topic Re: Huge hit :( in Rebuilding Your Credit

Huge hit :(

marathonmama24 — Thu, 11 Apr 2019 21:56:27 GMT

Hi guys! It's been ages since I posted because things have been going so fantastically for YEARS. That was, until today.

I set all our credit cards to automatically pay every Friday, so I never miss a payment. It's been working for the last 3 years without a problem. However, I should have paid closer attention. The amount on one of my Capital One cards was higher than the amount that I've been sending in, so even though I've been faithfully sending them money every Friday, I've now got missed payments marked on my accounts and it TANKED my credit 88 points. I'm crushed. Is there any hope of Capital One working with me on that?

Re: Huge hit :(

Caardvark — Thu, 11 Apr 2019 22:34:13 GMT

There's always hope but Capital One is known to be the toghest nut to crack. However, it is always worth trying.

Re: Huge hit :(

gdale6 — Thu, 11 Apr 2019 23:04:37 GMT

What do you mean here, you pay if off every Friday? or split up minimum payment every friday?

Re: Huge hit :(

thornback — Thu, 11 Apr 2019 23:20:17 GMT

Gear up to begin a massive Goodwill campaign and be prepared to receive several rejections...but don't give up.

Also...I just find this situation odd... can you explain how you managed to miss payments when you were sending weekly payments? Was the total of the weekly payments not enough to cover at least the minimum due on each due date? Was your minimum due higher than the standard $35 because of a high balance or balance transfer? Please clarify -- if anything as a cautionary tale for others that may follow a similar payment pattern.

In the future, I advise you to set up all of your accounts to auto-pay the minimum due (if not more) on / before the due date as a fail-safe - and if you still want to push additional payments weekly then so be it... but at least your minimum will be covered for sure.

And -- log-in to check your accounts regularly -- never go full auto-pilot.

Re: Huge hit :(

Anonymous — Thu, 11 Apr 2019 23:31:43 GMT

That last statement is the home run - never ever leave credit management fully in the hands of the electrons. Regular and active management of your accounts is the failsafe for sure.

I’m also confused about the missed payments. OP can you elaborate with numbers to make your example? It’ll help us understand what exactly happened.

Re: Huge hit :(

Anonymous — Thu, 11 Apr 2019 23:39:07 GMT

@marathonmama24 wrote:
The amount on one of my Capital One cards was higher than the amount that I've been sending in, so even though I've been faithfully sending them money every Friday.

Maybe I am reading it wrong, but the way I read that is the minimum amount due for that month was more then they were sending in, which made them get a late?

Re: Huge hit :(

marathonmama24 — Fri, 12 Apr 2019 00:47:24 GMT

To clarify, I split up the minimum due and make 4 payments every month, totalling the minimum due. Actually, until recently, it had been more than the minimum. I fully realize this was my fault for not paying attention. It had just been going so well for so long and I left it while I worked on other Bill's. It bit me in the ass.

Re: Huge hit :(

gdale6 — Fri, 12 Apr 2019 01:08:49 GMT

@marathonmama24 wrote:
To clarify, I split up the minimum due and make 4 payments every month, totalling the minimum due. Actually, until recently, it had been more than the minimum. I fully realize this was my fault for not paying attention. It had just been going so well for so long and I left it while I worked on other Bill's. It bit me in the ass.

Ahh ok. Best bet is to contact the EO and ask for GW on it, its tough with Cap-1.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680