Will my credit score increase after making the minimum monthly payments?
Date: Fri, 09/27/2013 17:28
I have 5-6 credit cards. I use these cards for purchasing clothes and accessories mostly. Sometimes, I make large purchases in a month. I just can't restrict myself whenever I see good accessories. I know this is my fault. I'm trying to restrict myself nowadays.
To cut things short, I have not been able to pay the full bills every month. The balance gets carried over every month. I make only the minimum monthly payments every month. How will this affect my credit score? My current credit score is 560. I want to increase it for buying a condo in Hoover, Alabama.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.