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One credit card and credit score dropped almost 100 points

Valued Member

One credit card and credit score dropped almost 100 points

Ok here is the situation. I missed a few payments on one of my credit cards. Now my credit score is in the dump again. The credit card company won't remove them because they say the late are accurate. The card is open for payment only. How is that going to effect my score? What is my best plan of action?
Message 1 of 11
10 REPLIES
Moderator Emerita

Re: One credit card and credit score dropped almost 100 points

PIF as quickly as possible!

 

Between the lates, and the closure with balance, your other creditors may take AA against you. You'll be better positioned if it's PIFd.

 

Write a really good, really moving goodwill letter. Explain what happened, how it will never happen again, and how much you value the relationship with that lender. Then, google the SEC filings for that lender, get the name and mailing address to someone important at their corporate HQ, and send them the goodwill letter, specifically asking for "forgiveness/rehabilitation".

 

Why Lenders Might Forgive Your Debt

 

Good Luck!

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Message 2 of 11
Valued Member

Re: One credit card and credit score dropped almost 100 points

Sorry what is the SEC filing? Should I ask for the card to be reopened? The lady I spoke with today said that they will/can reopen the account after six months of payments. This is a nightmare.
Message 3 of 11
Senior Contributor

Re: One credit card and credit score dropped almost 100 points

Can you name the creditor?  We may be able to help more.  There are a few companies that aren't good with g/w and some are.  Some you simply have to word harder at.

 

I'm at around 50%, not bad!!!!!

Message 4 of 11
Valued Member

Re: One credit card and credit score dropped almost 100 points

The card is Littman Jewelers ... I write my check out to "department of accounts".
Message 5 of 11
Valued Member

Re: One credit card and credit score dropped almost 100 points

Should this letter be typed or hand written... and how long should i wait to send it(how many more payments should I make)?
Message 6 of 11
Senior Contributor

Re: One credit card and credit score dropped almost 100 points


nish129 wrote:
Should this letter be typed or hand written... and how long should i wait to send it (how many more payments should I make)?
it can be either typed or hand written neatly, post draft if you want and/or look for samples if you would like additional guidance with it.  send letter asap.  you may have to repeat this several times b4 you see results, don't be discouraged some see success after their first attempt!  sure hope you do too-
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 7 of 11
Valued Member

Re: One credit card and credit score dropped almost 100 points

I have another question about...

If they don't change anything but I continue tp pay this card on time but don't open it back up will that hurt me?My husband and I plan on working on paying our debt and saving to buy a house in summmer of 2011. Do think if I pay this off my score should recover by this time next year or longer? Is it best for me to leave this card closed? If it seems that I'm confused and frustrated it's because I am. Thanks for any help/advice.

Message 8 of 11
Epic Contributor

Re: One credit card and credit score dropped almost 100 points

You want the account open if you can, especially if you have a balance because a closed account with a balance will bring your score down.
Message 9 of 11
Valued Member

Re: One credit card and credit score dropped almost 100 points

OK  I'm sending the letter today. They told me I had to wait until four months of payments before I could reapply. Maybe the letter will do the trick.
Message 10 of 11