Understanding FICO® Scoring

[64met]

Not sure if anyone can help or offer suggestion but after 15 plus years as an American EXpress Card Member I missed 2 payments.  This was the first time I can recall ever being late on a payment.  Regardless, I checked my credit score and as a result of just the AE late payments my credit score dropped from 720 to 650!  I called AE and asked about this, and of course, didn't offer much help.  

Is there anything I can do to combat this drop in my score after years of paying on time?  Does a 70 point drop seem realistic?  I screwed up, fell behind and I take full responsibility for this.... but a 70 point drop!?  

Lastly, can someone tell me how long it will take to have this American Express situation removed from my credit report and thus my score improve?  

Thank you!!

[llecs]

With a similar profile and with a perfectly clean report (other than elevated util at the time), I lost about 70-75 on a brand new 30-day late. It reported as 30-days past due on the FICO report. The following month it updated after my creditor received a payment and it said "was 30 days past due" or something like that and about 30-35 or so points returned.

[pizzadude]

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64met wrote:

Lastly, can someone tell me how long it will take to have this American Express situation removed from my credit report and thus my score improve?  

Thank you!!

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Assuming that your account is current now.....have you already asked AMEX to remove the late payments, and did they agree to do it ?    If your payment history with them has been good previously then I would hope that they'd cut you a break this time and remove the lates.

[Shogun]

+1  I'd try for a GW with them.  The only positive is that it is a minor derog and will dwindle pretty fast.

[drkaje]

+1 on the goodwill letter.

Apologize profusely and tell them how much you've enjoyed membership's privileges over the last 15 years.

Perfect credit is hit much harder by a late payment. I'm convinced the scoring model assumes it would take a catastrophe for someone (with perfect history) to break their streak.

[64met]

Thank you, to all who replied.  AE simply will not budge.... the CS rep spouted something about law and can't remove late notice to credit bureau.  Spoke with a "supervisor" and was given same response.  I asked to reconsider given my long history but they just won't help.  I have since written a letter to AE explaining situation and ask they reconsider.  We will see what happens next.  

[llecs]

Keep trying. I've seen GW success with Amex. It's a numbers game.

[HiLine]

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llecs wrote:

Keep trying. I've seen GW success with Amex. It's a numbers game.

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+1

The potential payoff is too huge to not keep striving for it.