topic Re: Lender with a late payment in Credit Cards

Lender with a late payment

Anonymous — Tue, 10 Jul 2018 18:54:51 GMT

So i have a single 30 day late from november of 2017. The rest of my file is clean, albeit still thin but its clean. I'm wondering how sensitive all the different lenders are to a single late payment? My scores are decent and util is decent, but I'm not showing any preapprovals. Any idea what lender would possibly approve me?
Data points
Store card sep 16 1250/7200
Store card dec 16 500/1200
Auto loan may 17
Cap1 march 18 0/400
Scores in the 690's
2 or 3 inquiries in the past year depending on cra.

Re: Lender with a late payment

FinStar — Tue, 10 Jul 2018 19:11:33 GMT

Given that it's within the last 12 months, some lenders will definitely consider it.

Was the late payment due to oversight or hardship? If so, it's possible that you could ask that lender to see whether they would be willing to make a goodwill adjustment.

No guarantee they'll remove factual information, but you could always ask if that's the only blemish on your file.

Re: Lender with a late payment

Anonymous — Wed, 11 Jul 2018 02:44:08 GMT

@Anonymous wrote:
So i have a single 30 day late from november of 2017. The rest of my file is clean, albeit still thin but its clean. I'm wondering how sensitive all the different lenders are to a single late payment? My scores are decent and util is decent, but I'm not showing any preapprovals. Any idea what lender would possibly approve me?
Data points
Store card sep 16 1250/7200
Store card dec 16 500/1200
Auto loan may 17
Cap1 march 18 0/400
Scores in the 690's
2 or 3 inquiries in the past year depending on cra.

Hey, OP!

That late payment is less than a year old (it's pretty fresh to lenders), so I encourage you to try to have it GW'd off. Here is a link to a GW thread: https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/td-p/4727098.

Good luck!

If you choose to write a GW letter, use your payment history as leverage. Please note that GW-ing is not easy, and I cannot promise you that it will work.

Re: Lender with a late payment

Anonymous — Wed, 11 Jul 2018 03:13:54 GMT

Essentially oversight. I had an auto payment issue and i was travelling abroad and couldn't be reached so i didn't find out until it was past the 30 days. I'm trying to goodwill it off but kay jewelers isn't having it.

Re: Lender with a late payment

sarge12 — Wed, 11 Jul 2018 03:20:59 GMT

@Anonymous wrote:
Essentially oversight. I had an auto payment issue and i was travelling abroad and couldn't be reached so i didn't find out until it was past the 30 days. I'm trying to goodwill it off but kay jewelers isn't having it.

For the future set all debts to auto pay at least the minimum to prevent life from causing that kind of oversight. Lates are just too damaging to risk them happening. I hope you can get it successfully removed.

Re: Lender with a late payment

Anonymous — Wed, 11 Jul 2018 03:25:16 GMT

@Anonymous wrote:
Essentially oversight. I had an auto payment issue and i was travelling abroad and couldn't be reached so i didn't find out until it was past the 30 days. I'm trying to goodwill it off but kay jewelers isn't having it.

That sucks.

I would honestly find any address you can for Kay Jewelers' credit services (they use two different lenders, so be careful) and inundate them with GW letters. This is called the Saturation Technique.

Re: Lender with a late payment

Anonymous — Wed, 11 Jul 2018 04:26:40 GMT

I did have it set for auto pay but there was issue with my bank/card not putting the payment through.

Re: Lender with a late payment

Anonymous — Wed, 11 Jul 2018 04:33:22 GMT

@Anonymous wrote:
I did have it set for auto pay but there was issue with my bank/card not putting the payment through.

I am sorry to here that. The only advice I can give is GW-ing, but I am sure one of myFico's finest will chime in soon to advise you on something.

Re: Lender with a late payment

UpperNwGuy — Wed, 11 Jul 2018 11:36:14 GMT

@Anonymous wrote:
I did have it set for auto pay but there was issue with my bank/card not putting the payment through.

What are you saying... that your bank rejected the payment? If so, why? The answer to that question may prove to be important in getting or not getting any goodwill adjustment.

Re: Lender with a late payment

FinStar — Wed, 11 Jul 2018 13:36:52 GMT

The OP mentioned above... "Essentially oversight. I had an auto payment issue and i was travelling abroad and couldn't be reached so i didn't find out until it was past the 30 days."

So, it sounds like the OP didn't rectify the issue in a timely manner (whatever the autopay instance was) for ~60 days (essentially the 30-day late reporting)

Re: Lender with a late payment

sarge12 — Wed, 11 Jul 2018 13:50:17 GMT

@UpperNwGuy wrote:
@Anonymous wrote:
I did have it set for auto pay but there was issue with my bank/card not putting the payment through.
What are you saying... that your bank rejected the payment? If so, why? The answer to that question may prove to be important in getting or not getting any goodwill adjustment.

Exactly...if his bank denied payment through an error on their part, a letter to the lender who reported the late, from his bank might be in order. Bank errors are usually corrected by the banks if the customer insists on all adverse actions being corrected. I once had checks bounce due to the bank messing up the amount of my payroll deposit. All penalties by the bank were put back in my account, and the vendors returned check fees were paid by the bank also along with a letter to each one of them explaining it was their error, not mine. I also recieved an apology letter along with 1 year of free overdraft protection up to 1000 dollars, so for 1 year if the account overdrew by 500 dollars, I was not even charged interest on the -500 dollar balance. Their error was simply keying in the deposit for 1000 dollars less than the true amount of the deposit, but bottom line, the bank made it right, and then some!

Re: Lender with a late payment

Anonymous — Wed, 11 Jul 2018 15:17:17 GMT

I actually hadn't even thought of going through my bank to see if they could help to fix this! Thanks guys!!

Re: Lender with a late payment

Anonymous — Sat, 14 Jul 2018 03:54:51 GMT

Update to this. I'm sol with my bank. They gave me some line about how it was more than 180 days ago and they can't do anything about it. So back to writing letters and calling phone numbers.
But if this doesn't get removed do you guys think i should wait until the late is more than a year old to app for anything?