Reply
New Contributor
2IMPROVE
Posts: 72
Registered: ‎07-03-2007
0

If I pay less than the minimal payment will this report as 30days late

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??
Senior Contributor
score_building
Posts: 3,577
Registered: ‎01-10-2008
0

Re: If I pay less than the minimal payment will this report as 30days late


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.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
New Contributor
2IMPROVE
Posts: 72
Registered: ‎07-03-2007
0

Re: If I pay less than the minimal payment will this report as 30days late

The card is with Home Depot

Established Contributor
cobaltnv
Posts: 640
Registered: ‎09-02-2008
0

Re: If I pay less than the minimal payment will this report as 30days late

It is my understanding that paying less than the minimum is equivalent to not paying at all. I would, if at all possible, work hard to come up with the minimum payment. 
TU 810: EQ 813: EX 814 (9/16/09--Loan officer pull)

Helpful Threads
Frequently Requested Threads
Understanding your Fico Score
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: If I pay less than the minimal payment will this report as 30days late

[ Edited ]

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??

In a perfect world, you would not be reported, as long as you came up with the rest of the minimum payment before the next due date (next statement date with some lenders.) Do expect to get slapped with a late fee, a cancellation of any good promo rates you have going, and a ratejack on your APR.

But there are lenders who will report a 30 even before thirty days have gone by. I don't *think* Citi does, but I would sure hate to test it.

Sorry to hear about the apparent tough times. :smileysad: Is there no way that you can scramble up the minimum in time?



eta: cna't splel
Message Edited by haulingthescoreup on 10-09-2009 04:02 PM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
fishbjc
Posts: 3,439
Registered: ‎11-30-2007
0

Re: If I pay less than the minimal payment will this report as 30days late

Do yourself a favor......call them.  Work the minimum if you absolutely have to go hungry and separate your toilet paper, lol!!!!!!
Established Contributor
Posts: 739
Registered: ‎06-30-2007
0

Re: If I pay less than the minimal payment will this report as 30days late

I f you have a 30 late that is acutaly under 30 das I would dispute it providing a statement showing the due date, and soming showing when the proving the date that the account brought back up to current
People say "Only apply for credit you NEED"

I say "apply for credit you have PRATICAL use of"

I don't have AMEX card because I don't want a card that suffers from PMS
Frequent Contributor
deemac
Posts: 388
Registered: ‎09-09-2008
0

Re: If I pay less than the minimal payment will this report as 30days late

I discovered one exception to the "minimum" amount due. If you are over limit, the entire overlimit amount is included in the min due. However, that is not necessarily the minimum amount that must be paid to avoid late fees and/or 30 day late marks. I had a card that was over by nearly $300. (A vacation disaster, and ended up charging gas on it to drive cross country.) Anyway, I was perturbed to learn after going a couple weeks late on the account (since I didn't  have that much for the payment) that I could have made an on time payment of about $30. I'd still have gotten another overlimit fee, but would have saved the late fee.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: If I pay less than the minimal payment will this report as 30days late

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.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Regular Contributor
Desert-Rat
Posts: 220
Registered: ‎05-11-2009
0

Re: If I pay less than the minimal payment will this report as 30days late


txjohn 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!)  :smileymad:


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}