Even if there is no cash on hand the credit card is an option to get what you want. If the dues are not paid in time, then the credit card companies charge interest and finance charges on the interest levied.
In order to avoid these finance charges the following instructions may be useful
- Value for the money and send what can be affordable to the spender budget. Do not over budget and you may be struck with the heavy finance charges. Avoid Debt in credit cards.
- Prioritize the payment and pay first for the credit card which has higher interest rate and pay a big share in the budget. This would avoid the large finance charges being imposed.
- Settle the credit card debts in the due date. The credit card companies would not process even if the payment is made a week in advance. Avoid paying late payment fees.
- If the credit history with the particular credit cad company is good then you can request them to waive the finance charges. They may forgo.
- Consider a credit card company offers 0% and you have a card of that kind then transfer the amount to be paid to that credit card ensuring that there are no balance transfer charges. Most credit card companies charge the balance transfer charges.
- If any huge finance charges are levied for something by mistake then it is better to check the rapid rescore process. You may contact an agent or mortgage company for recalculating the credit scores. These scores are not given to general public. Only mortgage and agents can get this done. Those who have the FICO credit scores as low as 600 can proceed for the rapid rescore process so that their finance charges would be lowered.
- In order to undergo rapid rescore the consumer needs to provide evidence that the mistake was not on his part. This process increases the credit scores only if the credit card companies admit the mistake and agrees to remove the finance charges.
All the problems in the rapid rescore cannot be fixed in 72 hours as advertised. Sometimes it may take a week too.
The major rapid rescore are Experian, Equifax and Trans Union. There are 200 such companies operating for rapid rescore process.
These tips might be helpful to avoid finance charges.