I have had this card (Chase) for six months. I also have a Capital One and I am making monthly payments on my student loan. I turned 18 last june and have a full time job. I have been making my payments in full and on time. And I went from having no credit to a "fair'' credit score of 627. And I know I am close to having "good" credit. However, this month I had to help out my mom with her bills, and I had to use my credit card. I will be able to pay it off but it is going to take a month, and by the time I pay it off it will have been about 30 days late. I need to know how many points will be taken off my credit score.
2007-01-22 13:50:36 · 4 answers · asked by TSW 2 in Business & Finance ➔ Credit
I have been paying my bill on time but my mom was sick and I had to help my family. I only used that card for emergencies. I pay cash for everything else.
2007-01-24 01:21:38 · update #1
I have been paying my bill on time but my mom was sick and I had to help my family. I only used that card for emergencies. I pay cash for everything else.
2007-01-24 01:21:54 · update #2
Yes, it will hurt your credit score and that late payment will stay on your credit for seven years. There is no real way to know how many points on your score, but since all of your credit is farly new, it's not going to look good. I would try to come up with the minimum payment and don't let it go 30 days late. If you can pay it before the 30 day mark, then it shouldn't show up as a late on your credit.
2007-01-22 13:59:30 · answer #1 · answered by kelly h 3 · 0⤊ 0⤋
Sounds like you have inherited the ability to take advantage of credit cards and that they have a good target in you as well as your mom. You only had this for 6 mos. and you are going downward all ready? My motto is if you can't afford to pay cash, you can't afford to charge it because it costs more. I know there are times when credit is needed and that is for education, needed things only. No wanted things. Stay at home, don't eat out, don't go anyplace unless you HAVE to, no friends outings and paying for that, no paying moms bills, whatever. You will have to pay and then just see what happens. If you keep all the payments on everything paid on time from now on they will overlook it in time. Time is the proof of all things having to do with credit. Time to pay, time to build it up and time to let it go bad. So, be really careful. Parents allowing children to bail them out means they aren't good money managers and have probably passed that on to their children. I know I'm right. So, you need to start taking responsibility fit yourself and keep the charges down. There is always something that will go wrong. Always a need that you don't count on and feel you have to pay. That's what you need to use the card for. Not anything that is a want my friend. I wish you luck with school and your mom.
2007-01-22 14:07:44 · answer #2 · answered by MISS-MARY 6 · 0⤊ 0⤋
If you pay it one day before, it won't effect your credit score at all. If you go over 30 days or one month, then it will be a negative strike on your credit. NOt to bad if just one, but if several you will end up with bad credit.
2007-01-22 14:00:31 · answer #3 · answered by Cy Gold 4 · 0⤊ 0⤋
it will not hurt it, its only if your over 3 month late it will hurt it, you will only get a late fee.
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2007-01-22 19:07:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