Liz Pulliam Weston managed to get actual numbers from Fair Isaac, the creator of the FICO score.

For someone with a 780 credit score, which is a good credit score, the impact of “negative events” is far greater (double in some cases) than on someone with a 680 score, which is still a fairly decent score. This is not a surprise, but this list should be – it’s the first time hard numbers, albeit ranges, have been associated with negative events.

Effect on a 780 credit score:
– Maxed-out card: -25 to -45
– 30-day late payment: -90 to -110
– Debt settlement: -105 to -125
– Foreclosure: -140 to -160
– Bankruptcy: -220 to -240

Effect on a 680 credit score:
– Maxed-out card: -10 to -30
– 30-day late payment: -60 to -80
– Debt settlement: -45 to -65
– Foreclosure: -85 to -105
– Bankruptcy: -130 to -150

They made some broad assumptions about the example individuals but overall it’s enlightening to understand the quantitative impact of these events.

Jim writes about personal finance at Bargaineering.com.

(Photo: armydre2008)

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