Does being late on car payment versus credit card, bills, etc value the same score on credit report?
2006-12-30 05:44:03 · 6 answers · asked by TXHIMstudent83 1 in Business & Finance ➔ Credit
800.
I pay early every month, so I'm in the top ten. Equifax said I won a free game and get to put my initials on the high score.
Okay, sorry. Truth is, no one really knows.
2006-12-30 05:46:10 · answer #1 · answered by Anonymous · 1⤊ 2⤋
It depends on how late you are. Every bank allows a 10-day grace period before it is considered an internal late payment. But, they can only report your payment as late to the credit bureaus if it is 30-days or more late.
If you are only reported late once and it's only a 30-day late, your score will not suffer that much only about 10-points. But, if you are late several times in a row or are God forbid 60 or 90 days late then your score can drop as much as 50-points
2006-12-30 05:59:07 · answer #2 · answered by ? 7 · 0⤊ 1⤋
Congrats on paying your automobile off!!! besides you probably did no longer something incorrect, a element is that if i'm able to ask...Do you have mastercard debt?? if so, are your stability's over 40% of your credit shrink.. if so as that stands out as the rationalization on your score drop. What lots of people dont understand is that whether you pay your playing cards on a timley foundation, in the journey that your balances are over 40% of available credit is does result your score negatively. If no longer, it does take the score to reflect the payoff approximately 2 months. maximum individuals think of it does this directly. IT would not!!! so which you may see an enhance on your next rfile. :)
2016-10-28 17:59:20 · answer #3 · answered by ? 4 · 0⤊ 0⤋
ANY missed payment of 30 days or more results in a drop of between 80-100 points! Don't believe anyone who says 20 points...it's a lot more than that. Read the link at myFico.com about "your credit scores" below.
2006-12-30 05:59:34 · answer #4 · answered by Kevin K 3 · 0⤊ 1⤋
Any answer depends on EVERY other factor effecting your score. I can say 0-500 points only because that covers the entire 350-850 range of FICO scores.
2006-12-30 09:34:27 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋
I'm thinking each occurrence gets you 3-20 points depending on frequency and bureau. Being late once isn't as bad as being late 2-3 times in a row.
2006-12-30 05:47:35 · answer #6 · answered by sethsdadiam 5 · 0⤊ 1⤋