U.S. Credit Solutions

The minimum payment for credit card accounts can vary from month-to-month. It’s typically calculated in one of two ways: As a percentage of your outstanding balance plus new interest and fees or as a fixed amount, whichever is greater. For example, say a lender charges either 1% of your balance plus interest or $25. If your balance for a statement period is lower than $25, you’d simply need to pay the entire balance. It’s important to check your statements to understand the policy for your specific card and issuer.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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If you can, paying the balance in full each statement period is the better option. If you pay off the balance in its entirety, it can help you save some serious money by helping you avoid costly interest payments. Paying in full may also help your credit score. In addition to consistently making on-time payments, you’ll be in the good habit of keeping your balances low across your credit card accounts. Your credit utilization, how much of your available credit you’re using, is an important factor in calculating your credit score. In general, the lower your utilization is, the better it is for your score.⠀⠀⠀⠀⠀⠀⠀⠀⠀
Source: Transunion⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The APR will be a factor in how much you pay to borrow money each month. In the case of credit cards, it’s especially important if you carry a balance from month to month. If you pay off your balance on time every month, you won’t be charged any interest. If, however, you carry a balance from month to month, you’ll be charged, based on the APR, for the unpaid portion.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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It’s easy to lump interest rate and APR into the same category, but they’re actually two different types of rates.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Your interest rate is the percentage charged on the principal loan amount. In the case of a credit card, that loan amount would be your card balance. Compared with interest rate, “APR is a broader measure of the cost of borrowing money,” according to the CFPB. It includes the interest rate plus other costs, such as lender fees, closing costs and insurance. If there are no lender fees, the APR and interest rate may be the same—and that’s typically the case for credit cards.⠀⠀⠀⠀⠀⠀⠀⠀⠀
Source: Capital One ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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There are many entities that can check your credit so as the old saying goes, stay ready so you don't have to get ready.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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To ensure you are always in a position to be approved, contact U.S. Credit Solutions today and let us get you set up to win! Click the link in our bio and let's get started TODAY!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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