Explanation
Lenders report on-time payments, late payments (30, 60, 90, 120, 150, 180 days), charge-offs, settlements, repossessions, foreclosures, and bankruptcies.
Even one 30-day late payment can drop a high score significantly, while consistent on-time payments are the foundation of a strong credit profile.
Examples
- •12 months of on-time payments = strong baseline
- •A 30-day late stays on the report for 7 years
- •Paying the minimum on time still counts as on-time
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