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2IMPROVE wrote:
If I pay less than the monthly minimal payment, but within the 30 days, will I be reported as 30days late on my credit report??if you do not pay at least the minimum within 30 days of the due date the lender may report the lateness at their discretion. IIRC, amex for eg. didn't always report late pays less than 60 days, so it can also vary by lender.
The card is with Home Depot
2IMPROVE wrote:
If I pay less than the monthly minimal payment, but within the 30 days, will I be reported as 30days late on my credit report??
Yes, it will almost assuredly be reported as 30 days late.
The "minimum due" means that this amount must be paid. If you pay less than this amount, the difference is in fact late....not paid by the due date, not as agreed....and therefore is correctly reported late. The only variance will be the amount which is late.
For example, if your minimum due is $75 and you pay $50, then after 30 days you have $25 that is 30 days late. Thus you get the 30 day ding. You also will get hit with the late payment fee, which raises your next minimum due to be your normal minimum, plus the deficienct amount plus the late fee. This means your next month minimum is now probaly $139.
In addition, you open yourself up to being put at the "DEFAULT APR" which can be extremely high, which will most likely increase your minium payment due because now you have more accuring in interest payments.
The point I am making: don't be late with the minimum. Go down and sell blood plasma. Recycle newspapers and aluminum cans. Get another job even if it is working fast food and cut other expenses to the bone (plus shave the bone). Being late will only exaserbate your financial problems with higher interest, late fees, negative credit which can trigger other CCC's who use "universal default" clauses which say that if you are late "ANYWHERE" on any account with any creditor, this can trigger your other account to go to default APR rates.
Good luck.
@Anonymous wrote:Yes, it will almost assuredly be reported as 30 days late.
The "minimum due" means that this amount must be paid. If you pay less than this amount, the difference is in fact late....not paid by the due date, not as agreed....and therefore is correctly reported late. The only variance will be the amount which is late.
For example, if your minimum due is $75 and you pay $50, then after 30 days you have $25 that is 30 days late. Thus you get the 30 day ding. You also will get hit with the late payment fee, which raises your next minimum due to be your normal minimum, plus the deficienct amount plus the late fee. This means your next month minimum is now probably $139.
In addition, you open yourself up to being put at the "DEFAULT APR" which can be extremely high, which will most likely increase your minium payment due because now you have more accuring in interest payments.
The point I am making: don't be late with the minimum. Go down and sell blood plasma. Recycle newspapers and aluminum cans. Get another job even if it is working fast food and cut other expenses to the bone (plus shave the bone). Being late will only exaserbate your financial problems with higher interest, late fees, negative credit which can trigger other CCC's who use "universal default" clauses which say that if you are late "ANYWHERE" on any account with any creditor, this can trigger your other account to go to default APR rates.
Good luck.
I can vouch for that! In Sept. 05, my DH, who is was an AU on my account, charged 28.00 on top of a 6K 12mo. interest free deal I had going. He didn't mention it to me. I rarely even opened the statements because I knew I wouldn't owe anything until July 06, when I'd pay it in full.
That lousy 28 bucks cost me late charges AND a ding on my credit report and I'll be wearing that dang RED FLAG until 2012.
Pay it now or pay for it later......
D-R
(Mr. D-R's credit card met an early demise thanks to Mrs. D-R's shredder!)