How much does missing a credit card payment affect your credit score?
Thank you God! asked:
My credit score right now is around 750, but I recently wasn’t able to make a payment on one of my credit cards. I’m just wondering how much will my credit score be affected?
Ricky
My credit score right now is around 750, but I recently wasn’t able to make a payment on one of my credit cards. I’m just wondering how much will my credit score be affected?
Ricky
May 10th, 2011 at 11:57 pm
It will only affect your reports and score if it is more than 30 days passed due.
Look at all three of your credit reports.
You’ll notice that there is no part where they can report payments late less than 30 days…
May 12th, 2011 at 5:46 am
You have to be 30 days late from the due date to be officially late on your credit report. It’s impossible to predict an exact figure, but a 40-50 point drop should be expected if you’ve gone 30 days past due.
If you anticipate more trouble paying your credit cards, then consider entering into a debt management plan through NFCC, which is a non profit organization that was set up by the credit card industry to offer assistance to people who are struggling to pay their credit card debt…They can offer reduced payments and interest (but NOT settlements for less).
May 14th, 2011 at 12:06 pm
I agree with catdad, but here’s some additional good reading.
May 15th, 2011 at 6:44 am
Under the FICO ’08 software, not used by one bureau, a 30 day late payment on an unsecured debt should cost 15 to 35 points.
The other two bureaus it will drop credit scores by a more narrow range, 15 to 30 points.