All types of debt are treated equally by credit scoring models — a missed car payment hurts just as much as a missed credit card payment. True or false?

Not all missed payments are treated identically. While any late payment is harmful, the severity, recency, and account type all factor into how much a delinquency affects your score. A recent 90-day late payment hurts far more than a 30-day late from several years ago. Mortgage lenders in particular scrutinize missed mortgage payments very seriously, and many will automatically deny applicants with a mortgage late within the past 12 to 24 months regardless of overall score.