If you are in the habit of browsing through your credit card statements, you might notice that your payment method icon has changed over time. This is because the amount you have been paying for each bill can change. Some of the changes include: the date the bill was made; how much money has been used to pay it; how many bills have been paid within a month and even the length of time you have been paying back the debt. All of this information is collected by the three credit bureaus. And each time, this information will be incorporated into your payment method icon.
In some cases, the payment method icon will appear in one or two places. The first place is on the bottom of the page. You will see your monthly payments listed here. However, this payment does not include any of your late payments. You will also find that in order to clear all of the debts you owe, you need to make six payments a month instead of the normal three.
You can also find that if your payment method icon includes your interest rates, then this number may be displayed on the next page of your bill. For example, if your payment method icon shows a rate of eleven percent, then the rates for your credit card will be around ten percent. It is easy to understand why the payment method icon for interest is displayed on the same page as your payment method icon. That way, you will have the same interest rate applied at the same time each month.
When you find that your payment method icon does not include your credit card or loan balances, it is time to start paying attention to what is happening with your finances. Pay attention to all the bills that you have paid and have yet to be paid. There may be some information there that has not been reported to the credit bureaus.
There are ways to get this information through the Fair . . . . . . Credit Reporting Act (FCRA) and by contacting the credit bureaus directly. They will be more than happy to help you. But keep in mind that your information will be disclosed to any third party that asks for it. It is important to be proactive and take charge of your finances.
When it comes to your payment method icon, remember that your payment is not only to be made on time but also on a regular basis. Your icon will change with your payment habits.