Monday, October 04, 2010

Does one late payment really lower your credit score? It can happen to anybody

Last week, I noticed a past due on one of my credit cards. I thought I had checked it in time, and that there had been $0 due. But at least there was no penalty ($39 normally), just about $1.50 in interest. I immediately paid it online.

I don’t know if this oversight will affect my credit scores, but I found an article by Don Taylor on Bankrate ("Ask Dr. Don") about the issue, (website url) here.  Actually, what we call FICO is FICO with Experian (aka TRW/Chilton), Beacon with Equifax (aka CBI), and Emperica with Trans Union.

Taylor also discusses whether inquiries can affect your score. It does seem as though I dodged the bullet, this time.

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