30 Day Late Payments
Consider a less severe form of delinquency 30 day late payments can have a varied effect on your credit score. Its effects are related to how often this happens. If you are person who frequently pays your accounts on time then one late payment can have a larger effect than a person who always pays late. Seems a bit counter intuitive but needs a explanation.
If you are person who pays your bill on time every month, you should have a better credit score than a person who makes frequent 30 day late payments. In turn, you are reward by the FICO score caluclation in the form of a higher credit score. Since you have a higher credit score with no late payments a single 30 day late payment raises a red flag. And the effect on your credit score will reflect this alert.
On the other side, the person with several 30 day late payments already has their score adjusted all their late payments. So another late payment is no surprise. This makes a 30 day late have less of an effect.
Overall you should never pay late. If you have many already in your account history you need to develop a plan to ensure it doesn’t happen again. If you already have a good credit score you need to protect it by never paying late.
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