How to rebuild score after a missed payment? I only owed $40 and didn’t realize because it’s a card I don’t use, I feel like I just ruined my life 😭

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Age: 27 Oldest account: 12 years Average age: 4 years Total accounts: 11 Utilization: 16% Derogatory marks: 0 Income: $94k

I’ve been going through a very stressful time with a cancer diagnosis and I guess I just forgot about one of my accounts. It’s an account I don’t use so I didn’t realize I had a balance, no excuses I just forgot to check that account and didn’t realize until I got an email about a (60 day) missed payment. I realize this is awful. I feel like I just ruined my entire life. The balance was only $40. My score dropped from 797 to 562. EDIT: referring to vantage scores. This literally just happened today so not sure how it has effected my FICO yet.

My limited research says it will take years to recover from this. I was literally just about to finance a new car so now I can’t do that but I have a good job and can start saving some cash for that. The most concerning thing is that I was planning on buying a house within the next 6-12 months, was just waiting and watching the market.

I paid the balance the second I got the email. I realize I probably should’ve called the creditor first. Is there anything I can do about this, assuming they can’t un-report it. Is there a faster way to recover than just making all my payments on time? This is my first ever late payment so I have hundreds of on time payments and it still affected my score so significantly. I’m so mad at myself because it’s not like I didn’t have the money 😭

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Julio Medina

Julio Medina

Just some guy on the interwebs. I'm interested in all facets of internet marketing and technology.

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