Harsh(?) score reduction?

[Anonymous]

I recently missed a minor Kohl's charge account payment, but immediately paid it (including substantial %-wise penalties and interest to the amazing total of $84.60!) when notified in writing it was overdue 30 days. I do not dispute that I had not paid my bill on time. I had been getting electronic billing, but becoming annoyed with almost daily promotional e-mails, blocked Kohl's from my e-mail. Much to my surprise, my long-standing (years) exemplary score consistiently in the high 800's (the month before was 835) had been dropped to 734! This the only late payment I have ever had! Now, it is inching back up at the rate of 7 to 9 points a month. And, I think I read where missed payments are reflected in one's credit scoring for seven years.

I am furious with Kohl's for reporting to the credit reporting agencies without warning me in writing that unless I made the the payment they would do so. We are now in a letter-writing contest, with me insisting Kohl's report to the credit reporting agencies they were so anxious to report my delinquency to, that I have settled that account completely, without complaint or dispute.

I am also "disappointed" that the credit reporting agencies (all three) made such a harsh reduction in my credit score, and will apparently be so slow to restore it.

[MakingProgress]

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@Anonymous wrote:

I am furious with Kohl's for reporting to the credit reporting agencies without warning me in writing that unless I made the the payment they would do so. We are now in a letter-writing contest, with me insisting Kohl's report to the credit reporting agencies they were so anxious to report my delinquency to, that I have settled that account completely, without complaint or dispute.

I am also "disappointed" that the credit reporting agencies (all three) made such a harsh reduction in my credit score, and will apparently be so slow to restore it.

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Are you also "furious" that Kohl's reported you on time payments with out warning you?  Your creditors periodically report the status of your account to the CRAs.  If you have a late payment it is reported just as an on time payment would be reported. 

As far as being "disappointed" that the CRAs made a "harsh" reduction, well it is only partially on the CRAs.  Your credit score (FICO, I assume you are talking about) is created from an algothrm supplied by Fair Issac Corp. using the information in your CR. 

You have said that you were late and it was your fault.  That being the case a late payment being reported and a lower credit score are the consequences of your making a payment that is 30 days late.

Now what can you do about it.   As I see it you have two choices.  1.  If you haven't ticked off Kohl's too much yet then write them a letter politely admitting your mistake, reminding them of your good history with them, and asking them if they will grant you some Goodwill and remove the late paymnt. or 2. You can wait 7 years + 180 days for it to fall off your CR. 

[Anonymous]

I agree with the previous post.  You can't be angry with the creditor here, as the mistake was yours.

In trying to get them to make an adjustment, it would be considered "goodwill" and is nothing you should ever demand or argue.  You need to take a much softer approach and tell them you know you were in the wrong, but based on your otherwise perfect payment history would really appreciate if they excused this one mistake.