Home › Forums › Credit Reports & Scores › How much does one late payment affect your credit score?
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August 19, 2023 at 4:03 pm #11157
Geoff Massanek
ModeratorAugust 19, 2023 at 4:29 pm #11225Team StellarFi
KeymasterYour payment history is the biggest factor that influences your credit score. It makes up 35% of your FICO® Score and is a highly influential factor in VantageScore®. The higher your score is to begin with, the more a late payment will drop your score. According to FICO data, one recent late or missed payment can cause a drop of up to 180 points. Factors that influence the number of points your score drops are: the severity of the late payment, how long ago the payment was, and your current credit score and history.
If you are a new borrower, meaning that you have a shorter credit history, the late payment will decrease your score significantly because there isn’t much information in your credit report and one negative mark is highlighted. Individuals with bad credit already have low scores, so a late payment does not affect their credit scores as much.
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