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How Long Will a Late Payment Stay on My Credit Report and How Will It Affect My Credit Scores



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By : Darin Sewell    99 or more times read

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Many people have bad credit because of some late payments on their credit reports. If you are one of these people you probably have wondered how long a late payment stays on your credit report and how can you get it off sooner! Well below I will go over late payments and your credit.

Not All Late Payments Are The Same

First I have to make it clear that many people misunderstand what a late payment actually is, and truth be told there are a few different types of late payments that you maybe dealing with and each one is going to have a different impact on your credit scores. Below I will go over the three kinds of late payments.

Types Of Late Payments You Can Have On Your Credit Report

A Couple Of Days Past Due- This is probably the most common and really not a big deal and lenders will not report you late. However many lenders may charge you a late fee or increase your interest rate if you are a few days past due. Recently many lenders have also been decreasing credit limits and canceling accounts for this minor infraction!

30 Days Late- This is when it gets bad for the consumer, in almost all instances your lender will report your 30 days late to the credit bureaus. And this can have a devastating effect on your credit report and score. On average a single 30 day late mark can drop your credit scores 50-100 points!

60-120 Days Late- These are worse then the 30 day late payment and will knock your scores down with each missed payment. In fact it is worse to have one 60 day late then to have two (2) thirty day late payments because a 60 day late shows financial troubles to the credit bureaus and they score you accordingly. Going over 30 days late will also cause you to incur many late fees which might make catching up very hard for you and will cause a snow ball effect.

How Long Will a Late Payment Stay On My Credit Report

You are looking at 7 years minimum for the late payment to be removed from your credit report. And all lenders make sure that they report it for that time. Although there are ways to beat them at their own game using some simple self credit repair methods that can be found in most good self credit repair kits.
Where Can I Learn More About Self Credit Repair

The process of Self Credit Repair is a fairly straight forward and simple process if you have the right plan to follow. If you go into it unprepared you run the risk of failing or damaging your credit further.


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