Re: Oh no! Paid BOA 99/500 card late![ Edited ]
05-16-2009 07:37 AM - edited 05-16-2009 07:42 AM
Not sure how it will play out with the secured card but they don't consider you late until you're 30 days late (meaning missing 2 consecutive payments.) or at least not when I worked there they didn't. Right now you're a 5 days late status. Most credit cards are this way I think. Just a fee assessed but not reported to CB, but I would call customer service to verify just in case. Good luck.
I respectfully disagree. While BoA will not "report it" to the CRA's until 30 days late, they do track such late payments internally and it can cause rate increases, closures, rejections for CLI and even CLD. CapOne is the same as are many banks. While they profit off the late fees, they will have this "late" in their internal systems.
BE SURE to set this up on auto pay for at least minimum. That way you are never late in such a case of error.
The policy may have changed but when I worked there in customer marketing, which is the division that handles calls from credit card customers for general account inquiries, balance transfers, direct deposits and rate inquires/adjustments it wasn't held against you. A customer may have lost a promo on a balance transfer if they were late but the 30 day status meant something a lot more than a 5 day late. In the climate we are in now that may have changed but I am speaking from experience.
I agree with the auto pay because I remember taking calls from upset customers because BOA will change the due date on someone for no apparent reason and you can request to have a specific due date but it's not written in stone they'll give it to you. I personally felt that it was to get over on people because a day or can be understandable but anywhere from 5-10 days doesn't make any sense, especially with no notice so I would always waive late fees when that happened and encouraged customers to use auto draft.
I am speaking of "credit analysts" and account review for CLI, CLD, etc. This exact scenario was held against my wife by BoA when asking for a CLI. The credit analyst specifically cited a late payment (paid 2 days late by mistake) as the reason. The late was 6 months previous and she was not even aware that it had been after the "date due" and had to go back and look at her statements and payments to believe it.
While my wife had that experience with BoA, I had the exact same experience with CapOne, who refused me a CLI due to a payment 5 months previous which posted the day after the date due.
I now have ALL accounts set to auto draft the minimum payment due by the CCC, just in case something happens, I forget, the mail gets lost, internet payments fail to post on time or I am hit by a bus and in a coma and unable to make my normal "before statement cut" payment.
09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549