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Posted in Auto Loans
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Question By
Dukisita

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Late Car Loan Payment
Normally my credit score was 800+. I used my bank's online billpay automatic repeating payments to pay off a car loan, but when I switched banks I failed to enter the last payment so it was late and I paid the penalty. Now my score is 772 with no derogatory remarks except for 1 late payment. Is there any way to get that removed so my score returns to 800+?

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It will fade over time

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You can contact the creditor and ask them to remove the derogitory remark.  If they don't want to it will stay on your report for 7 years. But with a score that high, It will fade over time and your score will rebound in a couple of months.  Unless your trying for a new line of credit right away it may not be worth trying to fight the derog on your report. 

Good Luck

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