Reply
Valued Member
Posts: 27
Registered: ‎12-19-2008
0

Re: Never Be Late, Ever

Great advice, I just learned the hard way. Now I've set up automatic recurring payments on my CCs to prevent it ever again!


Starting Score: 695
Current Score: 695
Goal Score: 770


Take the FICO Fitness Challenge
Contributor
Posts: 230
Registered: ‎10-01-2012
0

Re: Never Be Late, Ever

Thanks for bumping this, whoever did!  This should be stickied, if its not already.  You are penalized way too harshly for lates - I'm dealing with lates from 2 years ago!  Even the utility companies return your deposit after 12 months no lates, and inquiries lose impact after 12 months.

 

I think a lot of people don't equate late with not paying.  Its definitely a certain mindset you have to get into, where paying late is like a deadly sin, lol.

 

I have set up auto-pay wherever possible, but I'm in my accounts daily anyway so its not difficult to always know what's due.

 

I did the score simulator or estimator at one of the sites and it showed me anywhere from 80-100 point increase if I can get those lates removed from 2010, so I'm waiting on the response from a GW letter.  

 

This can't be stressed too many times - NEVER EVER BE LATE!

Frequent Contributor
Posts: 384
Registered: ‎02-06-2009
0

Re: Never Be Late, Ever

Recent late payments affect your credit score more than aged late payments, up to about the 2 year mark. However, late payments remain on the credit report for 7 years with the account being reported as a negative account.

Even though my credit score is in the high 700s, I'm looking forward to June, 2015 when my only delinquent account is scheduled to go into positive status.


11/02/2012 Peak - EQ 790 (ScoreWatch EQ FICO)
01/06/2015 Current - TU 831 (Walmart MasterCard TU FICO 08 Classic)
GOAL - 800! - App free since 09/07/2014
Valued Contributor
Posts: 1,440
Registered: ‎01-05-2010
0

Re: Never Be Late, Ever

[ Edited ]

Minimum payments should be mandatory by law. If that overdraws your checking account, so be it!

 

PS: I happened to stumble over an old thread on automatic payments and agree that the bank shouldn't be assigned the task. What happened to hauling by the way?


Are you living within your means?
Regular Contributor
Posts: 123
Registered: ‎07-22-2012
0

Re: Never Be Late, Ever

I second automatic payments for the minimum as the best safety measure against late payments and associated fees.

Jun 2012 FICO® ~ 734 EQ
Sep 2012 FICO® ~ 684 EQ; 734 TU
Oct 2012 FICO® ~ TBA

Goal for 2014 ~760+

Trying to stay in the garden...but also trying to get as many apps as possible for now :smileywink:
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.