How long to bring up credit score?
I recently took out a loan of $2k. They automatically deduct a certain amount at the first of every month.
However, I overestimated how much was in my account and forgot about some other bills. Thus, I missed my first loan payment. I still have not payed it yet.
Is it true that I ruined my name for 7 years? How do I bring my score up? Any tips?
PS. I am fairly aware of how dumb I am
- oklatomLv 79 months ago
Eliminate some unnecessary withdrawals out of your account to be sure there is enough to make that payment. For example, eating out frequently, excess driving. Drop your cable bill and hook up to free antenna, Lower your cell phone bill.
Now make up the missed payment and continue on tis path of spending less until this is paid off.
- Anonymous9 months ago
If you do not learn to be more responsible (I overestimated how much was in my account and forgot about some other bills.) and make all future payments on time and keep some kind of check registry to know exactly to the penny how much you have in that account you WILL ruin your credit and you WILL have a repossession on your record!
- 9 months ago
Don't worry. If it's your first missed loan payment it might not have been reported to the major credit bureaus. It will be reported to them only if your payment is more than 45 days late. And now you need to contact your lender and explain to him the circumstances. Everything will be okay but I hope you are more attentive next time.
- StephenWeinsteinLv 79 months ago
Pay it now, but don't do anything else to try to bring up your score. Trying to bring up score tends to make it go down. It does take 7 or 7 1/2 years to repair the damage fully, but calling it "ruined" is probably an exaggeration. The damage from one late payment isn't that bad -- unless you keep doing things to try to bring up the score.
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- curtisports2Lv 79 months ago
No, you didn't ruin your credit for seven years. Get that payment made tomorrow (plus the fee for paying late) and it might not even show up at all.
- DEBSLv 79 months ago
Missed payments are only reported and affect your credit if they are over 30 days late. Even then, you're talking about a small hit for a short amount of time for one miss. The 7 years is for things like bankruptcy to completely roll off.
- Anonymous9 months ago
A late payment only get reported to the credit bureaus if it's still unpaid after 30 days.
- MichaelLv 79 months ago
If you haven’t done so already, contact the lender and get that payment in as soon as possible. They likely haven’t reported your missed payment to the reporting agencies yet, and if they never do, it doesn’t hurt your credit at all. After that, just don’t make the same mistake again.
- MarkLv 59 months ago
One misslip won't kill it for 7 years. It's more if you keep defaulting over a period of time, then you become a credit risk. Do whatever you can to catch up that payment. I have a personal loan repaying fortnightly - and was ahead till recently (like you, other bills, annual subs etc got in the way), but I have caught up, so not worried. Hasn't affected my rating.
- JudyLv 79 months ago
a few months, not 7 years, if you just missed one payment