If you already have an excellent credit score a single late payment could be pretty painful.  You have excellent credit for a reason and any that indicates a change in behavior such as a late payment will carry a large negative weight.

As stated above getting 30 day late payments removed is possible.  The most common example of this would be error made by your creditor.  They report you as being late even though you have paid on time.  You would find these by checking your credit report on a regular basis and looking for common credit report errors.  You then would follow the dispute process with the credit bureau that provided you with the credit report.

By law, the credit bureau must conduct an investigation into the dispute.  Also, it is wise to provide them with as much evidence as you can find regarding the situation to support your case.  There are two possible outcomes to these disputes.

First, the creditor will look into the situation and find that it was truly an error.  The creditor responds back to the credit bureau saying it was a mistake and really should be removed.  The credit bureau is then obligated to provide you with a new copy of the report without the error.

The second outcome is credit bureau contacts the account and the creditor states that the disputed item is not an error.  In this case it will state on your credit report.  You then will have to contact your account about the situation and try to resolve the issue directly with them.  You can also add a 100 word statement to your account explaining your side of the story.  But you should know that these 100 word statements will not be taken into account when calculating your credit score.

Another scenario is that in fact you really did pay late.  In this case there is little much you can do.  This delinquency is going to be with you for a long time, 7 years.

So really you really need to stay on top of your bills and know when they are due.  Cut the checks early of use online bill pay to ensure it gets there on time.

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If you have not paid an account in 90 days it most always considered in defualt.  If you then pay this account it will be a 90 day late payment.  What is the difference defualt to the account is when they think you will not be paying back the debt.  If you then get current it is a severe late payment.

Also, the longer it takes to get current after 90 days the larger rick you run of being sent to collections.  Now, late payments are one of the worse thing you could do for your credit score, 90 day late payments and old are the most severe cases of this.  The affect of one 90 day late payment could be devastating to your score.

You should really consider your financial health if you are even paying this late.  Without a doubt your creditors have been trying to contact you either by phone or mail.  You cannot not calm ignorance.  There simply is a reason why you are paying late.  Once you have come to terms with your problem you must do whatever you can to get current.  Sell things on ebay or have a garage sale.  You need to get some cash and pay this debt.

Next, you to develop a plan to ensure you are budgeting and paying on time.  If you are in over your head with debt and you are not making enough to pay each month, you should seek some outside help, get a second job, or sell everything that is not bolted down to get yourself where you can pay down your debt.  Also, you can reach out to your creditors regarding your situation.  They might not be nice about it, but what choice do they really have.  If you defualt they will be out their revenue and this alone should make them listen.

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First is the money you will lose by paying late.  Every account that you pay late assesses a fee.  This could be any amount and your account decides what it is.  You are now responsible for this additional fee.  The fee will be added onto your bill and the money you pay will first go towards the this fee then to the late payment.  So the fee will come first and you must pay this so you are not accessed another fee.

Second is the potential effect on the interest rates you are charged.  Your credit card accounts frequently review your credit report looking for any changes in behavior.  If there is a late payment to any account not only that account but any of your accounts can reserve the right to raise your interest rate.  So one late payment could cause a rise in your interest rates by several different accounts.

Last is going to effect your credit score for a long time.  Late payments stay on your credit report for seven years.  You could be just thinking about today, but they will follow you for a long time.  And could hurt your chances of getting a loan in the future.

You never want to pay late.  Things like having a budget or using online bill pay could be simple ways to make sure you do not pay late.

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The first question is do you pay on time.  If you want an excellent credit score, you should never miss a payment.  Even one late payment can set you back and using budgets or online bill pay can be easy way to ensure you are on top of it.

How much do you owe?  Do you carry credit card balances month to month?  If so, what is your utilization on your revolving lines of credit.  You should try to keep this below 15%.

Limit the amounts of credit you have.  You should avoid every credit card offer you get in the mail or offered to you in a store.  You should stick to just a few credit cards and don’t consistently add to the list.  This will help you develop a stronger credit history in regards to your average age.  Also, this will limit your credit inquiries or applications for credit.

Use different types of credit.  An excellent credit score will use many different types of credit.  This is commonly referred to as a healthy mix.  Having a mortgage or some other installment loan will so you can manage different forms of credit not just credit cards.

