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cadallaca17

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Late payment drops credit score, help if pay down CC?
​I have recently had 30 day late payment fall onto a few accounts, one a personal loan, the other student loans., it dropped my credit score ​from a 670, to 570 fast. All late payments have been paid and full, and accounts are current. Is there a way to start rebuilding my score, besides continuing to pay on time every month? I was thinking about bringing my high utilization to 25% by paying down my two credit cards. Would that help over time?

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It will

It will help (but slower than you might like). Try to keep working that utilization down and keep paying on time. It will take awhile to work back up to where you were though. Be patient keep at it.

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If you have an outstanding CC balance pay it in full. Always pay your card in full by the due date, carrying a balance month to month on your card is going to cost you more in the long run in terms of intrest as well. Lowering your utilization will help, I would keep it as low as possible but what's hurting you the most is the late payment right now.

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