Tag Archives: Success

Late Credit Card Payments – What to do!

pastdue credit card payment

Late credit card payments happen to all of us. Sometimes life gets busy and the due date was missed or maybe it was a little bit of a struggle to come up with enough money for all the monthly bills. In any case, missing a payment could have a negative impact on your credit score. Here is some great information and steps to take as soon as you realize the bill was late:

1. Make Your Payment As Soon As Possible

If you’re late on a credit card payment or missed it altogether, don’t just wait for the next bill to come. Make a payment on your card as soon as possible. The sooner you do, the less chances it will have a negative impact on your credit score.

Here’s what you need to know about credit scores and late payments: a payment is typically reported to the credit bureaus if it’s 30, 60, or 90 days late. But if you get your payment in before that 30 days, you can rectify the situation before it hits your report.

2. Call Your Credit Card Issuer and Ask them to Waive the Fee

Believe it or not, if you were charged a fee for your late payment, there’s a good chance you can get it waived. Simply make your payment and call your credit card issuer. Tell them that it was a mistake and not one you intend to repeat, and chances are they’ll take the fee right off for you.

Here’s what not to do when you call: Don’t give a sob story. Don’t try to tug at their emotions or their sympathy. Don’t get angry. Don’t tell them all the details about your life and your finances. This won’t work.

Instead, be courteous and professional. Tell them that it was a mistake and that you have now made your payment, and since you’ve been a loyal customer for so long you’d greatly appreciate it if they remove the fee. Keep it simple and polite and your chances will be much better.

3. Make A Plan to Prevent this From Happening Again

Late payments happen to everyone – that’s one reason credit card companies are decently fair about removing fees. We all make mistakes sometimes!

But if it happens over and over again, then it will turn into a much larger problem. Continually missing payments could lead to a hike in your APR, less cooperation on fee removal, and even eventual default. If the latter happens, you’ll see a major dip in your credit score and you’ll have to deal with debt collection agencies.

A mistake happens once – but three, five, ten times is a habit. That’s why it’s important to make a plan of action now. The more you can do to prevent this from happening again, the better off you’ll be.

For more information: https://www.mybanktracker.com/credit-cards/advice/what-to-do-if-miss-credit-card-payment-19429

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An Affordable Housing Success Story

IHA’s mission is to strengthen communities and improve the quality of life and economic stability for seniors, working families and individuals through the creation and preservation of affordable housing. For Amanda Lambert, an original tenant at Penn Avenue Townhomes in Cumberland, Maryland, these goals have been achieved through homeownership. This is a FANTASTIC success for Amanda and IHA could not be happier to see her achieve this dream.

Pictured below: Amanda and her kids outside of their Penn Avenue Townhome.

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Lacy Ames, Special Project Coordinator, had the opportunity to interview Amanda about her experience, her future, and any advice she has for those struggling to obtain affordable housing.

Prior to moving into Penn Avenue Townhomes, Amanda rented a house down the street which was much more expensive and more space than she needed. This left her with virtually no money to cover other routine expenses, let along invest in the future. As a single mother to a little boy named Jameson, Amanda knew she had to find something more affordable.  Penn Avenue Townhomes opened in 2012 and Amanda was one of the first tenants in the community.

During her time at Penn Avenue Townhomes, Amanda was able to begin putting money aside for a home of her own. Amanda stated during our interview that she “didn’t look to stay here forever”. Amanda came in with the mindset that she wanted to prepare for a future home for her family. Working towards this dream, Amanda took advantage of all the resources available. Her son attended community events and various children’s projects. Additionally, Amanda stated she could always rely on the Property Manager and maintenance staff to keep her townhouse well-maintained and running smoothly. She even learned some basic home maintenance along the way. She also utilized resources provided by the Supportive Services Coordinator to learn the specific steps to homeownership.

A piece of advice she has for others who are utilizing affordable housing but would like to own a house of their own in the future, is to be patient. It takes TIME and PERSISTENCE to save enough money. She said she would take notice of the amount of maintenance that would need to be done, even just the need for new lightbulbs, and understand that she would need to save enough money to be ready for all the unexpected, maintenance costs that go along with owning a home. The Cumberland area can be very pricey and owning a home would have been difficult to do years ago as a single mother. However, after 5 years in an affordable townhome, she was able to reach her dreams.

Pictured above: Amanda, her fiancé Michael and their new home

Amanda recently got engaged to her fiancé Michael, who very creatively proposed via  live dance video. Her life has recently been very busy with the engagement, recent birth of her daughter Lily, and of course purchasing the home of her dreams. She is READY and EXCITED to move into her new space, into a place she can call her own.

 

IHA is honored to have been part of Amanda and her family’s journey. We hope this success story provides those in similar situations the motivation and confidence that their dream of homeownership could come true as well!