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Q: If an individual had any past-due payments reported on their credit report, what could they do to minimize the penalties from late payments?
A: Payment history always affects your credit score, but late payments lose some of their effect over time. Recent information weighs more heavily than items that may be several years old. [ If you are late in paying certain accounts but manage to get caught up, you will minimize the effects as long as you maintain an on-time payment history. Late payments are the most important factor because
your payment history accounts for 35 percent of your credit score. The next highest factor is your account balances, which count for 30 percent. The length of your credit history makes up 15 percent of your credit score, while the types of credit and amount of new credit each make up 10 percent. Based on this formula, your payment history accounts for more than one-third of your score, so frequently making late payments lowers your credit score significantly. ]
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Asked 9/9/2010 2:05:15 PM
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