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sumastorm

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Did i totally blow it?? or is there hope with a recent 30 day late
I was on the up.. just hit 701 Fico - then I missed a $65 monthly payment on my us bank credit card. Will now have a 30+ late ding. It had a $4000 limit and now been restricted to $900. Had everything going the right direction to apply for a home loan in 6 months.. however I am so sick to my stomach with forgetting to set this auto payment. I am expecting to take a 40 point hit.. all simulator show it will be bad and have no idea how to recover to minimum 661 in 6 months.... I am so discouraged now - totally my fault. Any ideas/advice?? Thank you

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The damage done for a late payment is already done.   You could ask them not to report it if it was your first and you contacted them immediately, however, if you let time slip by, its too late.   Some banks will adjust others will not, its entirely up to the bank.   Once the damage is done, there is nothing that can be done to restore it except for the time it takes to be removed.   The other damage that will occur that you have to tend to immediately is your Utilization.  WIth them dropping you from 4000 to 900, what has it done to your utilization.   If you are at 900 n that 900 amount and your other cards are high, your score will drop further with the Utilization increase.  Be warned, your credit card companies do pull credit reports on you as a part of doing business.   You may have others that will take action, like lowering your credit line when they see a drop in your credit line and a spike in your Utilization.  it could be a snowball effect.   So, take whatever steps you can today to ensure you get to within 100% of your total credit limit for all cards.

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