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feb0494

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How long does a late payment affect my credit score

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The payment history shows for 7 years, though the 'sting' of a late payment will greatly lessen with a history of on-time payments after.

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The general rule of thumb, at least for FICO scoring models, are that isolated cases of 30-day or 60-day late payments will affect your FICO score for around three years. If you were in the 700s after bringing the account current, then you could expect to be above 760 after one year, near 800 after two years.

A 90-day late (or more severe) is considered a major derogatory and will impact FICO scores for the full 7 years they are on the report.

Most risk-based lending models make whatever gamble they are willing to make, based on the probability that a selected pool of customers will ever become 90-days late on the account. That's why it's so much more of an impact to have a 90-day or worse on your report because generally speaking, if one gets to that point, it's hard to get caught up again, so the risk of default is tremendously high.

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