 debbyski says: I had this happen to me and had to transfer a balance to get a new rate. (My automated payment didn't post) Make sure you do a hands-on approach instead of automated payments and be sure to never miss a payment! Or you could just not pay and change your phone number   Seriously, jmatts, in this economy the bankers are going to take their greed and poor judgment out on us all by not only bailing them out, but by cutting the days given to make your credit card payment in the hopes you will have one late payment and they will be able to raise your interest rates. And they don't tell you they are doing it! Unfortunately most of us don't have the funds to pay cash for a home or a vehicle and we need credit for those purchases, so we all want to keep our credit scores good enough to be able to do that. The credit agencies are required by law to give out a free credit report once a year. Take them up on that offer and check your report and dispute anyt... You bring up several good points debby, but one in particular I discovered, always check your due date, it is not always the same every month. I have a card with Chase bank and the due date has changed every couple of months. I now pay the bill within two days of receiving it. Whether this was their intended purpose I don't know but at least I don't have to worry about it. To late for me. Due to forgetfullness on someones part and a reduction in income that was supposed to be subsidized by the forgetful person and they won't do it. I missed a couple of payments on two. I don't answer my phone and I'm getting my phone number changed. I don't have credit cards If I cant afford it I don't buy it When I buy it - I OWN IT Wish that's what I had done. But they were so handy when family needed help. Well, That's a good thing Skwril. Some have cards to build a personal credit history though. It's a noble idea that I think not everyone is able to do. Some people are putting necessities on credit now such as gas to go to work and groceries. Here's a link to a free credit card payoff calculator. http://www.debtsteps.com/credit-card-payoff-calculator.html Missing a credit card payment (even if it's late, it's still counted as 'missed') WILL have an adverse effect on your credit rating. Especially nowadays. Given that tomorrow is the date by which the payment is due and is also a bank holiday, you've already missed it, with no way of getting it there on time. Ring your credit card company and explain the situation. Also make sure that a note has been put on your file that you've rung, and the date on which the payment is expected. If it's only a few days late, and you've previously had no late fees or missed payments, the credit card company will usually not charge a late fee, as a goodwill gesture. Also, it should not be marked as a 'late pa... Here is the rest of the story. Banks started doubling interest rates after the passage of the bill in 2005 that doubled minimum monthly payments. Congress removed usury law protection (which keeps banks from charging interest above 25% unless you are in default). So, this started a long time ago and is just getting worse. Banks are upping fees on everything, from FDIC insurance charges to monthly "viewing" fees. The 3 credit reporting agencies changed the scale for FICO taking the top score from 860-900 to 999 points. They did not increase our scores to match the new scale. Result, lower grades, higher interest Banks are cutting credit lines, as your Available to Used credit ratio i... Congress removed usury law protection (which keeps banks from charging interest above 25%And that used to be called a loan shark. |
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