Avoid late payments! Making your credit card payments on time is extremely important to your credit score. Late payment fees and higher interest rates are undesired results of late credit card payments. There are more long term consequences to a history of late payments. Each late payment builds a negative payment history that increases your risk to potential lenders.
What does a late payment really do to your Credit Score? Credit score calculation doesn’t treat all late payments the same. While thirty- and sixty-day late payments affect your credit score more in the months they occur, their effects bouncy castle for sale diminish over time as long as they are isolated incidents. A ninety-day late payment, on the other hand, is more harmful to your credit score, especially if it occurred within the past 24 months.
Whether it is a 30, 60, or 90 day late payment, the results are detrimental to your credit score, so you don’t want to drop the ball and miss a payment. How your creditors respond to late payments can continue to affect you for months, even years to come. The ball is in your court so step up and make the play, or in this case the payment!
Five Things Happen When You Drop the Ball and Pay Late:
1. Your creditor will charge a late fee. Your next billing statement will include a fee for the late/missed payments. Late fees typically range from $15 to $35. You’ll receive a late fee each month your payment is late.
2. Your interest rate will increase. Creditors don’t just penalize you with a fee, they’ll often increase your interest rate to the default rate. The higher interest rate increases your finance charges, making it more expensive to carry a balance.
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4. The credit bureaus are notified when your payment is more than 30-days late. An entry added to your credit report will stay for seven years, unless you actively work towards getting negative items off your credit report. The most expedient way to do this is with a Legal Credit Repair Company
5. Your credit score will drop. Remember, we’ve told you before that payment history makes up 35% of your credit score. Late payments can have a significant negative effect on your score affecting your ability to get new credit in the future, causing you to sit out on the bench!
Credit Tips: Set up auto-pay on all of your credit cards to make the minimum payments. This will insure that at least your minimum payment is made on time, regardless of how hectic things can get! This is what Best Credit Blog calls strategic planning for your future.
If your balance on your Credit Card is not maxed out, you can purchase an item (must cost more than your minimum payment) and return it a week later and it will count as a payment on the Credit Card.
If you have late payments, collections, judgements, or just want to understand your Credit Score better… Set up a Free Consultation with a Credit Repair Expert