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Mentiso | If i don't pay my credit card bill that is due friday, what will happen? |
ok on my bank of america visa credit card i have a payment of $290 due this friday, however i won't be able to make the payment. i will probably pay like a hundred. until now i have always paid in full but right now i just can't pay it. my apr is 24% however the balance on the card as of today is $920. so will the interest be charged on 290 or 920? also
how much will not paying in full hurt my credit score? when i check my score next time will it have dropped a few points? |
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rajas203
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You'll end up paying interest on the rest of the money. i.e. 920-290. You can pay off as soon as you can and pay interest only until that date. This won't affect your credit history. |
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Big Mike
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since you been making payments like youre suppose to up till this day, you should call and let the people know your situation and tell them the amount youre willing to pay. if you tell them that, possibly they will let you slide. but other than that, just a late fee. |
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Pengy
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You will be charged a late fee, if that fee puts you over limit you will receive an over limit fee, the only hit on your credit report will be if those fees put you over your limit. Interest will be charged on the total amount owed including late fees and if applicable overlimit fees |
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peaches6
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You need to call them and let them know you can't make the payment. They usually work with you if you call them and let them know. Good Luck! |
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MikaB
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You will get a late fee. Call and tell them that you are not going to be able to send a payment on Friday and tell them when you will pay them as soon as you are able. Communicate to them. |
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Reena
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Make at least the min. payment required by Friday.
You will pay interest on the balance that remains unpaid but it does not ding your score if you make at least the min. payment.
make a double payment next time... but you absolutely must pay the min. payment required on your bill.
With a revolving balance of $920 your min. payment has to be a lot less than the $290 you charged this month.... I hope... ? |
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AB
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As long as you make a payment before the due date, your credit score won't be hurt. You will have to pay interest on the entire balance that has not been paid off. |
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Carlii
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here in the US, there's no "debtor's prison," no worries about that. So... if you don't pay the full minimum due by the due date, you'll have interest (based on $920 for the balance at a rate of 24%, it would be around $18), and a late fee. The late fee can range from about $10 (if you have a super low balance, which you do not...) to around $40. You'd have to check with your credit card company about the price of the late fee.
The interest would be charged on the balance, so on the $920.
You have to be a full 30 days late before it hurts your credit score... so while you have a little bit of leniency there, $290 isn't a small sum to come up with in such a short time, plus you'll have another minimum due added to that for the next month's payment.
What I would suggest is to pay the $100, and on Friday, call your credit card company. Explain what's going on in your life and ask if they have any programs that can help you out.
Not paying in full won't change your credit score, by the way - the bureaus basically get an instant shot of your account - what your balance is that day, what your limit is, if you've had any 30 day delinquencies, etc. They don't know if you pay off the balance in full each month or not. I think they do get a "normal payment amount," but one month of paying less isn't going to change that.
Don't worry, it will all be okay, finances just take a bit more planning than you expect sometimes! |
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Ken K
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they take it in fingers |
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MSAD
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If you do not make the minimum payment on time or miss that payment - it can drop your credit score as much as 70 points. You will also incur a late fee (35 to 50) that will be added to the balance and interest applied. |
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s t
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that sure is a high payment on a balance that is only 920,.,usually there is a minimum payment that is way less that what you say you need to pay....do everything you can to pay that bill,,they will probably increase your interest rate, and maybe hurt your credit..even if you have to send them a check off another credit card. you may better be on the phone with them to work something out if you can come up with the money,, |
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timetochangemyname
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At 24%, I don't think you need to worry about them changing your rate to a higher one. That must be the max allowed by law.
For sure, you will get a $39.00 late fee. If you go over your limit due to the interest added into the balance after missing the payment or due to the late fee, you will get another $39.00 late fee.
To have a payment of $290.00 due on a balance of $920.00 tells me that you have already missed a payment or more. Once you go 30 days past the due date it is reported as 30 days late to the credit bureau. Once you hit 60 days late, it is reported as 60 days late and so on. 60 days will really start to lower your score.
If you become 30 days late and don't make up the payment and then just keep making the payments in a timely fashion, you will show as 30 days late perpetually (rolling along at 30 days late). This is also bad.
I suggest for this small amount of $ that you call Mom, Dad, Brother, Sister, Friend, and pay it off in full until you can pay them back. Don't charge anything else until you have paid off the debt. |
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J squezzy
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ok. heres a quick, easy, but to the point answer...Depending on how many days ur late will determine if ur assessed a late fee or not(usually after 3 days after due date). Now if uve never been late before then ur apr wont be going up(that usually happens after the 2nd time). Now as for ur credit score...Most CREDIT CARD's report ur history simply as satisfactory or unsatisfactory, nd they usually dont report ur lateness until u reach a period of 60 past due, once u do nd u still havent contacted the card company then ur cr may be in trouble. |
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LittleWolf
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No jail time! You will be charged a late fee, plus your interest rate will go up on the entire balance. Your Credit Score is affected by three months or more of late or missed payments. Try to pay the minimum at least. |
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Samantha
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Jail time |
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