is this still hurting my credit

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

Brown
Guest

Subject: is this still hurting my credit

Wed Mar 17, 2010 11:48 am

Hello,

In June 2005, I missed a payment on a credit card by 5 days. The bank raised the interest to 24%. I got a loan of 500K with low interest to pay for this credit card. However, I decided not to close the account. I have since then used been it for balance transfers because the bank was offering low APR on balance transfers. I have no other late fees on my credit report on this account but for the large balance.

Is it possible that the late payment made so many years ago and the high APR is still hurting my credit?

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2675

48566 Magic Points

Subject: late payment still hurting credit

Wed Mar 17, 2010 12:04 pm

Hi Brown,

It is true that you had been late in paying the dues. However, many years have passed from then and you have paid off the dues too. Thus, this should not hurt your credit anymore. Moreover, your account isn't showing any late payments. Thus, may be the high balance on your credit report is hurting your score.

Can you tell me if the APR is being shown on your credit report or not?

Hope this helps.

Regards,

Aaron
_________________
Keep in touch Smile

Quick Reply

Your Name

Subject

Message body


Page 1 of 1

Home|Contact Us|Terms of Services|Privacy Policy|RSS

* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.