Tips For Making On-Time Payments

One of the biggest factors in determining your credit score is your payment history. Even one late payment can negatively affect your credit score. So in this busy world how can you make it easier to remember to make your payments on-time?

On-time payments are critical if you are trying to rebuild or increase your credit score. For many this is often the major factor for a low credit score. Late payments not only negatively affect your credit score but they stay on your credit report for a whopping seven years!

Taking steps to make your finances a little more organized is the best way to make sure you are keeping up with your payments. Here are three ways you can help yourself make payments on-time…

Automatic Payments

One of the easiest ways to ensure you always pay on time is to set up automatic payments. Auto payments will always deduct the bill amount from your checking or savings account at the right time every month without you having to remember.

The biggest drawback is having to make sure you have enough money in your accounts at all times to cover the automatic deductions. This can create a headache if the deduction is made and you don’t have enough to cover the bill. Usually you will be alerted and it will try again when the issue is resolved but this can be very easy to forget.

Create Some Alerts

Another simple way to remember to make your payments is set up monthly alerts on your phone or computer. Set up a reminder a week before your bill is usually due and have it keep reminding you daily until you have made the payment. The only drawback to this is that you have to make sure you follow through when you get the alert!

Mark It On A Calendar

If you are someone who frequently uses some kind of calendar for work or life, adding your payment dates to the calendar can be helpful. Whatever kind of calendar you look at the most is the kind you should use. Go in and mark each week now so you are always making your payments before they are due.

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