I talk to a lot of people every week about their credit scores. I spoke with a gentleman yesterday that was telling me about his credit score issue.
He was recently out of the country for a couple months and one of his accounts’ auto pay amount changed which only covered part of his monthly payment. The bank noted this on the account and reported him late 30 days because the full payment amount wasn’t received.
Prior to this event his credit scores were in the 800’s, now they are in the high 500’s. It had taken him years to achieve such a high credit score, and only days to lose that score.
Payment history is the biggest factor in your FICO score. It amounts to 35% of your credit rating.
If there’s anything you do with your credit, make absolutely sure you get your monthly payment (in full) in on time. It will take years for him to get his scores anywhere near 800 again.
If you need help raising your credit scores please contact me direct. I can review your credit reports and give specific direction on how to get your scores up.
President and Certified Credit Expert