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Dvr74

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How much will 1 30 day late payment drop your score? At 700 now. How long will it take to recover?

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100+ points probably. It will remain on your credit report for 7 years, although as time goes on the effect will lessen.

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It's true that it will remain

on your report for 7 years.  It will have a direct effect for about 2 years.  But, depending on how many accounts you have and how many ontime payments you have it could be less of an effect.  Its a statistical situation,  i.e  if you have only 2 credit cards and you make a late payment on one of them, then you are late on 50% of the payments.  If you have 10 credit accounts then you are late on only 10% of your accounts,  if you have 20 credit accounts then you would have been late on 5% of them.

So depending on your particular situation it can be either a real bad thing or a minor hic-up.  There is no exact way of knowing how this will effect you in the long run.  Each Credit scoring model scores things differently and can score them differently depending on the type of credit you are applying for.  For example. I know a fella that had a FICO score of 788 on his report. But when he applied for a mortgage he was told that he had a score of 702. The lender used their inhouse scoreing model for mortgages that hit him hard for a couple of late payments 3 years prior, But FICO bases their score on the last 2 years of activity. 

So long story short. Its hard to say how that late payment will effect your score or for how long.  To many variables to give you an exact answer.  Just try not to let it happen again.

Good luck  

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As said it will drop most likely over 100 points on most scoring systems. It will take three or four years before it starts to lose it's punch, even though it will remain for seven years unless you could possibly convince the lender to delete it, but that is highly doubtful.

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