A late payment is simply a payment that you have not made to the lender before the due date. This happens to the best of us as we can make mistakes due to oversight or shortage of cash. Unfortunately, these mistakes will negatively affect your credit score and cause it to drop dramatically as your payment history is the key component used to calculate your credit score. In this article, we will discuss how late payments affect your credit score, the other potential penalties, and tips on how to keep your future credit…continue reading →