40 points drop on 1 30 day late payment? How long to recover back to 800+

[Anonymous]

My credit score is 779 and 1 30 day late payment on american express, it make my score drop to 733. 

Can I still have a chance to improve my score back to 800+ in within 4 years, I try to get the best rate as possible for my mortgage in the next 4 years.

Thanks

[Hockeypnc1]

Can you try to get this paid off or corrected asap?

[Anonymous]

I did make the payment. Its only $2 charge, but it was over 30 day so amex report already to my credit report.

All I want to know if within 4 years, can i still have a chance to get over 800+. I am so close to 800+, that's pissed me off so much. 

[satio]

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@Anonymous wrote:

I did make the payment. Its only $2 charge, but it was over 30 day so amex report already to my credit report.

All I want to know if within 4 years, can i still have a chance to get over 800+. I am so close to 800+, that's pissed me off so much. 

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I certainly am not a FICO expert and many that I would classify as such will likely be along to chime in.

From my experiance I can say that 24 months is the key turning point from a 30 day late when it you seem to gain the majority of the points lost and it has much less of an impact to your score following that point in time.

There is a chart around here somewhere that shows the overall impact of 30 60 and 90+ day late impacts and the recovery time.

If this is only a single late though with AMEX and your payment history is exemplary with them I would call and request as a goodwill removal for this given your history as it was an oversight or some other unforeseen circumstance.

[Remedios]

It really depends. I cannot say i've seen anyone in 800s with a derog

With that said, your score drop was pretty mild so you must have a decent buffer in there. 

There will be some score improvement over the four years, but you will still feel it the entire time it's on your CR 

It used to be repeated ad nauseam that effects of 30 day late fade completely after 2 years, but based on many accounts in scoring sub forum, that's really not the case. 

I think it would be in your best interest to ask Amex for GW removal. Explain what happened, point out you've been a good customer, the effects the late is having on you etc. 

Dont stop if you hear a NO at first. Just stay on it. 

Anyway, here is some more info on GW removal if you chose to give it a try 

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-St...

[Remedios]

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@satio wrote:

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@Anonymous wrote:

I did make the payment. Its only $2 charge, but it was over 30 day so amex report already to my credit report.

All I want to know if within 4 years, can i still have a chance to get over 800+. I am so close to 800+, that's pissed me off so much. 

---

I certainly am not a FICO expert and many that I would classify as such will likely be along to chime in.

From my experiance I can say that 24 months is the key turning point from a 30 day late when it you seem to gain the majority of the points lost and it has much less of an impact to your score following that point in time.

There is a chart around here somewhere that shows the overall impact of 30 60 and 90+ day late impacts and the recovery time.

If this is only a single late though with AMEX and your payment history is exemplary with them I would call and request as a goodwill removal for this given your history as it was an oversight or some other unforeseen circumstance.

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That chart is wrong and if you head over to scoring forum right now, there are at least 3 threads that show points gained after an isolated 30 day late aged off on a first few pages. 

Effects do fade, but not all points are gained back prior to removal. Most report between 20 and 50 points. I guess how much is also profile dependent 

[AllZero]

I don't recall the exact number but FICO 8 is capped around 780-790 with a well aged 30 day late. It was discussed in the understanding fico forum. I'm not sure how it will be for your mortgage FICO 2,4,5.

That late will sting for a long time. Best to try the Good Will saturation technique.

[Medic981]

The good news is that scores 760 or better is all you need to get the best interests rates. What is more important is not how it affected your FICO8 scores but how it affected your FICO 2, 4, 5 Mortgage scores. When you apply, the middle score is what will determine your interest rate.

I am with the others who suggest you contact AmEx and request a goodwill deletion of the 30-day late.

[Anonymous]

I did try to contact american express. but they said they dont do GW letter. In forum as well, many other point out that american express dont do GW. 

Oh well, thank guys, i guess i will have to wait it out then. thanks a lot

[AllZero]

As I've read on here, "no, is just a delayed yes".

Good luck. Set up auto pay if available.