topic Re: How bad did I screw up here? in Credit Cards

How bad did I screw up here?

awp317 — Thu, 23 Oct 2014 07:48:26 GMT

OK so my own fault and my own stupidity, but Amex needed to be paid 4 days before my next pay check (approx 11k owed on it) so I wrote then an edward jones check from my money market account, I figured eveyrthing was fine until I look today and theres the dreded red exclimation point next to my platinum card stating 7 days over due payment, and a returned check fee. I called and asked whats the heck was up and apprently they dont accept line of credit checks as payments, and returned the check. What im frustrated with however is I wrote a money market check, not a line of credit check, yes if the money market is low it borrows from the line of credit (but it wasnt, there was liquid in that account). But it was not an actual LOC check. I made a full payment out of my primary checking that second and now they are happy. But How badly will this affect me internally with amex? Also can they report anything to MY CR? I have never ever missed a payment in my life so this frustrates me to no end. The annoying thing was they were only asking for 300 minimum, but I hate making a minimum payment than 3 days later paying it off as I worry CC companys find that shady. Any advise is appreciated.

Re: How bad did I screw up here?

Anonymous — Thu, 23 Oct 2014 07:48:00 GMT

@awp317 wrote:
OK so my own fault and my own stupidity, but Amex needed to be paid 4 days before my next pay check (approx 11k owed on it) so I wrote then an edward jones check, I figured eveyrthing was fine until I look today and theres the dreded red exclimation point next to my platinum card stating 7 days over due payment, and a returned check fee. I called and asked whats the heck was up and apprently they dont accept line of credit checks as payments, and returned the check. What im frustrated with however is I wrote a money market check, not a line of credit check, yes if the money market is low it borrows from the line of credit. But it was not an actual LOC check. I made a full payment out of my regular checking that second and now they are happy. But How badly will this affect me internally with amex? Also can they report anything to MY CR? I have never ever missed a payment in my life so this frustrates me to no end. The annoying thing was they were only asking for 300 minimum, but I hate making a minimum payment than 3 days later paying it off as I worry CC companys find that shady. Any advise is appreciated?

How long have you had your card?

Re: How bad did I screw up here?

awp317 — Thu, 23 Oct 2014 07:51:08 GMT

Opened it as a green card in 2005. Platinum since 09.

Re: How bad did I screw up here?

Anonymous — Thu, 23 Oct 2014 07:55:32 GMT

@awp317 wrote:
Opened it as a green card in 2005. Platinum since 09.

I don't think your risk score will be dinged TOO bad, I would be a little cautious about larger charges. Best you can do is try to escalate to a Sup and see if they'll remove the canceled check fee (Most likely will), as it was an honest mistake.

Re: How bad did I screw up here?

awp317 — Thu, 23 Oct 2014 07:58:41 GMT

Trying the will my charges be approved it just said 50k was approved, I dont see spending anywhere near that in the future so I guess im ok. Im more concerned about the CR than internal score as loosing amex wouldnt be a horrible thing (other than the green card was my first real card after target). I just dont want one mistake to hurt my whole profile.

Re: How bad did I screw up here?

Anonymous — Thu, 23 Oct 2014 07:59:00 GMT

@awp317 wrote:
OK so my own fault and my own stupidity, but Amex needed to be paid 4 days before my next pay check (approx 11k owed on it) so I wrote then an edward jones check from my money market account, I figured eveyrthing was fine until I look today and theres the dreded red exclimation point next to my platinum card stating 7 days over due payment, and a returned check fee. I called and asked whats the heck was up and apprently they dont accept line of credit checks as payments, and returned the check. What im frustrated with however is I wrote a money market check, not a line of credit check, yes if the money market is low it borrows from the line of credit (but it wasnt, there was liquid in that account). But it was not an actual LOC check. I made a full payment out of my primary checking that second and now they are happy. But How badly will this affect me internally with amex? Also can they report anything to MY CR? I have never ever missed a payment in my life so this frustrates me to no end. The annoying thing was they were only asking for 300 minimum, but I hate making a minimum payment than 3 days later paying it off as I worry CC companys find that shady. Any advise is appreciated.

your internal score definitely took a hit, so it may affect CLI or credit app approvals if you plan to do it within the next 1-3 months.

