Saturday, 12 September 2015

How late payments affect your credit report

Whenever you make a late payment on one of your current liens or debts, such as a credit card, it will have negative effects on your credit report card. Banks and lenders are very strict on the payment history of an applicant who is requesting a new loan. If the credit report even shows one month on a debt account that had a late payment, it will immediately be a red flag to them. A history of late payments shows lenders that you are a credit risk, which means they will be nervous about issuing you another loan or credit card. But if you have a history of on-time payments, they will likely grant you a new loan.

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