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January 17, 2025 at 2:13 pm #1229
Kikoff
KeymasterJanuary 17, 2025 at 2:20 pm #1235Kikoff
KeymasterThe best way to avoid having late payments on your credit report is to make at least a partial payment within 30 days of your original due date. If your credit report shows an inaccurate late payment or a late payment from more than seven years ago, you can dispute that with a credit bureau. Unfortunately, if you see a late payment on your credit report that is accurate, there isn’t much you can do.
In most scoring models, your payment history is the biggest influence on your credit score. So if you have even one late payment, it can damage your credit. How much of an impact late payments have depends on how late the payment is.
Creditors usually don’t notify credit bureaus about late payments for 30 days. After that, late payments will show up on your credit reports, and your credit scores will almost definitely suffer.
Your credit reports will show how many days late the payment is in 30-day increments. The longer you take to pay your bill, the worse the impact on your credit score. If you have great credit before a late payment, you might not see as big of a drop though.
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