So my husband and I are looking to rent a larger apartment, and while looking at our credit scores, I saw that mine has absolutely tanked since I last checked it. After examining the issue a little closer, it appears that the last seven payments on my car loan are being reported as 30 days past due.
My car loan is set up for automatic payments, but I had a payment decline last July and didn’t realize that I had missed it. I feel like an idiot. So my next payment went through in August, but it was really just paying off what I owed in July. Then another in September, but it was really just paying off August. And so on. For seven months. So now I have seven payments on my credit score which were paid 30 days late.
I caught up on my payments, so that is no longer an issue. I then called my lender to explain the situation and ask if there was anything they could do to help me. The person I spoke to was kind of hard to understand, but it seems that these 30-day late payments were filed by mistake and that they are going to file a dispute to get it cleared up.
What I don’t understand is what the mistake was? I was technically 30-days late on these payments, and I’m afraid that they maybe didn’t understand the situation fully.
I’m also not sure how long it will take for the dispute to settle, and if it will be faster, since it is the lender filing the dispute?
And would it be worse to replace the seven late payments with one payment that was missed seven months ago? Everything I’m reading says that having a payment that is that late is much worse for my credit score than the multiple 30-day ones.
I’m sorry if these questions sound stupid. This stuff goes way over my head.