How do late payments affect my credit score?
Having just ONE delinquent account on your credit report can be devastating to you credit scores. Whether it’s a late car payment, late credit card payment, or late mortgage payment, a recent late payment can cause as much as a 90-110 point drop on a FICO score of 780 or higher. As time goes on, the late payment will affect your credit score less and less until it drops off.
Late payments appear on your credit report as either being 30, 60, 90, or 120-plus days late. Each of these degrees of delinquency affects your credit score differently. If you are currently 30 or 60 days late, your credit report will be affected the most. The more recent the late payment has been reported, the more it affects your credit.
How many days late before it is reported to credit bureau?
Usually, it won’t be reported to the credit bureaus until after it is 30 days late. However, it is possible for it to be reported before that.
Once you are 90 days late or more, it affects your credit score even more and can even be turned into a charge-off at that point. However, even if you are already 90-plus days late on a payment, it is still a good idea to pay to avoid additional harm in the form of a charge-off, collection, or repossession.
No matter how much you owe, delinquent accounts will affect your credit the same. To the credit bureaus, a late payment of $50 is just as bad as a late payment of $5,000. Knowing this, if you have to make a choice between which bills to pay first, it may be wise to pay the less expensive ones first.
How long do late payments stay on your credit report?
Late payments can stay on your credit report for 7 years. However, contrary to popular belief, you do NOT have to wait up to 7 years before being able to get a mortgage, car loan or any other type of credit again. Keep reading to find out how you can dispute late payments and even get them removed from your credit reports.
Can late payments be removed from your credit report?
Yes, late payments can be deleted or updated as “never late” on your credit report. It’s actually quite easy. Keep reading to see how I got mine removed.
How can I avoid making late payments in the future?
The best way to improve your credit score is to pay your bills on time. Set up automatic bill pay with your bank, or set your bills up for auto-withdrawal. Many times you can even choose the date you want to have the money taken out to pay your bills.
Read my story below (and check out the photos for proof) to see how you can dispute and remove late payments from your credit report.
Bad credit? You’re not alone.
Several years ago, I went through some tough times financially. I became unemployed when my company went out of business. The bills kept piling up and I simply couldn’t make the payments. Things got out of hand, I became desperate and ended up filing for bankruptcy. The financial burden was lifted, but my credit suffered a massive blow.
I knew that bankruptcy would have an impact on my life, but I didn’t know it would be as big as it turned out to be. I couldn’t get a loan from anyone. I had trouble securing lines of credit and was denied on home and auto loans.
Getting my credit back on track
After I had told a friend of mine about my issues, he suggested I check out Lexington Law. He said if anyone could help me out it would be them. I didn’t believe him at first, but I was willing to do anything to improve my credit, so I gave them a shot.
I researched them online, then gave them a call at 800-220-0084. I spoke to a credit expert who gave me a free consultation. It was nice to talk to someone who cared and wanted to help. I decided to sign up and am still grateful for making that decision. After only a few weeks, I was getting letters from credit reporting agencies saying negative items were being removed from my credit report. Since then, my credit scores have been improving steadily. Finally, I can get financing on the things I want to buy. Joining up with Lexington Law turned out to be a great decision for me (see below).
“I just wanted to thank you and tell you that your system is going to be able to put me in a home almost two years earlier than I originally expected to. My credit score has jumped over 60 points in the last 6 months to a very respectable level and now when I apply for a mortgage. I will be able to name my price. So file this e-mail in the happy customer section. I will refer anyone with less than perfect credit to your services it has made a world of difference for me! Thanks again!”
— C.R., Lexington client
“I can see that your method really works. I appreciate all that you have done for me so far. Already, I was able to walk into a car dealership, get approved in a matter of minutes, and qualify for a tier 1 rating. I haven’t been tier 1 in years! I also want you to know that I have recommended your services to many of my friends, family, acquaintances and business associates. No matter how careful or diligent you are, you can still end up with blemishes on your credit report. I’m glad that you guys are out there to help remove them.”
— H.M., Lexington client
You can read hundreds of client testimonials and even watch some very inspirational client video testimonials here:
Discount for Family Members, Couples, and Active Military!
Lexington Law is now offering $50 off the initial set-up fee when you and your spouse or family members sign up together. The one-time $50.00 discount will be automatically applied to both you and your spouse’s first payment.
Active military members also qualify for a one-time $50 discount off the initial fee.
Ready to Get Started?
Lexington Law successfully disputed and removed over 1 million late payments in 2015. They can delete all kinds of negative items from your credit reports, including bankruptcies, foreclosures, repossessions, charge offs, judgments, tax liens, collections, late payments and more. If you’re sick of having bad credit, let the professionals at Lexington Law Firm take care of it for you.
Call 800-220-0084 for a free consultation and a complimentary credit score. You’ll be glad you did!