Fair Isacc, the company that developed FICO scores, revealed estimates of some of thpoint score declines following various mortgage delinquency scenarios.
Here are the average hits your credit will take in each of these scenarios:
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30 days late: 40 - 110 points
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90 days late: 75 - 135 points
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Foreclosures, Short Sale or Deed-In-Lieu of Foreclosure: 85 - 160
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Bankruptcy: 130 - 240
This report from Fair Isacc indicates that even one missed mortgae payment can have a significant impact on the credit score of a borrower, but the real tipping point comes when accounts get to 90 days or later past due, as statistics show that this is when accounts are least likely to ever be paid current again.
Of course, other factors come into play as well. Someone with limited credit will be hurt more then someone with a large amount of accounts and a good long standing history. In addition, someone with a less than perfect credit history and a lower score may also have less room to drop then a person with a higher credit score.
