Tuesday, July 27, 2010

Do All Late Payments Show Up on Your Credit Report?

In order for a late payment to appear on your credit report, it must be a full 30 days late. If your credit card (or mortgage, or car loan) payment is due on the 1st of the month, and you pay it on the 20th of the month, you will have a late payment fee, but it will not be reported to the credit bureaus and no lender will ever know that you paid late. Your credit score will not go down at all.

It is possible to be late on every single bill you ever have and still have excellent credit. You may pay a lot of money in late fees, but your credit scores will not go down at all as long as you pay within 30 days of the due date.

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