This is huge! For the first time the credit scoring people are
letting us in on how they decide our futures. Why haven't they done
this before? It still is pretty much pay your bills on time or you
will pay mentality.
Surprisingly, you take more of a hit to your
score if you have a higher credit score. Which doesn't make any sense
to me. ~I guess if you have good credit and pay your bills on time,
you should be punished more for being late~. Yeah, that doesn't make
any sense.
So one 30-day late payment can lower your score up to 110 points, depending on your credit score. What!!!
That hurts. It will also in turn, raise your interest rates and cost
you higher monthly payments. Talk about getting kicked while you are
down.
Here was a good article I found on the topic explaining a
little more in depth Credit
Scoring. Let's hope they release more info in the future, so
people have a chance, when life isn't fair.
Credit Jerk
