How does three late car payments affect your credit rating?

It can cost you about a loss of 40-60 points on your credit score.





You might consider setting up auto withdrawal from your checking account that recives your direct deposit check to avoid this. (make sure to have enough in your account when the payment comes due). Good luck.

How does three late car payments affect your credit rating?
Well I still stand by what I said...if you were simply "late," then it does not get reported to the credit bureaus, therefore your score stays the same. A "lateness" only gets reported if it's excessive, like %26gt;30 days late. So your score did NOT go down. Report Abuse

Reply:It depends on how late the payments were. Most car loans(unless it is a rip-off subprime loan) give you a 5-day grace period, meaning that they don't add on late fees unless your car loan payment is MORE THAN 5 days past the duedate. Also, most banks do not report latenesses to your credit report unless the lateness was more than 30 days late. So if you simply paid your car loan say, 10 days late three times in a row, you might be stuck with extra late fees to pay, but there would be no effect to your credit rating.





Now if each of these three late payments were made more than 30days past the duedate, then your credit rating will plummet quite a bit. Each 30day lateness is reported to the credit bureaus. One 30day lateness on your entire credit report isn't too big of a deal. The more latenesses that you have reported to your credit report, the worse you look. But three 30day latenesses, especially in a short period of time, definitely can lower your credit score as much as 50-100pts.





Now if you meant "three late car payments" as simply skipping your car payment for three months, you are in SERIOUS trouble, credit rating-wise. Technically, missing 3 payments is equivalent to a 90-day lateness. The later the lateness, the worse you look. While 30-day and 60-day latenesses on your credit report can lower your score, they are not viewed to be ultra serious until it hits a 90-day lateness. At that point I wouldn't be surprised if your credit score has gone down 100-150pts.
Reply:It depends, are you three payments behind? Look for the car to be repoed any day.





If you have made three payments over 30-days late? Your credit score will suffer and it will make it very hard to get any other types of credit for at least 6-months.





If you have made three payments 60-90 days late? Your credit score will take a major hit and it will be next to impossible for you to get any additional credit for 1-year.
Reply:it will show late on your credit report and it may make your score go down a lil
Reply:this will hurt your credit score buy about 30 points or so and also post a 90 days past due on your credit report which in the long run could cost you hundreds of dollers in interest on your next loan, if you need more information about credit check out my blog listed in my profile, I hope that this was helpful, Best of Luck and by the way if they haven't yet I would be worried about them coming to take the car.
Reply:and you still have the car?....it will affect a great deal as you according to the bank are not very reliable person.....