32 Days Late Chase Auto!!! Delinquent Reported

[KingSlayer]

Really dont understand what happened but when I went to pay my Oct payment I noticed my Sept wasnt paid. I sent both payments the same day and they were processed the same day. The Sept payment was 32 days late ;( My Experian score has dropped 75 points. The other two haven't reported.

I am in the middle of house rental shopping and my Experian dropped to 603. Im totally freaking out and quite depressed. I feel like I am now trapped and if an emergency arises I am totally screwed.

For reference, I only have 3 accounts, 2 with a balance. I do have a 58% utilization on the revolving account. I can pay that off right now. It reports on the 11th. Will paying that off help the score?

Is there anything I can do? How long am I going to be under 640-630? I already called and they said they cant dispute.

[AndySoCal]

@KingSlayer  Far as the 32 day late is there is nothing you can dispute. You could dispute it if the payment was less than 30 days late. Lowering your credit utilization will help your score yes. I would leave one account with a small balance and let it report. Then pay it off the next billing cycle. You can set up alerts to remind you like I have to warn me about payments needing to be made.  

[FicoMike0]

Get the util down will help. Try to get under 9%, but not zero. Remember, utilization is based on balance reported when the account posts. Paying before due date doesn't cut it, it's the balance that posts.

as far as the late, try a goodwill request to chase. If this is a onetime, they might remove it.

[SouthJamaica]

---

@KingSlayer wrote:

Really dont understand what happened but when I went to pay my Oct payment I noticed my Sept wasnt paid. I sent both payments the same day and they were processed the same day. The Sept payment was 32 days late ;( My Experian score has dropped 75 points. The other two haven't reported.

I am in the middle of house rental shopping and my Experian dropped to 603. Im totally freaking out and quite depressed. I feel like I am now trapped and if an emergency arises I am totally screwed.

For reference, I only have 3 accounts, 2 with a balance. I do have a 58% utilization on the revolving account. I can pay that off right now. It reports on the 11th. Will paying that off help the score?

Is there anything I can do? How long am I going to be under 640-630? I already called and they said they cant dispute.

---

1. Yes paying off the high-utilization revolving account will help your score.

2. As to the late payment, I would

    (a) call the lender, explain the circumstances, and ask them to have the late payment report removed,

    (b) send the lender a "goodwill letter" requesting the same, and

    (c) send "verification letters" to the bureaus.

[KingSlayer]

Thank you. I paid the balance down to $100. That account is not due until 11/11 and that is usually when it reports to the bureaus. Anything else I can do? Credit builders...anything?

I only have 3 accounts:
Car - could pay off anytime
2 Credit cards, one with no balance and now one with only $100 balance with a $11,000 limit (10 years old)

Thats all my credit. All 3 now report 600-605 as Fico 8

[Snook_on_the_Line]

If you are able to pay off the auto loan and are prepared to do so I would definitely include that fact in your goodwill request

[FicoMike0]

You have a car loan, so a ssl won't help. In the short term, you could get the same boost by paying your car loan to <9%. The problem there is, you lose the boost when it's paid off. Still, probably good for 3-4 months. 

Btw, you say the card isn't due until 11/11 and that's when it reports. Is that the due date or post date? They usually report on the post date.

What you do really depends on your time horizon. For the next couple of months, it's best to not add anything, just make payments to reduce utilization. For longer range improvement, you could add a ssl, for after the car loan is paid. Also, a third card account is considered better, but there are short term penalties. Also, with present scores, you're probably limited to a secured card.

[FicoMike0]

Btw, best luck with chase. We're all pulling for you. That would help a bunch!

[KingSlayer]

Are you saying I could pay the car balance under 9% for a boost? I can do that. But I would assume my car payment would stay the same and be paid off in like 3 payments?

The CC due date was Nov 5th so I made it!!!

Thanks

[Patient957]

---

@FicoMike0 wrote:

You have a car loan, so a ssl won't help. In the short term, you could get the same boost by paying your car loan to <9%. The problem there is, you lose the boost when it's paid off.

---

Which is a good reason the OP should consider an SSL now, so that when the car loan is paid off, they won't incur the no open installment loan penalty.