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1 Late payment on auto loan-----Fico dropped 40 points

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Anonymous
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1 Late payment on auto loan-----Fico dropped 40 points

I was only 5 days late on my auto payment and Chase reported me as 30 days late.  Fico score dropped 40 points.   I already submitted dispute with credit report company, not sure if  it will fix the problem.   Any idea how to fix this?  Took me 6 months to get high fico score and now it's dropped by 40 points
Message 1 of 6
5 REPLIES 5
BungalowMo
Senior Contributor

Re: 1 Late payment on auto loan-----Fico dropped 40 points

Did you call chase???  Always try dealing with the source first... especially when you're dealing with an open acct in good standing.
BK 7 discharge 06.24.2020 No Fico score at all. Smiley Sad
Message 2 of 6
ArmyStrong
Frequent Contributor

Re: 1 Late payment on auto loan-----Fico dropped 40 points

+1! That shouldn't be reported as a 30 day late. I'd call chase immediately!
TU: 556 12/12/08 ~ EQ: 509 12/12/08 ~ EX: 509 12/12/08
TU: 588 8/7/09 ~ EQ: 529 7/30/09 ~ EX - ?? (509 12/12/08)
TU: 619 9/01/09 ~ EQ: 608 9/01/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 626 9/30/09 ~ EQ: 624 9/30/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 659 10/7/09 LO PULL EQ: 624 10/7/09 LO PULL EX: 659 10/7/09 LO PULL
Message 3 of 6
Anonymous
Not applicable

Re: 1 Late payment on auto loan-----Fico dropped 40 points

Thank you all for respond.  That's the whole point.  It was only 5 days.  I already disputed with CBR because it was only 5 days, and you are right, usually it's only if 30 days.  But Chase did 5 days.  I spoke with Chase same day when I got alert on my fico score.  They told me to read my contract and it's says that they have a right to charge late fee and report as late on the 5th day after the due date.

 

Message 4 of 6
daisyduke
Valued Contributor

Re: 1 Late payment on auto loan-----Fico dropped 40 points

Wow - that really stinks...Sorry to read this -

I would definately call. I thought there was a grace period on auto's. I pay my car every months, sometimes a few days AFTER the 18th and i get hit with a tiny little charge, but never been reported late.

How could five days be late? it wasn't thirty?! crazy crazy crazy.

try sending Chase a fax as well - give them proof of when you made the payment and tell them to change their records as it is inaccurate....

 

i would be angry.


Starting Score: 682 EQ, 663 TU
Current Score: 687 EQ - 705 TU on 7/18/10
Goal Score: 700 + both EQ and TU


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Message 5 of 6
creditwherecreditisdue
Senior Contributor

Re: 1 Late payment on auto loan-----Fico dropped 40 points


@Anonymous wrote:

Thank you all for respond.  That's the whole point.  It was only 5 days.  I already disputed with CBR because it was only 5 days, and you are right, usually it's only if 30 days.  But Chase did 5 days.  I spoke with Chase same day when I got alert on my fico score.  They told me to read my contract and it's says that they have a right to charge late fee and report as late on the 5th day after the due date.


They cannot report you as 30 days late when your are 5 days late. This is a corrupt practice. It is also a FCRA violation. If they persist in refusing to remove the late I would send them an ITS letter. That will get their attention. Also file complaints with the BBB and the Office of the Comptroller of the Currency:

 

http://www.helpwithmybank.gov/

Message 6 of 6
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