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Late Payments Hurt FICO Scores

A single late payment can drastically lower a person’s FICO credit score and increase the costs of borrowing. Some examples:

Consumer starting score: 680 720 780

FICO score after:

30 days late on mortgage 600 – 620 630 – 650 670 – 690

90 days late on mortgage 600 – 620 610 – 630 650 – 670

Short sale / deed-in-lieu

/ settlement 610 – 630 605 – 625 655 – 675

Short sale with deficiency

balance 575 – 595 570 – 590 620 – 640

Foreclosure 575 – 595 570 – 590 620 – 640

Bankruptcy 530 – 550 525 – 545 540 – 560

Consumer starting score: 680 720 780

Recovery time after:

30 days late on mortgage 9 months 2.5 years 3 years

90 days late on mortgage 9 months 3 years 7 years

Short sale / deed-in-lieu

/ settlement 3 years 7 years 7 years

Short sale with deficiency

balance 3 years 7 years 7 years

Foreclosure 3 years 7 years 7 years

Bankruptcy 5 years 7 – 10 years 7 – 10 years

SOURCE: FICO Banking Analytics Blog

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