Late Payments affecting credit score

Just Sayin' · Jun 29, 2015

So, i need some advice as I've tried searching Google & i seem to get different answers.

I have a 3 month late payment on my credit score, which puts it down in the dumps, i don't think my credit score could get worse.

How does this affect me & how long will it remain on my account for?

Superfluous · Jun 29, 2015

directly speaking, it makes you more likely to be denied when trying to get a loan. indirectly, it can affect your ability to get a lease and even a job (employers ask for this information sometimes)

i'm pretty sure your score can get worse, so i advise paying it off as soon as possible. while there's no firm timeframe, a serious drop in credit score can stick with you for many years

Youtube Shop · Jun 30, 2015

If I recall, someone once told me that things like this will stay on your credit report for 7 years. I'm not sure if that's true or not though.

Just Sayin' · Jun 30, 2015

Youtube Shop said:
If I recall, someone once told me that things like this will stay on your credit report for 7 years. I'm not sure if that's true or not though.

This is what i've heard, long ass time, looks like i've got to bite the bullet.

JSand · Jun 30, 2015

It stays on your credit report for 7 years from the initial date that it was reported as late.

The worse thing you can do to your credit score besides declaring bankruptcy is some sort of lengthened lateness on a payment. If the lateness isn't from one of the evil corporations you can try to call them and ask them to take the lateness off of your credit report if you PIF (pay in full)

I've been successful at fixing my girlfriends credit, hers was initially in the 500s and is now 700+, join the myfico.com forum and read around, the people there are incredibly knowledgeable. I've been a member there for 5+ years and have fixed my own credit by using there advice.

Good luck!

Almond Joy · Jun 30, 2015

Youtube Shop said:
If I recall, someone once told me that things like this will stay on your credit report for 7 years. I'm not sure if that's true or not though.

7-10 years i think

parents have bad credit - source

SmokeHut · Jul 1, 2015

I have a very good credit score, as I look after it. In 2009 I first checked my credit score, it was poor something like 450:999 then I started looking after it. I had vast amount of late payments, no defaults just late payments. Which seriously affect your credit, or at least here in the UK it does. Afaik a late payment will stay on your credit score for at least 6 months, defaults last for ~ 5 years and CCJ's are ~ 10 years.

I used to withdraw all my money before debits were due as I couldn't manage my money at all. However, after looking after it for a few years my credit score is currently 990:999 which is the highest it's ever been. If you don't take action on it now, you'll sorely regret it when it comes to getting a mortgage or even finance for a vehicle. It also helps to know that you'll be accepted for the best rates on loans when your credit is excellent.

PS: a credit card can be very useful to boosting your credit score. If used correctly.

I use mine if I'm working away, I'll pay for my fuel & accommodation with it, then when I get paid it back at the end of the month, I clear my credit card. Or if I want a new TV or something, I'll buy it with the credit card, go home and clear it. This is a very easy way to boost your credit score, quickly.

However, if you use it unwisely you'll just plummet your score even more.