topic Re: Mind blown. Missed payments under 30 days don’t affect your credit score? in Understanding FICO® Scoring

Mind blown. Missed payments under 30 days don’t affect your credit score?

SRT4kid93 — Mon, 02 Sep 2024 05:23:14 GMT

Is this true?

I just read that as long as your missed payment is under 30 days late, it won't affect your credit score. Or at least it shouldn't? I guess it's up to the lender in if they want to report it? But it's extremely rare that they do report it. Is this true?

Re: Mind blown. Missed payments under 30 days don’t affect your credit score?

Anonymous — Mon, 02 Sep 2024 06:07:56 GMT

A missed payment under 30 days late paid before 30 days late isn't 30 days late.

Re: Mind blown. Missed payments under 30 days don’t affect your credit score?

JoeRockhead — Mon, 02 Sep 2024 09:10:26 GMT

It's not up to lenders. It's against federal law to report a late payment until the 30th day from the due date has expired without the full minimum payment due being paid (this could also include any late fees imposed).

The 30th day expires based on the time of day the lender has specified as their cut off time for business that day but, can't be any earlier than 5:00 pm, and is based on the time zone listed on the billing statement.

Re: Mind blown. Missed payments under 30 days don’t affect your credit score?

MissLiz — Mon, 02 Sep 2024 12:37:20 GMT

Yes, that's specifically for credit reporting purposes. You'll still have to pay the late fee.

Re: Mind blown. Missed payments under 30 days don’t affect your credit score?

SRT4kid93 — Mon, 02 Sep 2024 15:05:57 GMT

I always thought 30 days was a blanket statement for any payment that's between 1-30 days late.

just like how 60 days late is a blanket statement for any payment that's between 31-60 days late.

Re: Mind blown. Missed payments under 30 days don’t affect your credit score?

JoeRockhead — Mon, 02 Sep 2024 16:30:18 GMT

@SRT4kid93 wrote:
I always thought 30 days was a blanket statement for any payment that's between 1-30 days late.

just like how 60 days late is a blanket statement for any payment that's between 31-60 days late.

Your payment is considered late by the lender if the minimum amount due isn't made by the end of the business day (as explained above) on the due date. Some lenders have a grace period, some don't. With the lender only, any late payment is subject to late fees and/or penalty interest dependent on the language in your cardmember/loan agreement. They might also note your payment history internally, they just can't legally report it to the bureaus until day 31, or after.

For the purposes of credit reporting, and discussions in the forum, a 30 day late is a payment that wasn't made by the 30th day from the due date is a 30 day late. If the payment due was made on day 31 (or after), it can be reported as a 30 day late. On day 61 it can be reported as a 60 day late, so on and so forth.

Re: Mind blown. Missed payments under 30 days don’t affect your credit score?

pizzadude — Mon, 02 Sep 2024 16:29:13 GMT

@SRT4kid93 wrote:
I always thought 30 days was a blanket statement for any payment that's between 1-30 days late.

just like how 60 days late is a blanket statement for any payment that's between 31-60 days late.

No it shouldn't work like that. 30 day late means 30 days later or greater. Same with 60 days, it's 60 or greater.

A payment should never be reported as late until after the 30 day point.

Re: Mind blown. Missed payments under 30 days don’t affect your credit score?

coldfusion — Mon, 02 Sep 2024 16:45:47 GMT

@SRT4kid93 wrote:
I always thought 30 days was a blanket statement for any payment that's between 1-30 days late.

just like how 60 days late is a blanket statement for any payment that's between 31-60 days late.

The Credit Reporting Resource Guide (aka "CRRG") describes the industry standard of a 60 day late as being a payment made 60-89 days late. A 30 day late is 30-59 days.

Re: Mind blown. Missed payments under 30 days don’t affect your credit score?

SRT4kid93 — Mon, 02 Sep 2024 16:50:41 GMT

it's great for us as the consumer im just surprised because if you miss your due date. It's still a late payment. So you would think that would be reflected on youthe credit report. because when you break it down, late is late.

but I'm not complaining

Re: Mind blown. Missed payments under 30 days don’t affect your credit score?

Jnbmom — Mon, 02 Sep 2024 22:18:41 GMT

@SRT4kid93 wrote:
it's great for us as the consumer im just surprised because if you miss your due date. It's still a late payment. So you would think that would be reflected on youthe credit report. because when you break it down, late is late.

but I'm not complaining

As others have stated they can not report you until you are 30 days late or 60 days late etc. However they will charge you a late fee, may decrease your credit limit or even close it. It will be in you internal record with bank which could cause issues with future CLIs or even getting another card from them .

Re: Mind blown. Missed payments under 30 days don’t affect your credit score?

Anonymous — Tue, 03 Sep 2024 13:01:37 GMT