Other than that, you should be fine. Just call and explain and have them waive that fee.

Re: How bad did I screw up here?

Skye12329 — Thu, 23 Oct 2014 08:05:08 GMT

I dont know if npsl cards report or not but amex can report a 30 day late because it was past due. Anything past 31 days could report 60 days...etc. So they could report a late payment

Re: How bad did I screw up here?

Anonymous — Thu, 23 Oct 2014 08:08:21 GMT

@awp317 wrote:
Trying the will my charges be approved it just said 50k was approved, I dont see spending anywhere near that in the future so I guess im ok. Im more concerned about the CR than internal score as loosing amex wouldnt be a horrible thing (other than the green card was my first real card after target). I just dont want one mistake to hurt my whole profile.

Like I said, Not a BIG deal.

Oddly enough. My approved limit went down from 12k to 8k....Cute amex...

Re: How bad did I screw up here?

Chris679 — Thu, 23 Oct 2014 10:31:43 GMT

A 30 day late on your credit report means just that: 30 days late. 60 means 60, etc. This will not be reported because you are not 30 days late. Like others have said you can call them and explain and they will most likely waive the fee. Not much you can do about any internal scoring because that is all internal so no one knows anyway. I repeat: you have to be 30 days late for a late payment to show on credit report.

Re: How bad did I screw up here?

go_FICO_self — Thu, 23 Oct 2014 10:48:02 GMT

@awp317 wrote:
OK so my own fault and my own stupidity, but Amex needed to be paid 4 days before my next pay check (approx 11k owed on it) so I wrote then an edward jones check from my money market account, I figured eveyrthing was fine until I look today and theres the dreded red exclimation point next to my platinum card stating 7 days over due payment, and a returned check fee. I called and asked whats the heck was up and apprently they dont accept line of credit checks as payments, and returned the check. What im frustrated with however is I wrote a money market check, not a line of credit check, yes if the money market is low it borrows from the line of credit (but it wasnt, there was liquid in that account). But it was not an actual LOC check. I made a full payment out of my primary checking that second and now they are happy. But How badly will this affect me internally with amex? Also can they report anything to MY CR? I have never ever missed a payment in my life so this frustrates me to no end. The annoying thing was they were only asking for 300 minimum, but I hate making a minimum payment than 3 days later paying it off as I worry CC companys find that shady. Any advise is appreciated.

not sure if you know this but for charge cards the payment due date is just a "suggestion." the true payment due date is when your next statement cuts, and that's when you need to pay the prior balance to avoid late fees/credit dings/etc. so, did you manage to pay off before your next statement cut? if so, then the damage is very minimal.

but if your platinum is now a credit card, then the payment due is a hard date I guess.

also, with credit cards, they report lates once is 60 days over, meaning having missed 2 consecutive payments. if you miss one, it'll most likely not make it to credit reports. So, the damage is internal, if any. If you're not planning to ask amex for more credit in the near future, then you're good and it'll go away on its own.

And if Amex does report the late, you can argue with them that the check you sent should have been accepted and as such, have the late removed.

Re: How bad did I screw up here?

blondy250 — Thu, 23 Oct 2014 11:31:27 GMT

@Skye12329 wrote:
I dont know if npsl cards report or not but amex can report a 30 day late because it was past due. Anything past 31 days could report 60 days...etc. So they could report a late payment

100% wrong.

Re: How bad did I screw up here?

Anonymous — Thu, 23 Oct 2014 12:19:19 GMT

OP- Has any adjustment been made to your available credit on the NPSL card?

