How Much Does a Missed Payment Hurt Your Credit Score?

One missed payment (30 days late) can devastate your credit score. The better credit you have, the more points are docked for one mistake.

For example, one missed credit card payment can deduct 100 points off of a perfect credit file. It can deduct 70 to 90 points if your credit is A-. If you already have subprime credit, then another missed payment can deduct 35 to 50 points, depending on your overall credit profile.

Below is an illustration* of how one missed payment can hurt your credit score. Clearly, we all need to stay on top of our credit reports to make sure an error is not posted against us.

30 Days Late        Points Off Prime                   Pts Off Subprime

Credit card          70 to 90 points                                  35 to 50 points
Car loan               65 to 85 points                                  40 to 60 points
Mortgage             85 to 100 points                                20 to 40 points

60 Days Late     Points Off Prime                      Pts Off Subprime

Credit card          80 to 100 points                                40 to 55 points
Car loan               80 to 100 points                                40 to 70 points
Mortgage           100 to 120 points                                30 to 50 points

Charge-Off      90 to 130 points                                45 to 65 points
Collection      100 to 150 points                               50 to 80 points

The first step to managing your credit report is to request your free annual credit report by good old-fashioned USPS mail. Don’t be lazy and order your credit report online or you will be giving up some of your legal rights and make it more difficult to get errors corrected. Send your letter to:

Annual Credit Report Request Service
PO Box 105281
Atlanta, GA 30348-5281

If you need credit restoration and cannot afford or choose not to pay for a professional service, do yourself a favor and pick up a copy of the Expanded Edition of Repair Your Credit Like the Pros here. (You want the newest edition, that says “Expanded Edition” under the title, not the old 2015 book.)

* Chart based on data provided by myFICO