topic Re: Question regarding CC reporting in Credit Cards

Question regarding CC reporting

Beckhsrules — Sun, 06 Mar 2016 16:44:05 GMT

I have a question regarding how CC reports the payments to the agencies.

I currently have a certain amount to pay on my Capital One CC. The payment due date is 3/12. I would be able to pay off all but 500 of the balance. And I would be getting my paycheck on 15th so I should be able to pay the rest of the balance by then. Will this report as 30 days late in my report? Also if it does will it stay on my report for 2 years and affect my score? Sorry if its a dumb question as I have a clean report so far and have never carried a balance.

Re: Question regarding CC reporting

OmarGB9 — Sun, 06 Mar 2016 16:50:26 GMT

No, if you make at least the minimum payment before the due date, you're okay. The remaining balance would simply be reported to the bureaus, but you would not incur a late payment.

Re: Question regarding CC reporting

elim — Sun, 06 Mar 2016 16:51:06 GMT

what day of the month did your last statement cut on that card? mine are 3 days apart so your statement should cut on the 15th and therefore you will carry $500. the interest won't be much.

Re: Question regarding CC reporting

Anonymous — Sun, 06 Mar 2016 16:51:26 GMT

I hope I am not misunderstanding your question. But if you can make the minimum payment due by the 12th, you should be fine paying the rest later and won't report as late. However, if it is the minimum payment you are talking about then, paying on the 15th when it is due on the 12th will report as late.

How much is the minimum payment due?

Re: Question regarding CC reporting

Anonymous — Sun, 06 Mar 2016 16:53:25 GMT

If you were to report a 30 day late it will stay on your reports for 7yrs...normally. But you shouldn't have anything to worry about.

Re: Question regarding CC reporting

Beckhsrules — Sun, 06 Mar 2016 16:58:57 GMT

I am not worried about the interest as it wont be big and I would be paying the remaining in a couple of days matter. I have already paid well over the minimum due already.

Good to hear that this doesnt count as 30 days late.

So 30 days late is when I never make payment of any sort right?

Re: Question regarding CC reporting

OmarGB9 — Sun, 06 Mar 2016 17:07:45 GMT

30 days late means you didn't pay by the due date for that particular cycle and paid by the next cycle. Or never paid at all, yes.

Re: Question regarding CC reporting

Anonymous — Sun, 06 Mar 2016 17:25:33 GMT

A late payment is simply when you have not paid at least the minimum amount due by the statement due date. If your last statement says the minimum due is $100 on the 12th and you only pay $99.99 on or before the 12th, you are late for the month. Different companies handle late payment reporting differently. For example, there are some that would not report you late if you paid the minimum due only three days late, but never count on such forgiveness. Others will report you immediately the first time you were a moment late, charge you late fees, and jack your interest rate up to 29.99%. If you are paying ON the due date there are more variables related to what time of day the payment was received depending on the company policies... Best to pay a little early.

One simple way to keep out of trouble is to always pay the minimum due as soon as the statement is cut and then pay any additional amount you can afford that month when it is most convenient for you.