04/20/2023
How Your Credit Score Is Calculated: Payment History
⭐️Your payment history accounts for 35% of your score.
⭐️This shows whether you make payments on time, how often you miss payments, how many days past the due date you pay your bills, and how recently payments have been missed.
⭐️Payments made over 30 days late will typically be reported by your lender and lower your credit scores.
⭐️How far behind you are on a bill payment, the number of accounts that show late payments and whether you've brought the accounts current are all factors. The higher your number of on-time payments, the higher your score will be. Every time you miss a payment, you negatively impact your score.
⭐️Take precautions to prevent late payments by setting up autopay or reminders. Even if you have to make a payment arrangement with the lender, make the payment on the date agreed upon with the lender so it does not count against your credit.
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Follow to learn more about the factors that make up your credit score.