Maintaining a good credit score can feel like a game at times.
The algorithms credit reporting agencies like Equifax use for assessing creditworthiness are confidential — making the consequences of missing a bill or taking on more debt hard to predict.
Still, experts say, certain missed payments can do serious damage to your credit score, especially if you’ve got a healthy one.
In general, a late payment from someone with a score of 700 and above will result in a significant drop, and will continue to fall with subsequent late payments, says Eric Espinoza, director of research and advocacy at Neighborhood Trust Financial Partners in New York.
“The higher you are, the harder you’re going to fall in terms of score,” he says.
There are other factors that impact your credit score, like the length of your credit history and the number of accounts you have open. Exact percentage drops are tough to pinpoint, but there are some across-the-board truths that apply to most people.