compare credit report – transunion experian equifax

January 22, 2011

How Long Will Late Payments Be Recorded on My Equifax, Transunion and Experian Credit Reports?

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 7:22 am
Tony Banks asked:




If you’re asking the question; how long do late payments remain on my credit report? You need not worry it’s not peculiar to you alone. This is often asked by a lot of people who like you are interested in knowing what effect it (late payments on your report) will have on their credit report and scores.

Let’s say you have a credit card bill due 3rd July but you couldn’t make payment till 21th July, this type of lateness will NOT reflect in your report. Before you get puzzled there’s something you must note about late payments, and it’s the fact that a missed payment is not reported to credit bureaus until it is more than 30 days late.

The thirty day mark works for ALL types of credit accounts and is crucial for some reasons; late payments are not reported to the credit bureaus until they reach the credit day mark, and your credit scoring formula will instantly remove points from your scores once you’ve passed the thirty day mark. Also keep in mind that for being late your credit card company can increase your interest rate.

Over time the effect of late payments should fade off, but you’re assured that a negative entry would stay on your credit report for seven years if you do nothing about it, and will have an effect on your rating for a minimum of 3-6 months.

The key here is to prevent accounts from going into the thirty day late status. If you cannot meet up within this period you should then get caught up as soon as possible, at least your credit report will reflect up to date status. Also check your credit report regularly to ensure that incorrect or late reports don’t exist.
Now you know “how long late payments remain on your credit report”.

Brenda

July 23, 2010

How Long Do Late Payments Stay on My Credit Report?

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 9:18 pm
Tony Banks asked:




Late payments do affect your credit rating but what most consumers don’t know is that it also depends on how late your payment is made to the creditor. To start with, late payments that are made to creditors but are no later than 30 days late are not reported to the credit bureaus. So for instance, you have a credit card payment that is due on the 1st of January and you are not able to make the payment until the 27th of January.

This is considered late with the credit card company but will not show up on your credit report as a late payment. It will not show on your credit report until you are more than 30days late and it will show as a “1-time 30day late payment”.

These types of late payments usually affect your score and can have a lasting effect for about 12 months. The same goes with other types of accounts such as car payments, mortgage payments, personal loans as well as secured loans.

Even if the payment is a couple of days late, the best thing is to try and make sure it does not go beyond the 30-day point. It is also important to note that these late payments can cause your interest rate to rise on your credit cards.

This may be the case even if you are only 1 day late as opposed to 20 days late. This will vary depending on the credit card company you are dealing with. You want to check with the your creditor to find out their exact policy.

Joan

June 7, 2010

Credit Card Eligibility

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 7:29 pm
Joseph Kenny asked:




Have you wondered how credit card eligibility is determined?

Curious whether you’re eligible for a credit card?

It all has to do with your credit rating and credit score. Here we go with a quick tutorial on what constitutes credit-worthiness and how you can make sure that you are eligible for a credit card when you want one.

Credit Reports and Credit Scores

When you buy something on credit or have a credit card, the credit card company or store makes periodic reports to one or more credit reporting agencies. Those agencies keep records of your credit history – how good you are at paying your bills on time.

Among the things that go into your credit history are:

1. How many credit cards you have

2. How much you owe on each one

3. How many loans you’ve taken out

4. How much you still owe on them

5. Any payments that you’ve made late

6. Any payments that you’ve missed

7. If you’ve ever defaulted on a loan

8. If you’ve ever filed for bankruptcy

9. If you own a house

10. If there has ever been a judgment against you for unpaid debts

Credit reporting agencies assign a ‘weight’ to each of those facts, and assign points to you based on each of those points. The total of those points is called your ‘credit score’. The higher your credit score is, the better your credit is.

Some of the things that you lose points on your credit score for are:

1. Having too many credit cards

2. Carrying too much debt on your credit cards

3. Carrying too many loans

4. Making late payments or missing payments

5. Defaulting on a loan

6. Applying for a lot of credit cards in a short time

The credit card and credit score give a ‘snapshot’ of your credit history.

Getting a Credit Card

When you apply for a credit card, the company that issues the card checks with a credit reporting agency to get your credit report and find out your credit score. Since they’re basically lending you money whenever you use your credit card, they want to make sure that you’re the kind of person who pays your debts on time. They have an ideal ‘snapshot’ that they compare your credit report and score with. The closer your credit score is to their ideal, the better your chances of getting a credit card with a great interest rate and good terms.

The lower your credit score is, the more a risk you are for the credit card company. Because they take a bigger risk when they lend you money, they charge you more by giving you a higher interest rate. If your credit score is too low, they won’t give you a credit card at all. If you have no credit history at all, they also may decide not to give you a credit card, depending on other factors in your credit history.

If you’re turned down for a credit card.

The credit card company has to tell you the reasons that you were turned down. They also have to tell you which credit reporting agency they got your credit history from. There are three major credit reporting agencies in the country – Equifax, Experian and Transunion. The report that the credit card company used to make their decision will be one of those.

You have the right to request a copy of the credit report that they used to make your decision. The company that provided the report to the credit agency has to give you a copy free. The credit reporting agency also has to give you a copy of your credit report once every 12 months if you request it. Get your credit report to find out what it says about you – and to see how you can improve your credit score so that you won’t be turned down next time.

You may freely reprint this article provided the author bio and live links are left intact.

Darren

May 25, 2010

Credit Card Comparison Guide

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 3:38 pm
Joseph Kenny asked:




Shopping around for a credit card can save you money on interest and fees. You’ll want to find one with features that match your needs. This information can help you

Understand the features of credit cards

Compare credit card features and costs

Know your rights when using your credit card

File a complaint if you have a problem with your credit card

How will you use your card?

The first step in choosing a credit card is thinking about how you will use it.

If you expect to always pay your monthly bill in full–and other features such as frequent flyer miles don’t interest you–your best choice may be a card that has no annual fee and offers a longer grace period.

If you sometimes carry over a balance from month to month, you may be more interested in a card that carries a lower interest rate (stated as an annual percentage rate, or APR).

If you expect to use your card to get cash advances, you’ll want to look for a card that carries a lower APR and lower fees on cash advances. Some cards charge a higher APR for cash advances than for purchases.

What’s the APR?

The annual percentage rate–APR–is the way of stating the interest rate you will pay if you carry over a balance, take out a cash advance, or transfer a balance from another card. The APR states the interest rate as a yearly rate.

How long is the Grace Period?

The grace period is the number of days you have to pay your bill in full without triggering a finance charge. For example, the credit card company may say that you have “25 days from the statement date, provided you paid your previous balance in full by the due date.” The statement date is given on the bill.
The grace period usually applies only to new purchases. Most credit cards do not give a grace period for cash advances and balance transfers. Instead, interest charges start right away.

If you carried over any part of your balance from the preceding month, you may not have a grace period for new purchases. Instead, you may be charged interest as soon as you make a purchase (in addition to being charged interest on the earlier balance you have not paid off). Look on the credit card application for information about the “method of computing the balance for purchases” to see if new purchases are included or excluded. Information on methods of computing the balance is in the section “How is the finance charge calculated?”

These are just some of the considerations you will have to be aware of when choosing a credit card. The bottom line is that you should always read the small print and think about what it is you are agreeing to and whether or not this is what you need.


Angela

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