What happens to my fico score if I am reported late? If you are late paying on your credit card bill by thirty days or more, it will get reported to the credit bureau as a late. I have seen credit scores drop as much as 100 points just by having one late payment. If you are trying to buy a home and the credit late is within a 12 month period it may keep you from being able to buy or refinance your home.
Does having to pay the late fee automatically mean that I will be reported as late to the credit bureau? Continue Reading »
Tags: automatice bill payment, b of a, bank of america, bill pay, collections, collections account, credit bureau, credit card tips, credit scores, credit tips, fico scores, fix my credit, good credit score, how is my credit score calculated, i can't pay my credit card, improve my credit score, what happens to my credit if I can't pay my credit card, What happens to my credit score if I am 30 days late?, when is my credit card bill late
Posted in Credit Card Articles
How Does Debt Consolidation Work?
This article is about the advantages of doing a debt consolidation program. You may not be aware of this but debt consolidation, CCCS, credit counseling and consumer credit counseling are basically the same thing. Doing a debt consolidation plan is different than doing a debt settlement program. In debt settlement you are reducing the amount of principal that you will pay back and in credit counseling you are negotiating the amount of interest you will pay back. In consumer credit counseling you will pay all of the principal back plus some interest. Continue Reading »
Tags: american express, bank of america, cccs, collection accounts, consumer credit counseling, credit cards, credit counseling, dave ramsey, debt consolidation, debt management, discover, larry winget, late fees, lower interest rates, master card, over the limit fee, suze orman, universal default rate, visa, washington mutual, wells fargo
Posted in Consumer Credit Counseling