Understanding FICO® Scoring

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afjock21
Posts: 127
Registered: ‎09-26-2012

how bad does 30-day late hurt? how long does it hurt?

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‎02-26-2013 08:29 PM

for auto loan AND credit card...

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boomhower
Posts: 1,818
Registered: ‎09-20-2011

Re: how bad does 30-day late hurt? how long does it hurt?

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‎02-27-2013 04:10 AM

One hurts, two hurts a lot.  The effect will lessen with time.  If the accounts had previously had a long history of positive payments and usage you may try writing a good will letter and see if they will remove them. 

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guiness56
Posts: 14,520
Registered: ‎01-17-2008

Re: how bad does 30-day late hurt? how long does it hurt?

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‎02-27-2013 07:25 AM - edited ‎02-27-2013 07:26 AM

A single 30 day late is a minor derogatory and you score should recover fairly quickly.  The late itself will stop impacting your score around 2 years.

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myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

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