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How bad does a late payment effect your credit?

I am currently 45 days late and will probably pay in 2 weeks. What kind of impact does that have on my credit? by sdv290 from Cornwall Bridge, Georgia. Apr 20th 2018 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,294 contributions

More info needed, but in general.. When your credit is run, it's basically a snapshot of your current credit profile at that very moment.. having an open active delinquent account is the worst kind of bad credit you can have.. it can drop your score as much as 100 to 150 points.. If you let the late payment go 60 days down, your score will drop even further.. once the account is brought current, the score will improve, but it will take some time for it to come up... I've told my clients in the past that it takes years to establish good credit, it takes 30 days to destroy it.. How much your credit will go down and come back up depends on how strong your credit was prior to this derogatory event.. if you had a 750 credit score and you get the account paid before it hits 60 days, then you might end up just under 700.. and will bounce back to 750 inside of a year.. but if you have a 600 credit score.. then it wont be so easy.. again, more info needed.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Apr 20th 2018
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,670 contributions

It hurts... a lot. The actual impact on score depends on a variety of factors, including where were you to begin with. I recently read an article from one of the credit bureaus that said if you were a high score to begin with, the impact will be twice as big compared to someone who had low scores to begin with. Bottom line, get it paid ASAP.

Apr 23rd 2018
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