topic Re: I just missed apayment... in Understanding FICO® Scoring

I just missed apayment...

Tomew2000 — Mon, 01 Apr 2019 20:07:03 GMT

By oversight I just went 30 days over on cc account. Anyone know what that does to your score? Hasn’t happened in 4-5 years

Re: I just missed apayment...

coldfusion — Mon, 01 Apr 2019 20:19:58 GMT

@Tomew2000 wrote:
By oversight I just went 30 days over on cc account. Anyone know what that does to your score? Hasn’t happened in 4-5 years

As in you missed entirely or failed to make at least the mininum payment on the account 2 months in a row? Expect to see your FICO 8 score drop somewhere around 80-100 points.

Re: I just missed apayment...

K-in-Boston — Mon, 01 Apr 2019 20:20:45 GMT

The answer to that question (assuming it's reported) is very complex and depends on your current credit profile. Might do very little damage to someone with a thick file who already has lots of recent lates, while someone who has a thin file but scores in the 800s might see them plunge a LOT. Has it been 30 days since the original due date, meaning that yet another due date has now come and gone? Has the account been brought current?

Re: I just missed apayment...

Tomew2000 — Mon, 01 Apr 2019 21:06:56 GMT

Yes. I didn’t pay March, meaning to pick it up until n April. Then missed April by mistake. Hasn’t happened in 4 or so. Years. Long credit history. Fico 8 is at 683.

Re: I just missed apayment...

Tomew2000 — Mon, 01 Apr 2019 21:10:38 GMT

@K-in-Boston wrote:
The answer to that question (assuming it's reported) is very complex and depends on your current credit profile. Might do very little damage to someone with a thick file who already has lots of recent lates, while someone who has a thin file but scores in the 800s might see them plunge a LOT. Has it been 30 days since the original due date, meaning that yet another due date has now come and gone? Has the account been brought current?

Sorry. Didn’t quote. Yes. I missed March. Meant to catch up before April due date. Missed it. Oversight, brought current today. My Fico 8 is 683. Last missed pYment 4-5 years ago in a 37 year history

Re: I just missed apayment...

SouthJamaica — Mon, 01 Apr 2019 22:06:33 GMT

@Tomew2000 wrote:
o@K-in-Boston wrote:
The answer to that question (assuming it's reported) is very complex and depends on your current credit profile. Might do very little damage to someone with a thick file who already has lots of recent lates, while someone who has a thin file but scores in the 800s might see them plunge a LOT. Has it been 30 days since the original due date, meaning that yet another due date has now come and gone? Has the account been brought current?
Sorry. Didn’t quote. Yes. I missed March. Meant to catch up before April due date. Missed it. Oversight, brought current today. My Fico 8 is 683. Last missed pYment 4-5 years ago in a 37 year history

I don't know, no one knows. If you're lucky it might not even get reported. What's the point of worrying about it? You've made the payment. There's nothing more you can do about it.

In the future you might want to set up autopay for the minimum amount so that you can never be late again.

Re: I just missed apayment...

Tomew2000 — Mon, 01 Apr 2019 22:16:35 GMT

I did the simulation on the site here. Only has a 90 day option. Says 57 points for 90 daus

Re: I just missed apayment...

Anonymous — Mon, 01 Apr 2019 23:06:20 GMT

What creditor did you miss a payment with?

Re: I just missed apayment...

Tomew2000 — Mon, 01 Apr 2019 23:18:55 GMT

Neiman marcus

Re: I just missed apayment...

Anonymous — Mon, 01 Apr 2019 23:35:16 GMT

@SouthJamaica wrote:
@Tomew2000 wrote:
o@K-in-Boston wrote:
The answer to that question (assuming it's reported) is very complex and depends on your current credit profile. Might do very little damage to someone with a thick file who already has lots of recent lates, while someone who has a thin file but scores in the 800s might see them plunge a LOT. Has it been 30 days since the original due date, meaning that yet another due date has now come and gone? Has the account been brought current?
Sorry. Didn’t quote. Yes. I missed March. Meant to catch up before April due date. Missed it. Oversight, brought current today. My Fico 8 is 683. Last missed pYment 4-5 years ago in a 37 year history
I don't know, no one knows. If you're lucky it might not even get reported. What's the point of worrying about it? You've made the payment. There's nothing more you can do about it.

In the future you might want to set up autopay for the minimum amount so that you can never be late again.

Great points by SouthJ all.

I will observe that autopay for minimum wouldn't have helped our OP, if I understood him right. Autopay is a great strategy to avoid missing a payment by accident (a risk for most of us who have several open cards). In our OP's case, however, he wanted to miss a required payment -- he consciously decided to do that. Even with autopay he could have turned it off for a month or two -- if somebody really wants to skip a payment, they are gonna do it.

Re: I just missed apayment...

