Late for payment and credit score?

Question

How much does your credit score drop with one late payment?

I have been reading LAST month's credit report, thinking it was due on teh 16th like usual. It's not. It was due on the 9th and we're paying tomorrow.

Please tell it won't drop too much. I have NEVER been late. My credit score WAS 750 last time I checked.

Answer 1

If you're less than thirty days late, it won't show up on the big three credit reporting agencies' reports.

Depending on what bill it is, that particular company may keep an internal log of your actual payment dates, including those that are less than thirty days late, but still technically late. They may use this when considering increasing your credit line, etc.

One thing to watch out for on credit card bills is the fine print in your credit card agreement regarding late payments. Some credit cards will significantly increase your interest rate or charge a humongous late fee for late payments, even those that are only one day late. Other loans like mortgages, car notes, and utilities aren't so cutthroat.

If you're credit score is 750 I doubt you have much to worry about. Check out http://www.bankrate.com for more info.

Answer 2

Usually they don't report a late payment if you are within 30 days. Just be careful with being late, and your interest rate. I had something happen where I was late once, so we called the credit card company and basically said that we screwed up, is there anything that can be done to keep our interest rate. Because we had a history of on time payments they were willing to give us the interest rate back.

This doesn't happen every time, so it's best to be on time until you can pay it off and never have to borrow money again.

It sounds like with a credit score of 750, you'll be ok.

Answer 3

Was it the 9th of this month it was due? No biggie then. You'll have a late fee, but it won't hit your credit report at all.

If it was due on Dec. 9th, one payment more than 30 days late is not the end of the world. Your score will take a hit, but you'll probably lose 30 to 50 points right away.

Answer 4

FICO scores change on the importance of debt. Being late for a credit card (unsecured debt) is not as bad as being late for a car payment, which isn't as severe as a mortgage payment (most important)

FICO also cares about how late. 90 days is a lot worse than 60 which is worse than thirty. You are a couple days late. I'd guess that if it drops, it won't be more than a point or two.

Answer 5

Contact your creditor before they report the late payment to the credit bureau. Most will agree to not report the late pay if they've otherwise had a good payment history with you.

Answer 6

You have to be 30+ days late for it to be a late payment on your credit report. if you're only 5 days late, it wont show up as a late payment at all.

How much it dings if it is late depends on your over picture. If you have 10 accoutns and this is the only late, its better for you than if you only have 2 accounts.

Answer 7

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