topic Re: How bad will this be? in Credit Cards

How bad will this be?

fishbjc — Thu, 07 Nov 2013 14:53:48 GMT

So, my partner/work has scores in the 840's across the board.

Two months ago she charged an auto repair on a little used credit card. Paid it online, put the wrong bank account info in. SHe's hit with a 30 day late. OUCH.

I am guessing that AMEX will stick it to her....or nothing to be worried about? Always PIF (I pay through business). Sometimes running $10k. We have a line-of-credit backup, but hate to lose those points.

Re: How bad will this be?

Anonymous — Thu, 07 Nov 2013 15:32:54 GMT

My suggestion is that if she doesn't have regular other missed payment on her history that she contact whoever she was late to and see if they will remove it in goodwill as it is not something she does regularly and is an honest mistake. While it won't be enormously problematic, it is probably worth at least trying.

Re: How bad will this be?

Kenny — Thu, 07 Nov 2013 16:16:34 GMT

Yep, they should do a good will removal and removal of any fees as well since it was an honest mistake.

Re: How bad will this be?

Creditaddict — Thu, 07 Nov 2013 17:48:15 GMT

@fishbjc wrote:
So, my partner/work has scores in the 840's across the board.

Two months ago she charged an auto repair on a little used credit card. Paid it online, put the wrong bank account info in. SHe's hit with a 30 day late. OUCH.

I am guessing that AMEX will stick it to her....or nothing to be worried about? Always PIF (I pay through business). Sometimes running $10k. We have a line-of-credit backup, but hate to lose those points.

30 day late like she missed a statement and paid on the following or a full 30 day late on credit?

Much confusion is when you miss a payment and then you get a statement showing you missed a payment you still have not been reported 30 days late to credit yet.

Re: How bad will this be?

myjourney — Thu, 07 Nov 2013 18:37:45 GMT

Give them a call explain the error and if she's being a customer with long history with them....No problem they'll be happy to resolve.

The late payment fee will probably stay but small price to pay vs a 30 day mark on CR's

Re: How bad will this be?

wHiTeSoL — Thu, 07 Nov 2013 18:54:49 GMT

@myjourney wrote:
Give them a call explain the error and if she's being a customer with long history with them....No problem they'll be happy to resolve.
The late payment fee will probably stay but small price to pay vs a 30 day mark on CR's

To answer your question; A LOT. Although not proven to be % based hit, it's best to think about it that way: the higher your score the more a derog will hurt.

Re: How bad will this be?

fishbjc — Thu, 07 Nov 2013 23:01:01 GMT

They did remove the late fee, but the 30 day is a given. Could be a possible 60 as it was right on the line. Just have to wait and see. It's USAA.

She can handle a hit, just worried about AMEX. Will definitely work a goodwill and see what happens. Hopefully, they'l be open to it. If anything, a 30 day sure beats a 60!!!

Re: How bad will this be?

Anonymous — Fri, 08 Nov 2013 00:00:48 GMT

Where does Amex come in? Is this another card that she has?

Re: How bad will this be?

Anonymous — Fri, 08 Nov 2013 01:06:14 GMT

Just call the lender and explain. Most lenders, with a few notable exceptions, are willing to remove minor derogs, as long as the account is back into good standing.