Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
MedStudent21

0 Contributions
0 People Helped
How can I increase my credit score? One time late fee
I am a medical student, and depend on my student loans for credit card payments. My loan was delayed, and I missed one payment (my first in about 10 years of credit card history). My credit score dropped significantly due to it (from 687 to 593). I at the time owed 18,000 on the credit card (since my loan was disbursed, 6,000 has been paid off). I also am an authorized user on a credit card with my father , of which I owe 11,000 of 18,000 limit. I was wondering how can I:
1. increase back my credit score
2. how long roughly would that take?
3. will my credit limit continuously decrease as I pay, or is that a one time deal?

Thank you everyone

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
935 Contributions
132 People Helped

The late payment was a one time hit, the only way to restore your good payment history is to return to your prompt payments.   Over time, that one incident will not hurt you as bad although it will remain on your credit report for the full 7 years.   If your late payment caused a decrease in your credit limit, only the actions you take moving forward can stop this from happening.   The credit card has the ability, without notice, to lower your credit limit.   It is possible that if one card made the determination, that others may follow suit.   This would impact your utilization and cause you score to further decrease.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.