2006-11-16 15:13:21 · 7 answers · asked by clairspivey 2 in Business & Finance ➔ Credit
Keep in mind that credit card companies (most) are not going to report if you are 30 days or less delinquent. If you are within this time frame definately get it current and it wont affect it at all. If you are more than 30 days get it current and they will report that you are paying as agreed. It does help your score to not go any lower but only on time payments for several months are going to raise it. Also, don't be afraid to talk with your creditor, they actually will help you. If you need help paying your bills tell them. They will get you on a program where you can pay less than your min due and they will report that you are paying as agreed. Only do these programs if you CANNOT bring the account current with one payment. The program is an alternative to paying less than the min due. Good luck.
2006-11-16 15:49:21 · answer #1 · answered by Robbyz3 2 · 0⤊ 0⤋
How far behind are you on your credit card account? Do you have the monies to bring it current? If you do bring your credit card account current, it will definately help, although your credit card company generally reports this information to the three major credit bureaus.....and it reveals the past 12 months in most instances. My advice is to get your account current and keep making your monthly payments....if you can afford to pay extra, ask the credit card company to take that extra and apply toward the principle amount you owe (not allow it to go toward interest)....that will greatly reduce the amount you owe as well as future interest that is added to the entire balance. If money gets tight again, there is always paying the "interest only" payment, although it does not help pay your overall debt. I hope that this helps! (You might want to consider leaving the credit card home for 4 to 6 months and not use and work on liquidating what you owe).
2006-11-16 15:49:09 · answer #2 · answered by shecatdevil 2 · 0⤊ 0⤋
Recently I have attended a Finance Seminar and we have a guest speaker from Experian, and this is what I have found out.
That the snapshot from your credit score is taken Every 2 years.
IE. Right not you are in bad debt, this wont be reflected till 2 years later. But it shows that you are improving by reducing the debt.
And sometime when you think you are having the worst time in debt, and you get some really wonderful credit scores that is the reason, cux 2 years ago you were able to keep your financial straight.
Good Luck!
2006-11-16 16:56:41 · answer #3 · answered by jane c 3 · 0⤊ 0⤋
Depending on how bad the delq and what your other cards look like, it could increase it w/i 30 to 60 days, depending on the next time the card reports to the credit bureau. But not paying it will only make your credit score go down
2006-11-16 15:19:27 · answer #4 · answered by junglekitty187 2 · 0⤊ 1⤋
No, plan on 6 months of payments on time and larger than the minimum and you have to talk with them about lowering your interest rates. They won't just do it. And this won't raise your credit rating fast.
F.Y.I - this could affect other CC card accounts as most of them take into consideration your tardiness on the one above and can raise you interest rates. It's not fair, but reality.
2006-11-16 15:22:42 · answer #5 · answered by Joe S 6 · 0⤊ 0⤋
CAN ONLY HELP..
GET IT CURRENT...
CAN ONLY GO DOWN IF YOU DON'T GET IT UP TO DATE...
PAY IF OFF IF YOU CAN..
DO NOT CHARGE ANY MORE ON ANY ACCOUNTS..........
PAY IT OFF......THEN CLOSE THAT ACCOUNT....MAKE SURE YOU DON'T CLOSE IT UNTIL YOU GET A STATEMENT THAT SHOWS A ZERO BALANCE......
2006-11-16 15:24:08 · answer #6 · answered by cork 7 · 0⤊ 0⤋
no way. not for a long long time
2006-11-16 15:19:42 · answer #7 · answered by mortlim 1 · 0⤊ 1⤋