The Everything Improve Your Credit Book by Justin Pritchard

Author:Justin Pritchard
Language: eng
Format: epub
Tags: epub, ebook
Publisher: F+W Media
Published: 2007-10-15T00:00:00+00:00

How Late is Too Late?

If late payments are bad, then really-late payments are really bad. It's never too late to pay money that you owe, but you should try to minimize the damage to your credit. Late payments are usually measured in increments of thirty days. For example, most reporting tracks whether you pay more than thirty days late, more than sixty days late, or more than ninety days late. As you can probably imagine, the later you go, the more it bothers the lender.

From this, you can tell that it's best to pay within thirty days if you're going to pay late. That keeps you from crossing the thirty-day threshold and being reported as more than thirty days past due on a payment. This doesn't mean your lender won't charge you late fees and take other steps to penalize you, all it means is that your credit reports will likely be in better shape.

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