What One Event Alone Causes the Larget FICO Score Drop?

[fused]

I am curious if anyone really knows the answer to this?  My guess would be either a foreclosure on your home or a Fed tax lien.  I do not know?  Maybe Tuscani or Noah_Bodie might!

[Anonymous]

What about the big B?

[fused]

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masdeocho wrote:

What about the big B?

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Oh yeah, that one too.  The thing with big B is not only the bad score but the lengthy and sometimes confusing process of it.

[Anonymous]

My guess is the B word

[Anonymous]

In terms of the ease of achieving it, a single late can cost upwards of 100 points.

[Tuscani]

As always.. the impact will depend on your overall file.. for me, a single 30 day late probably wouldn't hurt much as I have a thick file and enough postitive TLs to offset the late payment. Obviously, if you have a thin file with only a couple of TLs a late will hurt you much more.

[Anonymous]

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Tuscani wrote:

As always.. the impact will depend on your overall file.. for me, a single 30 day late probably wouldn't hurt much as I have a thick file and enough postitive TLs to offset the late payment. Obviously, if you have a thin file with only a couple of TLs a late will hurt you much more.

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Au contraire, according to the score simulator.  I've got a healthy-sized file, and a single 30-day late would torpedo my score.

[Tuscani]

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masdeocho wrote:

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Tuscani wrote:

As always.. the impact will depend on your overall file.. for me, a single 30 day late probably wouldn't hurt much as I have a thick file and enough postitive TLs to offset the late payment. Obviously, if you have a thin file with only a couple of TLs a late will hurt you much more.

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Au contraire, according to the score simulator.  I've got a healthy-sized file, and a single 30-day late would torpedo my score.

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What you like to prove the simulator's accuracy? Didn't think so. Anyone here will tell you to take what the simulator says with a grain of salt.

[MidnightVoice]

I am begining to think that the simulator is designed to encourage good behavior by being over positive on good things and to discourage bad behavior by being over negative on bad things 

[Anonymous]

I don't know for sure, but I would imagine most lenders would see a mortgage foreclosure on a principal residence as the worst thing. But perhaps a conviction for some type of credit card fraud would be worse. It always amazes me how soon people can borrow after a bankruptcy.