Ever wonder just how important your credit scores are to a lender?

It is extremely important! Credit scores are the starting point for all lenders. Right or wrong, a lender will make a pre-determination as to your credit worthiness simply based on your credit scores.

If you have been late before, the lender believes you will be late again. Conversely, if you have stellar credit, the lender believes you will continue with that same credit history. A simple $20 late payment can cost a consumer tens of thousands of increase interest or even result in a loan decline.

So what’s the moral of the story? If you think you may be late on your next credit payment, you would be better off borrower, begging, or even stealing (just kidding) to make that payment on time. It may save you heartache and money down the road.