SublimeFan wrote:> Staraang wrote:
>> I’m a little surprised the
>> bank didn’t make an attempt to warn me about the delinquent payment before reporting
>> to credit bureaus. I figured they would prefer to collect on money owed before
> taking
>> other steps. I would’ve paid them right away if they just sent me an email or
> letter.
>
> I don't know if I understand - but I'm far from an expert in the field. Did you
> credit score ACTUALLY drop, or was it going to drop? I didn't think that once delinquent
> marks are reported, that they can easily be removed, even if by the reporter. Essentially,
> I thought the power is out of the hands of the bank once it is reported.
>
> To another point - this thread has a ton of great advice regarding credit. Sorry
> this happened, Staraang, but happy to see you were able to recover with appropriate
> action.
Thanks, man. I was panicking a bit initially but things turned out well thankfully. The bank was pretty cooperative because of my prior record of not missing payments plus the fact that it was a small balance.
And my score actually dropped. The delinquent mark can be removed by the reporter, fairly easily it appears. I think the credit bureaus allow this flexibility since mistakes are made frequently on credit reports which can be quite damaging. I was told that the update should be apparent within a couple of weeks.
John wrote:> Oh, and @Staraang -- I did almost the same thing last year! I had a hotel credit
> card that I didn't use any more, but keep it because it has a free night stay every
> year for only a $49 annual fee. For some reason, I hadn't set up auto-pay on that
> card. So, my annual $49 fee came -- which was the only thing on the card -- and
> I didn't pay it. I didn't notice until a couple of months later!
>
> I then immediately paid it, set up autopay, and then called them. Because it was
> my only late payment, they were cool about it and removed all fees and the late report
> -- just like you. So, yes, always ask! Especially if it really is a rare occurrence!
>
>
>
Ha, glad to hear I'm not the only one who did this. And glad to hear it worked out for you as well. I just don't understand why they didn't reach out to me sooner. Do these banks not want their money? I think this is one of the pitfalls of having multiple credit cards that we have to be careful about especially when it's a card you don't use.