Debt Consolidation Forums Credit Repair, Credit Score and Credit Report forums

How much can I lose for making one late payment?

member profile picture
Posts: 1
Credits: 24.15
[Donate]

I missed my credit card payment last month. How much can my credit score drop due to this?




Hey,

The higher you have your credit score, the more damage it'll get if you miss a single debt payment. Your Fico credit score may be hammered by 90 - 110 points, if your score is 780 or higher. Generally, lenders avoid reporting a single missed payment until the date crosses 30-day period.

Sub: #1 posted on Wed, 07/20/2016 - 12:45

tiarajoseph11 tiarajoseph11

(Posts: 138 | Credits: 26.23)

The late payments will be evaluated based on some factors like how late it is, and how frequently you've missed. Moreover, your credit score will vary, because each credit reporting agency has its own way of evaluating.

In general, 90 days late payment can have a worse effect on your credit score than 30 days late payment.

Sub: #2 posted on Thu, 07/21/2016 - 18:07

sanderspatricia29 sanderspatricia29

(Posts: 254 | Credits: 31.46)

If your late payment is more than 30 days, it’ll get reported to the credit bureaus, that is, the late payment will be mentioned in our credit report. Moreover, a late payment stays for seven years in your credit report.

Your payment history accounts 35% of your credit score that shows how much you’re behind your payments, how frequently you pay your debts, and so on. So, if you have late or missed payments, then it can lower your credit score drastically, especially if you’ve high credit score.

Sub: #3 posted on Fri, 07/22/2016 - 08:46

Phil Bradford Phil Bradford

(Posts: 85 | Credits: 8.83)

Late payments are also evaluated on the basis of how frequently you’re paying late
The impact is more if the late payment is recent

Sub: #4 posted on Tue, 07/26/2016 - 16:30

Good Nelly Good Nelly
Industry Expert
(Posts: 2528 | Credits: 519.08)

Attachment
More information
  • Files must be less than 1.25 GB.
  • Allowed file types: txt pdf jpg jpeg png.
Post as a guest
CAPTCHA
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Post as a member

Share post

Page loaded in 1.743 seconds.