WHAT HAPPENS IF YOU FAIL TO PAY UR SECURED CREDIT CARD BILL
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As the topic says.... what happens. does it reflect on your credit history. why? after all they gave a card against a full cash deposit. more like a debit card.
any views
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I AM "CAN-INDIAN"
It is a credit card (not debit card), even if it is a secured card. If you pay on time, you build your credit history too. Regarding reflecting on credit history, it depends how late you are?
Quote:
Originally posted by shubi13
As the topic says.... what happens. does it reflect on your credit history. why? after all they gave a card against a full cash deposit. more like a debit card.
any views
Credit Card payments
Ash is right.
If you do not pay at least the minimum required payment on time for your credit card bills, whether secured or non-secured, your credit will definitely be adversly affected. Hence, if for any reason you can not pay in full, you should make atleast the montly minimum payment. This way you would end up paying hight interest rate charges but would not be spoiling your credit. However, it is advisable to always pay the credit card payments in full and do not carry over the balance to next statement.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
A secured credit card is a tool to build credit history, otherwise it has limited uses as a financial tool.
If we assume the above statement to be true, then, keeping the prime objective of good credit history always in view, paying on time comes high on priority.
Yes, you are right.
Quote:
Originally posted by LD
A secured credit card is a tool to build credit history, otherwise it has limited uses as a financial tool.
If we assume the above statement to be true, then, keeping the prime objective of good credit history always in view, paying on time comes high on priority.
Quote:
Originally posted by Pramod Chopra
Credit Card payments
. However, it is advisable to always pay the credit card payments in full and do not carry over the balance to next statement.
Kyoon always?
Apun ko Scotiabank card hai jis ka interest prime plus 1.75% hai aur CIBC bizline bhi hai similar rate pe. Both maxed out aur money used to invest.
Most gaya saal mein apun paying around the 6% and making the 30%. Also same same apla LOC's ke sath.
Haan apla score 700+ se 611 tak gaya kyoon all credit maxed for lengthy period of time, lakin better to make money than have good credit score.
Haan if you go to other bank for more credit , they will refuse like RBC doing to me, lakin apun going back to CIBC and Scotia and they increasing all limits by 40-60%. Gaya kkada mein RBC .
Plus apun having also investment loans- helping the pay apla mortgage down by 20% over and above apla initial 5% and now having the conventional mortgage. Lending officer at Scotia tolding that apun in top 5 % of Canadians where paying mortgage down to 75% (now 70%, maybe even) in less than the 2 years.
Chal anyway, maybe it is being the bad choice of words- always-lakin apun thinking maybe u r meaning as general rule of thumb. Maybe true, maybe the not. Apun ta telling everybody to max out and invest lakin logon ko kaleja nahin.
Some are having though and not regretting taking that the step. Plus kya interest uspe bhi can the write off so actually paying "less the interest" so to yaani speak.
Chal to each apla own
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hinglish zindabad
Location: Mississuauga, Brampton
Posted on: 27-04-06 16:53:28
Hi all,
Who is issuing Master card aprt from ICICI AND Citi FINANCIAL?
Thanks for your help.
Best REGARDS
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mag
