Frustratingly Ridiculous!!!!

[nycfico]

I have a nearly perfect credit report except for one thing.

A year and a half ago (November of 2018) I messed up and incurred a 30 day late when a payment was returned from Merrick.  I could quibble that on the day it was due and for a day or two after, the website read as paid, but I take responsibility for a returned payment.  It has never  happened but it's my fault ultimately, no dispute there.

Here's the thing.  I have a freaking 720 transunion fico score (737 Fico 9, 717 auto, 727 Bancard 8).

Late Payments over last year years:  One 30 day late as described above from November 2018

Utilization:  5%

AAOA. 5 year, 5 months

Oldest Account:  20 years 5 months

Inquiries:  4 over the past two years.

Age of newest account:  8 months ago

Credit Mix:  5 Credit cards (four of which have zero balance) and one installment loan 40% paid off (this is the one from 8 months ago).

I have four personal loans still appearing on my report, all paid off in full over the past 2-3 years, never a second late.  I have two car loans on my report, again, paid in full and never a second late.

I want to apply for a mortgage and will not get premium level financing.  I mean, I get it, I was 30 days late 18 months ago and that has to cost something but 120 points?!?

I've had issues in the long ago past...major issues...but rebuilt and been all good except for one blemish that didn't exactly happen yesterday.

I don't even know what to ask here except vent.  I realize I'm not going to be shut out of financing but this seems harsh.

[VanderSnoot]

Yep, it stinks. Plenty of people here have similarly discovered why the number one rule to good credit is: Always Pay On Time and In Full. According to the chart that FireMedic1 helpfully posted on this thread, you're losing about 40 points because of that single 30 day delinquency that occured 17 months ago, and nothing will help except time.

[AllZero]

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@nycfico wrote:

I want to apply for a mortgage and will not get premium level financing.  I mean, I get it, I was 30 days late 18 months ago and that has to cost something but 120 points?!?

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The score penalty will be reduced a little once you reach 24 months from last delinquency. It will still affect your score but as the years pass, it may lessen over time.

You need to pull your EX2, TU4, EQ5 scores. You can obtain it here on myFICO to get a baseline and find out what you need to do to improve your scores if required.

Free mortgage scores

EX2 + 3 Bureau report for $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.

TU4 WyHy quarterly score. Not sure on membership requirement. Maybe hard pull TU?

EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.

[AllZero]

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@nycfico wrote:

A year and a half ago (November of 2018) I messed up and incurred a 30 day late when a payment was returned from Merrick.  I could quibble that on the day it was due and for a day or two after, the website read as paid, but I take responsibility for a returned payment.  It has never  happened but it's my fault ultimately, no dispute there.

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I would recommend sending out Good Will letters.  The Saturation Technique: Best GW adjustment odds.

[Anonymous]

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@nycfico wrote:

I have a nearly perfect credit report except for one thing.

A year and a half ago (November of 2018) I messed up and incurred a 30 day late when a payment was returned from Merrick.  I could quibble that on the day it was due and for a day or two after, the website read as paid, but I take responsibility for a returned payment.  It has never  happened but it's my fault ultimately, no dispute there.

Here's the thing.  I have a freaking 720 transunion fico score (737 Fico 9, 717 auto, 727 Bancard 8).

Late Payments over last year years:  One 30 day late as described above from November 2018

Utilization:  5%

AAOA. 5 year, 5 months

Oldest Account:  20 years 5 months

Inquiries:  4 over the past two years.

Age of newest account:  8 months ago

Credit Mix:  5 Credit cards (four of which have zero balance) and one installment loan 40% paid off (this is the one from 8 months ago).

I have four personal loans still appearing on my report, all paid off in full over the past 2-3 years, never a second late.  I have two car loans on my report, again, paid in full and never a second late.

I want to apply for a mortgage and will not get premium level financing.  I mean, I get it, I was 30 days late 18 months ago and that has to cost something but 120 points?!?

I've had issues in the long ago past...major issues...but rebuilt and been all good except for one blemish that didn't exactly happen yesterday.

I don't even know what to ask here except vent.  I realize I'm not going to be shut out of financing but this seems harsh.

