Credit Cards Center Credit cards from our partners
New Contributor
Posts: 52
Registered: ‎05-20-2007

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

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

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

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

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.