What will happen if I am 29 days late?

Anonymous · ‎08-12-2008

What will happen if I am 29 days late? Will it effect my score? Will it even show up on my CR? or Does it have to be at least 30 days late?

Message Edited by Justn on 08-12-2008 11:57 PM

Anonymous · ‎08-13-2008

If your payment processes on day 29 your credit is fine. You will get hit with a late fee and probably some insane interest if it is a credit card.

Just keep in mind that if you make payment on day 29 the lender can take up to 48 hours to process your payment even if you make it online making it 2 days longer. Never let it slide that far.

The lender can not place a 30 day late until 30 days has passed.

If your payment due date is on the 10 of the month and you pay on the 8th of the next month you might get a 30 day late. Some months have 31 days.

Message Edited by ilovepizza on 08-13-2008 05:42 AM

marty56 · ‎08-13-2008

ilovepizza wrote:
The lender can not place a 30 day late until 30 days has passed.

In the past, Wells Fargo would mark a payment 30 days late if the mnimum due was not paid by the statement drop date which could be a soon as 2 days after the due date.

I would not test them on this and call and plead my case not to report it 30 days late. If they chrage you a late fee and or bump your interest rate up, I would accept it and not argue at that time. After a month or 2 you could always call up and plead your case then. After the accounts reports on-time for the month you paid late that is.

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Anonymous · ‎08-13-2008

ilovepizza wrote:

The lender can not place a 30 day late until 30 days has passed.

If your payment due date is on the 10 of the month and you pay on the 8th of the next month you might get a 30 day late. Some months have 31 days.

This is not accurate as a blanket statement. Some lenders will report a 30-day even when you're less than 30 days late.

Anonymous · ‎08-13-2008

@Anonymous wrote:

@Anonymous wrote:

The lender can not place a 30 day late until 30 days has passed.

If your payment due date is on the 10 of the month and you pay on the 8th of the next month you might get a 30 day late. Some months have 31 days.

This is not accurate as a blanket statement. Some lenders will report a 30-day even when you're less than 30 days late.

Yikes! That can be disputed with the lender and reversed right?

Anonymous · ‎08-13-2008

@marty56 wrote:
I would not test them on this and call and plead my case not to report it 30 days late. If they chrage you a late fee and or bump your interest rate up, I would accept it and not argue at that time. After a month or 2 you could always call up and plead your case then. After the accounts reports on-time for the month you paid late that is.

This was just a hypothetical question. Thanks for your answers.

Anonymous · ‎08-13-2008

ilovepizza wrote:

Yikes! That can be disputed with the lender and reversed right?

Not usually.

Some lenders interpret the "30-day" status as "30 days late." Others interpret ii as "Pays 1-30 days," meaning "1-30 days after the due date."

A "60-day" is then interpreted as "31-60 days," and so on.

This actually happened to my mother. They reported her as 30 days late, and when she called to complain, the creditor told her that they hadn't reported her 30 days late, they had simply reported that she was up to 30 days late.

Message Edited by cheddar on 08-13-2008 01:45 PM

Lucid08 · ‎08-15-2008

Some companies have grace periods, but not all do. My 2 installment loans both have a standard 7 day grace period starting from the actual due date. If my payment is due on the 15th I have until the 22nd to make a payment.

But if I pay on the 23rd, I stand a chance of getting a 1-30 day late hit put on my credit report. YMMV, but it's always a good idea to call and inquire about any grace periods and how the company in question determines what they report.

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fused · ‎08-15-2008

cheddar wrote:

up to 30 days late.

I have never seen this on a CR.

Anonymous · ‎08-15-2008

@Anonymous wrote:

@Anonymous wrote:

Yikes! That can be disputed with the lender and reversed right?
Not usually.
Some lenders interpret the "30-day" status as "30 days late." Others interpret ii as "Pays 1-30 days," meaning "1-30 days after the due date."
A "60-day" is then interpreted as "31-60 days," and so on.

This actually happened to my mother. They reported her as 30 days late, and when she called to complain, the creditor told her that they hadn't reported her 30 days late, they had simply reported that she was up to 30 days late.

Message Edited by cheddar on 08-13-2008 01:45 PM

Cheddar, I think that is illegal, and something I think a conversation with a higher-up should quickly repair. If not, I think a lawsuit would correct it quickly. Reporting 30-days late means just that; 30-days late...not more, not less. It has to hit that 30-day mark for the information reported to be accurate. Only accurate information should be reported, and I think that one way, or another, this could be repaired.