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Established Member
Posts: 20
Registered: ‎08-27-2007
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What really does 30 day mean?

Is there anywhere a guideline as to when a payment is late? A payment due on the first is considered 30 Past due when? On the 30th? the 31th? or the 1st of the following month?
Also  is a payment recorded on the date that the creditor recieved it or when they processed it days later?
 
Epic Contributor
Posts: 20,940
Registered: ‎03-19-2007
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Re: What really does 30 day mean?

The payment will be processed with the date received.  If it is past the due date by one day, it is a 30-day late.
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Posts: 28,098
Registered: ‎04-01-2007
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Re: What really does 30 day mean?

It varies by lender. Some say 30 days after your statement posted, which would mean in most cases about a week after the payment due date. Some say 30 days after the payment due date (this is the most generous.) Some say 31 days after you made the charge --hey, whatever happened to the grace period? And some, as RobertEG said, smack you with it the day after the payment is due.

There's late for the CCC, where you get a late fee and maybe rate-jacked, and then there's late that gets reported to the credit bureaus. They're usually not the same date. For instance, your payment was due on the 20th, you paid on the 22nd, you get a late fee and maybe your APR changes to default rates, but it isn't reported to the credit bureaus as a 30-day late.

You can try to figure this out from your T&C (terms and conditions statement), or you can try calling customer service and asking how they calculate it.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Super Contributor
Posts: 5,703
Registered: ‎10-06-2007
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Re: What really does 30 day mean?

Wells Fargo and Best Buy say 30 days late if not paid by the next statement date which could be as close as 2 days after the due date.  Also keep in mind that some CCCs want they payment by a certian time on the due date.  This would matter if you pay by phone or walk into the bank/store and pay it in person.
 
Best not to test them on it though.
 
11/28/2014 FICO: EQ: 796 EX:788 TU:803
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Posts: 7,970
Registered: ‎12-19-2007
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Re: What really does 30 day mean?



marty56 wrote:
Wells Fargo and Best Buy say 30 days late if not paid by the next statement date which could be as close as 2 days after the due date.  Also keep in mind that some CCCs want they payment by a certian time on the due date.  This would matter if you pay by phone or walk into the bank/store and pay it in person.
 
Best not to test them on it though.
 



Hey Marty, you're living in the past man.Smiley Very Happy Check the date in your siggy.
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Do what is true in spite of the consequences--your future is only as true as you are.
Super Contributor
Posts: 5,703
Registered: ‎10-06-2007
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Re: What really does 30 day mean?

My bad.  Spelling is oif as uisual
11/28/2014 FICO: EQ: 796 EX:788 TU:803
Moderator Emeritus
Posts: 7,970
Registered: ‎12-19-2007
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Re: What really does 30 day mean?



marty56 wrote:
My bad.  Spelling is oif as uisual



Marty, I was thinking of a Seinfeld episode when George was harassing the birthday clown, b/c the clown didn't know who Bozo was. The clown finally snapped and told George "you're living in the past man. You're caught up on some clown from the 60s man." If you haven't seen the episode, this will be lost on you. But I am lol right now replaying that clown's voice in my head.
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Do what is true in spite of the consequences--your future is only as true as you are.
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