This CNN Money article reveals some figures released by the Fair Issac credit scoring system, to show how certain events effect your credit score.

“Here are the average hits your credit will take:

30 days late: 40 – 110 points

90 days late: 70 – 135 points

Foreclosure, short sale or deed-in-lieu: 85 – 160

Bankruptcy: 130 – 240

“To come to these figures, Fair Isaac created two hypothetical consumers, one who starts out with a fair-to-middling score of 680 and the other with a very good one of 780. (FICO scores range from 300 to 850.)”

As you can see, just being three months behind causes almost the same drop that filing bankruptcy does.  I often tell potential clients who are concerned about their credit score that if they’re meeting with me, they have probably already suffered the larger part of the FICO score drop.