New Credit Card Drop

[Anonymous]

My FiCO credit score is over 800 at all 3 bureaus (after one 30 day late payment in March 2018).

I am working on an adjustment for that late payment. I have 7 credit cards along with a few charge

cards. I do not use all the credit cards but they all contribute to my history. I have my eyes set on a

new credit card but am worried about the impact on my score. Any idea on how much it will drop by

- is it more like 10 to 15 points or more?

Thanks

[Thomas_Thumb]

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@Anonymous wrote:

My FiCO credit score is over 800 at all 3 bureaus (after one 30 day late payment in March 2018).

I am working on an adjustment for that late payment. I have 7 credit cards along with a few charge

cards. I do not use all the credit cards but they all contribute to my history. I have my eyes set on a

new credit card but am worried about the impact on my score. Any idea on how much it will drop by

- is it more like 10 to 15 points or more?

Thanks

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Awesome, an example of a "recent" 30 day late maintaining clean scorecard status and scores over 800 to boot. A score above 800 with a recent late is highly unusual.

The 10 to 15 point score drop for adding a new card is a bit low - IMO. Given your AoYA is over 12 months, 20 to 25 points is more likely. Personally, I'd wait until the late is at least 12 months old before applying for the card. Of course, by then you may be able to get the late removed if that's what you mean by "adjustment".

A recent 30 day late (under 12 months) often drops score 80 to 100 points. Therefore, I'd avoid an event that may trigger a status change on the impact of the late. Also, you may get denied due to the relative recent late.

The below graph is from ABCD

[Brian_Earl_Spilner]

Your score is over 800. A 10-15 point temporary drop is going to do nothing to your ability to get the best rate on anything you apply for.

[Revelate]

Where are you getting your scores from and what's the data in your file?  Also are you absolutely certain that account is not under dispute given you mentioned you're talking to the lender about an adjustment?

I apologize for being skeptical but I went from 825 to 721 on EX FICO 8 when a 30D got tacked onto my file, which is over 100 point drop and EQ FICO 8 took a 95 point one as well.  Heck I lost 46 points on TU FICO 8 and I already had a several year old 30D on there depressing my score already.  The recent missed payment reason code is brutal on one's scores.

My file wasn't a godlike 850 but it was pretty strong before that compared to the average bear, and you lose a lot for any recent negative when you're a clean file, and while I've recovered some I don't think I'm getting anywhere close to an 800 at the 6 month mark.

[Anonymous]

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@AnonymousAny idea on how much it will drop by

- is it more like 10 to 15 points or more?

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We don't have enough information here to really give an accurate guess.  It could really be anything from 0 points up to probably 30 points, give or take.  A couple of important questions I'd ask are what is your current AoYA and AAoA?  What would your AAoA drop to with the addition of a new account?  How many scoreable inquiries (within the last 365 days) do you have per bureau?

[Anonymous]

I signed up for the $1 offer from CCT and I am getting my 3B FICO scores from there. I also have a few credit cards that show the score and they all show over 800 recently. I did not file a dispute and the March 2018 is indeed 30 day late at all 3B's. I just sent a GW letter to the company that filed the 30D late and expect a GW adjustment given the circumstances, length of account, etc but we shall see. I do have CK and WH but they show VS scores which also have gone up.

I did have another 30D late back in June 2016. When I got the second one it did drop my score to the 750's. It slowly crept up to 780. However I managed to get a GW reversal on the June 2016 one and after that it is over 800 now.

Thanks.

[Anonymous]

My AAoA is 9 years 3 months. I have 22 active accounts if I get a new card it will drop to abount 8 years 9 months (if my math is correct). My youngest account is 1 year 1 month. I have 2 inquiries on my account and one of the two will drop off next month. Thanks.

[Anonymous]

Do you know what your three FICO 8 scores were prior to the recent late?  If your score was 845+ then what you might be describing is possible.

If not then I'd share Revelate's skepticism -- somehow FICO 8 is not properly evaluating the recent late or you would have gotten a bigger penalty.

A key thing for the scoring theorists to consider is that you already had a Day 30 late prior to the recent Day 30.  The older Day 30 late was not 1.8 years old at the time that the second Day 30 late occurred.  So our OP already had a "somewhat" recent Day 30 on his report (< 2 years) at the time that the second late occurred.  That would soften the impact compared to an absolutely pristine report getting its first derog.

We'd already learned about a second undsiclosed late.  Is it possible that there is a third?

Note also that his score might have dropped significantly at the time of the most recent late (when his Age of Youngest account was 11 months) but has since gone up substantially (since his Age of Youngest is 13 months now).

All of which is a lesson in treating the "data" and "datapoints" posted by people with caution, since there is often key information missing.

[Anonymous]

Dont know what my score was prior to first drop but I refinanced my mortgage in Dec 2015 and got the best rate possible. I share the mortgage and several cards with my wife (with one of us being authorized users and the other primary) and she is at 847 at Ex. Luckily the ones that had lates were mine alone - she has her own Kohl's so that we maximise the odds of getting the 30% discount and she does not use Amex (which were the 2 cards that dinged me). 

There are no other lates or anything on my accounts and I now monitor it like a hawk. Other than one late (the second late is forgiven now),  I have all a long history with no negatives, very low utilization, lots of cards with 0 balance and very few inquiries and that has been the case for a few years. The only negative is that I have a lot of cards but most have 0 balance. 

[Thomas_Thumb]

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@Anonymous wrote:

My AAoA is 9 years 3 months. I have 22 active accounts if I get a new card it will drop to abount 8 years 9 months (if my math is correct). My youngest account is 1 year 1 month. I have 2 inquiries on my account and one of the two will drop off next month. Thanks.

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Just to recap, you currently have one 30 day late showing up on all three CRA reports. That late is 6 months old - yes? Your Classic Fico 8 scores are all above 800 based on a recent CCT report. Can you please list date last scores were obtained and exact score for each CRA.

Do you have a trend graph of your scores over time? Did they recently spike up? If so what were the scores before the spike? A couple possibilities for a spike are the account with a 30 late being coded as a dispute and the late aging past 6 months. However, as the graph above shows, a single 30 day late between 6 months and 12 months age typically impacts score by more than 50 points.

Consequently, one would expect scores to be held below 800 - if the late is counting. According to the graph, impact of a single 30 day late does not drop below 50 points until 12 months. Your results are an outlier. Thus, the comments from various posters and requests for additional details to better clarify and gain more insight.

I understand you have not yet filed an official dispute. However, if you had any communication with the creditor, the creditor may have recoded the account as being in dispute.