I made a incredibly stupid mistake and forgot to pay a balance of $60 on my BMO USD mastercard for 4 months! They didn't mail me any documents but have tired calling my house (not my work or cell phone) and since I've spent a lot of the last 3 months from home travelling so I haven't received any messages. I did clear out the balance and talked to BMO's lending department but they said they couldn't do anything about reversing it from my credit rating. My question is how will this affect my rating? They said it was a major. I have other cards (a RBC platinum Visa, a AMEX, A BMO Mastercard and a BMO LOC) and have never missed a payment with any of them. I'm 28 so I have about 10 years worth of credit history.
Is this a huge mark on my credit rating? Is there anything I can do? I'm freaking out a bit and any help would be appreciated.
Such a stupid thing to do over $60!
The higher your credit score the more damage any late payment will do. It looks like you'll have a 90-day late. So yeah, that's gonna hurt. There was an article released recently of an interview with some executive who works for Fair Issac (the company that owns the FICO scoring system). They're tight lipped about how it works exactly, but he gave some hints and examples. And one example was the difference 1 single late payment makes for 1 person with good credit and 1 person with bad credit. And yeah, it hurts the good credit person worse.
Like, it might knock a 780 down to 720..or a 750 down to 710...or a 650 down to 630...or a 600 down to 590.
Did BMO cancel the account on you?
I'm really surprised they didn't try your cell and/or work number. My girlfriend didn't get her TD Visa statement a couple months ago, so she stupidly forgot to pay it (I just rolled my eyes). The day AFTER the payment was due they called the house. They left a message and then called her cell phone.
The score is just a number and often meaningless.
From my experience, a late payment such as OP's will not look that great on the CBR. I have seen applications get declined based on the fact that the individual had 90+ day late pymnt on one of the accounts and rest of it was perfect.
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