Posted on: 11th Sep, 2010 02:20 pm
My husband applied for a Lane bryant card for me. I was making my payment on time and always paid the minimum balance. I really didnt look at the statement and they change the minimum to 31.00 and i was paying 20.00. The customer service told him his credit would drop a 100 points. His credit score is 767. I was considered late from june-sept. Just wanted to know if this is possible. He was very upset.
Hi cherec,
As the card is in your husband's name, the default on the minimum payments will have a negative affect on his credit report. If the creditor reports it to the bureaus, his credit score would drop by certain points. However, it would be difficult for me to let you know how much your husband's score would drop.
As the card is in your husband's name, the default on the minimum payments will have a negative affect on his credit report. If the creditor reports it to the bureaus, his credit score would drop by certain points. However, it would be difficult for me to let you know how much your husband's score would drop.
Your husband have to contact the concerned bank because if he have statements or he was paying before due dates and submitting minimum amounts its impossible that bank can charge a single penny as a late payment fee or dicrease the points. There are two two types of charges Late payment fee will be charged on the utilized amount of card when you will missed your due date and other will called the financial charges/service charges which bank has already intimated or signed by customer if bank takes the financial or services charges he is on right but Late payment fee can be destroy the credit history. There will be some fault at your husband end because if he was paying at time or minimum you can sue the bank. First check your husband end