Damage to your credit

Damage to your credit

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With credit cards, auto loans, mortgages and other revolving debt, you risk damaging your credit scores.  If you’re 30 days or more late on a payment, it will be reflected on your credit report and can cause serious damage to your credit scores.   If you have a bad track record with paying your utilities, providers may require a deposit or a letter of guarantee that someone else can pay the bills when you don’t.  You may also get less favorable terms.