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3 back to back 30 day late on car pament - How long will it affect

New Member

3 back to back 30 day late on car pament - How long will it affect

I have my car payment set up on autopay, but something went wrong and a payment was missed from my bank.  I was in the process of selling my house among other things, and didn't notice this for 3 months.  By that time I had already hit the 30-60 day mark for 3 months.  Smiley Sad

 

This is currently 3 months old.  How long will it take before the stink on my report wears off and I'd be able to get a decent rate on a loan?  Looking at purchasing a truck in the mid-2020 timeframe.

Message 1 of 4
3 REPLIES
Super Contributor

Re: 3 back to back 30 day late on car pament - How long will it affect

What were your FICO scores before the late payments and what are they now? do you have other negative items? If you lost (say) 90 points on your FICO scores from the 30D reporting, I think expecting about half or those points coming back by the time you're ready for that loan would be a realistic expectation.
Message 2 of 4
Regular Contributor

Re: 3 back to back 30 day late on car pament - How long will it affect

A minimum of 6 months for sure but what is your information as the other person stated a lot plays into it

Starting Score: 537
Current Score: 713
Goal Score: 775


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Message 3 of 4
Moderator Emeritus

Re: 3 back to back 30 day late on car pament - How long will it affect

Sadly, a 30/60 day less than a year is a big problem, and really for a lot longer than that but that's likely the anniversary date the "recent delinquency" reason code.  That said getting a truck underwritten at a good rate isn't that hard if the rest of your file is good, see below.

 

If the autopay wasn't your fault, start pleading your case with the bank.  

 

For reference this was back in early January 2019 with EX clean, EQ with 30D, TU with 60D both from April 2018 and most other information identical (other than TU does not have a CFA but does have a 2015 30D late, and EX has a bunch more inquiries) - FICO 8 Classic scores:

 

EX: 822

EQ: 753

TU: 740

 

We can argue if there's any real difference from an underwriting perspective and it does matter what else is on your file, but scores won't come back very quickly if at all to their former glory.   Also with that 2015 30D late on TU I don't think I even reached 780, admittedly not a bad score but it was still 50 points lower than EX.

 

 




        
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