30 days past due on auto loan

[Anonymous]

I just realized that i forgot to make my Dec 12 auto loan pmt (HSBC Auto Finance).  They called today about it and had already sent it to THEIR "collections department".  I made the necessary double pmt to bring into good standing online, and although they say that takes up to 24 hours to post to my acct, the guy from collections made a note of my confirmation # on my account history.  It's a balance of $3500 (prior to today's pmt) on a refinance I opened with them in September-ish of 2006. 

I don't want that 30 day going on my history, but their customer service says it just automatically reports my account status every month to the credit bureaus.  So, if it does show up, how much will such a thing drop my scores and is there a strategy I can implement to counter that drop?  I could easily pay that remaining balance today if I had to, but I'd rather leave that cash in the bank.

I'm also in the pre-approval stage of 1st time home buyership.  This is why I'm stressing so much about this bone headed mistake of mine.  Any and all reasonable advice on a good strategy for what seems to be a damage control issue at this point is greatly appreciated. Thanks in advance.

[fishbjc]

If that appears on your CR, your scores could drop about 30-40 points.  I speak from experience here.  Ouch.

I did gain a few points the next month when it updated.  Paying this off in full may very well decrease your scores, I've seen that happen a couple of times.

Do you have any cc debt that you need to pay off?  You would gain a few points there.  Otherwise, it's just time to heal the wound. 

Try asking this on the mortgage forum.  One of the brokers can help you out.

[gronge]

Regarding past due payments.  January 2010 there was a late payment on my son's student loan, (iam am the co-signer)  There were extenuating circumstances for the delay.  We were out of the country for the holidays and our return was delayed due to the death of my mother.  When we returned i was notified of a significant drop in my FICO  going from 728 to just below 700!!!!!   one negative item, it's amazing.   I then wrote a letter to the Loan administrator, included all airline tickets showing departure dates, return dates along with the Obituary and a copy of the death cert.   I requested that theyreconsider the posting of late payments and remove them from my credit report.    Today I received my FICO alert and behold they did change the report to reflect  paying  agreed.   Lets see ow long it takes to get my score to where it was before,   Goes to show that sometimes taking the time to address the situation works out in the end.    I appreciate them taking my situation into consideration.    I have corrected many items on my CR and it is a tedious job but well worth the time and effort.  My CR is checked every year and thanks to Score Watch I am notified of any new changes.

[Anonymous]

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@Anonymous wrote:

I just realized that i forgot to make my Dec 12 auto loan pmt (HSBC Auto Finance).  They called today about it and had already sent it to THEIR "collections department".  I made the necessary double pmt to bring into good standing online, and although they say that takes up to 24 hours to post to my acct, the guy from collections made a note of my confirmation # on my account history.  It's a balance of $3500 (prior to today's pmt) on a refinance I opened with them in September-ish of 2006. 

I don't want that 30 day going on my history, but their customer service says it just automatically reports my account status every month to the credit bureaus.  So, if it does show up, how much will such a thing drop my scores and is there a strategy I can implement to counter that drop?  I could easily pay that remaining balance today if I had to, but I'd rather leave that cash in the bank.

I'm also in the pre-approval stage of 1st time home buyership.  This is why I'm stressing so much about this bone headed mistake of mine.  Any and all reasonable advice on a good strategy for what seems to be a damage control issue at this point is greatly appreciated. Thanks in advance.

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Don't worry about it. Even if you paid on time they would find another way to keep your score down and your interest rate up. Haven't you figured it out yet? The lenders pay the credit agencies. It's in the lenders interest to keep interest rates higher.