Question about Credit and Credit Cards

[anonymouschris]

I forgot to pay a credit card bill. Its only about $100, but its 45 days past due. How much will this affect my credit? I have been using credit cards for 4 years and have always paid on time etc.

 

[Platypus]

I really can't help other than that you should send that payment in ASAP.

 

[boyRacer]

30 days past is usually considered as late payment. It it is then it would be on your record for 7 years. Rossman will be here any minute...

 

[Mill]

You need to pay it now. It will affect your credit, but it is not THAT bad.

 

[anonymouschris]

damn. 7 years. i'm late 45 days and it will be on record for 7 years?? yikes! i already registgered to pay the bill online right now, but am waiting for them to verify my checking account. i could have sworn i paid the bill, but i guess not

 

[Ranger X]

Some credit card companies, like Citibank, have a policy where if you're late on your bill the first time, they won't report it or charge you the late fee if you call in. I'm not sure how accurate this is but when I was late on my very first credit card payment ever, they allowed it to pass without question (it was even automated).

 

[sk560]

call up the cc company and explain why u r late.... most probably they will offer u a one-time "forgiveness" for late payment. i got into such
situation last month w/ american express.... balance of ~$20 and late for few days coz i thought i don't have a balance. they took care of it..
took away the $25 late fee and not going to report this.

hope this helps.

 

[dquan97]

Originally posted by: sk560
call up the cc company and explain why u r late.... most probably they will offer u a one-time "forgiveness" for late payment. i got into such
situation last month w/ american express.... balance of ~$20 and late for few days coz i thought i don't have a balance. they took care of it..
took away the $25 late fee and not going to report this.

hope this helps.

This should work...just be extra nice to the CSR

 

[psydancerqt]

Originally posted by: sk560
call up the cc company and explain why u r late.... most probably they will offer u a one-time "forgiveness" for late payment. i got into such situation last month w/ american express.... balance of ~$20 and late for few days coz i thought i don't have a balance. they took care of it..
took away the $25 late fee and not going to report this.

hope this helps.

my friend's mom does this and it always works... didnt you get a notice that you didnt pay the bill??

 

[RossMAN]

If you haven't made a payment yet, you need to call your credit card company ASAP and do a payment by phone (usually the fastest method) for at least the minimum amount due for the past due balance. Sometimes they'll do a phone payment for free, otherwise it's normally a $10 fee.

After the phone payment has posted call your credit card company, ask them if they have reported any 30 day late payments to the credit bureau? If they say NO then write down EVERYTHING, the date/time, their name, their extension/badge ID, and city they're located in. Then send a snail mail letter to your cc re-confirming your phone conversation and asking in writing that you have zero 30 day late payments.

 

[BamBam215]

I have a question about debt ratio. I know if you have for example 3 credit cards totaling $5,000 in debt and your total credit line for those three cards are only $5,200 then it'll look bad. Lets say you paid off most of that $5,000 and you only owe $1,000 left. Now is it a good idea to keep all three credit cards open so your debt to credit ratio is very low? What if you cancel two of those three cards and are left with that one card in which you maxed out ($1,000). Which one looks worst on your credit file?

 

[boyRacer]

Originally posted by: BamBam215
I have a question about debt ratio. I know if you have for example 3 credit cards totaling $5,000 in debt and your total credit line for those three cards are only $5,200 then it'll look bad. Lets say you paid off most of that $5,000 and you only owe $1,000 left. Now is it a good idea to keep all three credit cards open so your debt to credit ratio is very low? What if you cancel two of those three cards and are left with that one card in which you maxed out ($1,000). Which one looks worst on your credit file?

I would keep the 3 cards open and just pay the debt off... just make sure you don't use them up all over again. Even if you do close your two accounts i believe it would still be counted in your total available credit in your history for 7 years. Besides credit history is important... i've only had mine for a little over 2 years and they told me that's what's bringing my score down.