Having a bad credit charge card and using it responsibly can help you get back on the path towards rebuilding your credit. Nothing speaks louder to the banks and credit bureaus than a strong, on-time payment history. Because of this, it is absolutely vital that you pay your bill on time and avoid late fees and other charges.
There are already plenty of other reasons to avoid having to pay late fees. Many banks have increased their late fees in an attempt to encourage people to just pay on time. Now it is not uncommon to find credit card companies with late fees as high as $50 for each time you're late. For many people the late fee might even be more than what your minimum payment would have been, not to mention the fact that if you're late you get stuck paying the late fee IN ADDITION TO that minimum payment!
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Of course the best thing to do to stay out of this situation and potentially cause additional damage to your credit report is to simply pay your bill on time. Better yet, if you can get ahead by one payment, all the better.
One easy way to make sure you're never late on your payments is to enroll in online banking. Your local bank probably offers online banking and bill payment which allows you to schedule payments that are coming due to make sure they get sent on time. They'll either print a paper check or just send the money via Electronic Funds Transfer, but either way, you know it will get there on time.
You can also sign up with whatever bill payment service your credit card company has. Most companies allow you to setup payments that come right out of your checking account, either automatically paying the minimum each month whenever the payment is due or allowing you to go online and schedule the payment date and amount.
Another option most charge card companies offer is paying by phone. All you need is the routing number and account number from your checking account (found at the bottom of all of your checks) and the customer service representative can process your payment, usually that day or the next business day. They can even make it a rush payment if your bill is due so soon that you wouldn't have time to mail it in, saving you from possibly having a late payment. However it's important to keep in mind that charge card companies often times charge a fee for pay-by-phone service.
If you choose to send a paper check, be sure you include the payment stub and follow all the guidelines indicated by the bad credit charge card company. Usually these guidelines include things such as where to send the payment, when the payment will be processed (how long it takes after they receive your payment).
Another thing to keep in mind is that your bad credit charge card probably has a bit higher rate than a standard credit card, giving you more of a reason to not only pay the bill on time but also pay it off in full each month or at least every other month. That way, the impact of having a higher interest rate is minimized since you will rarely carry a balance.
However, if you must carry a balance, use one of these options to be sure you continue paying your bad credit charge card on time each and every month.
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