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YurTopic
All rights reserved.
There has been a total of
About | Terms and Conditions |
Contact & Advertising Enquiries |
Copyright © 2018
YurTopic
All rights reserved.
There has been a total of
About | Terms and Conditions |
Contact & Advertising Enquiries |
It is a fact that many people simply forget
to make credit card or utility payments from time to time. It is also true
that many people just simply ignore making a payment on time for other reasons.
There are also some consumers or customers who make only the minimum payments
which adversely effects their credit score. The reasons for not paying are
irrelevant because no matter what your credit report gets marked in the same
negative fashion. Depending on your payment history and who you owe money to will
alter the ways in which your credit score will be effected. 
It
is possible for your lenders to forgive one late payment if you have
been paying on time for awhile. In that case, if you make a late payment,
this late payment would not be reported to the credit reporting agencies or
companies by the creditor. So your credit score will not be vulnerable by one
late or missed payment. So it is possible that your lender or creditor may
overlook one or two late payments if you have a very good payment history with
them. Your credit will be changed depending on how many late payments you
have had in the past. For example,
if a single or two late payments occurred several years ago but ever since then
all payments on all your accounts have been made on time, then those late payments
will have very little negative impact on your credit score. Another important
thing that is taken into consideration is how severe a late payment was.
It means how late the payment was which is recorded in days, weeks, or months.
The later the payment the more negatively your credit score is altered The
other important factor to be aware of is whether or not you already have
accounts with a
While
it is a great idea to make minimum payments to prevent yourself from defaulting
on an account, it actually can have a negative effect on your credit score.
If you are able to make more than minimum payments, then defiantly make much
more substantial payments because it will make your credit look more appealing
to lenders. Also, remember that if you are always dependent on minimum
payments for a credit card balance, you might just end up paying forever without
actually getting rid of the credit card debt. Interest accrues so much on
credit card balances that pretty soon you will only be paying off interest
charges and not the principle.
