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Learn the Credit Effects of One Late Payment & Let PowerWallet’s Bill Alerts Help!

by on June 15, 2012

By Samantha Savory

Your life is busy enough with school or work combined with raising kids or taking care of a big family and let’s be real, it can be overwhelming at times.  Include your social activities with friends, fitness routines, weekly errands, study sessions, business dinners, overtime work sessions and more and it’s not surprising how one or even a few bills can go unpaid.

Most service providers and lenders report to the three major credit bureaus (TransUnion, Experian, Equifax) every 30 days which means that your credit could potentially be damaged if you miss one or even worse, several bills even once.

When it comes to your credit cards, those should be prioritized over other bills as they can have a bigger effect on your credit score than a standard water or electricity bill.  Most bills are known for not sending a late payment notice to the three major credit companies until 30 – 90 days of pass due payment, but remember this is not guaranteed for every service provider.

We know keeping track of all your bills and due dates can be tedious and overwhelming, and that’s where PowerWallet can help.  PowerWallet’s easy-to-use Bill Alerts need to be scheduled once and then you’re done! Yep, it’s that simple.  After you sign up for free at www.powerwallet.com and link up all your financial and online accounts, the next step is to register all your monthly bills with their due dates. From that point on, you will receive email notifications every month reminding you to pay your bills! You can set up your notifications to come 3 days before the bill is due or even 7 days – whatever you prefer!  With our Bill Alerts you won’t have to worry again about missing another bill payment or having to pay another late fee!

If you really want to attain financial independence and create a healthy personal financial situation for yourself, paying your bills on time every month is very important.  There are 5 major factors that are used when your credit FICO score is calculated:

  • Payment History = 35%
  • Amounts owed = 30%
  • Length of credit history = 15%
  • New credit = 10%
  • Types of credit used = 10%

You will notice that your payment history is weighed the heaviest, and that is why we implemented our Bill Alerts into the PowerWallet platform. Start taking power over your finances and sign up for PowerWallet today!

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