just make the payment on time for a few months and your score will correct itself, the biggest thing that will bring your score down is owing more than 80% on a credit card, even if you have never been late the computer scoring syestem will drop your score due to the balance being close to the limit.

Propertyvirgin- I recently wrote a blog about Buyers dealing with Credit Scores that may be helpful to you.

http://activerain.com/blogsview/629769/Buyers-Know-your-credit

Best of luck to you!

I am soooo excited. As you may have already read, I begrudgingly sat down and wrote a letter to the original creditor asking them to remove the late payment from their records. Since (at the advice of some blogs and web pages) I wrote the letter addressed to the CEO I was sure it'd be thrown away...

After about a month of waiting I got my repsonse. They've agreed to remove it!!! So for any of you wondering if it works, I'll say instead of YES simply it is possible to get it corrected.

Now my new question is how will I know when the information has been removed? Obviously it takes some time for these things to be updated in my credit bureau files. Are the credit reporting agencies required to notify me of changes? Do you get a complimentary report furnished to you if have proof that negative itmes have been removed? If so how do I go about requesting it and from where?

FYI-I have already used all three of my freebies this year per annualcreditreport.com.

Thanks to all again!

I would think that if you are not needing financing immediately, then you'll be okay. Your credit does jump often, and unfortunately your's went down a bit. But, keep all your other debt in good standing and it will continually rise.

To help it rise, you may want to consider keeping your balances less than 50% (optimally 33% or lower) of the max of the credit line. If you have maxed out credit cards, that will actually hurt your credit, even though you are making timely payments.

As well, you can always pay a little more than the minimum payment.

Hope some of that helped!

Denton Ward
http://www.erealtyinvestors.com

It really depends on the rest of your credit. If your scores dropped from 750 to 700 it isn't that big of a deal. If there is a history of late pays, then it might affect the type of loan you can qualify for if you decide to purchase. The best thing you can do, like Lynn said, is to contact the creditor and see if they will give you a letter removing the late. Other things that will help are keeping your revolving balances low and limit the inquiries on your credit report. Please let me know if I can help with anything.

Don't stress - it soesn't help!! Are you about to make a major purchase (like a home?) If you are, your lender can advise if there is anything else you should do. Otherwise, you can go to any (or all) of the three major agencies and request a current credit rating, and read the information on their sites about repairing credit problems. Check out http://www.experian.com; http://www.equifax.com and/or http://www.transunion.com. I've also included a link below to a Federal Reserve Bank information site. Best of luck!

Each day your credit scores improve, call the company you were late pay beg have deleted from your reports IN SOME INSTANCES they may since you are a good client. Dont have anyone pull your credit till you are ready to move forward on a purchase. The late pay can drop your scores by 30 points....
http://www.lynn911.com http://www.homes-for-sale-dallas.com