Credit Score Basics
What does a late payment do to your credit score?
How do you know the effect of a single late payment on FICO score? A FICO score is a number predicting future credit performance based on credit history. Like any person’s past, it’s difficult to say precisely what was the effect of a past event on the present. Past credit events and current FICO scores…
Read MoreCredit mistakes and credit scores: the higher you start, the farther you fall
After analyzing tens of thousands of credit reports, one conclusion is all too clear: any negative event will severely lower a FICO score. But how much? Every credit file is unique. Any credit event, whether a new account, an inquiry or late payment or collection will be scored as it fits into the whole of…
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