uncrustable asked:
I forgot to pay 2 credit cards last month. I paid them both off in full, of amounts $400 and $850, hoping it cancels out the FICO score drop. How many points will a typical score drop if you do miss a payment.
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Some creditors automatically report delinquent credit card accounts to the credit bureaus. Others wait until payments are 60 days late to black-mark someone’s credit report So it is possible that you did not even get a ding.
Your payment record accounts for one-third of your credit score. The more recent the late payment, the more damage it does to your credit score. Remember, once a late payment is reported to a credit bureau it will stay on a person’s credit report for seven years.
Some credit card issuers will raise a customer’s interest rate if they fall behind on any credit account. So a slip-up on one credit card account could result in higher rates on all your cards.
Unless you were more than 30 days late your score did not drop at all. This is because your first negative mark is at the 30 day mark. If they reported you 30 days late and you were not you can dispute it and have it removed.
Now, if you were more than 30 days late and it is reported. Then depending on the rest of your credit it could drop anywhere from about 10-50 points total for the 2 accounts. If you have a long and positive history with a lot of accounts you will probably be closer to the 10 points, if you have a shorter history with only a few accounts you will probably be closer to the 50.