Credit Tips: How do I repair my credit report after a late credit card payment?

Written by carnold
Posted On: February 27, 2005

Author: rjmcconne
Joined: 13 Nov 2004
Posts: 11
Posted: Sun Feb 27, 2005 9:31 am
Post subject: Need Credit Card Advice

Hi,

My wife has had this one credit card for about 15 months now. Back in August, she was 30 days late on a payment, which is killing her credit scores. She tried calling them to see about having them remove the 30 days from their records so that it gets deleted from the credit reports. They informed her that they should contact the credit reporting agencies to get it fixed. She was late on the payment, so I don’t see why contacting the credit agencies would help because they would just verify that she was late on a payment and nothing would happen. Of course, if she contacts the CRAs, she risks getting the card completely deleted from the reports. Would possibly getting the card deleted by the Credit Reporting Agencies be a good solution since she hasn’t had the card that long? She only has two other cards (one being a department store card). Or would it hurt her in the long run to have the card possibly deleted?

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Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 494
Posted: Sun Feb 27, 2005 11:31 am

If there’s no mistake involved, the CRAs are just going to do what you say–verify the payment was late and leave it on the record. It doesn’t hurt to try, though–the bank might fail to respond and the CRAs will delete the late.

Deleting the card record is a different story. Why would the CRAs delete a legitimate card from their records? Again, unless it’s NOT your wife’s card (identity theft or something like that) it will stay on the record whether it’s open or closed, and the late will show there. The credit scoring effect will diminish with time.

Polonius
“Neither a borrower, nor a lender be; For loan oft loses both itself and friend”

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Author: insuragent
Joined: 23 Feb 2005
Posts: 3
Posted: Sun Feb 27, 2005 5:41 pm

deleting it will probably hurt..dispute as never late..this will not remove the t/l if they fail to verify, only the late.

Lates are killers within 12 months, 24 it is less, 36 and after 48-60 minimal effect if any.

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Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 835
Location: NJ
Posted: Sun Feb 27, 2005 6:19 pm

The best way to do this is to call customer service, hat in hand, very apologetic, and say that you accidently buried your statement. It’s the first time and if they’d look they’d see that you have an excellent payment record up until now. Could they do you the courtesy of removing the late charges and the finance charges just this one time and you promise that it will NEVER happen again. Don’t even mention the report to the CRAs. If they go along with you the late report will automatically go away. I’ve done this a few times in years past. Don’t get hostile, just ask for a favor. CRAs tie their shoes one at a time, same as we all do, and will generally react favorably to a human frailty appeal.

Do not let what you cannot do interfere with what you can do.

Ira

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