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Frequent Contributor
Mank
Posts: 414
Registered: ‎11-30-2008
0

Oh no! Paid BOA 99/500 card late!

Ack, I'm kicking myself so hard this morning! I logged on to my SO's BOA account to pay his credit card (thinking it was due on the 15th) and saw a $35 late fee charged this morning because it was really due yesterday. I'm not so worried about the late fee, but I'm so annoyed with myself for paying the card a day late on it's 5th month! I've read that the card will (automatically?) graduate after 9 months to a non-secured card, but have I just rewound the clock to zero on this?
Contributor
NinComPoop
Posts: 93
Registered: ‎03-14-2009
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Re: Oh no! Paid BOA 99/500 card late!

Not sure how it will play out with the secured card but they don't consider you late until you're 30 days late (meaning missing 2 consecutive payments.) or at least not when I worked there they didn't. Right now you're a 5 days late status.  Most credit cards are this way I think.  Just a fee assessed but not reported to CB, but I would call customer service to verify just in case.  Good luck.

Frequent Contributor
Mank
Posts: 414
Registered: ‎11-30-2008
0

Re: Oh no! Paid BOA 99/500 card late!

Yeah, I know it won't hit his credit report, but I really wanted the card to graduate to unsecured in September. Anyone know if I've screwed that up completely?

Regular Contributor
gpeach
Posts: 180
Registered: ‎02-03-2009
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Re: Oh no! Paid BOA 99/500 card late!

Yeah you have to watch BofA. My date changes a lot. I did that one month too. It was due on the 6th for a four months straight. Then it changed to the 5th. So I paid one day late too once. Now it is the 11th. Sometimes it is due on a Sunday so be careful of that too. I wonder if they do that on purpose to see if you are paying attention.
Established Contributor
KingAdrock
Posts: 656
Registered: ‎07-17-2007
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Re: Oh no! Paid BOA 99/500 card late!


Mank wrote:

Yeah, I know it won't hit his credit report, but I really wanted the card to graduate to unsecured in September. Anyone know if I've screwed that up completely?


Maybe, maybe not. I would recommend calling a backdoor # to talk to a rep. "The due date changed" is an understandable mistake, they may forgive you for 1 day late if you show concern. If nothing else you could probably get that $35 charge reversed.

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: Oh no! Paid BOA 99/500 card late!


NinComPoop wrote:

Not sure how it will play out with the secured card but they don't consider you late until you're 30 days late (meaning missing 2 consecutive payments.) or at least not when I worked there they didn't. Right now you're a 5 days late status.  Most credit cards are this way I think.  Just a fee assessed but not reported to CB, but I would call customer service to verify just in case.  Good luck.


I respectfully disagree.  While BoA will not "report it" to the CRA's until 30 days late, they do track such late payments internally and it can cause rate increases, closures, rejections for CLI and even CLD.  CapOne is the same as are many banks.  While they profit off the late fees, they will have this "late" in their internal systems.

 

BE SURE to set this up on auto pay for at least minimum.  That way you are never late in such a case of error.

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Member
JSmitty
Posts: 9
Registered: ‎04-19-2009
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Re: Oh no! Paid BOA 99/500 card late!


gpeach wrote:
Yeah you have to watch BofA. My date changes a lot. I did that one month too. It was due on the 6th for a four months straight. Then it changed to the 5th. So I paid one day late too once. Now it is the 11th. Sometimes it is due on a Sunday so be careful of that too. I wonder if they do that on purpose to see if you are paying attention.
This scam isn't talked about enough on this forum or in the media and BoA is the worst offender. Congress should forget about regulating interest rates and start with tackling more common problems like this one. I pay my CCs off every week or so, so I personally don't have this problem. But I've seen how easily it can happen if you wait until the day your payment is due. 
I know that with Discover, I can change my due date to any day of the month I want. I think more banks should follow.

 

Senior Contributor
score_building
Posts: 3,525
Registered: ‎01-10-2008
0

Re: Oh no! Paid BOA 99/500 card late!


JSmitty wrote:

gpeach wrote:
Yeah you have to watch BofA. My date changes a lot. I did that one month too. It was due on the 6th for a four months straight. Then it changed to the 5th. So I paid one day late too once. Now it is the 11th. Sometimes it is due on a Sunday so be careful of that too. I wonder if they do that on purpose to see if you are paying attention.
This scam isn't talked about enough on this forum or in the media and BoA is the worst offender. Congress should forget about regulating interest rates and start with tackling more common problems like this one. I pay my CCs off every week or so, so I personally don't have this problem. But I've seen how easily it can happen if you wait until the day your payment is due. 
I know that with Discover, I can change my due date to any day of the month I want. I think more banks should follow.

