is to stop using a credit card (cut it up) then if you can not afford the minimum payments go and seek help from a third party (in the UK a free advice centre) - they will help you with your debt problems and will be able to get the interest on your card debt stopped - (you will still have to make small payments to pay off the debt but if you meet these the debt will no longer grow). Also some debts are more 'important' than others - your taxes, mortgage, rent etc. A credit card is an unsecured debt and you will not be sent to prison for it or thrown out of your home. Get Help!!
You will need to have good credit. This can be accomplished by not having too many credit cards, paying them off, or at least the minimum balances, and making sure your mortgage payments are on time.
Yes, a minimum income is required. Companies would not be able to offer protection to someone that cannot sustain monthly payments. Also credit is important.
Credit cards with a zero percent APR generally have minimum monthly payments that must be made in order to avoid costly charges. If your minimum payment is not made each month, you may be hit with costly penalty fees.