When I look at my FICO score, it has a section that says "# of accounts with late payments"
but it does not appear to have a section for total #of missed payments. Why is that?
does FICO factor in how many total missed payments you have? Cause there's no indication they care. From the looks of it, if two different people both had 1 account with missed payments. But one of them only had 1 total missed payment, and the other had 15, their scores wouldn't really be different. But when I say that out loud, I feel like there's no way that could be true. Total numbers of missed payments must count for something right?
(vantage score does not appear to have this issue, I am pretty sure they have a section that says "made x of x payments on time"
On the FICO app, below where it displays your 3 credit scores. It has a breakdown of how you did on each section.
For example it may say
payment history- good
Amount of debt-good
age of credit-good
Amount of new credit-fair
if you click on payment history it brings you to a deeper breakdown that shows the following
Late payments 30+ days
Late payment 60 days late
how many collections
Percentage of
accounts that were paid as agreed
and a couple more items
if you look at the "late payment 30+ days" and "late payment 60+days" they both have a setence that says "number of your accounts that were ever 30 days late"
but there is no line that shows total number of missed payments. And I have looked for that every where in FICO and cannot find it. You think something that important would be front and center.
The little descriptors for each category are not complete information, were never intended to be.
The number of late payments is a scoring factor independet of how many accounts have late payments, but it is not a set amount of score deduction for each late, nore is it linear.
