Is it possible to recover 60 points in credit score within a year?

[xyz12345 260]

Hello,

 

Short story is my credit score dropped from 800 to 740 (60 point decrease!) because of a nonpayment of a $6 Best Buy purchase that was due on 11/1/2019. I honestly thought I had set it up online but I guess I should have investigated every time it didn't show up on my bank statement. Finally realized my mistake which I paid with $0.26 interest on 12/21/19.

 

Is there such a thing as proportionality in credit scoring? I can understand if it were a $1,000 credit card bill but only for $6?! I have a long credit history and my scores have always been excellent. Except for this $6 bill, I typically pay in full my interest-carrying credit cards and pay only in installment those with 3-12 month interest free plans. My total credit card debt is less than 10%

 

My scores had increased 7 points since this disaster. Do you think that I could go back to my typical scores within a year? Is there an official place to complain about credit scoring? Or just personally boycott Best Buy? I'm not buying a car within the next 3 years but who knows, I might need it for some other purpose.

 

I'll be happy to hear your opinions. Thanks!

Edited February 8, 2020 by xyz12345

[Timona 3,956]

You have better scores than most people. Nobody's gonna arrest you for a dropped score. So quit worrying. 

 

Scores are faster to drop than rise.

Honestly, I don't even know why you're even worried about this. (I'm not attacking you).

[SalishSea 16,826]

52 minutes ago, xyz12345 said:

Hello,

 

Short story is my credit score dropped from 800 to 740 (60 point decrease!) because of a nonpayment of a $6 Best Buy purchase that was due on 11/1/2019. I honestly thought I had set it up online but I guess I should have investigated every time it didn't show up on my bank statement. Finally realized my mistake which I paid with $0.26 interest on 12/21/19.

 

Is there such a thing as proportionality in credit scoring? I can understand if it were a $1,000 credit card bill but only for $6?! I have a long credit history and my scores have always been excellent. Except for this $6 bill, I typically pay in full my interest-carrying credit cards and pay only in installment those with 3-12 month interest free plans. My total credit card debt is less than 10%

 

My scores had increased 7 points since this disaster. Do you think that I could go back to my typical scores within a year? Is there an official place to complain about credit scoring? Or just personally boycott Best Buy? I'm not buying a car within the next 3 years but who knows, I might need it for some other purpose.

 

I'll be happy to hear your opinions. Thanks!

One thing you could try would be reaching out to Best Buy itself and asking if they would remove it from your report, since it is such a small amount.  

[Crazy Cat 39,386]

6 minutes ago, Jorgedig said:

One thing you could try would be reaching out to Best Buy itself and asking if they would remove it from your report, since it is such a small amount.  

Bingo!!!!!   That is 100% correct......below is how CreditKarma rates the impact on credit scores.......

Edited February 8, 2020 by missileman

[xyz12345 260]

51 minutes ago, Timona said:

You have better scores than most people. Nobody's gonna arrest you for a dropped score. So quit worrying. 

 

Scores are faster to drop than rise.

Honestly, I don't even know why you're even worried about this. (I'm not attacking you).

It's your opinion. you're fine.

I guess everything in 750-850 is in the same 'excellent' range but also saw a 740-799 as 'excellent' and 800+ as 'exceptional.'

I do care though because it might give me better APRs in case I suddenly need to buy something (like a car). Why pay extra money when you don't have to? I'm just being proactive.

 

 

38 minutes ago, Jorgedig said:

One thing you could try would be reaching out to Best Buy itself and asking if they would remove it from your report, since it is such a small amount.  

Never thought of that. I thought it's a matter of calculating the credit score since it's only $6. Thanks!

 

37 minutes ago, missileman said:

Bingo!!!!!   That is 100% correct......below is how CreditKarma rates the impact on credit scores.......

Thanks! Let me try that.

 

 

 

 

Another question: Does the creditor only see the current score or a more detailed trend of your scores? I don't feel as bad if they don't see the huge dip in points. Again, just being proactive here.  Thanks again!

Edited February 8, 2020 by xyz12345

[Villanelle 4,121]

Honestly you should sign up for Credit Karma or one of the other many free services like that. I believe its Credit Karma that has planning type tools. Meaning you can enter in stuff like what if I pay off this card/loan or what if I take a new card etc etc and it will show you how that would impact your score. It also has tips and ways you can raise or maintain your score - all for free. Of course you can always find a paid site to do the same and some of the paid ones also do alerts and identity protection type stuff. Credit Karma also does alerts though for free but no identity theft services. 

 

The credit reporting system in the US is a complete mess. The math they use is totally illogical so you really need the help of a computer program like I described above to help you sort it in your favor. You can try google for general suggestions but using a service like the Credit Karma how will this impact my score feature will give you the most accurate help. 

[igoyougoduke 1,609]

4 hours ago, xyz12345 said:

Hello,

 

Short story is my credit score dropped from 800 to 740 (60 point decrease!) because of a nonpayment of a $6 Best Buy purchase that was due on 11/1/2019. I honestly thought I had set it up online but I guess I should have investigated every time it didn't show up on my bank statement. Finally realized my mistake which I paid with $0.26 interest on 12/21/19.

 

Is there such a thing as proportionality in credit scoring? I can understand if it were a $1,000 credit card bill but only for $6?! I have a long credit history and my scores have always been excellent. Except for this $6 bill, I typically pay in full my interest-carrying credit cards and pay only in installment those with 3-12 month interest free plans. My total credit card debt is less than 10%

 

My scores had increased 7 points since this disaster. Do you think that I could go back to my typical scores within a year? Is there an official place to complain about credit scoring? Or just personally boycott Best Buy? I'm not buying a car within the next 3 years but who knows, I might need it for some other purpose.

 

I'll be happy to hear your opinions. Thanks!

740 or 800 makes no difference.

[xyz12345 260]

1 hour ago, Villanelle said:

Honestly you should sign up for Credit Karma or one of the other many free services like that. I believe its Credit Karma that has planning type tools. Meaning you can enter in stuff like what if I pay off this card/loan or what if I take a new card etc etc and it will show you how that would impact your score. It also has tips and ways you can raise or maintain your score - all for free. Of course you can always find a paid site to do the same and some of the paid ones also do alerts and identity protection type stuff. Credit Karma also does alerts though for free but no identity theft services. 

 

The credit reporting system in the US is a complete mess. The math they use is totally illogical so you really need the help of a computer program like I described above to help you sort it in your favor. You can try google for general suggestions but using a service like the Credit Karma how will this impact my score feature will give you the most accurate help. 

 

I actually already have an account with credit karma but just only use it sometimes. I just look at the credit scores from my credit card accounts when I set up my payment.

 

I just did a rough credit score simulator from that site earlier today to check what would be my credit score at the end of 2 (!) years with no missed payments, no debt etc and it will only increase by 30 points. No more credit cards for me though. I have one too many if you ask me :) Having a missed payment that is 30-59 days late, even for a very small amount, will really give your credit score a huge dent! It's just a good thing that my score started high or else it could have been in the 600s! I have to be extra careful now.

 

18 minutes ago, Donald120383 said:

740 or 800 makes no difference.

 Most charts that I see has a minimum of 750 so it's doable. But I'm glad that it does not matter if I'm at the lower end of the range. I have to make sure though that this never happens again. Thanks!

 

@Jorgedig@missileman I just checked my credit Karma file and I have 0 derogatory marks. My payment history is now 99% even though 362 out of 363 payments were on time. O well... I'll just boycott Best Buy lol