Personal Finance

Credit Score Drop 30 Days late payment how long til recover?

  • Last Updated:
  • Jun 10th, 2019 2:55 pm
Member
Nov 15, 2017
384 posts
150 upvotes
Canada

Credit Score Drop 30 Days late payment how long til recover?

Hello,

I recently faced a 30 days late payment by a creditor to my mistake, i've since within the same month of seeing that rectified the matter and cleared the account. It costed me about 85 Pts on equifax.

How long does it take to regain said potential 85 PTs? I was about 710 and now rolling a 625. This is the one and only derogatory item on my file.

Yes, i've called the creditor to ask them to remove it and they won't even though its the first ever time with them doing so and being a client for a long while.

I do have several credit cards paid with 0$ or close to 0$ in debt, installment loan, utilities and amex charge card to appear all on my file as a total.

All I see online are "It will cost you this much in pts" but it doesn't say how long it will take to recover from a 30 day late..

If anyone as had experience with this id love your input.
4 replies
Sr. Member
Mar 21, 2019
746 posts
729 upvotes
It doesn’t really matter to be honest.
Even after the score recovers, you can still be declined for credit depending on the lenders’ tolerance.
A family member of mine was declined for an MBNA card, and the reason given in the decline letter, was a late payment 4 years prior to that application.
Mind you that was a more serious late (not write off or collection) but still, it was 4 years in the past with a clean slate thereafter.
My guess is you’ll be fine after 12 months with a 30 day late.
Deal Guru
User avatar
Mar 23, 2008
13006 posts
10009 upvotes
Edmonton
I believe on Equifax it's 24 months. Whether it has the full effect for the entire 24 months or not, I'm not sure. There is an entire "Ask me about your credit score" thread to sieve for knowledge.

C
Member
Nov 15, 2017
384 posts
150 upvotes
Canada
CNeufeld wrote: I believe on Equifax it's 24 months. Whether it has the full effect for the entire 24 months or not, I'm not sure. There is an entire "Ask me about your credit score" thread to sieve for knowledge.

C
Yea it popped up in one of my searches after I had posted this on the third page of the google results. Ironically I didnt use the search feature here thank you.
Deal Addict
Sep 24, 2018
2366 posts
1245 upvotes
MBNA uses transunion, it might say 2 years but once i had a collection removed finally my score there went up over 110 points, that collection was over 4 years and 8 months old years old (old power bill, power company finally accepted i bought a new house, requested to close account, and ex had them cancel the request).

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