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Credit Tip of the Day- Why Make Payments On time?

MSI Credit Solutions on January 23, 2013 19:45

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Why Make Payments on Time?...

Making a late payment on your credit card, mortgage or loan can lead to several negative consequences that can ultimately sink your credit score and damage your credit health. A long-standing history of on-time payments suggests that you are a responsible and reliable borrower; a poor history of on-time payments suggests that you may not repay debts and could result in a
costly loss to the bank/issuer. Being unreliable with payments is a red flag to financial institutions. Several things can occur when you pay late like being charged late fees, interest rates increasing, late payments reflecting on your credit report, and cause decreases in your credit score.

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