How long does late payment affect your credit score?

Question

Will appreciate help, Recently i had one late payment on a Topshop store card and now my credit report which was excellent has gone to fair and thus was refused a loan. I have since closed my account with topshop (Settled) and desparate to know how long it will take my credit to return to its previous status bearing in mind i have a morgage credit cards and two current account!!!!!!!!!! Better yet has anyone experienced this and what was the outcome

Answer 1

Like all negative information, a late payment will show on your credit report for 7 years. A nice 'saving grace' is the way credit reports are broken down. There is an area that says 30/60/90. This is where your late payment (as long as it was 30+ days past due) will show. There is another section that shows the last 24 months of payment history. After two years, it will not show there anymore. So while your 30/60/90 will show a 1 (under the appropriate category) for 7 years, it will look like less of an offense as time goes by.
I hope that helps!

Answer 2

the late payment will show on your records for 6 years.

however companies make their decisions based on lots of criteria, and 1 late payment isnt going to make that much difference. so what are you missing out !!!!!

to rebuild your credit history you need to make regular payments to credit arrangements (so closing your account was not actually the best move for your credit history, because now you have 1 less thing appearing on the report every month say "paid on time").

it will realistically take 6-12 months of regular on-time payments to bring your credit history back up to an acceptable level.

Answer 3

Any change to a credit rating will last for 6 years unless there is a very valid reason for the credit mishap. Financial companues tend not to bother actually investigating why there is a problem with your credit rating, unfortunately they tend to take it as read. However your credit rating is updated every month and providing that you don't incurr any financial mishaps, a financial company will also take that into account.

Answer 4

For upto seven years, possibly a lifetime. Be v careful with credit.

Answer 5

6 years, but you can repair this by making sure you do not miss any future payments.

Answer 6

6 months, sorry