Payday loans are a good source of money to help keep payments running on time. There are times that unexpected payments tend to eat up the cash which was scheduled with regular bill payments. When these types of things happen, online payday loans work well for many customers. Paying a fee for fast money is a proactive way to maintaining on-time payments. You will be charged for late payments, be reported to the credit bureaus, and run the risk of your interest rising for the creditor. If you are late on your payments, even those less than 30 days will start to do some damage to your credit score.
What can you do to correct any of these negative marks on your credit score? First of all one of the most important factors would be to make the payment and do what you can to keep all future ones paid on time. Dig deep into your budget to find the funds necessary to make it work. The next thing you can do is take a look at your credit score to see what exactly has been reported and how many times. The creditors may not have reported the first late payment if it was paid within the 30 days. Each creditor has their own policies, but they all are less forgiving when debtors are repeatedly late.
If the creditor you are late with is one who which has been with you for a long time or you have your bank accounts will, you can call to ask them to remove the late payment status. Creditors will not call you to ask if you want it removed, so you as the debtor will need to be on the offensive, a polite offensive. If you are one who is habitually late, it doesn't hurt to try, but most creditors will not help if being late happens too often. Phone calls do not always work, you can ask to speak to a supervisor or try a different approach.
If you have been a good customer with a history of on-time payments, write a letter to the creditor. In your letter address your creditor courteously and be clear with your request. Let them know how long you have been a customer. Refer to the length of on-time payments and that you stayed with their company refusing offers from other creditors who had more attractive offers. Let them know that you read what was reported on your credit report and you are requesting that they have it removed. Let them know that you know it is easily done since becoming familiar with the Fair Credit Reporting Act.
Let them know that your record would be unblemished if it weren't for the one or two exceptions. Ask for their loyalty in return by having the items removed. State your appreciation and thank them in advance with your intention of remaining a loyal and responsible customer.
Prevent late payments with online payday loans.Prevention is the best medicine when it comes to keeping on-time payments. Make sure you have the money necessary to repay your loan so you can keep the low cost online payday loans a success.
