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Missed payment effects

CreditIT
New Member

Missed payment effects

I've started my credit rebuild journey 3 years ago and have 100% on time on all 15 credit cards. Well, my March payment was missed on 1 credit card and reported to all CB as 30 LATE but is now current but the damage is done. This immediately dropped my FICO 8 30 points. What type of adverse effect will this have on me moving forward. Any info is greatly appreciated. 

Message 1 of 7
6 REPLIES 6
blindambition
Community Leader
Senior Contributor

Re: Missed payment effects

It certainly will make an impact for the next few years. I'd try for a GW removal. Some lenders might be more understanding. Especially within the current circumstances.

You corrected the issue. That goes a long way with good faith.

Message 2 of 7
Trudy
Valued Contributor

Re: Missed payment effects

Yes, try the Goodwill method; plead, beg... because it may impact your score for the full 7 years.  A lot of people feel and I assume experienced some relief after a few years.  But there are several post, one from me where a single 30D late (no other derogs for 7yrs+) was removed and I gained 50pt with TU, 30 something with EQ and 24 with EX.  I'm sure it's profile specific.  

 

But although you've paid on time for the past 3 years, the time line is 7 years and if there are other lates or other derogs within this period you may not suffer as much as someone with no derogs for 7 years.  I've seen much greater than 30 pts lost for someone with a true clean file.  But again, profiles vary.

FICO - 8: 05/07/21 AU 8 BC 8
FICO - 9: 05/07/21 AU 9 BC 9
F5,F4,F2 05/07/21 AU... BC...
Vantage 05/07/21
As of 05/01/21:
AoOA - 25Y2M | AoYA – 0Y6M | AAoA – 12Y0M
Open: 11 CC: (1 reporting 8.02% : 0.25% AGG UTL) | 1 PLOC | 1 MTG loan: 58.15% UTL
Closed: 1 MTG loan | 2 Auto loans | (EQ) 2 CC, (EX & TU) 1 CC
INQ: (EQ) 0/24 | (TU) 2/24 | (EX) 1/24
Message 3 of 7
IckyVicky
Valued Member

Re: Missed payment effects

I'm piggybacking on what everyone has said to contact them and beg them to remove the late payment. I have been late on at least 3 of the cards throughout the years. I called them to get it removed and have done so with ease.

Also put auto payments on all your cards (which is a great point to tell the representative you will do from now on too) that way you don't have to worry about forgetting a payment. 

|Trans: 792 |Equ: 794 |Exp: 781|
|Amex BCE: $30k |Discover: $26.5k |Citi DC: $13.7k|
|Chase FU: $6k |Cap1 Venture: $4.4k |Cap1 Secure: $1k|
Message 4 of 7
CreditIT
New Member

Re: Missed payment effects

Thank you all for the valuable info. I"ll

call them in the morning and ask for a removal and will let you know what the outcome was. Again, thanks!! 

Message 5 of 7
Iusedtolurk
Established Contributor

Re: Missed payment effects


@CreditIT wrote:

I've started my credit rebuild journey 3 years ago and have 100% on time on all 15 credit cards. Well, my March payment was missed on 1 credit card and reported to all CB as 30 LATE but is now current but the damage is done. This immediately dropped my FICO 8 30 points. What type of adverse effect will this have on me moving forward. Any info is greatly appreciated. 


Curious to know what happened that made you miss the payment. (it may keep others from experiencing the same mishap and also keep you from repeating it in the future).

 

In addition if you call and that particular customer rep is not too agreeable to your Goodwill Request try to get another rep.

 

Sometimes you may end up with a more understanding person, a person in a better mood, or one who is not a strictly by the rule book person who understands mitigating circumstances.

 

If you have been a good customer and this is your only slipup you should come out with success at getting it removed. 7 years is a lonnnnggg time to suffer the negative impact of a 1 time blemish on an otherwise positive rebuild.

 

Do let us know of your outcome.

 

Good Luck!

Message 6 of 7
BmoreBull
Established Contributor

Re: Missed payment effects

Good luck with getting it removed. 30 pts. is a lot. Especially now with a lot of companies potentially tighten up lending requirements. Keep us posted on how the goodwill attempt goes. 



Starting Fico Scores:November 2019

Current Fico Scores: January 6, 2021
Goal Scores: 700 across all three
Message 7 of 7
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