Late payment recovery

[Aloy]

The mortgage for my house was late. If I knew the person who was supposed to pay it needed help I would have given them the rest of the money but they didn't say anything to me. Now my scores with from 718, 743, and 713 to 604, 596, and 666. When the next payment is made and it Will be on time because I will be paying it, will the score go back up? Will it go up only a little each month or alot each month or will it go all the way back up. This could have been avoided if they just asked for help.

[Jnbmom]

How late was the payment? I am assuming since you took a hit it was 30+ days.

Unfortunately that recent late is going hurt your scores for quite sometime .Your score will not go back up with your next payment .only time will help

You can try a GW with the lender but that usually doesn’t work but if it’s the first late it may .

Not sure if your situation but if the mortgage is in your name I would make sure it’s paid , they can pay you and then you pay to make sure this never happens again .

[Aloy]

It was. What is a GW?

[Jnbmom]

A goodwill letter asking for a courtesy removal of the late . You can google search samples or search here and just adjust the letter to your situation .

[Aloy]

Will it continue to pull my score down? I have 5 credit cards that I can use to try and get it back up. Will the positive of making on time payments with the cards be out weighted by that one late payment? This is the only late payment I ever had. It is rediculess how much they hurt my scores because of one late payment but that's the crooked system.

[FireMedic1]

Call the lender and ask for forgiveness if its your only late with them. Yes a 30 day will ding for a couple years then lose its sting after that but will still be on your reports. Is this a tenant that pays the rent/mortgage? Whoever pays it should pay you and you make the payment so it doesnt happen again.

[Aloy]

Really? That late payment will continue to pull down my score for over 7 years? How can I ever get it back up with it constantly going down? Are you sure? Before I saw you reply I read online that the sooner you make the payment the sooner your score will start to recover. It was a family member. He said the payment got there maybe 2 days late but its showing up as 30 days past due. They do have the payment now though. He said its probably saying its 30 days late because the payment is due the first of every month but they give you to the 17th to pay it and it got there a few days after . I still dont see how it could be 30 days late. Maybe the processing time? I dont know.

[OmarGB9]

If they already recorded it as 30 days late, and it was late, which it appears it was, then unfortunately there's not much to be done. You can try GW letters to the bank and hope someone is compassionate and may remove it. Otherwise, yes it'll remain on your reports for 7 years, but the good news is the score hit for 30 day, because it's relatively minor, mostly fades after a year.

[Aloy]

To make sure I understand this correctly, my scores will automatically drop each much no matter what? And hopefully in a year it will stop. I know it will be on my report for 7 years but will it continue dropping my score each month. One of them is now 596. In 3 months could it go down to 550 because of the late payment despite on time payments with
future mortgage payments and my credit cards?

[OmarGB9]

No, not quite. You already took the hit for the 30 day late. It's a one time hit. On the contrary, with every passing month and on time payments, your score will slowly, but surely recover. You'll eventually gain all those points you lost, but it'll take a while. You won't get every last one until the 30 day late falls off, but you should regain most within a couple of years.