How Much Will One Late Payment Hurt Your Credit Score?

How Much Will One Late Payment Hurt Your Credit Score?

How to maintain a good credit score? 

Did you just miss a payment?

Taking bill payments for casual can be quite alarming. It is not an option but a necessity to pay off your bills on time. If you pay back your debt on time, it becomes easy for you to borrow the next time with room for negotiation. If you are feeling that missing one payment will not cause you much harm, it is wrong. If you have missed one payment, there will be a drop of 180 points and the credit scores get affected to -1.30%. Getting back this score will not be easy, so work on it and ensure that you are paying off your bills on time.

Pay bills on time 

If you want an impressive credit report you must be punctual with your bill payments. Whatever you do, you can’t miss these fixed obligations as a part of your income.

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As the month starts or during the date of your EMI, you must keep your account funded to avoid any delay or insufficient fund issues. Missing out on one bill payment can cause you serious issues and it will take time to make things back to the track.

Don’t keep outstanding 

Bills always come in full amount and minimum amount. If you are paying the minimum amount, there will be an outstanding amount left to be paid.

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You need to pay the entire bill amount or else your score will be affected.

Be regular with your fixed obligations and create a budget to maintain your due date payment.

What are the outcomes of the affected credit score? 

If you have not taken your bill payments seriously and have missed one, you will suffer the moment you decide to take debt. Your credit score will be hurt and you will not go through an easy process of loan approval. Your loan will not be easily approved as you will have a bad credit score.

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Along with that even if you manage to get a loan, you will be charged a high rate of interest. The financial journey will not be easy and smooth. You will have to look around for a loan provider that offers you a loan and work on your credit score. One failure or delay can make you suffer endlessly.

Wrapping up 

Do not miss any payment, as one single delay can disrupt your financial health. Check credit score and stay updated. Keep up bill payments on time and make sure you maintain an impressive credit record.

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Address: 4th Floor, Kailash Building, Kasturba Gandhi Marg, Connaught Place, New Delhi-110001

Phone: 1800 200 9898  Email us: hello@clix.capital  Website: https://www.clix.capital/check-credit-score 

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