Reply
New Member
dadams11
Posts: 3
Registered: ‎12-06-2012
0

Late payment demolished credit score

Hi new here to myFico.

I've always been good with my credit until 3 months ago

I paid a credit card off a little early and assumed it was finished until last week.

I received a call stating I was 60 days late so I made the payment then to prevent further harm.

Come to find out it was insurance charges on jewelry for my wife which amounted to less than $7.00 for all 3 months

of course another $50 in late fees though.

I monitored my credit through experian which dropped from 737 to 584 with average low use and on time payments everywhere else
I've called to see if it can be erased from my credit and was very honest and nice to my representative.

They are going to dispute it ( I'm assuming that means evaluate and possibly erase that or not )

We were supposed to begin house hunting in January.

Advice please

Community Leader
Valued Contributor
starry1
Posts: 2,228
Registered: ‎11-29-2012
0

Re: Late payment demolished credit score

That is a huge hit!  I'm so sorry.  Good luck with GW.


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 10/26/14 TU 632; EQ 650; EX 641
Goal Score:  625 for now– New goal 675

Cap1 sec $1k (SD) / Fingerhut $1.3k / nRewards $12k / cashRewards $10k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $500 / Target $400 / PPSC $800 / Texaco $400 (last app 09/29/14)
Valued Contributor
Epcot
Posts: 2,790
Registered: ‎10-10-2012
0

Re: Late payment demolished credit score

Ouch! So sorry to hear. Hope it works out!

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
App free since 4/11/13
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: Late payment demolished credit score

I am going to wish you the best of luck in getting this resolved.. Keep your fingers crossed... in cases such as this, lenders are usually receptive to GW

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Mega Contributor
RobertEG
Posts: 17,815
Registered: ‎03-19-2007
0

Re: Late payment demolished credit score

I am confused....

They said that THEY are going to dispute the accuracy of their own reporting?

 

Creditors dont dispute the accuracy of their own reporting.  They are obligated to determine its accuracy and make any corrections necessary to maintain the accuracy of an information they report. 

New Member
dadams11
Posts: 3
Registered: ‎12-06-2012
0

Re: Late payment demolished credit score

No not the accuracy more of a good faith act
Since I have been a good customer up until
this one incident, and the circumstances
that are involved. At least this is my understanding of it.
Mega Contributor
RobertEG
Posts: 17,815
Registered: ‎03-19-2007
0

Re: Late payment demolished credit score

The primary tool available to consumers when billing disputes are at issue is not the FCRA, it is the Fair Credit Billing Act (FCBA), which has its own dispute process related to any issue of billing on revolving accounts. 

If you file a billing dispute under the FCBA within 60 days of a contested billing, it brings in to play the consumer right to require the credtior to produce documentation, which is not part of the FCRA dispute process.

New Member
dadams11
Posts: 3
Registered: ‎12-06-2012
0

Re: Late payment demolished credit score

I must not understand.
That appears to me what action they will take
Not what action I should take.
Would you mind to clarify if I am wrong?
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Late payment demolished credit score

OP, it's not uncommon for a creditor to say that. It just means they'll give an honest effort and review the account for you. I had some tell me the same thing. Sometimes it works and sometimes it doesn't. Definitely wait it out to see what they come up with. And be sure to pull all 3 of your credit reports frequently to look for changes. I'd say that after 30 or so days from your conversation with them mail out some GW letters if you haven't seen any changes. They are allowed to report the lates, but I bet near the holidays you'll find someone who would be willing to adjust your payment history for you.

New Member
NJResident1
Posts: 2
Registered: ‎02-25-2013
0

Re: Late payment demolished credit score

Unfortunately I'm in the same situation


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}