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Does making extra principal payments to your mortgage have any affect on your credit rating?
Yes, it will shorten the time in which the mortgage is on your credit report.
What are the different options for making payments on loans?
There are several options for making payments on loans, including making monthly payments, setting up automatic payments, making extra payments to pay off the loan faster, and refinancing the loan to potentially lower the interest rate.
How long will it take to pay off my loan with extra payments?
The time it takes to pay off your loan with extra payments depends on the amount of the extra payments and the interest rate of the loan. Generally, making extra payments can help you pay off your loan faster and save money on interest.
If you have bad credit and someone with good credit applies for an extra card in your name will that help your rating?
Yes it will I had someone do that for me and it helped alot Yes it can help your credit IF you're sure to make all payments on time. You can not afford to miss not one. I stress -- You Must make EVERY Payments On Time in order to improve your negative credit history. By this person being nice enough to apply for an extra credit card for you, it gives you the opportunity to add positive reports to your credit profile. On the same token, if you default, then it can hurt the persons credit who is trying to help you. If you stay consistent for 12 months or more, then you should see a significant improvement to your credit profile.
Will paying towards your credit card weekly better your credit?
Answer Paying a credit-card weekly or bi-weekly will not help your credit. The main advantages for doing something like this are to pay lower interest on a carried balance and to force yourself into an extra payment. Example: If you pay half of your monthly bill every 14 days, by the end of the year you will have made 26 payments - the equivalent of 13 monthly payments or one more than the 12 you would have made by sticking to the traditional bill schedule. (This is the same reason that making biweekly mortgage payments cuts a 30-year mortgage down to a 23-year mortgage.) To improve your credit via your credit card, the items to focus on are paying on time and maintaining a reasonable credit utilization rate.
