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ace
My friend told me, if I miss a car payment. My credit score will decrease by 100 points. This this true?
Not true! But it will not look good having a 30 day late.
What you need to do is call the finance company and explain the situation and ask for more time. I'm sure you'll be okay
SPIFIMAN1
Auto finance is what I do for a living and no that is not true.
Simply missing one payment will lower your score but not by 100-points.
Over time if you miss payments or are late several times it could very well lower your score this much, but not with one payment.
Rocketmaniac
I don't think if you miss 1 single payment, your credit score will go down that much. Your credit score is all about your history, if overall you pay on time you'll be fine. But I'd pay the payment as soon as you can.
Ozeki
could be
Expert Realtor
Will it decrease? Yes.
How much will it decrease...NO ONE can answer that for you because the credit scores and the scoring method is proprietory information and the credit bureau does not publish that information nor make it available to the public.
beauty s
not a 100 but it will hurt your score
skcs11
no
smartiebc
No that's not true but if you miss payments or pay late it will show on your report for others to see......May decrease score over time if you keep doing it but not 100 points...
Jonathan
You go on record as a slow payer customer.
Worst than that - they will repossess your car - just pick it up from where ever it is - without telling you.
If you hurry, you can pay what you owe and get your car back,
I don't know why people sometimes expect to acquire and use and keep something with out making the payments.? ? ?
Distorted Vision
The equation is not that hard and fast, nor is it consistent between the three credit agencies. It could drop anywhere from 10 to 200 points per agency, with an unpredictable result for the average.
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