The latest article from my collaboration with credit score guru John Ulzheimer has just been posted on Credit.com. John formerly worked with Fair Isaac to develop FICO credit scores and his unique insight into the scoring formula is priceless! With his help, we are able to reveal a fascinating secret about how credit scores work.
Here’s the big secret: An occasional 30 and 60 day late payment doesn’t cause lasting damage to your credit score. However, 90 day late payments will damage your credit score for up to 7 years and are as bad as a bankruptcy, tax lien or judgment. This means that you don’t need to worry too much about an occasional late payment damaging your credit score. But you do need to make sure you avoid being over 90 days late with a payment at all costs.
Read all the juicy details about late payments and your credit scores online here.
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