What happens to your credit if you miss a payment?

Missing a payment can significantly damage your credit score. Payment history is the most heavily weighted factor in credit scoring, making up about 35% of your FICO score. A payment that is 30 or more days late gets reported to the credit bureaus and can drop your score by 50 to 100 points or more, depending on how good your credit was beforehand. The later the payment becomes, such as 60 or 90 days past due, the worse the damage. Late payments can stay on your credit report for up to seven years, though their impact on your score lessens over time as you build a positive payment history going forward.