Paying a credit card payment late???

Avatar for greta2863
iVillage Member
Registered: 03-27-2003
Paying a credit card payment late???
4
Thu, 11-20-2008 - 1:07pm

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Edited 11/22/2008 12:45 am ET by greta2863

 

iVillage Member
Registered: 06-03-2006
Thu, 11-20-2008 - 3:46pm
I'm pretty sure that your credit report would show that the card was paid late. That would lower your credit score a bit I would imagine.
iVillage Member
Registered: 08-02-1998
Thu, 11-20-2008 - 4:02pm

Check your terms of service, they can (and will) hike your interest rate if you are late paying. It will show on your credit rating how many times you have had late payments to that creditor. Not sure how long the information stays on there though.

I heard on the news (here in Canada) that one of the banks was going to start raising interest rates if you were late with a payment, but they would lower the rate again if you were on time for a certain period after that. Can't recall which bank right now though.

Also I recall reading that a credit card company can raise your interest rate if you are late paying a different creditor. So that if you are late paying card A, Card B will also raise your interest rate.

Sharon


Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Thu, 11-20-2008 - 8:25pm
Hi Greta - I urge you to do an internet search for the term "Universal Default."

All my best,
Danni

Avatar for greta2863
iVillage Member
Registered: 03-27-2003
Thu, 11-20-2008 - 10:40pm

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Edited 11/22/2008 12:46 am ET by greta2863