Quote:
Originally posted by ltl/fb
Credit scoring has way, way more to do with whether you've ever made even one late payment, even on a $21 credit card bill. The debt to income ratio is another thing that they take into account, but a credit report doesn't care about your income. It cares whether you pay your debts on time.
ETA I don't think you had that "old days are over" part in your post when I wrote this, and I don't think that they are necessarily over. It depends to some extent how recent the nonpayment is, but they still fuck you if you have recent late payments. Possibly it just results in you paying an extra percentage or so on your mortgage or car loan or whatever.
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True. My FICO score went up almost 100 points when a single stupid late payment report from in law school (loan company, despite specific instructions to the contrary, but unfortunately not in writing, failed to defer payment on a loan during school, and the first I received notice was the past due notice) finally slid off my credit report.
