Late payment notice on Credit Report

NEW -> Contingent Buyer Assistance Program
O

OCMan_IHB

New member
<p>Just found out that Toyota Financial put a negative late payment notice on my credit report today even though I made the account current last week. Last time I checked a few months ago, my FICO was 790. I just wrote a dispute letter to Credit Dispute Group, but am very worried that this will bring down my score significantly. Yes, it was my fault that the electronic payment schedule didn't go right somehow (I might have not clicked the confimration button or something) but I still think that Toyota should've left it alone since the account was made current before the next due date.</p>

<p>Does anyone have any idea what this could do to my FICO if Toyota refuse to do anything to correct this? After 6 months or so, would my credit score go back up? This is the first late payment mark in more than 15 years. I heard FICO 2008 would be little easy on a case like this (one hickup in otherwise good credit standing). Is that in effect?</p>

<p>This really sucks. I don't need to use any credit in the near future but as some of you, I'm waiting to buy a house hopefully in 12 to 18 months. </p>

<p>Any credit score gurus, lending professionals, please advise. Thank you.</p>
 
<p>your score could drop 100 pts. but it should recover 50 pts in 6 months. just hope that toyota will remove the negative remark.</p>
 
In this day and age with millions losing their homes, their jobs and maxed out their credit cards. So what if you lose a few points. Your credit will still be stellar compares to most. Hahaha!
 
reason has a point though - I was shocked when I was talking to a lender about FICO scores, and his definition of what was a decent score was a lot lower than I thought (I'm also up around 790) - he was saying more in the mid 600 range is OK.
 
Yes, I get all the points so far. within six month my FICO could be around 720 or 730 instead of 790, but still felt cheated someway or the penalty is too harsh for a once in a decade mishap...



Descent score is a lot higher now than just 600 I thought. Shouldn't it be like 690 or 700? Thanks.
 
<p>Here's one data point from my experience, and I'm not saying it makes sense. A little while back I had a dispute with Men's Wearhouse and their CC issuer, GE Money Bank (terrible!). It got really messy, and in the meantime, I accrued a couple month's of red marks on my credit report, which took about 2-3 months to get removed once MW cleared it. I have a credit monitoring service with Experian, so I see changes monthly. In the meantime, my credit score had not changed. I don't know if it takes a few months to recalculate your credit score, but I wouldn't think so. Make of it what you will.</p>
 
You must log in or register to reply here.
Back
Top