First I want to know if i get a credit card of a high APR % around 30 %. And I buy something with that card.around 500 bucks.
I pay fully on time. Do I get charged any interest rates? or i Just gotta 500 bucks.
Second of all does the score increase differently if i got a card with high interest rate and pay on time or a card with low
interest rate and pay on time? Third of all, if my debt to income ratio is bad but i pay the bill on time, do i get decrease in score any defaul on interest rates? Fourth of all, after if i get default on the interest rate and it go from 8 percent to 30 percent, I dont
get charged 30 percent unless I don't fully pay the debt each billing cycle rite?
2006-06-30 07:36:28 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
If you pay on time every month and don't go over your limit you don't pay any interest (on most cards).
Your score could still go down because of a bad ratio of debt to income. But it's much worse to have a bad ration of used credit to available credit.
you don't have to pay any interest if you pay it completely off on time every month. Or that is how all my cards work.
2006-06-30 07:42:28 · answer #1 · answered by BonesofaTeacher 7 · 0⤊ 0⤋
APR's suck majorly. I am only 20 and have a few credit cards. Lack of credit one thing that will cause your APR to be high.
The only way you won't get charge interest is if you have a balance of 0. That would mean charge it and pay it off the next day or so. Credit cards are convenient but in the long run a pain in the tooshie!
2006-06-30 14:43:41 · answer #2 · answered by kaliraized 2 · 0⤊ 0⤋
no, you will not get charged the interest, and why the hell do you want to get a credit card with 30 % APR, go to the mall the APR is 22.9% APR which is a lot cheaper, or try this have someone add your name onto their credit card, never use it then you will start to get offers for credit cards, and you will have the same credit history that the person has. And it is all legal. But get someone who trust you,that has good credit.
2006-06-30 14:39:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Hi
kaliraized is inaccurate. You will not be charged interest as long as you pay the full amount by the required date. That said, if you do not pay the full amount the interest you pay will start on the day you purchase an item. I'm not a credit expert, but it seems to me that if you pay on time every month your credit score should get better.
2006-06-30 14:50:00 · answer #4 · answered by HH@20 2 · 0⤊ 0⤋