How much will my credit score dip if I miss a payment?

by Manshu on September 24, 2008

in Articles

Everyone knows that their credit score will take a hit if they miss their credit card payments or max out their credit cards. A lot of people find themselves in such situations and wonder how badly their credit score will be hit.

While the exact drop in your credit score will depend on your particular situation, MyFico has got some examples of how much your credit scores will change because of certain events.

As you can see, while defaulting on the credit card payment results in the worst credit score drop, maxing out your cards has a pretty bad impact too.

Credit Card Scores
A lot of readers will notice that the credit limit itself is not known and a lot of other information is not there as well. That is true and there is really no way to tell beforehand how much your credit score will drop or gain based on a certain action.

The next best thing is to look at examples given by MyFico or talk to someone who has faced the same situation as you.

If you know how much your score dropped or gained with a certain action, please share it with us through comments. A lot of people can benefit from that knowledge.

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