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Credit repair-what you dont know. 3/15/2012
ReplyDeleteDid you know how one late payment can affect your credit scores ?
Did you ever get a notice from your credit card company stating your payment was received late along with a bill for a late payment fee.
You call up the credit card company and they tell you heres what we are going to do, "we will remove the late payment fee from your account"
You think you have taken care of the situation and everything is resolved.
Guess what, All they did for you was to remove the late payment but behind the scenes that are reporting to the credit bureau that you have a late pay. guess what happens next.
Every single open account you have can now increase your interest rate. and yes they all do it.
After about 90 days you will notice your minimum payment has increased on each card.
The average household carries around 6 credit card accounts and if each payment has increased five dollars a month well thats an extra $300 dollars a year.
That is just one way the credit industry gets you and the only thing you can do about it is check your credit reports and dispute what is on it, and have it removed.
If you plan on making a big ticket purchase like a house or a car, You better check your credit report, it could save you tens of thousands in the long run.
I will explain this more in my next blog/post
http://www.screwedup-credit-repair.com