First 30 day late, how bad?

[zachvisuals]

So I've got high balances which has taken my score from 760+ down to the low 500's. Just recently I had one credit card go a couple days past 30 days late, tanking all my scores to 489. Previously when I would use any major credit score simulator (which has been spot on accurate for me in the past) they all said after paying my balances off my score would go back up to the 760's, considering I have no negative marks whatsoever besides high balances. Now, after this late payment, the simulators all say it will only go back up to a 638. 
 I have 100% payment history still showing, but this account "needs attention" instead of is in good standing. Next month when the account is reported as current again will the score bounce back? If not what are my options besides waiting 7 years? 

For context, referring to vantage scores, trans union and equifax. Experian still hasn't updated. 

cheers.

[FlaDude]

The effect of a 30 day late will lessen with time, but you won't get all of the points back until it drops off your reports at 6.5-7 years.

I would not expect much improvement in the near term, maybe once it is 1-2 years out.

I have no experience with goodwill letters, but some posters have managed to get one-off derogs removed that way, you might want to search on "goodwill" here and give it a try.

[TRC_WA]

What kind of balances tank scores from 760's to the low 500's?

I've had scores in the mid 700's with 90% UTI (but all accounts current) and my scores only tanked 80-90 pts into the middle 600's and rebounded when I paid them down/off.

[Thomas_Thumb]

You can lose over 100 points just by having aggregate utilization over 90% and maxing out all cards. I recall a clean, card only, file with a a couple new CCs - also being maxed out - drop to the 590s. In this case the file was still clean with no delinquencies. Prior to UT abuse score was said to be just  over 700. That was the only sub 600 clean file score I had heard of and it was reported 9 years ago.

I've have not seen another clean, derog free file, Fico score below 600 mentioned - until today. Never imagined a (derog free file) could even receive a Fico score in the "low 500s". It does not seem possible.

If the OP can provide clean file details on all accounts, the data would be very informative.

[zachvisuals]

Absolutley, heres the full data:

Prior to having high utilization, around 1-5% my scores were:

Transunion: 763

Equifax: 765

FICO: 757

After a utilization of around 90+% they dropped to:

Transunion: 542

Equifax: 542

FICO: 607

Now after the single 30 day late, being the only negative mark:

Transunion: 489

Equifax: 489

FICO: 546

As I said all simulators had me jumping right back up to the high 700's after paying the balances off, now still saying the highest it'll go for the next two years is 644 (vantage) 

As others have said my only hope seems to be a goodwill letter, will get them sent out after I pay off the entire balance of the late card, which is no longer late. But feel free to share any further insight you may have.

[Thomas_Thumb]

Thanks for the additional info. It helps clarify your situation and the scores you are specifying.

I surmize the Equifax and TransUnion scores are VantageScore 3.0 from Credit Karma. The FICO score is likely Fico 8. Unclear which CRA - Experian?

If the above is correct, your lowest Fico score while clean was still above 600. VantageScore 3.0 reacts more strongly to increased utilization than does Fico 8.

It looks like the 30 late cost 53 points on VS 3.0 and 61 points on Fico. Of course, other things in your file may be influencing the 2nd drop as well.