Financial Tip - One Late Payment

Sep 25, 2015
Post originally appeared on KOMO News Consumer Tips.

Bad marks on your credit can last a long time. A bankruptcy will hurt you for seven to 10 years.

But even something as simple as a single 30-day late mortgage payment can drag down your credit score for years.

And get this, according to FICO, the higher your score; the more you’ll get dinged for that one late mortgage payment.

If your score is fair, you’d recover in about 9 months. With a good FICO score it would take about 2.5 years. And with an excellent credit score, it could take 3 full years.

The lesson here – make sure you pay your bills on time. 

Check out our blog post for more information about How to Understand Your Credit Score.

Monthly Bills Photo