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60 Days Late on car loan 18 months ago

Thu Mar 6, 2008 09:03PM | By Tony

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Q: I have a car loan which has been paid in full since 3 months ago. 18 months back I was 60 days late once. All three credit reports now show this tradeline as Paid In Full, while also reporting 60 Days Late for September of 2006. How bad is that affecting my credit scores? Does the affect of it lessen as time goes?

A: 60 Days Late is not the best thing to have on your credit reports, as it shows a bit more than occasional slip or forgetness, but after 18 months it alone probably costs you no more than 30 to 40 points, provided that everything else has been in good standing. It does have less and less affect as time passes.

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