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5 • Payment History is a
Bigger Deal than you think!

Your Payment History contributes 35% to your Credit Rating calculation! This can have the greatest effect on damaging or improving your credit, but it does take you time to show a consistently reliable payment history.

FICO chart series

Late or missed payments will have a major impact on your credit rating but the impact of past credit problems fade as time passes. As you improve your reliability older credit problems count for less. The longer you consistently pay your bills on time without missing a beat, the more your credit rating will increase.

The system will recognize when you are just moving your debt around from account to account so it is more effective to pay down your debt little by little to improve your credit rating.

If you are having trouble making ends meet, contact your creditors or see a credit counselor to negotiate a payment schedule that can be met. This won't rebuild your credit immediately, but if you can begin to manage your credit and pay on time, you will stop the damages and your credit should increase over time.

Regardless of how you mismanaged your payments in the past, you need to maintain the latest positive credit record that says you're managing your credit well now!

You get credit education and guidance with Programs to Fix Your Credit!