The week I put my credit score on hold for a stupid $30 late fee

I missed a payment by like two days on a store card I never use, and my score dropped 45 points. Has anyone else had luck getting a goodwill adjustment from a lender after something this small?

3 comments

3 Comments

the_alice8d ago

nah i mean 45 points hurts but it's not the end of the world. credit scores bounce back pretty fast if you just keep paying on time. i'd say just let it ride and don't stress too much about a goodwill letter for a store card you don't even use. honestly if the card is just sitting there doing nothing maybe just close it after this and move on. people act like a 45 point drop is gonna ruin their whole life but in reality lenders look at the bigger picture not one little slip up.

angela5878d ago

and honestly nobody's really talking about how closing the card might actually hurt your score more than that 45 point drop... because if that store card was one of your older accounts it could drag down your average age of credit. i seen a friend close her first card from like 8 years ago and her score dropped over 50 points just from losing that history. so yeah maybe keeping it open and just sticking it in a drawer is actually the better move long term, even if you never use it again.

avery2197d ago

Right?! That's exactly what I been saying to people. It's not just the immediate drop from the missed payment, it's the whole domino effect of losing that credit history if you close it. That average age of credit is a sneaky one, lenders definitely look at that. Plus you lose that available credit which can hurt your utilization ratio too, even if you don't use the card. I mean why risk a bigger hit down the road just to avoid looking at a card you don't use?