How damaging is a 30 day late on report!?

[Anonymous]

This message is for a friend. He received a 30day late on one of his wellsfargo credit card. It already hit his credit report and wellsfargo is not willing to remove it. He wanted others opinion that have gone through this. He has to get a student and car loan in 2-3 months. How long does he have to wait before this isn't a big issue? How do banks look at 30 day lates when approving? Have others had a hard time being approved after a 30 day late on report? His scores are around 700-730. about 3 year history. Has 3-4 cc and 1 loan.

[haulingthescoreup]

It's horrible initially. The damage does fade with each month. After two years, it's neglible for scoring, and most banks don't worry about it.

What else is going on with his reports? If this is the absolutely only baddie showing, he can just grovel and beg and hope that it's not held against him. If he has other lates, it's going to look like the continuation of a pattern of irresponsible handling of credit. (I'm projecting the creditor's thoughts here --please don't tear me up!)

I don't suppose there's any way he can delay the loans until at least 6 months after whatever month the late posted? That would help some. The longer a stretch of clean credit both before and after the late, the more likely it is that a lender will acknowledge it as a one-time mistake, and not a sign of future problems.

[Anonymous]

If he's getting a federal student loan, his credit report won't matter. AFAIK, the only thing they look at is previous student loan payment history.