Re: How bad did I screw up here?

awp317 — Fri, 24 Oct 2014 23:25:40 GMT

Well I dont have a hard limit its just a NPSL limit. It is a "credit card" in that It doesnt say "please pay buy" it just says due on the 28th of every month with a mimimum due. But unlike a CC they can remove that ability whenever they please as it has happened to me before. Right now I would say everything looks good. I have used it and had no trouble thus far, I do unfortuanly have the penalty APR though, used to be 16.24 now it says the apr on carried balances is 25.24%. But as I never do actually carry a balance on it, thats not a huge concern.

Re: How bad did I screw up here?

Anonymous — Fri, 24 Oct 2014 23:58:44 GMT

You are probably fine. Call Amex and ask them if it will report. When I was in college, I made a late payment on my Visa (approximately 5 days). I called my credit union and informed them I had paid late and asked if it would be reported. They informed me it would not. As others have said. I doubt Amex will report it if it is just a few days late, but call Amex and ask them to be safe. If it is something they might report, you may be able to talk them out of it since you corrected the error quickly and you have a history of paying on time with them.

Re: How bad did I screw up here?

awp317 — Sat, 25 Oct 2014 00:22:11 GMT

hopefully im in the clear. Citi wants to try and beat chase on my mortgage and thinks they can refiance me at 3.1% so I dont want to screw up that.

Re: How bad did I screw up here?

Chris679 — Sat, 25 Oct 2014 01:37:56 GMT

They can't report it because it wasn't 30 days late.

Re: How bad did I screw up here?

AMTB — Sat, 25 Oct 2014 03:30:11 GMT

as bad as fart when you open the ring box while proposing...

Re: How bad did I screw up here?

Anonymous — Sat, 25 Oct 2014 03:37:08 GMT

@AMTB wrote:
as bad as fart when you open the ring box while proposing...

You owe me a new monitor.

Re: How bad did I screw up here?

Anonymous — Sat, 25 Oct 2014 10:23:52 GMT

@go_FICO_self wrote:

not sure if you know this but for charge cards the payment due date is just a "suggestion." the true payment due date is when your next statement cuts, and that's when you need to pay the prior balance to avoid late fees/credit dings/etc. so, did you manage to pay off before your next statement cut? if so, then the damage is very minimal.

but if your platinum is now a credit card, then the payment due is a hard date I guess.

also, with credit cards, they report lates once is 60 days over, meaning having missed 2 consecutive payments. if you miss one, it'll most likely not make it to credit reports. So, the damage is internal, if any. If you're not planning to ask amex for more credit in the near future, then you're good and it'll go away on its own.

And if Amex does report the late, you can argue with them that the check you sent should have been accepted and as such, have the late removed.

The payment due date is actually a hard due date; but banks have something called as "late charge grace days" which allow customers to pay within these few grace days after payment due date before late charge is hit. This grace days was mostly to account for the payments to come in through mail. Typically it used to be 5 or 6 days earlier & in a way coincided with the statement cut date; but now they have changed it to 1 or 0 grace days after recent market changes and also to consider the fact that you can post instant payments online now. You can call your credit card company ask if there are any grace days on your account before a late charge is hit. It is mandatory that account activity needs to be reported monthly to the credit bureaus. But yes, since you only late < 30 days, you should not be reported as late & you can talk to Amex to have the late charge waived off.

Re: How bad did I screw up here?

Anonymous — Sat, 25 Oct 2014 18:12:19 GMT

@Chris679 wrote:
They can't report it because it wasn't 30 days late.

I always had the same assumption as Skye... That even 1 day late could be reported as "30 days" on your CR, but looks like the above from Chris is correct.

Not sure if we're allowed to paste urls to other sites here, so I won't. But from the Mint blog, "The standard for late payment credit reporting isn’t 'one to 30 days late' as some may think. In fact, the credit industry standards manual (The Credit Reporting Resource Guide) states, 'The clock for a 30-day delinquency starts 30 days after the due date, as opposed to the billing date.' "