When it comes to your credit score, paying your bills on time every month matters. In fact, for both FICO and VantageScore, having a history of on time payments is one of the most important factors in calculating your credit score.
When looking at your payment history, FICO and VantageScore will take into consideration date of when the last late payment occurred, number of accounts with late payments, and number of payments that have been missed on an account. But did you know that while FICO treats all late payments the same, with VantageScore, a missed mortgage payment can negatively impact your score more than any other type of late payment.
If you’re renting, solutions like RentReporters can help you build and improve your score by reporting you on time rent payments to TransUnion. For more information on how we can help you, visit here.