According to MyFICO.com, if your credit score is a 680 and you have a 30 day late payment, you can reasonably expect a drop of between 60 and 80 points. If your middle score is a 780, expect a drop of between 90 and 110 points.
Got a maxed out credit card? Not good my friend, expect a drop of 10 to 30 points on a 680 middle score and 25 to 45 points on a 780 middle score.
With lending guidelines having greater restrictions pertaining to credit scores and the information that is used to determine a score, maintain as high a score as possible is imperative to receiving the best interest rates from lenders.
Whether you are buying a car, obtaining a credit card or buying a house, your credit profile is scrutinized far more intensely than it would have been 2 years ago. Do your part to maintain a favorable credit profile.
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Very informative and interesting. A person is penalized more for having a better score. I'm thinking the federal government is directly involved in determining a persons FICO score.
ReplyDeleteYes, I agree. I guess the thought process is if you have a 780 score, you should know better than that person with a 680 score. The bureaus still miss the "real world" aspect that unemployment is at 10% today, and unfortunately, folks may be struggling and have to pick the bills to partially pay.
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