A Short Guide On Paying Your Credit Cards For Credit Repair

Making credit card payments is something we all have to do. For some of us, it goes without saying that everything that goes on the card will be paid within a month. However, if you got into credit repair, you may have drifted from this principle pretty heavily. This is why you should probably read these few guidelines about paying your credit card. Hopefully, you will see more clearly when you encounter that period of the month which is, for a lot of us, pretty stressful, especially when it comes to choosing the repayment amount and trying to figure at the last moment where we’re going to get it from. Let’s begin.

Minimum payments

Needless to say, minimum payments are essential. Thankfully though, they’re usually pretty small except if you’ve been dragging the situation along for a long time. Minimum payments go up with time and your credit score takes a turn for the worse as well, putting more pressure on you. Make sure your minimum payments are always payed, ahead of time if possible to avoid forgetting about it.

Late accounts

Once all your minimum payments are taken care of, it’s time to move on to your late accounts. Pay those that have been late for the longest time first because they could turn into a more negative entry on your credit report if they’re sent into collection. In the case of late accounts, there are usually a few things you can do; like negotiate payment plans and get some new terms that match your situation. Respecting your engagements is important when it comes to late accounts, because if you’ve signed up for something and planned on paying it, but didn’t, your credit score might take a big drop.

Limits

Next up in the order of things for credit repair is your credit limits that are a bit out of hand. A credit card that’s near its limit or even over it send to wrong message to lenders. If you still have some extra money available, you should bring those numbers down, which should theoretically then bring your credit score numbers up, if you keep up these good habits. Also, highering your limit might sound like a good strategy, but the lenders won’t think so in their evaluation of your credit.

Aim for Zero

If you’ve gotten here your credit repair is going good. It’s now time to aim for zero on your balances. Low balance means an improving credit score, and more credit opportunities.

Higher rates a must

Also, it’s useful to specify that in addition to all those steps above, you should take into consideration the account that have higher interest rates and could hurt you. Especially if you’ve been dragging your credit repair situation for a long time, you could be feeling like those high interest rates are putting a halt on your efforts. Pay on them all while respecting the order we’ve put together for you here in the strategy above, and you should achieve satisfying results for your credit repair.

By: 
Brian Stowe

Article Source: http://quickcreditrepair.com/rebuild-credit/short-guide-paying-your-credit-cards-credit-repair-455

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