Late Credit Card payment lowers CS tremendously

Anonymous · ‎05-10-2009

We own a home that we live in right now. My husband is in the Navy and we are being transferred to Florida. We are Leasing out our home in Corpus Christi and want to buy another home in Florida. His CS is 8 points away from a VA/FHA mortgage loan, all because of us being late on the same credit card (2 times), when we were having a tough time. We called the Credit Card Company and asked for there help to alleviate those late payments and they said it is out of their hands and that it is automatically sent to the Credit Agencies. They say they cannot do anything! Is this true??? What else can we do? We only need 8 points. Please help.

llecs · ‎05-10-2009

Keep sending GW letters. Never give up. Call, write, e-mail, fax, or do whatever it takes to remove a late payment. Lates can be removed, however, some OCs are harder than others to deal with. Try also planetfeedback.com.

Another fast solution to increasing your FICO score is to get 1/2 of your CCs to report $0 with the other half reporting 9% or less.

haulingthescoreup · ‎05-10-2009

It all depends on the CCC. Some will cut you some slack one time, some won't. What company is it, how severe were the lates (two 30's versus a 30-60), how many months ago did they occur?

What is your reported util? --not whether you PIF your cards every month, but how much is reported to the CRA's? (check your reports) How many accounts, both loan and revolving (CC) report a balance?

If you have any more than one card reporting a balance, and/or if the reported balances are 10% or more, you might be able to get your points just by tweaking your payment patterns. And this can be a lot quicker that hoping/ begging/ praying for GW from a creditor.

eta: lol, llecs out-typed me.

Message Edited by haulingthescoreup on 05-10-2009 04:35 PM

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

nothingman02 · ‎05-11-2009

@Anonymous wrote:
We called the Credit Card Company and asked for there help to alleviate those late payments and they said it is out of their hands and that it is automatically sent to the Credit Agencies. They say they cannot do anything! Is this true??? What else can we do? We only need 8 points. Please help.

How late were you? If you were more than 30 days late from the due date then thats a 30 day late and they cannot change that. But the could certainly remove the listing and report no data for that month.

If you were only a few days late, they could change the listing to current/ok and not 30 day late.

As mentioned, it would be upto the bank. But they can do something about it if they want to. So id suggest too that you persist with those GWs.