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What Late Payments Will Do To Your Credit Is Worse Than You Think

What Late Payments Will Do To Your Credit Is Worse Than You Think

We’ve all been there – you get busy or distracted and accidentally miss a payment on one of your bills. It happens! But even though it was just a mistake, late payments can seriously damage your credit score. Your credit score is super important for getting loans, credit cards, apartments, and even jobs, so you want to keep it as high as possible. In this article, we’ll break down exactly how late payments affect your credit, and why even one late payment can hurt more than you’d think.

When Your Payment is Considered “Late”

First things first – when is a payment actually considered late? By law, companies can’t report your payment as late to the credit bureaus until it’s 30 days past the due date. So if you’re a few days or even weeks late, but pay before that 30 day mark, the lateness won’t show up on your credit report. Phew! But don’t get too comfortable – you can still get hit with late fees from the company, even if it’s not on your credit report yet.

30 Days Late

Once that 30 day mark hits, the company will report your payment as late to the credit bureaus. This is when the real damage starts. A single 30-day late payment can knock your credit score down by as much as 100 points! Crazy right? Your payment history (whether you pay on time) makes up a huge chunk of your score – around 35%. So even one screw up can tank your credit score fast.

Now, if you already had some late payments on your report, one more may not hurt as bad. But if you have an otherwise perfect payment history, one 30-day late payment can seriously drop your score down fast. We’re talking a perfect 800 score plummeting to 700 or lower overnight. Not good!

60 Days Late

If you thought 30 days was bad, wait until you hit 60 days late. At this point, your credit score is taking an even bigger hit. When a payment is 60 days overdue, it demonstrates a serious pattern of late payments rather than a one-time slip up. Not only will your score drop, but it will take longer to recover too.

For folks with excellent credit, a 60-day late can again knock 100 points or more off your score. But even if your credit isn’t perfect, you’ll still see a big impact. Expect your credit score to drop anywhere from 60-80 points once you hit 60 days past due.

90 Days Late

Now we’re getting into dangerous territory. A payment that’s 90 days late is seriously harmful to your credit score. At this point, a late payment will remain on your credit report for years, dragging your score down. Plus, the company will often send your account to collections once you hit 90 days overdue – another big negative mark.

Christine Twomey
Christine Twomey
2024-03-21
Just had my Divorce case settled 2 months ago after having a horrible experience with another firm. I couldn’t be happier with Claire Banks and Elizabeth Garvey with their outstanding professionalism in doing so with Spodek Law Group. Any time I needed questions answered they were always prompt in doing so with all my uncertainties after 30 yrs of marriage.I feel from the bottom of my heart you will NOT be disappointed with either one. Thanks a million.
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Brendan huisman
2024-03-18
Alex Zhik contacted me almost immediately when I reached out to Spodek for a consultation and was able to effectively communicate the path forward/consequences of my legal issue. I immediately agreed to hire Alex for his services and did not regret my choice. He was able to cover my case in court (with 1 day notice) and not only was he able to push my case down, he carefully negotiated a dismissal of the charge altogether. I highly recommend Spodek, and more specifically, Alex Zhik for all of your legal issues. Thanks guys!
Guerline Menard
Guerline Menard
2024-03-18
Thanks again Spodek law firm, particularly Esq Claire Banks who stood right there with us up to the finish line. Attached photos taken right outside of the court building and the smile on our faces represented victory, a breath of fresh air and satisfaction. We are very happy that this is over and we can move on with our lives. Thanks Spodek law 🙏🏼🙏🏼🙏🏼🙏🏼🙌🏼❤️
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Keisha Parris
2024-03-15
Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.
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Taïko Beauty
2024-03-15
I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence. Thank you team!
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2024-03-12
Hey, how you guys doing? Good afternoon my name is Anthony Williams I just want to give a great shout out to the team of. Spodek law group. It is such a honor to use them and to use their assistance through this whole case from start to finish. They did everything that they said they was gonna do and if it ever comes down to it, if I ever have to use them again, hands-down they will be the first law office at the top of my list, thank you guys so much. It was a pleasure having you guys by my side so if you guys ever need them, do not hesitate to pick up the phone and give them a call.
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2024-03-12
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2024-02-28
Amazing experience with Spodek! Very professional lawyers who take your case seriously. They treated me with respect, were always available, and answered any and all questions. They were able to help me very successfully and removed a huge stress. Highly recommend.
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divesh patel
2024-02-24
I can't recommend Alex Zhik and Spodek Law Firm highly enough for their exceptional legal representation and personal mentorship. From the moment I engaged their services in October 2022, Alex took the time to understand my case thoroughly and provided guidance every step of the way. Alex's dedication to my case went above and beyond my expectations. His expertise, attention to detail, and commitment to achieving the best possible outcome were evident throughout the entire process. He took the time to mentor me, ensuring I understood the legal complexities involved to make informed decisions. Alex is the kind of guy you would want to have a beer with and has made a meaningful impact on me. I also want to acknowledge Todd Spodek, the leader of the firm, who played a crucial role in my case. His leadership and support bolstered the efforts of Alex, and his involvement highlighted the firm's commitment to excellence. Thanks to Alex Zhik and Todd Spodek, I achieved the outcome I desired, and I am incredibly grateful for their professionalism, expertise, and genuine care. If you're in need of legal representation, look no further than this outstanding team.

For people with great credit, a 90-day late payment can crush your score by 130 points or more. Even if you already had fair or bad credit, your score can still drop by 50 points or more. No matter what, a 90-day late payment is terrible news for your credit score.

Even One Late Payment Sticks Around

Here’s the really scary part – even a single 30-day late payment will stay on your credit report for seven years! That’s right, one slip up can keep hurting your credit for almost a decade. Most negative marks like late payments stay on your report for the full seven years. So don’t think that a late payment will just disappear after a year or two. Nope, it will keep affecting your score for a long time.

The good news is that the impact of a late payment decreases over those seven years. A recent late payment hurts your score a lot more than one from 5 years ago. But it’s still on your report, keeping your score down. Moral of the story – avoiding late payments in the first place is key to keeping your credit score up.

How to Recover From a Late Payment

Okay, so you messed up and missed a payment. Now your credit score is tanking and you’re panicking. Don’t freak out just yet! Here are some tips to recover from a late payment and rebuild your credit score:

  • Pay the bill ASAP – Get that overdue payment taken care of immediately!
  • Call and ask for a goodwill deletion – You may be able to get the late mark removed from your credit report by asking nicely.
  • Dispute the late payment – You can dispute the late payment with the credit bureaus if you don’t think it’s accurate.
  • Pay all other bills on time – Prevent any additional late marks by staying on top of payments.
  • Keep credit card balances low – Reducing your credit utilization can help offset the late payment damage.
  • Wait it out – Late payments hurt less over time, so your score will gradually improve.

It will take some work, but you can bounce back from a late payment! Just focus on making on-time payments moving forward.

Avoid Late Payments in the First Place

Of course, it’s better to avoid late payments altogether. Here are some tips to help make sure you never miss a payment:

  • Use autopay or calendar reminders for bills.
  • Pay bills as soon as they arrive.
  • Set payment due dates to match paydays.
  • Build an emergency fund to cover bills if money is tight.
  • Review account balances and upcoming payments often.
  • Contact companies BEFORE due dates if you’ll be late.

Late payments stink, but they don’t have to ruin your credit forever. Now that you know exactly how they impact your score, you can be smart about avoiding and recovering from them. Your credit score will thank you!

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