Late payment

[red259]

So my score got a massive hit. I had a credit card that I thought I had closed out. It wasn't and the AF hit. I didn't get the notification and it went past 30 days late and then I got a credit alert and paid it off. It was stupid but I got a massive hit to my score as a result. These weren't charges I made but triggered by the AF posting. I know it stays on my report for 7 years but at what point does this negative impact start to diminish? My credit profile was really strong so I'm still able to get approved for credit cards etc since everything else in my report is solid. I'm just really annoyed this happened after over 12 years of properly managing my credit and having not late marks. 

[Thomas_Thumb]

@red259 

What was your initial penalty? 90 points?

Impact of a 30 day late follows a decay curve. Effect of a single late on score begins to lessen within 6 months and will have lessened substantially after 12 months (to perhaps 50 points). At 24 months residual impact is likely 30-35 points.

Between 24 months and 48 months age the penalty remains relatively constant. After 48 months penalty may have dropped to 20-25 points.

[JoeRockhead]

Being you've otherwise had a stellar payment history, it wouldn't hurt to contact them. Politely plead your case as well as your payment history and ask them for a goodwill deletion of the late. 

[FicoMike0]

Ditto @JoeRockhead 

[red259]

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@JoeRockhead wrote:

Being you've otherwise had a stellar payment history, it wouldn't hurt to contact them. Politely plead your case as well as your payment history and ask them for a goodwill deletion of the late. 

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Will give it a try. 

[Thomas_Thumb]

Good luck! 

Some other posters have been in a similar situation - a late due to an AF with no other card charges. More than one reported success will a good will late removal.

[FlaDude]

Too late for you but I'll toss this out for others reading this thread. Put your cards on autopay for at least the mininum payment amount.

[Yasselife]

@red259 

That’s really tough, especially after keeping a clean record for so many years. A 30-day late is definitely a heavy hit at first, but over time the impact lessens. Usually the biggest damage is in the first 1–2 years, and then it gradually matters less as your on-time history continues to build. With your otherwise strong profile, lenders will likely still see you as very creditworthy. It’s frustrating when it happens over something like an annual fee, but the good news is you’ve already taken care of it and your long track record will help soften the blow.

[red259]

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@Thomas_Thumb wrote:

Good luck! 

Some other posters have been in a similar situation - a late due to an AF with no other card charges. More than one reported success will a good will late removal.

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Well I put in the request to see. They said a different department has to look into it and they will mail out their decision. 

[Realist]

What you mentioned is a legitimate concern.  AF's can screw you if you aren't paying attention.

I don't have an automated system to this, but I have something else.  Just like a dude might step out of a vehicle, or house, or go somewhere, before something is locked or they leave the scene, they smack their right pocket, their left pocket, their azz pocket.  Keys, phone, wallet.  A ritual if you will.

With credit cards, I log into each account at least two times per month, routinely.  A ritual that helps to make sure this can't happen.

That's the best I can offer.  Sorry to hear about your situation.