The front and back of credit card often referred to as the “clean” and “old” side of the card. As you use your credit card, small amounts of debt accumulate on each card. Over time, many of these debts become larger than the amount of money that can be borrowed. The card companies will then add the debt to your current line of credit.
When you first receive your new credit card, the company will send you an authorization code or a statement. This code will allow you to start using your card. At this point, you should review the back of the card and identify any outstanding debt. If there is a balance, you should make payment immediately. If not, the balance will remain on the card.
Once you have identified the outstanding debt on the front of the card, it is time to turn it around. If there is no money due, your next step is to pay off the card as much as possible. The key is to pay more than the minimum payment required. The front of the credit card account will show the credit card balance before any payments have been made. By paying off this balance as quickly as possible, you will pay down the debt and remove the front of credit card debt from your credit report.
Many people have the “front” and “back” of credit card debt listed on their credit report at the same time. Unfortunately, when you order your free annual report, one of the items that is requested is your credit card debt. Because of the confusion over the definition of credit card debt, the reporting agency treats all balances as if they were paid in full. The result is that this information is reported as being paid in full when, in fact, it has been a part of your credit card account for some time.
To correct this situation, you need to order your free annual report and then compare the amounts shown on your report under the two fronts. Once you see that the credit card balances are exactly the same, check the “paid in full” statement on the back of the card. In many cases, the balance that was paid in full years ago has been rolled into the new card. Make sure to note the balance that was charged off so it can be easily reconciled with your new card.
If the balance on the front of the credit card is still the same, the next step is to check the balance on the back of the card. It may be that you never had a balance on this card at all. Even if you did, you may not have enough credit on the back of the card to pay the balance. In this case, simply close the credit card and call the company to find out their requirements for opening a new credit card account with them.
If you do not see that any payments have been made to your creditors on the back of the card and it is essentially a blank credit history, there is a good chance you will still be able to open a new account with any company. The amount of time it takes for a back of the credit card to be paid in full also affects your credit score. The longer the card is closed, the less likely it is that your score will raise. Many people think that paying off credit cards as quickly as possible helps to increase their score. The reality is that you must close them for a while in order to have the best possible score.
Finally, before you apply for any new credit cards try to transfer any high balance credit cards you currently have over to a low-rate card with minimal interest for six months or until the new card is opened. This will show the bank or lending institution that you are committed to paying back the debt. By doing this, you should help to reduce the amount of time that you have to wait before applying for a new credit card.
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