The Impact of being late on your Credit Score

It’s already a well known fact that being late on your payments is not good for your credit score. That said, where you stand on the ladder of how high your score is will determine just how much you will be negatively impacted from a late payment. For example, someone with an impeccable past payment history and a 790 score will feel the effects of even just one 30 day late payment much more than someone with a 690 score. The cost of a 30 day late for the former might be close to a 100 point decline and at least a 50-60 point decline for the latter. It’s the old adage, the bigger you are the harder you fall. The one saving grace may be that because you might be someone who in the past has demonstrated a proven ability to maintain a near-perfect payment track-record a lender may be willing to even forget about reporting you as late in the first place. This is where that so-called idea of having a good relationship with your lender comes into play. Conversely, if your lender does indeed report you to the credit bureaus as 30 days late for the first time ever….give them a goodwill call and simply ask very nicely if they would do you a favor and remove it altogether. Hey, ya never know.

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