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Established Member
Posts: 26
Registered: ‎08-02-2017
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Can I skip my car payment?

Before my husband charged his walmart card to 84%, I was paying down my car loan. Instead of paying down my pricipal, the bank was advancing my due date. I'm not due for another car payment until May 2018. I want to skip this month's payment to pay off my husband's walmart card to reduce utilization and the amount of interest we'll pay.

 

The CSR couldn't tell me how this missed payment would report on my credit report, except to say it would not affect my score. Will this report as "paid on time" or as "no information available?" Will "no information avaialble" adversely affect my score?

 

Thanks!

Starting (8/3/17): EQ 658; TU 667; EX 623 | Current: EQ 676; TU 679; EX 641 | BK7: 5/2009
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Epic Contributor
Posts: 29,374
Registered: ‎03-19-2007
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Re: Can I skip my car payment?

Technically, you would not be "skipping" a payment.  You would have no payment due for that month.

Thus, the creditor, if they still make a regular monthly updated reporting, should report N/A, and not paid.

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Valued Contributor
Posts: 1,240
Registered: ‎12-17-2015
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Re: Can I skip my car payment?

Agreed
Because today, most lender 'pre-pay' vs sending money directly to principle as in the old days.

One of the 'benefits' is the reporting gas no choice but to report 'paid as agreed' which it would do so until May 2018 in your case because each months
Minimum Amount Due would = Zero

Right now you're 'ahead' so "skipping" really isn't skipping you're right slowing down your aggressive pay down because as you continue to pay 'early' your loan would end early.

You earned the ability to do what you're doing now.

I try to tell ppl that get those no payment due for 60 day car loans to NOT wait
*The % builds ( as will yours during your payment vacation but again you're nicely ahead ) during that 60 days
Don't take the vacation unless you really need it, why not get a jump on the % before a "rainy" day pops up on it's own ( like the OP)

To often we take any opportunity to NOT pay when we should go ahead and make the payment and 'buy' ourselves an insurance policy(for credit purposes) by being ahead like the OP

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