ECONOMICS
CREDIT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Living with our parents to cut down on expenses
|
|
|
Making a late car loan payment
|
|
|
Paying cash for a used car
|
|
|
Getting bonus pay from your employer
|
Detailed explanation-1: -A single 30-day late payment will not cause lasting damage to your score. A payment that’s at least 30 days past due could drop your score by 100 points. 60 days late: One late payment does not cause long-term damage to your credit score.
Detailed explanation-2: -Even a single late or missed payment may impact credit reports and credit scores. But the short answer is: late payments generally won’t end up on your credit reports for at least 30 days after the date you miss the payment, although you may still incur late fees.
Detailed explanation-3: -Does one late payment affect my credit score? Once a payment is considered overdue, the provider you owe money to will ask for a late payment marker to be added to your credit report. This can have a negative impact on your credit score, which is what lenders use to work out how likely you are to make repayments.
Detailed explanation-4: -Yes. Any delays in your credit payments – be it a credit card bill or loan EMI – harms your CIBIL™ score and can cause it to drop. The late payments are also recorded on your credit report making it difficult for you to qualify for future loans.
Detailed explanation-5: -Payment history. Amounts owed. Length of credit history. New credit. Credit mix. 30-Dec-2022