Anonymous — Tue, 02 Apr 2019 02:37:57 GMT

OP, you said you haven't missed a payment in 4-5 years until this one, yet your FICO Score 8 is only 683? What was the severity of the late(s) from 4-5 years ago? What is your current utilization? I'm thinking it must be quite high, as many people with even multiple major lates that are aged like yours are will possess low-mid 700's scores with a thick/aged file.

Re: I just missed apayment...

Tomew2000 — Tue, 02 Apr 2019 03:00:17 GMT

Yes, it’s quite high. Been a tough year. At 88%. Otherwise, all good. Make all pymants on time, save this one. In fact, I called the creditor, and they offered to try to reverse it. We’ll see.

@Anonymous wrote:
OP, you said you haven't missed a payment in 4-5 years until this one, yet your FICO Score 8 is only 683? What was the severity of the late(s) from 4-5 years ago? What is your current utilization? I'm thinking it must be quite high, as many people with even multiple major lates that are aged like yours are will possess low-mid 700's scores with a thick/aged file.

Re: I just missed apayment...

Tomew2000 — Tue, 02 Apr 2019 03:01:31 GMT

@Anonymous wrote:
OP, you said you haven't missed a payment in 4-5 years until this one, yet your FICO Score 8 is only 683? What was the severity of the late(s) from 4-5 years ago? What is your current utilization? I'm thinking it must be quite high, as many people with even multiple major lates that are aged like yours are will possess low-mid 700's scores with a thick/aged file.

Sorry. Didn’t answer all. The last late was30 days, for about $250

Re: I just missed apayment...

Anonymous — Tue, 02 Apr 2019 12:30:09 GMT

I was actually referring to the severity of your other lates, the ones you said you have from 4-5 years ago. I was curious if they were minors (like your recent 30 day) or if they were more severe.

88% utilization is no doubt holding back your scores significantly, likely to the tune of 50-75 points, give or take.

Good to hear the creditor may be eliminating the late payment from reporting.

It sounds like you may be only making minimum payments on your revolving debt. If so, this is something you really want to try to find a way to overcome.

Re: I just missed apayment...

Tomew2000 — Tue, 02 Apr 2019 12:56:23 GMT

@Anonymous wrote:
I was actually referring to the severity of your other lates, the ones you said you have from 4-5 years ago. I was curious if they were minors (like your recent 30 day) or if they were more severe.

88% utilization is no doubt holding back your scores significantly, likely to the tune of 50-75 points, give or take.

Good to hear the creditor may be eliminating the late payment from reporting.

It sounds like you may be only making minimum payments on your revolving debt. If so, this is something you really want to try to find a way to overcome.

No, exactly the same. I was 32 days late on a $250 payment.

Re: I just missed apayment...

Anonymous — Tue, 02 Apr 2019 17:32:31 GMT

Gotcha.

So, you basically went from your worst [only] 30-day late being 48-60 months old to it being 0 months old. It's been well-documented on the forum over the last several months that a lone aged 30-day late falling off usually increases FICO scores around 35 points on average (say, 30-40 being the typical range). If the initial impact of a 30-day late impacts score (say) 90 points on a clean file, this would suggest that you'd possibly see your score drop around 55 points if this recent 30-day reports. That would be my best guess. Then, if you're able to get it removed, you'd see those 55 points come back, or however many were lost.

Re: I just missed apayment...

Tomew2000 — Tue, 02 Apr 2019 17:39:29 GMT

They got me already. 40 points. Ouch! According to the simulator, I can recover by paying in 10K.

Re: I just missed apayment...

DollyLama — Tue, 02 Apr 2019 20:03:49 GMT

Still call back and follow up on the reserval. You don't need that if at all costs being on your bureau for 7 years.

The 10k pay down is from lowering your high utilization across thresholds of score bumps, shooting down to <68.9% of the total credit lines together, then <48.9%, and a huge bump at <28.9%. The simulator is not exact and just kind of direct you if up or down, but it nowhere near 100 precise on points.

One thing to watch for, I know you mentioning it being a tough year and reason for high utilization. But if it lingers, creditors often will balance chase you regardless if you make timely payment. So if you have a line of credit of 3000, but carrying a balance of 2800, making minimum each and every month, they will reduce your line of credit as it continues to go down. Worse is some flat close your account with a balance, which will effect your score worse, many points.

Re: I just missed apayment...

Anonymous — Tue, 02 Apr 2019 21:19:53 GMT

@Tomew2000 wrote:
They got me already. 40 points. Ouch! According to the simulator, I can recover by paying in 10K.

Ignore simulators. They are garbage. They provide nothing more than a wild guess. Also, debt paydown impacts a completely different sector of the FICO pie than payment history. Paying down your debt will have no bearing at all on your late payments and their impact on your FICO scores. It sounds like the late payment did report at the cost of 40 points. To get those 40 points back, you'll want to get that late payment removed. Doing so will bring back exactly those 40 points; that's not a guess like some simulator will provide.