Im a college student and have been unable to pay off my credit card for the past three months due to no source of income. I am paying it off finally in full now. Is this bad that i waited so long? How greatly will my credit score be affected?
2007-11-22 07:30:10 · 5 answers · asked by Jack 1 in Business & Finance ➔ Credit
I was in the same situation as you, I was unable to pay my credit card off for the past three months. I now plan to send $100 checks to them weekly until it's paid off.
The only way to know what your credit score is, is to check it. If you haven't already, go to http://www.freecreditreport.com and check your score. You can also see what businesses/lenders/etc. have requested a copy of your credit report.
For the record, my score is currently 695, which rates as fair, and since it's just under 700 it's not too bad. Paying on time and paying more than the minimum balance due tends to help your score.
2007-11-22 08:41:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you have the means to pay off the card in full after making no payments at all, this may be enough to get your credit card company to remove the negatives in your credit report! I've done this before my self! The credit card companies don't like putting this information in your credit reports and you will lose nothing by explaining what happened to your credit card holder!
I had my ID stolen and went through bankruptcy and still got my score up 486 to 730 in one year!
Go to my website and read it all! I explain how to rebuild your credit and after all I've been through, this is an area I know something about!!!!
2007-11-22 11:45:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you haven't paid even the minimum payment on those credit cards for the past three months, your credit is already trashed. Absolute worst thing is late payments. You'll have to have at least 24 months of on time payments before your score will begin to recover.
2007-11-22 07:58:49 · answer #3 · answered by bdancer222 7 · 1⤊ 0⤋
Your credit may have suffered. . . but what does it really matter? All you can do now is pay off the debt, shred your cards, and start living debt free. An ample savings account is always more impressive than a "good" credit score.
2007-11-22 09:04:18 · answer #4 · answered by Debt Slayer 4 · 0⤊ 1⤋
Does "unable to pay off" mean unable to make ANY payment? As long as you make the minumum payment on time, it will not hurt you. Late or missed payments are what hurts your credit score.
2007-11-22 07:43:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