What can I do about FICO drop?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
|
I have worked like crazy to get debt paid off and was up to 758. Here's what happened.m Apparently when I made my December car payment, I must have not hit the final button to have the payment go through. So when I went to pay the January amount, they said I was past due by 37 days. I immediately paid both months.
Now when I saw my latest FICO, it dropped 50 points based on being late on a $300 payment. Is there anything I can do about it? My credit has been absolutely spotless. As they also base car insurance off of FICO, feel like I am going to get royally hosed. Thank you. I guess they don't realize/care that people can make an honest mistake. |
Anonymous
| Just give it time. I wouldn't worry about your insurance -- a drop to 708 isn't going to trigger some premium hike. Unless you need to borrow money sometime soon, I wouldn't worry about it. |
Anonymous
How long before the score levels back out? 12 months? |
Anonymous
Call you auto lender. They can remove derrogatives from your credit report. It's a bit of leg work for them though, so be very courteous. Also, perhaps, tell a bit of a white lie and that you'll be buying another car soon. Therefore you are very worried about getting the best possible terms due to the FICO drop and that you'd love to consider them as your first choice lender, if they can help you out. Escalate to management, the front line phone rep probably will not be able to help you. |
Anonymous
| PS - put your damn car payment on auto-pay! That's a no-brainer. |
Anonymous
| Call the lender and ask for the mark to be removed. Similar happened to me when I signed up for a Lowes CC and the first bill was postmarked after the due date. A quick phone call removed the late fee and I also received, in writing, notification that the derog credit mark would be removed. Not sure if it helped that I paid a few months in advance as a good faith gesture. |
Anonymous
| Call all of your credit cards and ask to increase your available credit, but only to the extent they can do so without pulling your credit. Use every credit card you have, even if you charge just a pack of gum. Pay them all in full. Write to the credit bureaus contesting that it was late and during the pendency of your complaint that the late payment reporting be suspended. Time will fix this. |
Anonymous
| OP, you haven't answered the question why this matters to you. Are you planning to borrow more money soon or something? It won't hurt your insurance premiums. Why is this stressing you out? It's just a credit score, not a school grade or a job performance review. |
Anonymous
Agreed. People worry way too much about things like this. A 700+ score is still a prime score by almost all standards. Also, your insurance company isn’t going to pull your score, not that it would likely matter, for a renewal. Also, as PP suggested, why is your car payment on automatic with your bank? |
Anonymous
| * not on automatic with your bank? |
Anonymous
+1 |