Finance Credit

10 Amazing Tips For Credit Payments

Published at 03/31/2012 02:00:43


Making your credit payments when they are due is an important part of keeping your credit score up. Even if you have missed some and your credit score has suffered, it is still important to get back on track with your credit payments. If you are consistently late or skipping credit payments, it is important to determine why this keeps happening. Once you know why it happens, you can take the necessary steps to fix the problem. Remember that your credit score is very important, it can determine the rates that you get when you buy a home or a car, or even if you will be able to buy a home or car.

Step 1

Determine why your credit payments are late. If you find that you often make your credit payments late, find out why. Do you forget? If that is the case, you should set up reminders. Have reminders sent to your phone or computer. You will want the reminder sent at least ten days before the payment is due. This gives you time to gather the money and make the payment. If you mail in the payment, you may need even more time. By setting up reminders, you will no longer forget about credit payments that are coming due.

Step 2

Cut back on expenses. If the reason you get behind in credit payments is because you do not have the funds to make your credit payments, it is time to rethink your spending. Make a list of all of your monthly expenses. Next determine when each expense is due and how to divide your pay each week in order to have everything not only paid, but paid on time. If you run out of money before your expenses can be paid, look for ways to either cut back or make more money. Perhaps you can pick up a few hours of extra work on weeks when you have a lot of credit payments due. Or maybe find some less expensive meals to cook for a week. Skip going out for dinner and eat at home. Do whatever you have to do to get your bills paid.

Step 3

Plan ahead so you have ways to raise money quickly. If you are in danger of missing one of your credit payments due to lack of money, find a way to make some. Hold a yard sale or sell items that you no longer want or need on Craigslist. Offer to cut the grass for a neighbor or do some yard work for a small fee. Make a post on Craigslist offering your services as a dog walker, window washer or anything else that you can think of in order to make the money for your credit payments.

Step 4

Pay more than the minimum amount due on credit payments. If you are up to date on your credit payments but are looking for ways to improve your credit score or to get your balance down, pay extra. Making the minimum payment each month means that you end up paying more in interest. The quicker you can get your balance down, the less you end up paying. Make it a point to send a bit more than your minimum payment in when making credit payments.

Step 5

Pay down your balance. When making credit payments, remember that the faster you get your balance down, the better it looks on your credit report. Your goal should be to have a balance of less than half of your available credit. For example if your available credit is $600, you want to keep your charges to $300 or less at all times.

Step 6

Speak to your creditors. If you find yourself doing all that you can to keep up on your credit payments, but are still falling behind, call the creditor. You may be able to work out some type of arrangements that will enable you to get caught up. They may be able to work with you to come up with a hardship payment plan. This is preferable to just ignoring the issue.

Step 7

Limit your credit cards. If you find yourself making many credit payments each month, it may be a good idea to pay off some of your cards and stop using them. Begin working to pay off either the ones with the lowest balance or the ones with the highest interest rate first. Once they are paid, make it a rule that you will not use them again.

Step 8

Opt out of credit offers. If you find yourself receiving many credit offers in the mail and lack the discipline to turn them down, opt out. You have the right to say you do not want to receive these prescreened offers.

Step 9

Keep accurate records of when you make your credit payments. If there is ever an error or dispute, you will have everything you need to go back and prove that your credit payments were made.

Step 10

Before applying for credit, be sure that you have read and understand the terms and conditions. You will be making credit payments to pay these bills off and you want to know what you are getting into.


Always look over your statements when you are making credit payments. Make sure that they are accurate and that there is nothing on the there that you, yourself did not charge.


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