100 Point Drop in FICO Score on $25 late payment

[Anonymous]

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@Anonymous wrote:

doesn't anyone think that its absurd that 1 late pay on even ONE DOLLAR will lower your score by 100 points? that can put a prime borrower into sub-prime status. all over ONE DOLLAR on one single missed bill.

our credit scoring system is fatally flawed.  you can have a lifetime of perfect credit, and then miss one dollar by one day, and suddenly your score gets hammered by 20 percent.

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Makes sense to me. Sounds like a great incentive to stay current.

1 late payment on your report could be the notice needed to stop a lender from giving you another loan in that period you were trying to get, to bet at the track and get yourself caught up, or buy lottery tickets or scractch offs.

Never forget: with the exception of home and car loans, most credit extension is done without collateral- you don't pay and the lender gets nothing tangible. move in with your parents, cancel/change your cell phone number
and credit card companies have very few ways to recoup their money.

And to be honest, I have never heard of anyone showing "late" for a few days post due date payment, in most cases you have to go a few weeks for it to hit your credit report.l.

[Anonymous]

i hope you are being facetious.  you are saying that someone could have 20 years of perfect credit history, then one month when they switched to electronic online payment or something and they are a week late on a ONE DOLLAR BALANCE, then they pay it off and continue to have perfect credit history for years.

according to you, that person is now an unacceptable credit risk and an all-around bad person. in fact, you said a 1 dollar late payment is a good indicator that they are gambling at the race track and buying lottery tickets.

let me guess- actually I dont have to guess. you work for a CRA, dont you?

no human with a soul would actually respond the way you just did.

Message Edited by jimtherealestateguy on 04-16-2009 08:33 AM

[Anonymous]

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@Anonymous wrote:

i hope you are being facetious.  you are saying that someone could have 20 years of perfect credit history, then one month when they switched to electronic online payment or something and they are a week late on a ONE DOLLAR BALANCE, then they pay it off and continue to have perfect credit history for years.

according to you, that person is now an unacceptable credit risk and an all-around bad person. in fact, you said a 1 dollar late payment is a good indicator that they are gambling at the race track and buying lottery tickets.

let me guess- actually I dont have to guess. you work for a CRA, dont you?

no human with a soul would actually respond the way you just did.

Message Edited by jimtherealestateguy on 04-16-2009 08:33 AM

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I am sorry if you don't like facts,

I hate the fact that two high blood sugar readings and you are medically considered a diabetic. Does not change the factual diagnosis of it.

And again if you are so put together that you have never missed a payment in 20 years, how come you could suddenly forget a payment? in its entirety. a week late does not go on your credit report.

Or maybe us people barely scraping buy that plan out or monthly payments  a month in advance have a better system?

Message Edited by usmc58555 on 04-16-2009 11:13 AM

[Anonymous]

So you admit you work for a CRA, and you claim that anyone who has a 1 dollar payment that is 1 week late is a deadbeat who spends their time at the race tracks and buys lottery tickets.

Do you kiss your mother with that mouth?

[Anonymous]

This is a friendly reminder that we all need to be friendly, supportive, and respectful of one another-- even in times where we disagree.

The OP's question has been answered and this thread has been locked.