Why is it so important for you to make your payments on time? You have to understand that the way creditors judge a score is called a risk score. That is, how much of a risk are you to go bad with your payments? When you are currently late with your payment or have been late last month, you are much more of a risk to go delinquent than someone who has never been late. The most important thing you can do is to build up and maintain your score by paying your bills on time. One late payment can be detrimental to your credit score. How much?

How much your score will go down is determined by several factors. First off, how much credit do you have. Someone that has 10 pieces of positive credit will not be hit as hard as someone that has one or two pieces of credit. Secondly, how much your debt is. If you are maxed out on your credit cards, your score might not go down as much because your credit score is already lower than someone that has all of their debt paid off. But your score will be much higher if all of your debt is paid off. I have seen scores go down from 50 to 150 points.

The higher your score is the more points your score will go down. You have worked hard to get your score to a certain point. Do what you have to to keep it that way. Eat at home instead of going out. Cut coupons. Don’t spend money friviously. Tighten your belt. Instead of going on vacation, take your family hiking or on a picnic. I know it might not be as fun, but it will cut down on your stress. You might learn that you can have fun by spending quality time with your family.