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SMALL BUSINESS
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- See More 'Deals'
1.
Missing a Payment
Payment history accounts for a whopping 35% of your credit score. The result: "One late payment drops your score like a rock," says Gerri Detweiler, a credit advisor for Credit.com. For a consumer with otherwise good credit, the damage could be more than 100 points. Someone with a credit score of 707 who missed payments one month could see their score drop as low as 582, according to FICO's Score Simulator.
Lenders typically only report the delinquency when your account is 30 days overdue, she says, but don't relax just yet. These days, some are reporting the missed payment after just a day or two. To help you get the check there on time, set up automatic bill pay through your bank account to avoid being late and make sure you allow ample time for everything to clear. One warning: Automatic bill pay isn't instantaneous and mistakes can happen while your money is in transit. So make sure to verify that payments have made it to their destination and have been processed. (Click here to learn more about automatic billing).
Payment history accounts for a whopping 35% of your credit score. The result: "One late payment drops your score like a rock," says Gerri Detweiler, a credit advisor for Credit.com. For a consumer with otherwise good credit, the damage could be more than 100 points. Someone with a credit score of 707 who missed payments one month could see their score drop as low as 582, according to FICO's Score Simulator.
Lenders typically only report the delinquency when your account is 30 days overdue, she says, but don't relax just yet. These days, some are reporting the missed payment after just a day or two. To help you get the check there on time, set up automatic bill pay through your bank account to avoid being late and make sure you allow ample time for everything to clear. One warning: Automatic bill pay isn't instantaneous and mistakes can happen while your money is in transit. So make sure to verify that payments have made it to their destination and have been processed. (Click here to learn more about automatic billing).
