When repaying back your Stilt loan, the most important thing is to make on time in full payments. Making on-time in full payments will reflect positively on your credit history. Generally, a good credit risk is an individual who meets all their obligations even in difficult times and that's why on-time payments are the most important part of a credit score.

However, the opposite is also true. Making late or partial payments will negatively impact your credit history. Also, any late payments will be reported to the credit bureaus irrespective of financial difficulties. We have to follow Fair Credit Reporting Act when reporting repayment data to credit bureaus.

Some common reasons why borrowers have late payments: 

• Traveling out the country
• Not checking payment date emails
• Not setting up auto pay 

In all these situations, being late on a payment could have been avoided, by planning ahead and setting up auto pay. Turning on auto pay ensure that you will never have to worry about future travel plans, or not checking your email and that your payment will be paid on time without any effort from you. 

Back to Stilt