Late Payment Dropped My Score Over 100 Points!

[houstonshark]

I purchased a new vehicle that I had shipped in from out of state at the end of November.  The first payment was due 1-12-09.  I planned all along to refinance the loan but it took me a little longer to get it done since the new bank for some reason wanted my 08 W2.  The loan was finalized on Friday, 2-6-09 and they mailed out the payoff check on Monday via overnight mail.  It should have been received on the 10th, prior to being 30 days late.  I pulled my credit today and Ford Motor Credit reported it late as of today on Experian which dropped my score from 714 to 610.

Ford said there is nothing they can do.  I disputed it online with Experian.  Anyone think they will remove it? 

[Anonymous]

I would try a GW (goodwill) letter.  Maybe explain what happened and hope that someone will have some compassion.

[fishbjc]

It would be in Ford's best interest to remove the late.  After all, better credit means the ability to actually finance a car.  If they would use common sense and SEE what happened. 

As soon as that loan reports as paid (next month) you should gain quite a bit of the points back.  I lost 44 and gained back 39.

[cobra19]

104 points is too much for 1 late. There must be something else going there besides a late.

[houstonshark]

There are actually a couple other factors in this that I just thought about.  When my credit was last pulled with my credit union back in November it was a 714 but at the time we had just sold our house (although it was still on my CR) and was knee deep in debt.  Since then I have paid most of our debt off and the house shows closed and paid in full but the only negative is this very recent late payment.

[houstonshark]

OK, so I disputed it with Experian online on Wednesday and I got an email this morning saying that the results of my dispute are available.  Ford reported back that the payoff was not late!  The account now shows Paid, Closed, Never Late!

It is saying that I can get my credit score now for $5.95 through Experian.  Is this my actual FICO score?  Do I have to pay the $5.95?  I ordered all of my scores through myFICO on Wednesday and it would suck to have to pay for it again! 

[ralbusta]

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@houstonshark wrote:

OK, so I disputed it with Experian online on Wednesday and I got an email this morning saying that the results of my dispute are available.  Ford reported back that the payoff was not late!  The account now shows Paid, Closed, Never Late!

It is saying that I can get my credit score now for $5.95 through Experian.  Is this my actual FICO score?  Do I have to pay the $5.95?  I ordered all of my scores through myFICO on Wednesday and it would suck to have to pay for it again! 

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This is NOT your FICO. You'd have to buy it from myFICO again today to see the change in score. You have until midnight eastern time to get it.

Message Edited by ralbusta on 02-13-2009 10:33 AM