Credit glossary

Delinquency

Definition

Being behind on a required payment, which lenders report in 30-day steps once an account is at least 30 days past due.

Lenders generally report a payment as late only once it's at least 30 days past due, and each month you stay behind can move it up a step: 30, 60, 90, 120 and on to 180 days or more. A delinquency can only age about 30 days per monthly update, so a jump from current to 90 days late in one month deserves a closer look.

How late, how recent and how many all matter to FICO. Its published simulation showed a single 30-day late moving a 793 FICO Score 9 into the 710 to 730 range, and a 90-day late does clearly more damage. If you can't pay everything, catching up fully, rather than paying only the current month, keeps one missed payment from rolling into a string of 30-day lates.

Guides that go deeper

Sources

  1. When Do Late Payments Get Reported?, Experian
  2. How Credit Actions Affect FICO Scores, myFICO
  3. Payment History and Your FICO Score, myFICO
  4. Key Dimensions and Processes in the U.S. Credit Reporting System (December 2012), Consumer Financial Protection Bureau

This is education, not legal or financial advice. Spot an error? Tell us and we'll fix it.