What impact do late payments have on your Credit Score?

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Making late payments on your, mortgage, credit cards or loans will affect your overall credit health as well as hurt your credit score. Regardless of how late you pay, even one day late will count against you. Generally speaking, if your bills are not paid on or before the due date, this could affect you in the long haul.

Late Payments: How they Affect Your Credit

Banks as well as issuers consider the history of your payments especially after evaluating your overall credit risk & deciding if they should or should not approve you for the loan. A lengthy history of payments (on-time ) demonstrates that you are a reliable & responsible borrower.
However, a lengthy history of late payments will suggest that you are not qualified nor responsible to borrow money from a bank.  The inability to be reliable is a huge red flag to banking institutions, and here are just a few things that can easily occur when you pay late.

  1. IT WILL END UP ON YOUR CREDIT REPORT
  2. INTEREST RATES WILL BE LIKELY TO RISE
  3. IT CAN DECREASE YOUR CREDIT SCORE
  4. YOU WILL END UP PAYING LATE FEES

Making late payments is a habit that could end in more damaging credit actions.
If you neglect an account until it is sent to collections or becomes delinquent, that will play a huge factor in your credit score drop. An account in collections may remain on your credit report for 7 years & cause more damage than a single late payment.

What to Do if You Have Late Payments on your Credit Report

A Simple Solution!

Credit Repair.  Credit Repair is the process of identifying, disputing, and monitoring negative information on your credit report.  Nationwide Credit Clearing has been helping people all over the US delete negative information from their credit past.  Whether you have late payments, medical bills, or even bankruptcy, Nationwide Credit can help you get back to a state of healthy Credit.

Contact Nationwide Credit Clearing for your free credit report and consultation today.

Nationwide Credit Clearing

“HOME OF THE FREE CREDIT REPORT AND CONSULTATION”
2336 N. Damen
First Floor
Chicago, IL 60647
Phone: 773-862-7700
Toll Free: 877-334-3296
Fax: 773-862-7703
E-Mail: support@mynationwidecredit.com
https://mynationwidecredit.com/index.php/contact-us/

 

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