I just missed apayment...

[Anonymous]

OP, you said you haven't missed a payment in 4-5 years until this one, yet your FICO Score 8 is only 683?  What was the severity of the late(s) from 4-5 years ago?  What is your current utilization?  I'm thinking it must be quite high, as many people with even multiple major lates that are aged like yours are will possess low-mid 700's scores with a thick/aged file.

[Tomew2000]

Yes, it’s quite high.  Been a tough year.  At 88%.  Otherwise, all good. Make all pymants on time, save this one. In fact, I called the creditor, and they offered to try to reverse it.  We’ll see. 

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@Anonymous wrote:

OP, you said you haven't missed a payment in 4-5 years until this one, yet your FICO Score 8 is only 683?  What was the severity of the late(s) from 4-5 years ago?  What is your current utilization?  I'm thinking it must be quite high, as many people with even multiple major lates that are aged like yours are will possess low-mid 700's scores with a thick/aged file.

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[Tomew2000]

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@Anonymous wrote:

OP, you said you haven't missed a payment in 4-5 years until this one, yet your FICO Score 8 is only 683?  What was the severity of the late(s) from 4-5 years ago?  What is your current utilization?  I'm thinking it must be quite high, as many people with even multiple major lates that are aged like yours are will possess low-mid 700's scores with a thick/aged file.

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Sorry.  Didn’t answer all.   The last late was30 days, for about $250

[Anonymous]

I was actually referring to the severity of your other lates, the ones you said you have from 4-5 years ago.  I was curious if they were minors (like your recent 30 day) or if they were more severe.

88% utilization is no doubt holding back your scores significantly, likely to the tune of 50-75 points, give or take. 

Good to hear the creditor may be eliminating the late payment from reporting. 

It sounds like you may be only making minimum payments on your revolving debt.  If so, this is something you really want to try to find a way to overcome.

[Tomew2000]

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@Anonymous wrote:

I was actually referring to the severity of your other lates, the ones you said you have from 4-5 years ago.  I was curious if they were minors (like your recent 30 day) or if they were more severe.

88% utilization is no doubt holding back your scores significantly, likely to the tune of 50-75 points, give or take. 

Good to hear the creditor may be eliminating the late payment from reporting. 

It sounds like you may be only making minimum payments on your revolving debt.  If so, this is something you really want to try to find a way to overcome.

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No, exactly the same.  I was 32 days late on a $250 payment.   

[Anonymous]

Gotcha.

So, you basically went from your worst [only] 30-day late being 48-60 months old to it being 0 months old.  It's been well-documented on the forum over the last several months that a lone aged 30-day late falling off usually increases FICO scores around 35 points on average (say, 30-40 being the typical range).  If the initial impact of a 30-day late impacts score (say) 90 points on a clean file, this would suggest that you'd possibly see your score drop around 55 points if this recent 30-day reports.  That would be my best guess.  Then, if you're able to get it removed, you'd see those 55 points come back, or however many were lost.

[Tomew2000]

They got me already. 40 points. Ouch! According to the simulator, I can recover by paying in 10K.

[DollyLama]

Still call back and follow up on the reserval. You don't need that if at all costs being on your bureau for 7 years. 

The 10k pay down is from lowering your high utilization across thresholds of score bumps, shooting down to <68.9% of the total credit lines together, then <48.9%, and a huge bump at <28.9%. The simulator is not exact and just kind of direct you if up or down, but it nowhere near 100 precise on points. 

One thing to watch for, I know you mentioning it being a tough year and reason for high utilization. But if it lingers, creditors often will balance chase you regardless if you make timely payment. So if you have a line of credit of 3000, but carrying a balance of 2800, making minimum each and every month, they will reduce your line of credit as it continues to go down. Worse is some flat close your account with a balance, which will effect your score worse, many points. 

[Anonymous]

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@Tomew2000 wrote:
They got me already. 40 points. Ouch! According to the simulator, I can recover by paying in 10K.

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Ignore simulators.  They are garbage.  They provide nothing more than a wild guess.  Also, debt paydown impacts a completely different sector of the FICO pie than payment history.  Paying down your debt will have no bearing at all on your late payments and their impact on your FICO scores.  It sounds like the late payment did report at the cost of 40 points.  To get those 40 points back, you'll want to get that late payment removed.   Doing so will bring back exactly those 40 points; that's not a guess like some simulator will provide.