02-04-2013 06:16 AM
I recently refinanced my mortgage and took cash out to pay some debt, one of which was my auto loan with Wells Fargo. I called to advise them the payoff was coming and they "made a note in their system." Payoff was sent to Wells Fargo, took a while to show in my account online and when it posted it was 30 days late. "Effective date" was on time, but "Posted date" was 32 days over. My credit score dropped 80 points. I called Wells Fargo and they are refusing to adjust the late and I don't know what to do. I am livid! Does anyone have any advice as to how to deal with this???
02-04-2013 07:35 AM
Where is the "effective date" coming from? Do you have anything from Wells Fargo, online or within their docs, showing that they received the payment before the due date? And was the posted date 32 days following the date paid?
02-04-2013 07:45 AM
In my online account under payment activity it has the payoff amount with an effective date of 1/19/2013 (the day payment has to be received before it's 30 days past due). Right next to it it has a posted date of 1/22/2013, also listed is an adjustment for a late charge.and adjusted interest amount. These all say "Effective date" of 1/19/2013.
02-04-2013 08:10 AM
The way I understand it is the payoff date for a loan is the date you requested the payoff balance. It has to be recieved that day to get that amount stated. If you were told the payoff for 1/19/2013 was a specific amount but they didn't get it for another month, money would still be owed.
02-04-2013 08:18 AM - edited 02-04-2013 08:18 AM
02-04-2013 02:40 PM
My first question is why did it take 32 days to post to account. I never heard of that.
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.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com 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.