"To make timely payments" means paying an amount of money within the specific time or deadline that was agreed upon.
Full definition
If making timely payments is a challenge for you, consider setting up auto - pay on your account so you don't have to worry about losing that no - interest offer.
One of the keys to credit repair is rebuilding your credit score
by making timely payments on a credit card account that's in good standing.
This comes in the form of the waiver of late fee if you do
n't make timely payment for once but have a good repayments history otherwise.
Use these accounts wisely,
making timely payments while running a balance equal to thirty percent of your available credit each month, but no more.
Making timely payments throughout the term of your loan and padding your payments with a little extra each time will help pay the interest and decrease your loan term, saving you money.
In other words, as long as you start
making timely payments again, you will not have to pay higher rates for having a cancellation on your record all of a sudden.
As long as you keep up good credit management
like making timely payments and keeping credit card balances low, your credit score will improve with time.
In order to do that, you will have to get graduated first,
make timely payments for 12 months, and have strong credit points.
Some lenders will return the security deposit to cardholders after having
made timely payments over a long period, such as 12 months, and convert the card to an unsecured one.
But if you fail to
make timely payments towards your loans — or worse, you let them go in default — you will find yourself stuck with a bad credit rating.
It's important to
make timely payments in order to avoid defaulting, which can have negative impacts on credit score and the ability to receive credit in the future.
I spoke with a representative 6 months ago, and at the time she worked very hard to give me the impression that if I spent 6 months
making timely payments at a reasonable rate ($ 175 a month) they would be able to work with me on forgiving the $ 4k in fees if I was willing to work towards continuing to pay off the loan.
The use of a revolving line of credit, also known as a credit card, also builds a credit history which shows that a
consumer makes timely payments as well as staying below their available credit line.
On the other hand, if there is a reaffirmation agreement signed by the debtors and approved by the Bankruptcy Court, and the borrower /
debtor makes timely payment, the loan will be reported to be in good standing.
It's a shame that people who prefer a «no debt, no financing» approach to finances are penalized by not using credit products, but I guess it makes sense for the ones doing the lending to make sure that you are capable of
making timely payments regardless of your income.
The good news is that you can work on your credit after getting the car loan —
including making timely payments on the new loan — and after six months or so, you may want to look into refinancing at a better rate with your new, higher score.
«For example, if you're
currently making timely payments on a car note but have no other positive credit that's active, then you should obtain two secured credit cards and use them regularly.»
Every now and then, I see a stupid post saying that a financial company is solvent if it is
still making timely payments on its liabilities.