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Paying past the expected date could drop your score by an important number of points. Timely payments accounts for a vast portion of your report, which makes defaulting a negative element. Defaulting may drop your credit score further, and it can be worse if it’s already low. Sometimes it is sensible to pay late due to a job loss on an unprecedented financial crisis. Some loan issuers could provide you time to recover if you had some explainable fiscal feasibility. However, always making late payments may be damaging to your financial health. The national law states that overdue payments would only be reported if they’re 30 days late. Going beyond this window could affect your ability to get additional loans from potential lenders. This is because potential lenders will consider you a high-risk borrower and reject your program. Having said that, if you make timely payments consistently, you’ll have the upper hand in borrowing.
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