The Affects Of Late Payments On Your Credit
"Understanding The Ripple Effects: How Late Payments Can Weaken Your Financial Standing"
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2% back at gas stations
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Earn 70,000 Bonus Miles after spending $6,000 in purchases on your new Card in your first 6 months of Card Membership.
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Earn 100,000 Bonus Points after spending $2,000 in the first 3 months from account opening.
3X total points on select streaming services
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Up to 17X total points at IHG® Hotels and Resorts
That's 5X points with this card.
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Earn 85,000 Avios after you spend $5,000 on purchases within the first 3 months of account opening.
Earn 85,000 Avios after you spend $5,000 on purchases within the first 3 months of account opening.
Earn 85,000 Avios after you spend $5,000 on purchases within the first 3 months of account opening.
3X Avios for every $1 spent on British Airways, Aer Lingus, and Iberia flight purchases
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The Platinum Card® from American Express.
New Offer: Earn 80,000 Membership Rewards® Points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
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Earn $1,000 bonus cash back after you spend $10,000 on purchases in your first 3 months from account opening.
5% total cash back on travel purchased through Chase Travel℠, No Foreign Transaction Fees and Trip Cancellation/Trip Interruption Insurance
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5% cash back on Lyft rides through March 31, 2025
5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year.
80,000 Bonus Miles After You Spend $5,000 On Purchases In The First 3 Months From Account Opening
4X miles per $1 spent on purchases from United, including tickets, Economy Plus®, inflight food, beverages and Wi-Fi, and other United charges.
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60,000 Bonus Miles After You Spend $4,000 On Purchases In The First 3 Months From Account Opening + 500 Premier Qualifying Points (PQP)
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
10X total points on hotels when you purchase travel through Chase after the first $300 is spent on travel purchases annually
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140,000 Bonus Points after you spend $3,000 on purchases in the first 3 months from account opening.
5X total points on travel
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Earn up to 120,000 points - earn 80,000 points after you spend $5,000 on purchases in the first 3 months from account opening and an additional 40,000 points when you spend $15,000 in 9 months.
2X points per $1 spent on internet, cable, and phone services
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50,000 Bonus Miles After You Spend $3,000 On Purchases In The First 3 Months From Account Opening
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Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months after account opening.
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Earn 50,000 points after you spend $1,000 on purchases in the first 3 months from account opening.
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1X points on rent payments without the transaction fee up to 100,000 points each calendar year
3X points on dining
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Plus, get up to $300 in Chase Travel statement credits in the first year of account opening for any purchases made on Chase Travel.
5X points on Lyft rides through March 31, 2025
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90,000 bonus points after you spend $8,000 on purchases in the first 3 months after account opening.
5X points per $1 on Lyft rides through March 31, 2025
3X points per $1 on the first $150,000 spent in combined purchases in the following categories each account anniversary year: Shipping purchases, Advertising purchases made with social media sites and search engines, Internet, cable and phone services, Travel
Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening.Plus, earn 5% cash back on combined gas station and grocery store purchases (excluding Target and Walmart) on up to $12,000 spent in the first year.
3% on drugstore purchases
5% cash back on Lyft rides through March 31, 2025
3% on dining at restaurants, including takeout and eligible delivery services
Earn $250 back after you spend $3,000 in purchases on your new Card within the first 6 months of Card Membership. You will receive the $250 back in the form of a statement credit.
6% cash back on select U.S. streaming subscriptions.
3% cash back on transit including taxis/rideshare, parking, tolls, trains, buses and more.
6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then
1%).
3% cash back at U.S. gas stations.
Earn $200 back after you spend $2,000 in purchases on your new Card within the first 6 months of Card Membership. You will receive the $250 back in the form of a statement credit.
3% cash back on U.S. online retail purchases, on up to $6,000 per year in purchases (then 1%)
3% cash back on gas at U.S. gas stations, on up to $6,000 per year in purchases (then 1%)
Earn 120,000 Membership Rewards® Points after you spend $15,000 in qualifying purchases on the Card within your first 3 months of Card Membership.
1.5X Membership Rewards® points on eligible purchases at U.S. construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.
5X Membership Rewards® points on flights and prepaid hotels when you book at AmexTravel.com.
Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
2% cash back on all eligible purchases on up to $50,000 per calendar year
Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.
2X points on the first $50,000 spent in purchases each year
Complimentary access to 1,300+ airport lounges worldwide with up to two guests, including every Chase Sapphire Lounge by The Club, after an easy one-time enrollment in Priority Pass™ Select.
Getting into your Rental Vehicle can be the start of a great vacation. When you use your Eligible Card to reserve and pay for the Entire Rental and decline the collision damage waiver at the rental Company counter, you can be covered for Damage to or Theft of a Rental Vehicle in a Covered Territory. Please read important exclusions and restrictions. Not all vehicle types or rentals are covered. Coverage is not available for vehicles rented in Australia, Italy, and New Zealand. This product provides secondary coverage and does not include liability coverage.
Getting into your Rental Vehicle can be the start of a great vacation. When you use your Eligible Card to reserve and pay for the Entire Rental and decline the collision damage waiver at the rental Company counter, you can be covered for Damage to or Theft of a Rental Vehicle in a Covered Territory. Please read important exclusions and restrictions. Not all vehicle types or rentals are covered. Coverage is not available for vehicles rented in Australia, Italy, and New Zealand. This product provides secondary coverage and does not include liability coverage.
Auto Rental Collision Damage Waiver — Decline the rental company's collision insurance and charge the entire rental cost to your card. Coverage is provided for theft and collision damage for most cars in the U.S. and abroad. In the U.S., coverage is secondary to your personal insurance.
