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Originally posted by soft&beautiful
FYI , there is legislation being introduced to increase the minimum payment due so beware! Back to the cc's, first Missam you will be charge a late fee when balances are not paid on time. So make sure you make the minimum payments (normally, 2% of the balance) ASAP! If you spent the limit, say 1000, and you don't pay by the due date you will be charged a late fee which puts you over the limit then a over the limit fee will be assessed.
Also, beware of credit monitoring programs because all do NOT show your true FICO they show a FAKO. Use www.myfico.com for FICO scores online. If you want to improve your credit pay your balance down not completely off UNLESS if after you pay it offf you charge again but no more than 30% of the card limit. Anything over the 30% yields high utilization which simply means you have too much debt-- a strike against your FICO.
If you want to pay down your credit card, double your minimum payment. STOP charging! Esp. for small items like gum, pop, hosiery, etc..
A good way to increase your score through credit use is buy enough gas to fill up your tank once a month then pay it off. This is a good but cheap way to use your cc's without ruining your credit and building your score.
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Yeah I heard about the legislation and thought it had already been passed. That's the problem though..the minimum balance has gotten so high to where I CAN'T afford them with the other obligations I have. I just got my first check from my 2nd job and I will file this week. So I hope to get those cards back on track. Thanks for the info though!!