How Much Does A Late Payment Hurt Credit Score?

Some times things happen that cause you to be late on your payments. When that happens, it shows up on your credit report in certain ways.

If 30- or 60-day late payments don’t happen often, they shouldn’t cause lasting damage to your credit score unless they are recent (as in the last two years or so) or occur on a regular basis.

Once you are 90-days late payment, the credit scoring models consider you much more likely to do it again. One 90-day late payment will damage your credit for up to seven years. From a scoring perspective, a single 90-day late payment is as damaging to your credit scores as a bankruptcy filing, a tax lien, a collection, a judgment or repossession.