Which is worse?

[Anonymous]

30 day late or Over the limit on cc's/loans?

[ariesdreamer]

That's a good question and something I'd like to know as well!

[Jacque383]

That's a good question....My thinking is the 30 day late is worse because it would be a part of your permanant record. The overage on a CC can be repaired simply by paying it down.

However, I'm curious as to the correct answer as well.

[Anonymous]

Wouldn't our fico scores take a hit either way?  I wonder which would hurt most in points?  You are right the late would be permanent for 7 years. 

[Anonymous]

I'm really not sure. The late payment would show for 7 years, right? The over the limit would also be there as it would show limit and high balance, but, wouldn't that be erased by a credit line increase later on? If a cli were an option.

[Anonymous]

That brings up another question, how long will being over the limit report?  I better check my reports.   Thanks for bringing that up.

[Anonymous]

It'll only show for one month. Sometimes the high balance might show as hogher than the CL - for example if a creditor lowers your CL. For sure - 30 days past due is worse.

[Anonymous]

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=18387

[Anonymous]

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myhearts07 wrote:

That brings up another question, how long will being over the limit report?  I better check my reports.   Thanks for bringing that up.

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I think the 30 day late, 7 years period.

[fused]

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myhearts07 wrote:

30 day late or Over the limit on cc's/loans?

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They are both bad! Short-term, over the limit is worse. Long-term, the 30 day late worse if you are unable to successfully GW it.

Message Edited by fused111 on 08-10-2007 08:51 AM

Message Edited by fused111 on 08-10-2007 06:01 PM