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One Missed Bill---Saps Your Credit

How Much Can One Late Credit Card Payment Really Hurt???

A recent survey by EXPERIAN, the national credit reporting agency, found more than half of U.S. consumers have a delinquent payment on their credit card. More than a third have fallen off the wagon in the past year alone.

The Impact??

People with one late or missed payment in the past year have average credit scores about 160 points lower than those with clean records:

598 for one late payment vs. 759 for no late payments.

Lower scores can cost you more for loans and insurance and even hurt your chances of getting some jobs. In addition, many credit card companies will raise your interest rate if you slip up with another creditor.

That's why it's critical to follow the payment guidelines printed on the back of your credit card bills. Make at least the minimum payment on the day or week the bill arrives, or sign up for automatic bill paying.

For More Information On Insurance OR Mortgages...

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Atkins & Associates Professional Services...

540-286-2323

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