Linda Adams is an innovative and seasoned facilitator/educator with more than 20 years experience designing and implementing programs for audiences of all ages. She is dedicated to helping others realize how important their credit is to every facet of their lives. You can contact her at http://www.cleancreditqueen.com/products.html. Go to http://love-your-fico.com to purchase her latest book 50 Ways to Love Your Credit Score.
How well do you know your credit payment history? Though FICO is not sharing the exact formula they use to calculate your FICO or credit score, they will say that there are five major categories. Your payment history counts for 35% and is the most heavily weighted category in the calculation of your score. There are many pieces to your payment history. Here are some things to look out for:
How many of your accounts have been 'Paid as agreed?' That means paid on time. - A single 30 day late will negatively impact your score. The longer it has been since a late payment the less it will impact your score. Paying early can actually help your score. Just don't pay too early - watch the closing date on your statement.
How many times have you paid one or more accounts late? Was it numerous times? Was it just one account or many accounts? And was it 30 days, 60 days, 90 days late - or more?! Again, single instances are more forgivable than repeated lates. However, even one 90 day late will look like a lien or bankruptcy so avoid these if you can!
How recent was your last late payment? The more recent the late payment the more it hurts your score. Also, the better your score is to start, the more a single late can negatively impact you.
Are there any 'delinquencies' on the public record - bankruptcy, liens, suits, collections?These stay on your report for 7-10 years and will impact your score for at least that long.
How much is past due? Interestingly enough, the amount past due is not really considered. It is the fact that you did not pay as agreed.
All of these factors added together count for 35% of your total credit score.
Wow, it's amazing how all of these pieces of your payment history can impact your FICO score.
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