Hi {first_name},
At 35% of your credit score, Payment History is the largest chunk of your score, so we’re going to start here. While a good payment history isn’t the only factor, without it, you’re unlikely to achieve the score you want.
Here are the seven factors that affect your payment history score. (in no particular order)
Bankruptcies, lawsuits, wage garnishments and other negative public records.
How many past due payments that have been reported.
How many payments you have that are being made on time currently.
Accurate and matching information on your accounts such as First/Last name, address, etc.
How many of the late payments are old, vs new ones.
How high of a dollar amount is owed on all past due accounts, even collections.
How long each negative public record, collections, or late pays, has been on your report.
The basics of the Payment History score is how well (or not) you pay your bills on time. Keep in mind that missing a payment is worse than a late payment and that being late or especially missing a mortgage payment is a bigger blow to your credit score than missing a credit card or utility payment.
If you add even one late pay, especially on a mortgage account, you could be disqualifying yourself from home financing for up to a year, some cases more.
We’ll go into more detail in our next email.
Till next time…
Sincerely,
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