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Tony Garcia
January 15, 2020
Do late payments affect credit score?
I have been paying a loan with a few days late the past two months because i was struggling to get the money. Did it affect my credit?
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Kreditiweb
Asesor financiero
January 15, 2020
Kreditiweb
Asesor financiero
January 15, 2020
Hello Tony,
Most negative financial habits can affect your credit score in some way. Late payments are not the exception and they can even mean a significant drop of your digits. But how your credit can be affected may depend on many factors such as the amount of time you were behind, your current credit score, the number of times you were late, etc. So, If your score is already low, it won’t hurt it as much but still does damage.
To your particular situation, your credit most likely was affected because of those two months of late payments. Usually, creditors won't report to the bureaus about late payments when they are not over 30 days past the due date. But since it was over that time, it may show in your credit report and, consequently, affect your credit. If you usually do not have late payments, this drop may not be significant and you can rebuild it by normalizing your payments and showing responsibility with them for now on.
The best way to make sure the impact of your late payments on your credit is to check your credit reports from the three major bureaus, so we would highly recommend to confirm your drop there in order to see the severity of it and start planning on actions to recover your credit.
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