30 days late

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Keith Hambright

• February 05, 2023 08:36

I've had great credit for many years, ranged from 820 -845. I had a late payment on a Home Depot card which I got for a remodeling project. $6. I immediately paid it, then cancelled the card since I was finished with the remodel. My credit score dropped 135 points. Is there anything I can do to fix it?

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• Official comment

  

  Victor D

  • February 05, 2023 17:35

  Hi Keith -

   

  We're sorry to hear about your credit score drop. It appears that what may have happened is that you lost some points for the late payment; then closing the Home Depot card reduced your available credit; so you lost some more points for increasing your credit card utilization.

   

  We recommend reviewing your credit report carefully to search for other possible causes, and reviewing What Factors Affect Your Credit Score for more information. 

   

  Best Regards,

   

  Victor

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  Cori

  • February 05, 2023 19:21

  Hi Keith!

  To add to what Victor has shared, a derogatory mark can stay on your credit report for 7½ years from when the account was initially reported late. However, the impact on your credit fades with time. For the most part, it's a good idea to leave cards open when possible to avoid the associated score dings.

  The good news is you can start working to restore your credit right away. Paying all bills on time and using less than 30% of your credit limits can have a powerful effect on credit scores. Also, since given how small the late payment was, it's not likely to pose any big problem when applying for new credit like a mortgage or loan where you usually have an opportunity to provide context around something like this. 

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