Credit ratings?

Question

I have excellent payment histories on my rent, my car (a lease), and am generally good with my finances. I don't carry any debt outside of my reasonable student loan. I only have one credit card and I only use it for small purchases that I pay off in full usually on time. My question is, a couple of times I have been a few days late making my credit card payment, although I either pay in full or at least half of the balance, depending on how much is owed. Do these infrequent late payments (a week at most) affect my credit score and how much?

Answer 1

No they won't affect your credit score. Late payments are reported when they are 30 days or more late. You should get your report to find out. You will see lay payments reported as 30days, 60 days and 90 days or more.
Payments late but less than 30 days will cost you a late payment penalty from you credit card company and will probably drive your credit card interest up but nothing on your credit report or fico score.
Others disagree but I suggest you get a credit report to see for yourself. You can get a free report once a year from
www.annualcreditreport.com

Answer 2

Have you ever thought about how many people in our country don't have a perfect credit score? You will surely be surprised to know that over 30 million Americans have a below average credit score. Boosting your credit rating takes some work. There is no quick fix to increasing your ratings. Repairing any damage takes time, but it also does not spell doom!

So what is credit rating anyways? It is a number given to assess and reflect your creditworthiness. Your credit score will be a number valued from 300 to 850. While numerous factors can be attributed towards this rating, your payment and debt history are more important than others.

To start with, you shall need a copy of your credit report. If everything in the reports is good, then you can be rest assured that you will have a good credit score. Getting your credit reports is easy and pain free. read more about it at: http://www.credit-card-gallery.com/article/196,Increasing_Your_Credit_Rating

Answer 3

You are not reported as late to the credit bureau until you are 30 days late. Then your score starts to suffer greatly.
Be aware of the Universal Default Law, though. It is a law that was recently passed that states if you are late on an account payment, another creditor that you owe reserves the right not only to know when that happens, but also to raise your interest rate as a result.
For example, if I'm late paying my Discover card, my Visa card has the right to confirm w/ Discover that I was late and thus raise the interest rate of my Visa.
Just stay on top of things!

Answer 4

No they dont, your credit rating will only be affected if the credit card company report you to Baycorp, it takes much more than a few late payments to do this. Check out www.mycreditfile.com.au for a free credit file on you
Hope this helps

Answer 5

I think it will appear on your credit report as a late payment and that not good. The creditors might take a point off your credit report. If you want to apply for something new that consist of checking your credit report it might read up you been paying your bills late. YOu been doing good so far don't mess up

Answer 6

My sister called her card and asked the same thing. The only thing is you have to pay the late charge, and after being 30 days late, you get it on your credit score.

Answer 7

Whatever was bad on your credit report stays there for 7 years; it does not go away simply because you have a new card that is not also bad. However, having a card that is not bad is important so that you have a good score when the old bad stuff stops hurting you. I recommend against GE. I had problems with them not closing accounts, even after they acknowledged that I owed them no money. Even after they acknowledged that I owed them no money and I told them to close the accounts, they still kept the accounts open. Also, they changed their telephone number without telling me, which made it really hard to tell them my new address when I moved.

Answer 8

Yes but not seriously.

Besides, do you have any idea what it costs you to owe a credit card company money? Pay them as soon as you can, not just what you have to pay but all of it.

Answer 9

I don't think so its at lest 30 days late it may effect your credit

Answer 10

Yes, they do, they will also affect your interest rate.