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Posts: 52
Registered: ‎05-20-2007
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Slow Pay Question - Help

What is a slow pay?
Wells Fargo my mortgage called me this morning.  I let them know that I would be paying my mortgage on the 30th because of pay reasons.  The Wells Fargo employee told me that paying it on the 30th could effect my credit.  I asked him why I am paying it before 30 days.  It would not be 30 days late.  He said the credit bureaus could report it has a slow pay.  He also stated that "The credit bureaus know exactly when you pay.  I told him that Wells Fargo is the one that would have to report me not the credit bureaus themselves.  Can someone please tell me what a slow pay is?  Is it 30 day late or is it something else.  Also, who is right Wells Fargo or me?
Moderator Emeritus
Posts: 7,326
Registered: ‎06-18-2007
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Re: Slow Pay Question - Help

OMG  i have not heard that saying in years (im not telling how long)
I lived in Florida & state law at that time (no idea if it changed but I dought it) If you had a bill & only paid some of it but was paying every month...the creator could not report non pmt...they could report slow payer.
I don't know if a CR shows 30 late or types in late pay.
Im taking that your mortg. is due on the 1st of the mo. and if paid within 30   days no late charges.
Let someone that knows mortg.  answer you as im not sure
Senior Contributor
Posts: 3,071
Registered: ‎05-17-2007
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Re: Slow Pay Question - Help

I never heard of it however they can report as $0 payment. It won't go as a late but it does show on your CR under payment history. I doubt that effects your score. It would be something lenders could spot if they read through your CR with a fine tooth comb and noticed 2 months with the same balance. That would indicate a skipped payment period. If enough it can be picked up by the human eye.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: Slow Pay Question - Help

[ Edited ]
Slow pay is a term that was used before FICO scoring. There are mixed opinions as to whether it is still in use or whether it is still legit to use it.
I found a number of references to it regarding business credit, when I went searching off the reservation, and I found a couple of references to slow pay and consumer credit regarding Wells Fargo.
It's my non-legal opinion that if you are between 1 and 29 days late on a payment, but an OC reports you 30 days late, then they are inaccurately reporting. Some agree with me. Others do not. But I haven't found any caselaw to say one way or the other.
If you can in any way pay it on-time, even if you have to charge it to a credit card, I would say try to go that route and avoid the possibility that WF behave as collossal pr*cks and report it 30 days late.

Message Edited by Noah_Bodie on 08-08-2007 11:54 PM

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