A potential lender would primarily assess a borrower’s creditworthiness by their credit reports and in turn their credit scores. Your bill payment history is one of the main criteria for creditworthiness; the strength of your credit history is what determines if you qualify for a credit card, a home mortgage or a car loan and at what interest rate!
Have you always paid your credit card payment on time? This is one of the most crucial pieces of information reported on your credit bureaus.
Not receiving a monthly statement does not exonerate you from paying on time or the correct minimum payment.
Pay consistently and on time.
Credit Card Companies mail out statements as a courtesy – it is your responsibility to follow-up on the missing statement, but more importantly to contact them and make sure payments are on time.
To earn a good to excellent credit score you have to pay all of your bills, loan installments and credit card payments on time, religiously. Late Payments are reported on your credit reports for years to come and decrease your credit score. You have to abide to your contractual agreement, you promised to pay on-time. You can make extra payments anytime, but the minimum payment has to be done by a certain date – there is absolutely no flexibility!
Avoid the small and large mistakes that can decrease your credit score for years!
Schedule some quite time on a weekly basis and get into the habit of reviewing your credit card statements and paying them as soon as they show up in the mail or on your e-mail in-box.
- Consider setting up online accounts to pay all of your bills electronically; you can schedule post dated your payments.
- Mail your payments in the return self-address envelope enclosed with your monthly credit card statement to make sure your payments are being delivered to the correct address and department. Mail the envelope 5-7 business days before the payment due date, this information is clearly marked on you statement. Be mindful of holidays, particularly Christmas and New Year the mail services tends to be a little slower during this season.
- You can make payments at any of your bank’s banking centers and make your payments at the counter with the help of a live teller.
- Pay by Phone
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Be Credit Wise! It is far smarter to take the time to deal with the problem than hoping for the best or try to deal with the issue when making a big ticket item.