Checkbox

Correct! Nice Work!

Payment history is the single most important factor in credit scores, making up about 35% of most scoring models. Late or missed payments can have a dramatic impact, with a single missed payment potentially dropping a score by 50–100 points. On top of that, issuers charge late fees—often $25–$40—and may apply penalty APRs exceeding 29%. These consequences compound quickly, making consistent on-time payments critical.

Fortunately, payment history is also an area where consumers have control. Setting up autopay or reminders can ensure you never miss a due date. Many issuers also allow one-time forgiveness if you have a strong track record of on-time payments. Still, repeated late payments will stay on your credit report for up to seven years. Protecting your payment history is one of the simplest and most effective strategies for maintaining strong credit health.

Did You Also Know...

By Quiz Coins

An employer 401(k) match is essentially free compensation — not taking it is like turning down a raise.

Recent Blog Posts

Our Story To Financial Success

At Wise-Wallet, personal finance is a journey.

Read More
Credit Cards: Match Your Wallet to Your Lifestyle (Travel, Cashback, or Balance Transfer?)

Pick cards to match your life: cashback for simplicity, travel cards for frequent flyers who use perks, and balance-transfer cards to crush debt — then automate, pay in full, and track value.

Read More
How to Build a Bulletproof Emergency Fund (Even if You Hate Budgeting)

Build a simple, automatic emergency fund by choosing a target, automating transfers, and using low-effort saving hacks — no spreadsheets required.

Read More