topic Re: No minimum payment due ?? in Credit Cards

No minimum payment due ??

Gotagoal — Tue, 06 Jan 2009 02:22:16 GMT

2 of my credit cards (CCCU and a local credit union) sent me statements telling me that I can SKIP this month's payment as a gift.

Does anyone know if this is really OK? I'll probably make a payment to be on the safe side, but it would be great to be able to skip one month, but I'm worried it will be reported even though they made me the nice offer.

Thoughts?

Re: No minimum payment due ??

Anonymous — Tue, 06 Jan 2009 02:24:23 GMT

I think I just heard someone recently skipped (offered by CU) and the late was reported. I would not skip to prevent future hassle.

Re: No minimum payment due ??

Creditaddict — Tue, 06 Jan 2009 02:33:31 GMT

Home Depot always does that, especially if your in a 0% offer.

If your paying interest, I wouldn't do it unless you really need to.

Re: No minimum payment due ??

itsjustmeibe — Wed, 07 Jan 2009 14:43:11 GMT

I have 2 auto loans with my credit union. They offer skip-a-pay 2x a year. They charge $35. I have never had an issue. When I log on my account, the next payment due shows as the next month, not the current month. This verifies they processed it. Never late reporting.

Re: No minimum payment due ??

Anonymous — Wed, 07 Jan 2009 16:23:44 GMT

You should bear in mind, if your accounts have interest payments you are adding more interest to your account.

Remember, interest is calculated daily and added to your balance each day.

Not a good financial move to "SKIP" a payment.

Re: No minimum payment due ??

Donks3369 — Wed, 07 Jan 2009 17:05:37 GMT

Gotagoal,

I work for a bank and let me just say that anything the bank offers to you is only going to benefit them. We call it either a holiday extention or we say that you have been such a good customer you can skip a payment but it really isn't in your best interests. They just tack that payment on to the end of your loan and you will still have to pay the interest for the month. So not only do you have to pay the fee to do it, you still have to pay interest, and you still have to make the payment. Doesn't sound like too much of a deal.

I still can't count the number of people who took the extention, numerous ones at that, that didn't understand why they still had payments left when they thought they were done.

My advice is to throw it away and just make your normal payment. Good luck either way.

Re: No minimum payment due ??

marty56 — Wed, 07 Jan 2009 17:11:52 GMT

@Donks3369 wrote:
I still can't count the number of people who took the extention, numerous ones at that, that didn't understand why they still had payments left when they thought they were done.

There was a thread (dont remeber where) here about late payments as a result of taking advantage of skip autoloan payment.

Nothing kills a budget more than to have an extra payment at the end of a loan that you forgot to budget for 2 years before when you skipped a payment. Nothing kills a FICO score more than making 59 on time payments on an autoloan and missing the last payment since you thought it was PIF last month.

Re: No minimum payment due ??

MidnightVoice — Wed, 07 Jan 2009 17:20:03 GMT

@Donks3369 wrote:

My advice is to throw it away and just make your normal payment. Good luck either way.

Totally agree

Re: No minimum payment due ??

Anonymous — Wed, 07 Jan 2009 17:27:34 GMT

I would not do it, but I don't think it is as serious as some are saying(killing fico and such). I can't imagine "thinking" something is paid off when it's not. You must see a balance when you made the last payment.

Re: No minimum payment due ??

Anonymous — Wed, 07 Jan 2009 18:44:42 GMT

Yeah i agree with everyone else sounds like a trap to me go ahead an make a paymert.

Re: No minimum payment due ??

Gotagoal — Thu, 08 Jan 2009 05:31:11 GMT

Thanks to you all for your great advise!!

I'll feel better for making the payments just to be safe.

Nothing would make me sadder than to undo any of my hard work by accepting an offer when I know better.

Happy New Year to everyone. 2009 is going to be great! We will all continue to do what we need to do, and make great choices!

Never ever give up. (This is my motto)