Strapped for Cash and Can’t Make a Payment?
The truth is, anyone who is human has made a late payment(s), and sometimes you just know that at some point you are going to have to pick and choose which payment will have to wait until next month, whether it’s for a cell phone, credit card, or even a utility bill.
But did you know that there are numerous monthly bills you pay which don’t report to the credit bureaus? These include your utility payments such as electric and water, cell phone bills, car insurance, rent (unless specified that it is being reported), gas bills, TV and cable, and other utilities.
However, it is important to keep note of the companies who do report on your credit report such as car loans, mortgages, installment loans, and credit cards. These accounts WILL put a negative item on your credit report if you pay them 30 days late, and YES a past due payment CAN drop your credit scores over 100 points!
How to Avoid The Damaging Affects of Late Payments
If you are like 99% of the rest of the citizens in the United States, sometimes you just KNOW you are going to have to make a late payment and the funds you brought in for the month was only enough to cover the monthly necessity expenses.
Well I’ll let you in on a little secret, if you do find a month where money is tighter then others, there is a secret solution! Call your creditors! Many of them will work with you, AND many will allow for a “courtesy adjustment”. It’s always best to let your creditors know your financial struggle then to keep them in the dark, when from there on they will assume that you were just not planning to continue paying your debt. Creating a form of communication with your creditors opens more doors of trust, and often times they will allow a leniency to go more than 30 days late and will not pin it to your credit report!
Keep in mind, only some creditors will do this, and those who do will only allow this once to keep consumers from abusing the courtesy adjustment.
Honesty is Key
If you are going to be late, a simple phone call can save your credit scores from dropping over 100 points, and a whole lot of frustration to follow. It is always important to call before you are late and explain your situation to insure you have a healthy credit profile and healthy financial future.
Contact us today to learn how you can have the exceptional credit you deserve.
Cobalt Credit Services
BetterCreditGuaranteed.com
1(800)216-2725