Decline the rental company's collision insurance and charge the entire rental cost to your card. Coverage is primary and provides reimbursement up to $75,000 for theft and collision damage for rental cars in the U.S. and abroad.
Get 50% more value when you redeem for travel through Chase Ultimate Rewards. For example, 60,000 points are worth $900 toward travel.
We help safeguard your credit card purchases using sophisticated fraud monitoring. We monitor for fraud 24/7 and can text, email or call you if there are unusual purchases on your credit card.
Transfer your points to leading airline and hotel loyalty programs at 1 to 1 value. That means 1,000 Chase Ultimate Rewards points equal 1,000 partner miles/points.
Take advantage of the most flexible travel credit available by receiving up to $300 in statement credit reimbursements each anniversary year for more of your travel purchases than any other card.
When an American Express® Card Member charges a Covered Purchase with their Eligible Card, Purchase Protection can help protect their Covered Purchases for up to 90 days from the Covered Purchase date if it is stolen or accidentally damaged. The coverage is limited up to $1,000 per occurrence, up to $50,000 per Card Member account per calendar year.
Whenever you travel more than 100 miles from home, Global Assist Hotline is available for 24/7 emergency assistance and coordination services, including medical and legal referrals, emergency cash wires, and missing luggage assistance. Card Members are responsible for the costs charged by third-party service providers. Other terms and conditions apply.
With Extended Warranty you can shop with less worry knowing the terms of the Original Manufacturer's Warranty can be extended up to one additional year. Applies to warranties of 5 years or less on Covered Purchases in the United States or its territories or possessions.
As a Card Member, you can be covered for Damage to or Theft of a Rental Vehicle in a Covered Territory when you use your Eligible Card to reserve and pay for the Entire Rental and decline the collision damage waiver (CDW) at the Rental Company counter. Please read important exclusions and restrictions. Not all vehicle types or rentals are covered. Coverage is not available for vehicles rented in Australia, Italy, and New Zealand. This product provides secondary coverage and does not include liability coverage.
If your trip is canceled or cut short by sickness, severe weather and other covered situations, you can be reimbursed up to $10,000 per person and $20,000 per trip for your pre-paid, non-refundable travel expenses, including passenger fares, tours, and hotels.
Get 25% more value when redeemed for travel. For example 60,000 points are worth $750 toward travel when redeemed through Chase Travel℠. Plus, Chase Travel℠ rewards points do not expire as long as the account is open.
Our business cards offer services to help you during auto-related emergencies, such as jump-starting, tire changing and towing.
"Understanding The Ripple Effects: How Late Payments Can Weaken Your Financial Standing"
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Late payments can significantly impact your financial health, particularly your credit score. Your credit score is a vital indicator of your financial reliability, and it plays a crucial role in determining your ability to borrow money and the interest rates you'll be charged. Here's why you should make every effort to avoid late payments:
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Your payment history is a major component of your credit score, making up about 35% of the total. Even a single late payment can cause a substantial drop in your score, particularly if you had a high credit rating to begin with. The higher your score, the more it has to fall.
Not only do late payments result in additional late fees, but they can also lead to increased interest rates on your current credit accounts and future loans. This can make borrowing more expensive and add to your financial burden.
Late payments remain on your credit report for seven years, affecting your ability to secure favorable credit terms in the future. While their impact diminishes over time, they can still be a red flag to potential lenders.
If a late payment leads to a higher interest rate on your credit card, it can result in higher balances, which in turn can increase your credit utilization ratio. This ratio is the second most important factor in your credit score calculation, and a higher ratio can further decrease your score.
Consistent late payments can lead to defaulting on your debt, which can have even more severe consequences for your credit score and overall financial health.
To avoid the negative impact of late payments, it's crucial to prioritize timely payments. Consider setting up automatic payments for your bills, creating a budget to keep track of your finances, and marking due dates on your calendar to ensure you never miss a payment. By staying on top of your financial obligations, you can maintain a healthy credit score and enjoy greater financial freedom.
Keeping track of your credit is essential for maintaining a healthy financial life. Here are some tips on how to do this effectively:
You're entitled to a free credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) every year through AnnualCreditReport.com. Review these reports for any inaccuracies or signs of fraudulent activity.
Many banks, credit card issuers, and financial websites offer free credit score monitoring services. These services typically provide you with an updated score each month and alert you to any significant changes.
Consider setting up alerts with your credit monitoring service to notify you of any new inquiries, accounts, or changes to your credit score. This can help you quickly detect and address any unauthorized activity.
Familiarize yourself with the factors that impact your credit score, such as payment history, credit utilization, length of credit history, types of credit, and recent inquiries. This knowledge can help you make informed decisions that positively affect your score.
If you find errors on your credit report, dispute them with the credit bureau and the creditor involved. Incorrect information can negatively impact your score, so it's important to address these issues promptly.
Pay your bills on time, keep your credit card balances low, and avoid opening too many new accounts at once. Good credit habits contribute to a positive credit history and can help improve your score over time.
By keeping track of your credit and managing it responsibly, you can safeguard your financial health and ensure that you're in a strong position to access credit when you need it.
If you've experienced issues with late payments or other negative impacts on your credit score, getting approved for credit or loans can be challenging. Here are some tips to navigate this period:
After a late payment or other negative marks on your credit report, it can take time for your credit score to recover. It might be difficult to get approved for new credit or loans for at least a year or more.
Focus on building a positive credit history during this recovery period. Make all payments on time, reduce outstanding debt, and avoid new negative marks on your credit report.
If you're struggling to get approved for traditional credit cards or loans, consider secured credit options like secured credit cards. These require a deposit and can be a good way to rebuild credit if used responsibly.
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