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 Why Is Your Credit Important: Part Three
Brought to you by Kenneth Castro

HOW YOU PAY YOUR BILLS IS 35% OF YOUR CREDIT SCORE

How many times have you awakened in the middle of the night in a panic because you know you forgot to pay a bill and you have just incurred a huge late fee, a loss of a favorable interest rate and a big ding to your credit score? In case you don't already know, your payment history is the largest consideration in your credit report and score. You owe it to yourself to make sure that you understand everything you need to know about this factor and how you can keep this factor as high as possible.
Your payment history is considered to be your financial fingerprint that tells potential creditors your tendency for paying your bills and when. Payment history accounts for a whopping 35% of your overall credit score, and for good reason. It is the best indicator of credit worthiness creditors can have for determining whether or not you will pay your debts in a timely fashion, or at all. You see, creditors naturally assume that if you are late in paying your bills, you mismanage your finances and your accounts, a pattern which is more likely to lead you into a default down the road.

Creditors view a late payment or a missed payment as a big red flag. They are not going to ask why you were late with your payments. It could be because you have lost your job, had a medical crisis, were on vacation, but it simply doesn't matter. They are going to assume that you are a high risk borrower and your credit score will reflect such as each late pay can lose you as much as 50-75 points off your score.

Late pays and missed payments are devastating to your credit score.

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