Literally ONE late payment

[Anonymous]

I have credit history going back to 1993 and have NEVER missed a payment.  Never had a late payment.  In fact, I alway pay my bills early.  Well, Chase did not receive my payment last month for whatever reason.  So after having a spotless credit report for 15 years, I have my first late payment.  I paid the account in full, like I do every month and included some extra just to insure that after all the finance charges and late fees that I have a ZERO balance with them.  Do you think they care?  No!  I've had this card with them for over a year.  I have another card with them that I've had for over three years.  I also have my mortgage with them.  Never missed a payment on any of these.  I don't carry a balance on the credit cards.  I use them just to earn the reward points.  So I guess this is the only $100 they are going to make on me and they are not going to budge, even though I know they waive these fees for others.  Idiots.

Any way, my question is this . . how will literally one late payment affect my credit score?  My credit score is 763 right now.  I've worked hard all my life to keep my credit good.  I don't use credit unless I have to.  And I have tried my hardest to keep it at it's best.  So what can I expect after this one late payment posts to my report?  Will it drop 5, 10, 50 points?  Anyone know?

Thanks!

[athensguy]

Was it 30 days late? If it was less than that, it may not show up on your credit report. If it does, you should expect a substantial drop, probably to below 700.

[haulingthescoreup]

Hi, welcome to the forums, sorry about the mess you find yourself in.

I would expect at least a 50-point drop if you actually went over the 30-day period, which different banks measure in different way, and they report it. After 2 years, it will be practically invisible.

I would have cheerfully paid Sears whatever they wanted in terms of late fees, if only they wouldn't have reported the late (which was my fault entirely.) They did agree to report just one 30-day instead of two back-to-back, which had resulted from their posting error. But there went 50 points, bang, just like that, and I was only at 640 EQ at the time.

If they did report it as a 30-day late, all you can do is send GW (goodwill) letters. Go to the General Credit forum or Rebuilding Your Credit, and look in the Frequently Requested Threads folder stickied at the top of those boards, and find the two threads on GW.

And as always, you catch more flies with honey than with vinegar.

Message Edited by haulingthescoreup on 09-17-2008 01:25 PM

[Anonymous]

Payment was due on 8/31.  I thought the payment was going to be there by 8/25.  I checked the balance on 9/13 and was shocked to find out they hadn't posted the full payment.  I sent them payment via my checking account on 9/16 for payment in full plus $200 to make sure it was paid in full.  So the amount overdue, much less the amount on the account, was not on the account for 30 days. 

[jaybird201]

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athensguy wrote:
Was it 30 days late? If it was less than that, it may not show up on your credit report. If it does, you should expect a substantial drop, probably to below 700.

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I don't know about THAT big of a drop. You can be sure it will go down though, that is if it's reported.

I would recommend calling and asking to speak to a supervisor and explain to them everything you just explained to us. ESPECIALLY the fact that you have your mortgage and any other accounts with them. The more money they make off of you, the more they want your business.

Also, Chase does make money off of your interchange, so if you run a good amount through your card each month, you're in a better position to ask for leniency. If you don't get it, sit down and write a Good Will letter to them explaining your good performance in the past, why you missed this payment, why it won't happen again. Also be sure to mention that you're a good customer with several accounts at Chase. Then very nicely ask for them to remove the late from your record.

Many people on the forum have had success with Good Will letters. I'd recommend searching for good will letter to see if you can find some posts on people who succeeded in getting a late/CO/etc removed in the past.

Good luck!

[jaybird201]

There we go. I thought I remembered a post on example GW letters. Turns out I remembered right:

http://ficoforums.myfico.com/fico/board/crawl_message?board.id=generalcredit&message.id=2661

[haulingthescoreup]

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@Anonymous wrote:

Payment was due on 8/31.  I thought the payment was going to be there by 8/25.  I checked the balance on 9/13 and was shocked to find out they hadn't posted the full payment.  I sent them payment via my checking account on 9/16 for payment in full plus $200 to make sure it was paid in full.  So the amount overdue, much less the amount on the account, was not on the account for 30 days. 

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Then if Chase plays fair (unlike Wells Fargo and some others), you're out the fees, but it shouldn't affect your scores, as it won't be reported.

You do need to watch out for them to rate-jack you (raise your APR.) Hope you don't carry balances.

Many of the big banks will waive penalties for a first-time offence, although it doesn't sound like you've found the right person yet. I'd keep trying, and sweet-talk them to death. good luck

[Anonymous]

Well, I've been nice to them.  I really have.  I've maintained a nice, level calm voice.  And I'm sure they have flagged me as a trouble maker because I've called six times and have spoken with six people.  The last time I called it said, "This call is being recorded".  Not, "This call may be recorded".  Oh well.  I wasn't trying to be a pain in the butt.  I was hoping that I would get a sympathetic person who might at least reverse the late payment if not the finance charges.  I know they have done that for friends of mine.  But like I said, telling them I pay the balance in full each month didn't help my case.  They probably realize that this is the only money they are going to make off of me.  If it wouldn't hurt my score further, I'd close the card just to prove my point.  But I don't want to be the idiot. 

[jmbfl]

Keep your fingers seriously crossed. If we are only talking about a few days here chances are it will not be reported and all the damange will be internal with the issuer. If it does report be ready for some seriously bad news. With a high FICO a 50 point dump could be quite likely. Might cause a scoring bucket change, too.

[Anonymous]

What's a scoring bucket?