The Inside Story on Credit Scores
Which actions hurt the most?
Lending institutions such as Chase (JPM), Citi (C), and Bank of America (BAC) offer the best terms to those with the highest credit scores.
Here's a look at two scenarios, and how much particular negative actions can ding scores.
For someone with a 680 score, eight-year credit history:
- Maxing out credit card: 10-30 points
- 30-day delinquency: 60-80
- Settling credit debt: 45-65
- Foreclosure: 85-105
- Bankruptcy: 130-150
For someone with a 780 score, 15-year credit history:
- Maxing out a credit card: 25-45
- 30-day delinquency: 90-110
- Settling credit debt: 105-125
- Foreclosure: 140-160
- Bankruptcy: 220-240
See also, How I Negotiated With My Collection Agency.
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