Doh! ideas, anyone?

[Anonymous]

So, we had the fantastic idea of setting up automated payment for all our bills while we travelled. It worked great!

The problem was, we mistakenly set up our credit card payments on the wrong payment schedule. The balances were paid off every month, and within thirty days of the due date, but each of us now sports six months of late payments on two credit cards. Late fees were triggered.

Are we still soft fluffy happy Wonderbread as far as our FICO scores are concerned? Our scores were in the 780 and above range before, we have a fairly high income and our only debt is our mortgage, which isn't all that much.

Or are we toast?

Are we burnt toast?

Are we cinders?

How long will it take to repair this damage, and is there any specific action we can take to pep up the process of rebuilding this credit (aside from what we've already done, i.e. fix the payment schedule and get back to paying on time)?

[MidnightVoice]

It could be really bad for your scores.  I would suggest finding out by pulling your scores to see what the damage is.  Once one has high scores a baddie can really hurt.

Then it might be time for Goodwill Letters

[Anonymous]

If you've been a good customer with a great payment history, the larger creditors usually don't report when a payment is made before the 30 days late.  30 days late being Due Date +30.

First of all, get a copies of all three of your credit reports and see who, if anyone, has reported late payments during this timeframe.

Then, just call each of the creditors reporting late pays and explain what happened.  You may be surprised that some of them will even credit you for the late fees if you have a great payment history.

[Anonymous]

Thanks, all. I called my credit card company; they don't report payments as late until after 30 days have passed. One card down, one to go.

Whew!