Late
Payments - How they affect your credit
Late Payments: Probably the most common of all bad marks
on your credit, and the gateway to the serious credit marks, late payments
are exactly what they say they are. It tells the credit agencies that you
weren't able to pay your bills on time or forgot to send the payment in.
Either way it tells the agency that you're a higher risk customer. This
will cause your credit score to move down and will cost you more on your
future home and car loans. The types of late payments are 30 days late,
60 days late, 90 days late and 120 days late. The later you are, the more
it damages your credit. Late payments stay on your credit report for 7 years
from last date reported.
Solution:
Pay your bills on time! Do whatever it takes to pay any bill that has
your credit tied to it on time. If you have late payments and would like
to get the resolved, you make look into signing up for a credit repair
service. These services challenge the bad listings and usually get them
removed within 3 to 18 months, depending upon severity.
Untitled Document
What Causes
Bad Credit:
Inquiries
Late Payments
Charge
Offs
Repossession
Foreclosure
Judgements
Bankruptcy
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