Comments on: Paying Off Debt: Student Loan Delinquency Rates Increase

By: EFX Moderator, EM

EFX Moderator, EM — Mon, 11 Feb 2013 19:02:44 +0000

Bob, great question. On-time payments are any payment received before the due date. It's important to send payments on-time since payment history accounts for 35% of your credit score. Here is more information on your credit score is calculated. Thanks for posting.

By: Bob S.

Bob S. — Sat, 09 Feb 2013 22:21:55 +0000

How are early payments treated by Equifax?

By: Christina

Christina — Fri, 11 Jan 2013 21:02:15 +0000

Michelle: I am a certified credit counselor. Your score will not drop as much on a 30 day late payment as it will by closing your card. On top of that, showing that the card has a history (been on your report for a good amount of time) helps your score. Call the card company, work out a payment to get yourself caught up, and then try to make on time payments. I used to work for a consolidation company. They will work out a payment option for you, but will close your account. See what you can do on your own with the company first. Good luck!

By: EFX Moderator, EM

EFX Moderator, EM — Thu, 10 Jan 2013 21:56:10 +0000

Michelle, I'm sorry to hear that you're having trouble making on-time payments with your credit cards, but I'm happy to know that you're taking the steps to address it and you're wanting to maintain your creditworthiness. It's hard to know exactly how either situation will affect your credit score, since your score is based off of your entire report. Here are a few things to keep in mind though. Late payments typically stay on your credit report for 7 years, and closing your account will affect the average length of your open accounts, which is a factor in your credit score. Before you decide to go into a hardship program with your credit card company, be sure to ask how it will be reported on your credit report. No matter what you decide to do, I recommend reading this blog on improving your credit score. Please come back if you have any questions. Thanks for posting.

By: Michelle

Michelle — Tue, 08 Jan 2013 15:30:06 +0000

How much will my credit drop for being 30 days past due on a credit card? How much will it drop if I decide to go into a hardship program with my credit card which will cause the card to be closed by the company?

By: m podobnikar

m podobnikar — Mon, 17 Dec 2012 15:04:47 +0000

The increasing high cost of college isn’t in the education area, it’s colleges trying to out-do each other by building the best dorms and the prettiest buildings to attract unsuspecting students.