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A missed payment means a drop of 100 points atleast. Even if you recover the score, the dark mark of delinquency stays on your report for 7 years.Recently I was traveling so I missed 2 creditcard repayment.
I missed payment by au 6 days and amex 12 days.
I would like to know how many months it would take to recover score.
i tried they are not helpful in this caseFor 6 days if you talk to bank they may agree to not to report it to credit beuro, if you can convince them to reverse late fee charges it will get upated in their system that there were no late payments...if you have paid all bills on time till date then mostly they will agree...AU has much better customer support service.
No idea about amex.
Talk to Amex once in the morning and get it in writing what all they are agreeing to.amex they waived off some charges, would they consider not reporting to credit bureau.
for au how should i approach them not report to bureau / waive of charges?
i tried they are not helpful in this case
amex they waived off some charges, would they consider not reporting to credit bureau.
for au how should i approach them not report to bureau / waive of charges?
Did they report it or not ?did you ask whether they will report it to Credit bureau or not ?
I recently missed payment of HDFC CC by 4 days...they said they will not report it...but i am not sure about it because my RM was not confident.
If Amex waives off a part of late payment charges then they "used" to not report it as a late payment. But he was late by 12 days so it must have been 5--50.Did they report it or not ?
Cibil only show payment history for 3 years, no?A missed payment means a drop of 100 points atleast. Even if you recover the score, the dark mark of delinquency stays on your report for 7 years.
Yes, the most recent 3 years for active accounts. However if you close the account within or before 3 years of the late payment then the late payment in the DPD reflects forever & takes longer for the score to recover ! That is what he meant.Cibil only show payment history for 3 years, no?
Yes, it makes sense to keep the accounts open for 3 more years to get rid of the late payment. However, if he were to close the account with that, it will stay in CIBIL forever, and not be wiped out in 7 years though.Yes, the most recent 3 years for active accounts. However if you close the account within or before 3 years of the late payment then the late payment in the DPD reflects forever & takes longer for the score to recover ! That is what he meant.
"the dark mark of delinquency stays on your report for 7 years."Yes, it makes sense to keep the accounts open for 3 more years to get rid of the late payment. However, if he were to close the account with that, it will stay in CIBIL forever, and not be wiped out in 7 years though.
TIL for me. I have always focused on CIBIL, never checked the other reports. Maybe I should fetch my other reports and peruse them.Unlike CIBIL, all the other 3 bureaus reports DPDs from the account opening to closure date.
That makes it even trickier. Have to wait for 3 years to remove the mark from CIBIL and then close the account and wait for 7 more years to take it off the other reports 😳In Experian & Equifax "closed" accounts fall off after 7 years, so any late payment on those accounts will fall off only after 7 years of account closure.
Experian would be worthwhile .. Don't sweat about the rest especially Equifax. Only HDFC that I know of checks all the 4 bureaus while making a credit decision. TU & Experian are the bureaus where you should keep an eye.TIL for me. I have always focused on CIBIL, never checked the other reports. Maybe I should fetch my other reports and peruse them.
Well if you want NO late payments showing up in DPDs across all bureaus & want a 100% On-time payment record then, yes, that is how you play it after you make a late payment.That makes it even trickier. Have to wait for 3 years to remove the mark from CIBIL and then close the account and wait for 7 more years to take it off the other reports 😳
Since OP referenced only to CIBIL in his title, assumed the other poster was also referring to the same.