You are using an unsupported browser
Please switch to a supported browser so you can get the best experience on this site
Doing everything you can to maintain a good credit score is very important. Even just one missed credit card payment can have detrimental effects on your credit for years to come. If you are having trouble making your minimum payments, you may want to consider an installment loan from Simple Fast Loans to avoid any missed payments.
In this article, we are going to break down why it’s so important to stay current on your credit card payments and how Simple Fast Loans can help you do that if you need some extra help.
Most credit card payments are considered late 30 days after the due date. So, if your payment was due more than 30 days ago and you haven’t yet made a payment, you are considered late.
Sometimes missing a credit card payment happens. Whether you forget or don’t have enough money in your account by the due date, it’s easy for it to slip by.
Unfortunately, when you miss a credit card payment, even just one, there are sometimes lasting effects on your credit. This is important to consider if you think you might be late and a good reason why you should always try to pay on time or early to avoid this.
Here are some of the things that are likely to happen to your credit if you miss a credit card payment.
Most credit card companies will report your late payment to the major credit bureaus, Transunion, Experian, and Equifax, once you are 30 or more days late. This will result in a semi-permanent remark on your credit report.
Late payments will stay on your credit report for about seven years, so even that one late payment will stay with you for quite a while.
They may increase your interest rate if you make a late payment on your credit card.
This happens because since you made a late payment, you are considered less credit-worthy. Even though you can still use your credit card, they may add on interest to discourage you from continuing to make late payments.
When credit card companies or other lenders report a late payment to the credit bureaus, it will most likely lower your overall credit score. How much it will lower depends on a few factors, but it will almost certainly lower it by at least a few points.
A late payment can greatly impact your credit score even if you have been a good payer for a long time. Your payment history makes up about 30-35% of your credit score, so even a one-time late payment can have a big effect that will take months or years to reverse.
When your credit score decreases, you will appear less credit-worthy if you apply for any other credit or loans. If you plan to apply for another credit card, a mortgage, an auto loan, or any other kind of financing, your credit score is a huge factor in the decision to approve you.
If your credit score has dropped due to a late payment, you may have difficulty getting approval for any additional loans until it comes back up. This can take up to seven years, depending on what other detrimental factors appear on your credit report.
If you do get approved for a loan, it may be for a smaller amount than you were hoping for, or you may have a higher interest rate. These are the most common ways banks and other lenders will work with people with lower credit scores because they are viewed as less likely to repay.
An installment loan with Simple Fast Loans is an easy way to borrow a set amount of money that you will pay back over time in small incremental payments, also called installments.
Installment loans with Simple Fast Loans are a great way to get your hands on some cash to pay your credit card payments without incurring late fees or impacting your credit score. You can get instant approval online to borrow from $200-$3,000 to cover your expenses and/or payments.
Applying for an installment loan from Simple Fast Loans can help you bridge the gap and cover your payments quickly and easily. It is a hassle-free process that can make a big impact on your finances and your credit score.
Here are some ways that an installment loan from Simple Fast Loans can help you with your credit card payments:
If you know you have a credit card payment due soon that you won’t be able to afford, installment loans are a great way to cover that until you get the money. You can apply online and get an instant approval for the amount you need to comfortably pay your bill on time and avoid late payment penalties and other issues.
Installment loans from Simple Fast Loans will have the money deposited in your account within 24 hours of your approved application. This is great if you are short on paying your bills.
With flexible loans ranging from $200-$3,000, you can borrow as much as you need and split your payments up over time.
You can easily do that if you only need a few hundred dollars to cover some credit card bills. If you need a little bit more money to cover other expenses in addition to your credit card bills, you can apply for extra to cover those as well.
Using their simple application form, you can apply online with Simple Fast Loans with any computer or device. There are no long, complicated pages to fill out; all you need is basic personal information to submit your application.
Once your application is completed, most loan decisions are instant. You will know immediately whether you were approved and how much you were approved for.
Your loan amount will be based on your income status and your current credit rating. Even if you have less than stellar credit, you can still get approved for an installment loan from Simple Fast Loans.
No waiting around for 3-5 business days to see the money hit your account. Simple Fast Loans understands that when you apply for an installment loan, you need the money quickly to catch up on your payments and move on with your life.
Once your loan is approved, the money will be deposited into your account within 24 hours. In most cases, the funds are deposited on the same day.
An installment loan is a great way to help pay your bills when you are struggling financially or need a little extra time to come up with the cash to pay your credit card bills. There are still some important considerations to think about before deciding if an installment loan is right for you.
Here are some important things to think about before applying for an installment loan:
It’s never a good idea to pay your credit card bills late. Payments made 30 or more days after the due date will be reported to the major credit bureaus and will be reflected on your credit score for at least seven years.
Even just one late payment can cause damage to your credit score that will haunt you for years to come. Late payments make up a large portion of your credit rating, so you can expect to see an impact from a late payment even if you’ve always paid on time.
If you’re having difficulty finding the money to pay your bills, an installment loan can help. They offer you a flexible loan for only as much as you need with an affordable repayment amount, so you won’t risk falling behind again.
With an installment loan from Simple Fast Loans, you can cover a month (or a few months) of your credit card bills until you return. They have an easy application process and deposit the funds into your account quickly so you can pay your bills and not stress about late fees and credit score decreases.
Browse through the Blog to read articles and tips on managing debt, improving your credit and saving more money!
