How do creditors determine 30-60-90 days late?

[Anonymous]

I got sideways on an account last summer and my credit union is reporting it as 30-60-90 days late in succesive months...but by my math the most it was ever late was 60 days.  Here's what happened (the payment is due on the 2nd of each month):

April - paid on time

May - did not pay

June - did not pay

July - did not pay

Aug 1st - paid the entire balance, August payment and all late fees

I asked my credit union and they said that they are reporting it correctly.  It seems to me that I was 30 days late on June 2nd, 60 days late on July 2nd and paid in full on Aug. 1st.  Had I paid on Aug. 3rd or later I would have been 90 days late.  Am I missing something?  Thanks.

[Anonymous]

bump...help...

[Anonymous]

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JAM wrote:

I got sideways on an account last summer and my credit union is reporting it as 30-60-90 days late in succesive months...but by my math the most it was ever late was 60 days.  Here's what happened (the payment is due on the 2nd of each month):

April - paid on time

May - did not pay

June - did not pay

July - did not pay

Aug 1st - paid the entire balance, August payment and all late fees

I asked my credit union and they said that they are reporting it correctly.  It seems to me that I was 30 days late on June 2nd, 60 days late on July 2nd and paid in full on Aug. 1st.  Had I paid on Aug. 3rd or later I would have been 90 days late.  Am I missing something?  Thanks.

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You were late in may  30 days  june 60 days and july made it 90 days!

[Anonymous]

shoot.  thanks for the response.

[Anonymous]

your more then welcome......always remember id your payment due date is  May 1st  and you pay it May 2nd  that is a 30 day late mark

[marty56]

Some creditors (Wells Fargo) says a payment is 30 days late when it is not paid by the next statement date.  If its due on the 1st and you pay on the 3rd. its 30 days late.  Also they may mark it late if you pay on the date due but after a certian time of day.

It is best not to test them on this and infact you should always pay before the due date.  Even you they dont report it 30 days late, you still could have a FICO score affect if they lower your CL.  They also may set you on a default interest rate which could cascade to other accounts.  American Express comes to mind.

If you can learn anything here it is to never pay late.

[Anonymous]

For what it is worth, my credit union bought my logic that I was only 60 days late -- not 90...and will remove the 90-day lates.  Will report back on how much it helps my score.  Thanks, again, for the input rcvd.