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Credit Management Q&A

Q: I just paid off a large credit card bill and then was hit with a small additional sum for “residual debt.” Where did that come from?
A: The charge on the statement following your payoff was the interest that accrued from the time when the credit card company calculated the amount that you owed on your last (pre-payoff) statement and when it actually received and credited your account for that payment. This is called ‘residual interest.’ You should pay this residual interest to avoid late fees or additional interest, and to avert having any late payments on your credit report, which could harm your score.
Now that you know more about credit scores, sign up for TransUnion Credit Monitoring today and receive your credit report & score.
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