Reply
Established Member
jtmoy19607
Posts: 46
Registered: ‎08-03-2009
0

i messed up and my score went from 750 to 610 in one day, how long will it take for me to fix this?

ok, here is the story. i missed a credit card payment on my bankofamerica card it was 60 days late and they reported it with no warning to my credit agency.  how long will it take for me to rebuild my credit, wow this pissed me off, one bad report and all of the sudden my rate is through the roof.

 

thanks, justin

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
0

Re: i messed up and my score went from 750 to 610 in one day, how long will it take for me to fix th

Damage from a 60-day lay will last for the 7 years, but the damage fades rather quickly, relatively speaking. Once it goes from "currently 60 days past due" or whatever the notation is to "was 60 days past due", then much of those points will return, and the remainder will gradually return over time. Try sending them a GW.

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: i messed up and my score went from 750 to 610 in one day, how long will it take for me to fix th

+1  GW is the way to go.  30 and 60 day lates are still minor derogs, so the impact will fade faster.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Senior Contributor
drkaje
Posts: 3,488
Registered: ‎07-25-2008
0

Re: i messed up and my score went from 750 to 610 in one day, how long will it take for me to fix th

BoA (FIA) can be pretty brutal. If it's never happened before, and the reason makes sense to whoever hears it, maybe you'll get some love.


Starting Score: 675
Current Score: EX 754 FICO, EQ 737FICO
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
0

Re: i messed up and my score went from 750 to 610 in one day, how long will it take for me to fix th

The CARD Act requires them to review after 6 months although that doesn't guarantee getting back to your prior rate.  And fortunately your other lenders can no longer use "universal default" to raise your other rates.

 

If they won't budge noew, check again in six months with a perfect payment record.  In one year ask them to "re-age" the line, that means set it to all ontime so only future lates will hurt you.

 

Remember, if youy pay down the balance on this card you save the high interest.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Established Member
jtmoy19607
Posts: 46
Registered: ‎08-03-2009
0

Re: i messed up and my score went from 750 to 610 in one day, how long will it take for me to fix th

what does gw mean?

Regular Contributor
Mondavi
Posts: 221
Registered: ‎06-12-2012
0

Re: i messed up and my score went from 750 to 610 in one day, how long will it take for me to fix th

Goodwill Letter.

Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007
0

Re: i messed up and my score went from 750 to 610 in one day, how long will it take for me to fix th

You are unlikely to get any GW from BofA but I agree to pay their card down ASAP and then either sock drawer it our use it once in awhile to buy a pack of gum.

09/12/2013 FICO: EQ: 772 EX:813 TU:752

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+