11d ago in General discussion
It’ll hurt you the most
The number one thing that hurts your credit the most is late or missed payments.
Why Late Payments Are So Damaging:
• Payment history makes up 35% of your credit score, the largest factor in credit scoring models like FICO and VantageScore.
• A payment is considered late if it’s more than 30 days overdue and gets reported to the credit bureaus. The later it is (e.g., 60 or 90 days), the worse the impact.
• Even one late payment can lower your score by 90–110 points (especially if you previously had a good credit score).
Long-Term Effects:
• A late payment stays on your credit report for 7 years.
• It signals to lenders that you’re unreliable, making it harder to secure loans or get favorable terms.
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1 comment
It’ll hurt you the most
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