 


issuers, notably amex, who has taken AA in some cases do not like this so much either apparently.  it can be viewed as excessive if you're paying off at posting every few days, it is supposedly ideal to pay once before the reporting date which is often the statement date. 

 

issuers do track payment patterns and can use the info to arrive at conclusions about your current level of risk.  in some cases, it is safer to do like the Jonses and apparently their most reliable customers usually pay once monthly.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Contributor
NinComPoop
Posts: 93
Registered: ‎03-14-2009
0

Re: Oh no! Paid BOA 99/500 card late!


txjohn wrote:

NinComPoop wrote:

Not sure how it will play out with the secured card but they don't consider you late until you're 30 days late (meaning missing 2 consecutive payments.) or at least not when I worked there they didn't. Right now you're a 5 days late status.  Most credit cards are this way I think.  Just a fee assessed but not reported to CB, but I would call customer service to verify just in case.  Good luck.


I respectfully disagree.  While BoA will not "report it" to the CRA's until 30 days late, they do track such late payments internally and it can cause rate increases, closures, rejections for CLI and even CLD.  CapOne is the same as are many banks.  While they profit off the late fees, they will have this "late" in their internal systems.

 

BE SURE to set this up on auto pay for at least minimum.  That way you are never late in such a case of error.


The policy may have changed but when I worked there in customer marketing, which is the division that handles calls from credit card customers for general account inquiries, balance transfers, direct deposits and rate inquires/adjustments it wasn't held against you.  A customer may have lost a promo on a balance transfer if they were late but the 30 day status meant something a lot more than a 5 day late.  In the climate we are in now that may have changed but I am speaking from experience. 

 

I agree with the auto pay because I remember taking calls from upset customers because BOA will change the due date on someone for no apparent reason and you can request to have a specific due date but it's not written in stone they'll give it to you.  I personally felt that it was to get over on people because a day or can be understandable but anywhere from 5-10 days doesn't make any sense, especially with no notice so I would always waive late fees when that happened and encouraged customers to use auto draft.

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Oh no! Paid BOA 99/500 card late!

[ Edited ]

NinComPoop wrote:

txjohn wrote:

NinComPoop wrote:

Not sure how it will play out with the secured card but they don't consider you late until you're 30 days late (meaning missing 2 consecutive payments.) or at least not when I worked there they didn't. Right now you're a 5 days late status.  Most credit cards are this way I think.  Just a fee assessed but not reported to CB, but I would call customer service to verify just in case.  Good luck.


I respectfully disagree.  While BoA will not "report it" to the CRA's until 30 days late, they do track such late payments internally and it can cause rate increases, closures, rejections for CLI and even CLD.  CapOne is the same as are many banks.  While they profit off the late fees, they will have this "late" in their internal systems.

 

BE SURE to set this up on auto pay for at least minimum.  That way you are never late in such a case of error.


The policy may have changed but when I worked there in customer marketing, which is the division that handles calls from credit card customers for general account inquiries, balance transfers, direct deposits and rate inquires/adjustments it wasn't held against you.  A customer may have lost a promo on a balance transfer if they were late but the 30 day status meant something a lot more than a 5 day late.  In the climate we are in now that may have changed but I am speaking from experience. 

 

I agree with the auto pay because I remember taking calls from upset customers because BOA will change the due date on someone for no apparent reason and you can request to have a specific due date but it's not written in stone they'll give it to you.  I personally felt that it was to get over on people because a day or can be understandable but anywhere from 5-10 days doesn't make any sense, especially with no notice so I would always waive late fees when that happened and encouraged customers to use auto draft.


I am speaking of "credit analysts" and account review for CLI, CLD, etc.  This exact scenario was held against my wife by BoA when asking for a CLI.  The credit analyst specifically cited a late payment (paid 2 days late by mistake) as the reason.  The late was 6 months previous and she was not even aware that it had been after the "date due" and had to go back and look at her statements and payments to believe it.

 

While my wife had that experience with BoA, I had the exact same experience with CapOne, who refused me a CLI due to a payment 5 months previous which posted the day after the date due.

 

I now have ALL accounts set to auto draft the minimum payment due by the CCC, just in case something happens, I forget, the mail gets lost, internet payments fail to post on time or I am hit by a bus and in a coma and unable to make my normal "before statement cut" payment.

Message Edited by txjohn on 05-16-2009 07:42 AM

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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

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