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Friday, November 6, 2009

Does Late Car payment affect credit rating?

I am one month behind on my car note? does that affect my credit rating or they report you to creditors when you owe them more than one month.

Does Late Car payment affect credit rating?
Anytime you are 30 or more days late it gets reported to the credit bureaus as a late payment and of course if adversely affects your credit score and rating.





Payment history makes up a full 35% of your score so every late payment hurts a lot.
Reply:If you are one month behind on your car payment. If you can pay two payments to bring "current" so call your auto loan to ask remove the late fee. Most lender will remove the late fee as one time if it is your first late payment. You will be fine.
Reply:As told, the answer is yes, if you're up to date now, perhaps you can request a 2 month deferment so you'll be ahead.
Reply:Once you go over that 30 day mark it does start negatively effecting your credit rating.
Reply:Late anything is bad. Pay it now because it will get worse the later it gets.
Reply:Yes. It will show as a late payment.


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