Dumb mistake, my fault.....how can I correct it?

[Thomas_Thumb]

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@Anonymous wrote:

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@MakingProgress wrote:

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I would think that with a 130 point drop there must be a lot more than a single 30 day late payment. 

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Not necessarily.  All negative items once first introduced carry a major sting.  A 30 day late wouldn't necessarily have much of a different impact inititally than a more severe negative item, as the time element (now) is what's significant here.  The difference is when the negative ages.  A 30-day a year or two from now certainly would pose less of an adverse scoring impact on one's file than a 90+ day for example.

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In addition to recency, frequency of lates is looked at as well. So a string of lates is more detrimental than an isolated late.

[MakingProgress]

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@Anonymous wrote:

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@MakingProgress wrote:

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I would think that with a 130 point drop there must be a lot more than a single 30 day late payment. 

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Not necessarily.  All negative items once first introduced carry a major sting.  A 30 day late wouldn't necessarily have much of a different impact inititally than a more severe negative item, as the time element (now) is what's significant here.  The difference is when the negative ages.  A 30-day a year or two from now certainly would pose less of an adverse scoring impact on one's file than a 90+ day for example.

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WOW! I didn't realize a new 30 day late could have that much of an effect.   Just curious what would be the expected range of a drop for 1 new 30 day late?

[Anonymous]

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@MakingProgress wrote:

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WOW! I didn't realize a new 30 day late could have that much of an effect.   Just curious what would be the expected range of a drop for 1 new 30 day late?

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It depends on the profile greatly.

If one has an absolutely clean file for example, the drop would be significant.  If someone already has a filthy file with lates across many accounts that were very recent, it's possible that a single 30 day late being added would result in 0 points (additional) drop.

[Anonymous]

I can answer this one, happened to me this morning....down 59 points! I was late and therefore reported late. Last time I was late for anything was 7 months ago and I had just started relaxing. But it's okay, lesson learned for sure. Good luck!

[Anonymous]

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@Anonymous wrote:

I can answer this one, happened to me this morning....down 59 points! I was late and therefore reported late. Last time I was late for anything was 7 months ago and I had just started relaxing. But it's okay, lesson learned for sure. Good luck!

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Do you recall what your score drop was 7 months ago from that late?  Also, at that time how long had it been since you were late before that?  That information would be helpful since it's on the same profile and would be good for comparison purposes for your most recent late.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I can answer this one, happened to me this morning....down 59 points! I was late and therefore reported late. Last time I was late for anything was 7 months ago and I had just started relaxing. But it's okay, lesson learned for sure. Good luck!

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Do you recall what your score drop was 7 months ago from that late?  Also, at that time how long had it been since you were late before that?  That information would be helpful since it's on the same profile and would be good for comparison purposes for your most recent late.

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Hi, so I went back into my Experian reports and I had not had any lates reported for 1 year and 4 months, my score was at 652 (2 collecions then but paid & deleted now) and dropped to 637 fico score 8. Your situation will most likely be different then mine.