topic Re: FICO score dropped from 720 to 650 as a result of just 2 late AE payments…… in Understanding FICO® Scoring

FICO score dropped from 720 to 650 as a result of just 2 late AE payments……

64met — Wed, 02 Jan 2013 15:35:40 GMT

Not sure if anyone can help or offer suggestion but after 15 plus years as an American EXpress Card Member I missed 2 payments. This was the first time I can recall ever being late on a payment. Regardless, I checked my credit score and as a result of just the AE late payments my credit score dropped from 720 to 650! I called AE and asked about this, and of course, didn't offer much help.

Is there anything I can do to combat this drop in my score after years of paying on time? Does a 70 point drop seem realistic? I screwed up, fell behind and I take full responsibility for this.... but a 70 point drop!?

Lastly, can someone tell me how long it will take to have this American Express situation removed from my credit report and thus my score improve?

Thank you!!

Re: FICO score dropped from 720 to 650 as a result of just 2 late AE payments……

llecs — Wed, 02 Jan 2013 15:38:54 GMT

With a similar profile and with a perfectly clean report (other than elevated util at the time), I lost about 70-75 on a brand new 30-day late. It reported as 30-days past due on the FICO report. The following month it updated after my creditor received a payment and it said "was 30 days past due" or something like that and about 30-35 or so points returned.

Re: FICO score dropped from 720 to 650 as a result of just 2 late AE payments……

pizzadude — Wed, 02 Jan 2013 20:36:14 GMT

64met wrote:

Lastly, can someone tell me how long it will take to have this American Express situation removed from my credit report and thus my score improve?

Thank you!!

Assuming that your account is current now.....have you already asked AMEX to remove the late payments, and did they agree to do it ? If your payment history with them has been good previously then I would hope that they'd cut you a break this time and remove the lates.

Re: FICO score dropped from 720 to 650 as a result of just 2 late AE payments……

Shogun — Wed, 02 Jan 2013 18:07:03 GMT

+1 I'd try for a GW with them. The only positive is that it is a minor derog and will dwindle pretty fast.

Re: FICO score dropped from 720 to 650 as a result of just 2 late AE payments……

drkaje — Thu, 03 Jan 2013 01:58:24 GMT

+1 on the goodwill letter.

Apologize profusely and tell them how much you've enjoyed membership's privileges over the last 15 years.

Perfect credit is hit much harder by a late payment. I'm convinced the scoring model assumes it would take a catastrophe for someone (with perfect history) to break their streak.

Thank you, to all who replied. AE simply will not budge....

64met — Thu, 03 Jan 2013 17:29:23 GMT

Thank you, to all who replied. AE simply will not budge.... the CS rep spouted something about law and can't remove late notice to credit bureau. Spoke with a "supervisor" and was given same response. I asked to reconsider given my long history but they just won't help. I have since written a letter to AE explaining situation and ask they reconsider. We will see what happens next.

Re: Thank you, to all who replied. AE simply will not budge....

llecs — Thu, 03 Jan 2013 21:07:54 GMT

Keep trying. I've seen GW success with Amex. It's a numbers game.

Re: Thank you, to all who replied. AE simply will not budge....

HiLine — Thu, 03 Jan 2013 23:18:03 GMT

llecs wrote:
Keep trying. I've seen GW success with Amex. It's a numbers game.

The potential payoff is too huge to not keep striving for it.