Credit Scores and Late Payments
If there is one thing that Turning Point knows, it is credit card debt. They are a debt settlement company that helps to negotiate with credit card companies to reduce debt by up to 50 percent for its customers, through the use of fixed free settlements. They do not add interest to the debt amounts, and they will not try and promise you something they cannot deliver. They are fair and through, and if you receive had past due payments on your credit card, they can try and assist you.
Your credit mark is really key. It defines what kind of credit you get, if you can get credit, and how much of credit and an interest rate you get. Approximately thirty-five percent of your Total credit mark is made up of your payment history. Therefore, if you have a history of making late payments on your credit card, then you are going to have to deal with having a lower credit score. One past payment, which is defined as 30 days or more past due, can lower your credit mark by dozens of points. Those scores of lowered points can mean you will receive a higher interest rate and owe more money.
If you have payments that are past due more than ninety days, your credit will be impacted even more. Your credit score can drop as much as one hundred points if you receive more than 5 late payments. This can actually impact your score more than bankruptcy. The great news is that resolving the past payments is typically easier and less of a concern than a bankruptcy.
You run the risk of your account going into collections if you are extremely past due and have some ninety day or more late payments. Collections appear on your credit report and lower your FICO score quite a bit.
As long as you have not gone into collections, you should have the option to make minimum payments which may save you from being late, but the minimum due doesnt help to pay off your rotating balance by much and can make you to drop even farther behind on your accounts.
