Help needed - what score impact will an account reporting late on my credit report have?

[betterdays2011]

I am dealing with some serious but hopefully temporary financial issues which leave me with less cash on hand than I owe this month.  I have never been late with a payment but I have an account with Prosper that is about to go 30 days late (today).  I am looking at more accounts also going late early next month.  I am trying to prioritize as best I can but I think the next two months are going to be brutal.  I do expect a turnaround in early 2017 that should allow me to catch up with the payments but I am so distressed now I don't really know what to do.  

In the meantime, I am trying to prioritze - in this order: mortgage, auto loan, credit cards, signature loan, Prosper loan, Lending Club.  Am I looking at this correctly?  Years of work establishing strong credit are about to be obliterated. 

[Revelate]

Depends what your current scores are, and depends on the pattern of lates potentially (which we don't know).

FWIW I would attempt to get as few lates as possible, i.e. if the fees are similar (they probably are) take the one late on the mortgage than 3-4 lates on other loans/credit cards for example if we'er just talking credit scoring.  

If we're talking no guaruntee of recovering, I'd probably do the reverse let the credit cards burn and try to keep my house and my car current.  I had a late account back from 2010 (and a tax lien so YMMV), when I foolishly took another 30 day late on TU I lost on the order of 40 points; for FICO 8; a year later, not really seeing much difference in my score than where it was previously but that's with prior lates on there. 

For a clean file call it 800+ scores, you probably lose on the order of 100 points as soon as that late hits;  see the following:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/From-800-to-Foreclosur-e-How-Negatives-Af...

[Anonymous]

Here's a thought, which may or may not help.  It's me exploring whether there might be a way to avoid any late payments of any kind.  Obviously that is preferable, so it is worth trying to think it through:

Day 1 (today):  Contact friends, family, anyone else who could help.  Explain that this will be a very short term ineed and that you promise you'll never ask them again.  Also promise that you'll get them their money back very soon.

Now you have enough money to make today's payment and perhaps the next one.. 

Day 2. Contact various banks/CUs (and get advice here at the Forum) for the best way to get as big of an unsecured personl loan as you can.  Possibly also a secured loan against something you already own, like a car.  If you have good credit scores now, this may be quite doable.

Continue to see if you can scare up any additional source of funds -- perhaps friends/family you could not reach today.

A few days from now you should have loan money.  If you were able to get a big solid amount, use it to pay back all your friends and family.immediately and use the rest for the payments that will be coming up in the next three months (including payments on the new loan).

If as you say, you believe this is temporary and that by Feb you'd be all caught up, this approach should work.

[Anonymous]

From my experience, late payments on mortgages are the easiest to get removed via goodwill.  The simple reason is that you have a long relationship with the mortgage company, usually 30 years by default where with a CC company it can end at any moment really.  As long as you've never missed a mortgage payment yet, which you said you have not, I'd venture to say that your chances of getting a single late removed are very high.  I had 7 late payments on my mortgage and got all 7 removed through 3 different GW adjustments and at the time I was about 6 years into the mortgage (6 years of perfect payments). 

[SouthJamaica]

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@betterdays2011 wrote:

I am dealing with some serious but hopefully temporary financial issues which leave me with less cash on hand than I owe this month.  I have never been late with a payment but I have an account with Prosper that is about to go 30 days late (today).  I am looking at more accounts also going late early next month.  I am trying to prioritize as best I can but I think the next two months are going to be brutal.  I do expect a turnaround in early 2017 that should allow me to catch up with the payments but I am so distressed now I don't really know what to do.  

In the meantime, I am trying to prioritze - in this order: mortgage, auto loan, credit cards, signature loan, Prosper loan, Lending Club.  Am I looking at this correctly?  Years of work establishing strong credit are about to be obliterated. 

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Maybe you can avoid late payments by (a) taking credit card cash advances & (b) paying with that.

[Anonymous]

Because you have waited until today to get advice, you have almost no time to get money for the payment due today.  SouthJ's suggestion might nevertheless well work, even given the fact that you have only a few hours left to make that payment.

So I would definitely consider the cash advance solution.