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 »
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Posted in Credit Card Articles
What happens to my fico score if I cancel my credit card? canceling a credit card does not eliminate your responsibility to repay the debt. What it can potentially do is to lower your credit score. A percentage of your credit score is determined by your credit history. When you cancel a credit card, your credit history goes with it. Canceling a bunch of credit cards and moving the debt to another credit card will hurt your credit score in most cases. Continue Reading »
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What can I do if the creditor is wrong? Just because a bill collector is requesting money from you does not mean that you actually have to pay them. Just because they claim to have documents supporting the debt does not mean that they actually do. Do not let them push you around into paying money that you do not owe. There are two things you can do to to prove you do not owe the money and the debt collector is wrong. Continue Reading »
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Posted in Debt Settlement Articles
How do you settle collections and old debt? If you have old bills and collections that need to be paid, you may want to think twice about just handing over the money. Just handing over money to a collection agency may not help your credit score. The credit must be willing to report the collection account as a paid collection rather than an unpaid collection account on your credit report. Most creditors will be happy to take your money, they just wont bother to change your credit. Make sure to get it in writing that you are going to pay them only if they agree in writing to change your credit report. Continue Reading »
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Posted in Debt Settlement Articles