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@nycfico There's no way a 30-day late will cost you 120 points.  If you've actually experienced a 120 point decline you need to look for the real reason(s).

You can ask Merrick for a goodwill adjustment. Also, you should see an increase in your scores when your youngest credit account reaches 1 yr in age, and if you were to pay down your current loan to 8.9% or less outstanding you'd see a significant bump.

[nycfico]

40 points, I could understand...after all, if a 30 day late didn't count at all, then plenty would be 30 days late.

Rest of my CR is close to perfect.  Very low utilization.  Several cards with $0 balance, and one card with a small one.  Paid off loans.

I just don't get why I'm not in the high 700's.  

[VanderSnoot]

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@nycfico wrote:

I just don't get why I'm not in the high 700's.  

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Looking at your DPs, some of it is account age: you have a very young account, only 8 months old, which you means you have at least one scoreable inquiry as well. Those are costing you 20-30 points, more if you have several inquiries/new accounts, and while the inquiries become unscoreable at 365 days, AFAIK new accounts affect your score for several years. If there's a rule 2 to credit scores it's: Time. Older is better in FICO world, though I'm not sure exactly when new accounts lose their sting (2 years? 5 years?).

[SouthJamaica]

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@nycfico wrote:

I have a nearly perfect credit report except for one thing.

A year and a half ago (November of 2018) I messed up and incurred a 30 day late when a payment was returned from Merrick.  I could quibble that on the day it was due and for a day or two after, the website read as paid, but I take responsibility for a returned payment.  It has never  happened but it's my fault ultimately, no dispute there.

Here's the thing.  I have a freaking 720 transunion fico score (737 Fico 9, 717 auto, 727 Bancard 8).

Late Payments over last year years:  One 30 day late as described above from November 2018

Utilization:  5%

AAOA. 5 year, 5 months

Oldest Account:  20 years 5 months

Inquiries:  4 over the past two years.

Age of newest account:  8 months ago

Credit Mix:  5 Credit cards (four of which have zero balance) and one installment loan 40% paid off (this is the one from 8 months ago).

I have four personal loans still appearing on my report, all paid off in full over the past 2-3 years, never a second late.  I have two car loans on my report, again, paid in full and never a second late.

I want to apply for a mortgage and will not get premium level financing.  I mean, I get it, I was 30 days late 18 months ago and that has to cost something but 120 points?!?

I've had issues in the long ago past...major issues...but rebuilt and been all good except for one blemish that didn't exactly happen yesterday.

I don't even know what to ask here except vent.  I realize I'm not going to be shut out of financing but this seems harsh.

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I would send verification letters to the bureaus; that sometimes precipitates a negative falling off.

[nycfico]

Thank you.  I did ask Merrick immediately when I made the mistake...without going into all the detail, suffice to say there WAS an issue on the website simultaneously I had a returned payment which I immediately repaid in full.  No dice on the good will.  I realize I could try again and maybe I will if it's holding me down this much....

[nycfico]

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@VanderSnoot wrote:

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@nycfico wrote:

I just don't get why I'm not in the high 700's.  

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Looking at your DPs, some of it is account age: you have a very young account, only 8 months old, which you means you have at least one scoreable inquiry as well. Those are costing you 20-30 points, more if you have several inquiries/new accounts, and while the inquiries become unscoreable at 365 days, AFAIK new accounts affect your score for several years. If there's a rule 2 to credit scores it's: Time. Older is better in FICO world, though I'm not sure exactly when new accounts lose their sting (2 years? 5 years?).

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The irony is, I only keep the young account open in order to help my credit mix.  It's about a $5,000 balance for my daugther's car and has a $200 per month payment (I've paid way ahead of the due dates) at a very low (I think it's 2.75%) interest rate.  If I pay it all off, it will cost me points then for not having an installment loan in the mix.  If I don't pay it off, it costs me points for having a new loan.    If I pay it off to under, say, 20% balance, I would have to time it right while applying for a mortgage so as not to pay it off to fast.

I'm not one to whine about the Fico algos but this is such a game that I'm currently losing at.  I mean, I remember well the days of a 580 score and celebrating breaking 620, and this is a small problem compared to that, but it's still frustrating.