In these changes times credit and the ability to obtain and maintain is becoming more crucial than ever. Today, I read an article in the NY Post regarding the credit due dates. In brief, its stating that creditors are reducing the grace periods to less than 30 days. For example, Amex 20-30, BoA 20, Cap 25, Chase 20, Disc 25, HSBC 20, and Wamu 25 days. They indicated by this change and also changing peoples actual due dates people are now paying late fees. Also, the percentages that you pay for other cards may be increased to the default APR because of 1 late.
Its sad, but my DH and I have sat down and truly devised a budget and they have to stick to. If you don't have fall its easy to fall into late payments, double payments, default, collection, not payments and worse.
I joined MyFico to get a better perspective on the credit world and at first I was on track with reducing my debt and paying things on time. However, I changed jobs and that presented a problem. The cards that I obtained since joining have balances ( ALL OF THEM).
I am glad that I work up quick and have not maxed them and talked to my husband about where we stand. We are working on alleviating the lowest balances first;therefore, we can pay them off quick and concentrate on making higher payments to the high balances.
I have received excellent advise from a lot of people on this site, but I know the true strength of fixing any credit problem is me.
I am not a sock person or safe person, but have fully acknowledged the wrong I did and was able to catch it for fixing.
This year and next will show the determination of those who really want to get out of debt or those who want a "quick fix! I am in for it the long haul. I will be successful in beating this credit nightmare. Thanks again for the all the good advice.
What does everyone else think about this credit crunch!!!!
Starting Score: 555/567/570- Aug 2017 (TU)646 (EQ) 626, (EX) 635-Goa 750l: UPDATE 2021 (TU) 623, (EQ) 584, (EXP) 598 Current VISA-MC-Amex Credit Cards |NFCU-CashReward-$2k|USSA Visa- $500lAmex USAA-secured Merrick-$1,900ll Amex Delta Sky Miles- $1k
, |Nordstrom-$2100|Neiman Marcus-$700|Credit One Bank $850/$500 / Capital One Journey $700/ Capital One Quicksilver One $1650/Target $600/KohlsStore $300/Personal Loans $14k
Garden Until 2/2022 removing all 18 collection baddies and decrease UTILto less than 5%