If I get fianance charges on my credit card, will that give me bad credit?
2006-09-13 10:21:06 · 16 answers · asked by cgvanduyne 2 in Business & Finance ➔ Credit
Certain events can happen between you and your creditors, such as paying a bill late, defaulting on a credit card, getting sent to collections, etc....
Every creditor has different polices as to what they will report. For example american express green card will not report you to credit reporting agencies unless you are over 90 days late on your bill.
Some banks will report you once you are more than 30 days late on a credit card bill.
Most regular businesses will only report you if they send you to collections, and you don't resolve it within 30 days of that.
Changing your address frequently can also impact your credit negatively.
Certain "good" things also are reported to the credit reporting agency. Such as owning property, having a credit card account active for many years with no negative incidents, or increasing your income.
These events are reported to a credit reporting agency. When lenders want to give you a loan or credit card they will check witht the credit reporting agency and see what is on your credit report. If there are a lot of bad things on your credit report then you have bad credit.
You are entitled to a free credit report each year that you can review yourself. Just go to annualcreditreport.com and request one from each of the 3 major agencies.
Do not go to freecreditreport.com as they will only give you the information if you buy some BOGUS INSURANCE! Don't go there.
2006-09-13 10:28:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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2016-08-11 05:02:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Companies charge finance charges, (interest) on what you buy, that doesn't give you bad credit. Late charges do.
If they do not have your payment in their hands and posted to your account EXACTLY BY OR BEFORE THE DAY IT IS DUE. It is considered LATE. Late payments create late charges and poor credit.
You must pay any and every contract exactly as agreed to keep A-1 credit.
Whatever you owe you must pay every month until it's paid off. That is what gives you a good credit rating. And a good credit rating is required to get the big things in life like a House.
Always read the small print in any contract and be assured it's not going to be in your favor.
No interest does not mean no interest. It means interest will start after a specific time frame if you have not paid it off by then.
2006-09-13 10:35:48 · answer #3 · answered by ? 7 · 0⤊ 0⤋
I need to know what 'right' does a company have to give bad credit. I'm fighting a case with British Gas Business who say I owe them £500 for a bill incurred by the previous people who rented the house which I then bought. They gave a faulty reading. I gave the correct reading when buying the house as a resident. As I've never signed anything with British Gas Business I don't see how they can give me a bad credit score. They are threatening this though. So what protection is in place to prevent this from happening - i.e. any company giving anyone a bad credit rating for anything they choose?
2014-01-27 22:40:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No. Finance charges are a normal part of credit cards.
To be recorded against your credit reporrt, your payment MUST be 30 days late-- so you can miss your deadline by a week and pay the late fee, and its not going to hurt your credit.
BE CAREFUL to stay under 50% of your limit-- over that and it hurts your credit score!!
Don't make ANY late payments on ANY accounts
Don't apply for tons of credit everywhere, as too many inquiries hurts.
Don't close any older accounts, as HISTORY is important
Don't let anything go to collections...even silly stuff like library books, becuase that hurts for a long time!
2006-09-13 10:32:15 · answer #5 · answered by Anonymous · 0⤊ 0⤋
This Site Might Help You.
RE:
What exactly gives you bad credit?
If I get fianance charges on my credit card, will that give me bad credit?
2015-08-12 21:31:07 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Actually, finance charges is the amount of money you pay the credit card company to loan you money / give you credit.
The card companies like that.
You get bad credit when you pay late or do not pay at all.
2006-09-13 10:24:15 · answer #7 · answered by ramnas06 2 · 1⤊ 0⤋
It's funny actually. Not paying your bills, not paying your bills on time, defaulting, etc. etc. etc. will give you bad credit.
But then again, credit card companies don't like people who pay off their credit cards each month either!!! Then they cannot hit you with late fees & interest.
BUT, what raises your credit rating???? BEING IN DEBT!!!
Can you believe that???
If & when my husband & I use our credit cards, we pay them off every month. I have received cancellation notices & so has my husband from the credit card company because they say we do not use our cards enough, then they send us another card!!!
HUH???
2006-09-13 10:41:01 · answer #8 · answered by More Lies & More Smoke Screens 6 · 1⤊ 0⤋
Finance charges - no. Late charges - yes. Collections, defaulting and being late will all get you bad credit.
2006-09-13 10:28:55 · answer #9 · answered by srrsmr 2 · 1⤊ 0⤋
not paying for your bills or not paying on time. finance charges dont give you bad credit.
2006-09-13 10:29:35 · answer #10 · answered by gurltype_r01 2 · 0⤊ 0⤋