Master Creditology


Collections have negative affects to your credit score. When an account goes into collections, the number of points your score drops depends on dozens of factors unique to you.

The higher your score, the more it can fall. A 90-day late account may swipe 50 points from someone with excellent credit but only 10 points from someone who was already in the lowest tier.

Late Payments

A late payment — at least 30 days past due — could lower your score as much as 100 points.

If you have a good score and your credit is mostly spotless, a late payment can knock as much as 100 points off your credit score. If your score is already low, it won't hurt it as much, but it will still do damage. 


Credit inquiries have only a minor impact on your FICO Score. One additional credit will typically lower fewer than five points off the FICO Scores.

Inquiries can have a larger impact if you have few accounts or a short credit history. More inquiries also means more risk.

Student Loans

Student loans can affect your credit in both positive and negative ways based on your payment practices. 


Bankruptcies will erase your payment obligations, but  your score will plummet 100+ points and will affect your credit score for up to 7-10 years. 


A credit card charge-off occurs when you're 180 days late on your account. A charge-off does not mean you no longer have to repay a debt. Your account is deemed “uncollectable” which is the accounting term, may or may not eliminate the amount owed.

Your credit score will fall.