We all know not paying your bills is not the best choice when it comes to your credit file. Your payment history makes up 35 percent of your overall score, making it one of the most, if not the most, important factor used to determine your overall score. Once you miss a payment, several factors kick in to determine the amount of loss your FICO points will take. Some of this factors include:
• How long ago did the late payment occur?
• How late is the payment (30 days, 60 days, or 90 plus days)?
• How many other late payments are there?
Late payments usually get noted on your credit report after you have skipped an entire billing cycle, usually about 30 days. If your late payment is taken care of before the 30 days, the penalties (such as late fees, reduction in high credit, denial of future credit, etc.) are usually dealt directly with the creditor. But once it has been reported to the credit bureaus as a 30 day late payment (or higher), your FICO score can drop as much as 115 points or more depending on your credit profile… for a single late payment!!!
If you were unable to avoid a late payment, (or several late payments), get professional help immediately. At Credit Services of America we specialize in Credit Repair, Credit Tradelines, Student Loan Consolidation, and Debt Settlements. If your credit file carries a late payment(s) we can help, call us now!!
A Goal without a Plan is just a Wish. Give us a call TODAY at 844-FIX-URCR or click on the following link creditservicesofamerica.com to schedule your FREE consultation and create your personalize plan to achieve your credit and debt GOALS!
*Individual results may vary. Please call for more details and to discuss your own individual situation. We are not a law firm and we do not give legal advice.