alsballoondepot
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yes being 30 days late will hurt you currently, but as time passes with on time payments and no more 30 days past due this account will report back to a R1.
Also, if this is the first time you are 30 days past due you can phone the creditor and they may remove the late mark and refund the late fee if they charged one..
If you have several lates then yes it may affect you at a later time getting a car
as for a mortgage generally they only look at the last two years of activity on your file.
Keep paying on time and this will not hurt you in the long run -
Good Luck
I am an employee of one of the three credit reporting agencies |
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Classy Granny
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Silly question, of course it will |
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Debt Free Dale
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It most definately will. You can expect to see a 40-100 point drop immediately. Just don't miss any and it should go up in about six to eight months. |
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armondian
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It depends on the creditor. The bank I used to work for didn't report it as 30 days past due until it was actually 60 days past due, but not good to take that chance. Would probably contact your creditor and pay the past due balance right away, and doesn't hurt to ask them about it. |
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Jake
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Being 30 days late once does not tremendously reduce your credit rating because it could be caused by many factors which may not even be your fault IE: If posting date falls on weekend it goes to next business day. Even if it is posted one day late it is considered 30 days and financial institutions realize that and will not drop your credit rating greatly but if your 30 day lateness is frequent your R1 rating may be dropped to R2 and if you are more than 60 days it may even drop to R3 and a minor derogatory in your bureau may result.
Credit Score is driven by 4 factors.
1. Length of time in Credit history
2. Potential Debt Burden (utilization and accessible credit)
3. Recent minor and major derogatories on bureau.
4. Recent inquiries in past 12 months. Each inq =10 points.
Hope this helps |
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Shelly
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It will not lower your score as much as a late payment on a mortgage. Some credit cards give you a grace period. Contact them immediately and first and foremost make your payment. |
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Duane
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Yes, it will ding you, but not as bad as 60 days or more!
If you think you will be late on your payment, contact your credit card company and ask them to not send this to the credit bureaus. They may want an immediate payment from you for this.
Go to my website and read it all, but especially the "how credit scoring works" section. this will give you a better understanding of how your score is determined! |
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SlimMick
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Expect a drop in the 50 point range.....If it goes 60 days late...you're looking at a 100+ drop.....
From CNN Website:
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Say for example you've never missed a payment and have a credit score in the high 700s or low 800s. If you were to miss the 30-day grace period, your score could drop by 100 points or more.
"That first delinquency puts you in a different class of consumers," says Watts. "You can make up that 100 points but it will take a lot longer than it took for that score to fall." |
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h f
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YES IT WILL!!
PAY THE BILL AS SOON AS YOU CAN OR ELSE YOU MIGHT LOSE YOUR OPPORTUNITY TO PURCHASE A HOUSE OR CAR!!!!!!!!! |
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