If your goal is to have an excellent credit score, you need to be always on top of it.  This is just another thing in your busy life.  But if you don’t you are sacrificing thousands in saved money.  The answer for people really serious about getting an excellent credit score is to sign up for credit monitoring.

OK, it does cost money, but any improvement in your credit score will pay off ten fold.  If you are checking your credit score on a regular basis it is costing you money any ways.   Remember credit report is free but not a credit score.  So if you are going to spend  $30 to get your credit score, you should just sign up for FICO® Quarterly Monitoring.  This is $50 a year and you get 4 reviews of your credit score and your FICO credit score.

This is not a bad deal considering a 3 in 1 credit report with just one credit score costs $39.  The idea of credit monitoring is something that will help you sleep at night.  Getting something like this shows you want to have not just a good score but an excellent one.

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The worse possible is a recent 90 day or more late payment. 90 days late is often considered a serious delinquency and carries a larger negative effect. As time passes the effect can diminish but will always carry some negative effects. These need to avoided at all costs.

It is a wise decision when applying for a loan to check your credit report for late payments. If you think there is error of late payment that was truly paid, you have the right to dispute it. If you are right, it will be removed, having the effect of a quick boost to your credit score. This will then help your loan application get approved and possibly get a better interest rate on the loan.

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To be honest I research an hour online using all forms of keys words and could find any specific information about frequent paying late.  What is understood is if you pay late consistently late then a pattern is formed.  Lenders don’t like lenders who pay late so accordingly this will have a negative effect to your credit score.

There is interdependence on the other factors such as the severity.  Classing a person for frequently pays 90 days late.

The true goal of a credit score or credit scoring model is to accurately paint a picture of the consumer.  Paying late frequently definitely gives creditors an idea of the type of consumer you are.  The more you do it the larger the negative effect.

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The longer the time of a late payment the larger negative effect it carries.

• 30 Days Late – Being 30 days late is hurtful when your are reported as being currently late.  If paid their weight is not large, but will grow if you consistently make late payments.  A pattern forms painting a picture of a person who pays late.
• 60 Days Late – 60 days late has the same effect that as being 30 days late.
• 90 Days Late - Being 90 days late will follow you around and could possibly hurt a credit score for up to seven years.  90 days is a often a company standard for what is considered bad debt or possibly uncollectible.  Creditors at all cost want to avoid payments that are 90 days late and even one can a large drop in a credit score.
• 120 Days Late - at this point of severity creditors consider the debt to uncollectible and this is often then written off or is sent to a collection agency.

Being 120 days late can result in several outcomes besides just being listed as late.  It can result in:

• Settlements – these are agreements between a creditor and individual in the effort by the creditor to collect some if not all the debt.  This is a severe delinquency and will be noted as a debt settlement on your credit report.
• Repossession and Foreclosure – obviously the taking back of collateral whether house or car is a true sign of delinquency.  This as serious as it comes and will be noted accordingly on your credit report.
• Collections – if after a certain point a creditor believes that debt will remain in delinquency, they will send the account to collections.  This is often farmed out to a collection agency.  Additionally, paying the collection agency will not have them removed from your credit report.

You need to understand that being late on any amount regardless of the amount carries the same negative effect on your credit score.  So a late amount of $40 is just as negative as being late on $1000.

You need to avoid late payments.  Their implications can haunt a credit report for a very long period of time.  If you are late catch them early and get your payment in.  Hitting the 90 day mark will especially follow you around.

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Currently, your payment accounts for 35% of your FICO score.  It has the largest weight in your score compared to all other factors.  Negative factors in your payment history can be the quickest way to ruin a score and should be avoided at all costs.

Many considerations are made regarding late payments and all are interdependent when calculating this portion of your FICO score.

• Recency – a confusing word, define to be how recent was the last late payment.
• Severity – how late was the payment.  The longer the more negative.
• Frequency – how often are late payments made.
• Amount – the total amount of delinquencies
• The accounts that were paid that were in delinquency

There is no explained way on how these factors interact with each other to make up 35%, but they can be listed on your credit report for up to seven years.

The rule here don’t pay late.  It sounds simple but late payments are very common on everyone’s credit report.  A conscience effort must be made to ensure payment are sent in on time.  This could be done through the use of online banking or a strict budget.

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