Fix my credit score after missing minor dept. store payment
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I missed 3 minor credit card payments lately due to personal problems. One is a Best-buy’s $18, another is a Macy’s $15 and the third is a Victoria’s $20 payment.
Until these late payments I had an excellent FICO score. How much will these payments lower my score, and is there anything I can do to fix my credit score and restore it to where it was?
Try calling them or dispute it
If the 30 days period hasn’t passed yet – Pay it immediately.
Assuming that you’re more than 30 days late, it will get on your credit report. If it was just one late payment it wouldn’t have a large affect because since January 2009 FICO has incorporated a change to the original FICO formula where isolated late payments have a reduced effect on FICO score.
However, since you have 3 different late payments…
It’s really a shame loosing points from you FICO because of less than $100. What I would do is send (or better – call) Macy’s, Victoria’s and Best-Buy, try to explain about your private problem ask politely that they remove it from your credit report (assuming it is paid by now).
Hopefully they will do it as a courtesy for you.
Another option is to dispute the items. Although you have no legal grounds to remove it from your report, they may agree to do so, and if not – at least you get a chance to add a 100-word statement to your report explaining your position.
This may not raise your FICO, but may help you when you need to get a loan.
Not reported till 30 days
The credit card companies don’t report late payments to the credit bureaus till the 30 day point.
If it’s less then 30 days, you will get charged late fees but it won’t go to your credit report and won’t impact your credit score.
Missed or late?
It depends on how much time has passed. If you missed the due date but have made the payments a week later – no problem. If won’t show on your credit report.
It only shows up on your credit report if it is at least 30 days late. Once it shows up – it will lower your credit score. And because it’s 3 different late payments I’d say it’s at lease a 100 points.
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