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I missed a QVC credit card payment and am afraid that my credit score is going to suffer as a result. What can I do to prevent my credit from being damaged further?
Answered on August 26, 2016 Updated on August 26, 2016
The content is accurate at the time of publication and is subject to change.
Not to worry. One late credit card payment generally will not sink your credit score too badly. It's when payments are missed completely, or repeatedly late, that it can start to affect your credit score. It's important to understand the components that go into a credit score, in order to achieve the best score possible. The five things that affect your credit score are: making payments on time, maintaining a healthy debt-to-available-credit balance, length of credit history, types of credit used, and amount of new credit requests. It's best if you make all payments on time, keep your balances low, keep your accounts open and active, utilize a mix of types of credit, and apply for new accounts selectively. That way, you'll keep your credit score as high as it can be, and any negative information will fall off your credit report eventually.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
You will earn cash back by making purchases at select merchants. These merchants can be found in the Venmo Card section of Venmo app. Earned cash back will be applied to your Venmo account. If you are looking for cash back, we recommend you to apply for cash back credit cards.
For sure, you may choose from different cash back credit cards. You may find there offers with up to 5% cash back, no annual fee, sign-up bonuses and other perks. Pay attention to credit cards with increased cash back bonus categories. For example, if you spend a lot on gas purchases, credit cards with special cash back on gas category may be your choice.
HSBC Cash Rewards Mastercard® credit card comes with the following cash back rewards: 3% introductory cash back on all purchases in the first 12 months from account opening, up to the first $10,000 in purchases. Get 1.5 cash rewards on every $1 you spend on all new, net purchases after the intro period. If you want to earn more, you may consider other cash back credit cards.
Have you ever been declared bankrupt or defaulted on a loan?
Have you been late on any credit card or loan in the last year?
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