It really won't make a difference in the score. You'll still have the same amount of debt, give or take, the new finance charges. Also, you'll still have the other accounts on your report, but instead of open accounts they will show as closed accounts. My advice is to get everything on your report current. Start paying down your revolving credit lines and when you do, don't close the accounts out for god sakes. Closed accounts will affect your debt to credit ratio as closed accounts are not seen as available credit anymore. Third, if you have any super old accounts that haven't been paid, try to dispute them. After that, simply wait. It is going to take time to get your credit back in line.
I have a question. I didn't pay one of my credit card's payments that was due on the 8th. I was wondering how long does it take for that to have a negative effect on my credit score? Is it like if it's 1 month late or sooner? I once had a late payment (about 2 days) and they just charged me the late fee, but that had no effect on my report. But his time I'm not planning to make this payment for another 2 weeks. Thanks in advance...
There is no way you have a credit score that high. It's impossible because you haven't had credit long enough.
Resurrecting this thread because of a major jump in my credit score. Since my divorce in 2001, and all the financial fiasco involved with it, and years of a very low credit scores, I am finally getting back on my feet! In the last year, year and a half, I have been able to purchase my 06 Mustang on my own, cosign for my 20 year old son on a 2008 Honda Accord, secure a student loan, and payoff all my accounts. In keeping my credit active, I have purchased a 47" LCD HD TV, a tempurpedic mattress set, a new bedrooom set (already paid off), secured a home improvement loan (already paid off), and am putting away $500 per month, soon to be invested when I have enough to have some cash available in a pinch. After years of cleaning up my credit which was WAY LOW, I'm finally at 711. It's amazing the change a year and a half can bring.
Big deal. It's not like the debt is not letting me live a comfortable lifestyle. 2 cars, one that my son is paying and a tv and matress set to pay off...big whoop. I work too hard for my money NOT to enjoy it.
You're the most miserable person I've ever encountered on a message board. Even more so than that one guy who used to end every post with a series of these
Nah. This is what is miserable: http://abcnews.go.com/Business/Economy/story?id=4401032 The myth of the importance of a high credit score just perpetuates it.
As far as your credit score sees it, you are not late until you are 30 days past due. Most people don't pay their bills exactly on the due date (including me), but I usually pay within a few days. As long as you don't wait 30 days, you are OK.
No, but getting cash back bonus on credit cards and using 0% financing, so you can earn interest on your money makes for great reasons to carry debt, and there is certiainly nothing wrong with taking out mortgages because houses appreciate over time. Car loans aren't so bad either.
Well, I'm enjoying my home, my cars, may savings accounts, and my life. A little bit of interest is just not going to keep me from enjoying my money and life. It's just money. You can't take it with you.
