credit score

[Anonymous]

Have a 820 credit score but just incurred a $5 30days past due from a bank because of misunderstanding. How much of a hit will this be on my credit score?   I pay my balance every month.  Only loan is a mortgage  and a $4000 car loan.  thanka

[haulingthescoreup]

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@Anonymous wrote:

Have a 820 credit score but just incurred a $5 30days past due from a bank because of misunderstanding. How much of a hit will this be on my credit score?   I pay my balance every month.  Only loan is a mortgage  and a $4000 car loan.  thanka

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Ouch! But welcome to the forums.

Is that a FICO score? Even if it's not, you're looking at 50 points initially (just a guess, but I've seen it happen many times, and the higher the score you start with, the worse the ding.)

If you've been with this bank for a while, try what we call GW (goodwill.) Call and explain the circumstances, and basically grovel. Most lenders will cut some slack for their good customers, although you might have to endure a mini-lecture in the process. Think "meek." 

If a phone call doesn't work, try sending letters. Again, this is not the occasion to get huffy (not that I'm saying you would.) But they have all the power, and you have the score hurt, so keep that in mind.

[Anonymous]

How long does it ding my score?

[Jazzzy]

It will stay on your record for 7 years, and the score damage will gradually fade.

[haulingthescoreup]

--and if it's your only negative, it pretty much doesn't count after two years. During that interval, as Lynnette said, the damage will fade.

This is definitely worth trying to get removed!  --grovel, grovel