topic Re: Discover Card minimum payment 3 days late in General Credit Topics

Discover Card minimum payment 3 days late

Anonymous — Sat, 19 Jan 2019 02:44:01 GMT

Hi everyone! My chip on my debit card didn't work at a store so I used my discover card. I stupidly forgot about it, and missed a payment of $20 by 3 days. I called discover and they said I wouldn't be charged for the late payment but it would be reported to the credit bureaus. Am I screwed? I've been building my credit and never had a late payment until now. I feel like such an idiot for forgetting. I’m setting up autopay as soon as my payment posts.

I heard that only 30 day lates are reported, but they specifically told me that it would be reported and there’s nothing that can be done about it In another forum, someone with a Victoria’s Secret credit card had a one day late payment reported and their score dropped. Anyone had a less than 30 day late payment with discover before?

Re: Discover Card minimum payment 3 days late

Anonymous — Sat, 19 Jan 2019 02:52:33 GMT

Don't worry too much, it won't be a big impact, few points max.

Re: Discover Card minimum payment 3 days late

Pikaboo-icu — Sat, 19 Jan 2019 02:55:26 GMT

Welcome to My Fico.

Yikes,, sorry..

No, a payment that is less than 30 days late will not be reported to or by a CB.

There is NO category for 3 days late- 30 days is the reporting threshold.

That said; Disco will have it in your internal file and it can affect future clis etc..

Re: Discover Card minimum payment 3 days late

Jnbmom — Sat, 19 Jan 2019 03:23:20 GMT

Yes Pikaboo-icu is correct, they will not report you for 3 days late, it has to be 30 days late for them to report you, internally it could hinder you down the road.

But the other poster mentioned a recent 30 day late would cost you very little points, I disagree there. A recent 30 days late will cause your score to drop if that's your only negative!!

Re: Discover Card minimum payment 3 days late

Pikaboo-icu — Sat, 19 Jan 2019 03:26:50 GMT

@Jnbmom wrote:
Yes Pikaboo-icu is correct, they will not report you for 3 days late, it has to be 30 days late for them to report you, internally it could hinder you down the road.

But the other poster mentioned a recent 30 day late would cost you very little points, I disagree there. A recent 30 days late will cause your score to drop if that's your only negative!!

Yep and sadly it's a pretty BIG drop..

Re: Discover Card minimum payment 3 days late

Brian_Earl_Spilner — Sat, 19 Jan 2019 03:27:51 GMT

Welcome to the doghouse. I was 1 or 2 days late for something like $11-12. My secured discover is still secured at 18 months. I called and they acted like I shouldn't be surprised despite 17 months of good history, 12 of which in a row after the fact. They also won't approve me for a new card. It wasn't reported to the bureaus though.

Re: Discover Card minimum payment 3 days late

Brian_Earl_Spilner — Sat, 19 Jan 2019 03:29:37 GMT

@Pikaboo-icu wrote:
@Jnbmom wrote:
Yes Pikaboo-icu is correct, they will not report you for 3 days late, it has to be 30 days late for them to report you, internally it could hinder you down the road.

But the other poster mentioned a recent 30 day late would cost you very little points, I disagree there. A recent 30 days late will cause your score to drop if that's your only negative!!
Yep and sadly it's a pretty BIG drop..

I've seen 70 points for a clean profile. Obviously, not so much if it's already dirty.

Re: Discover Card minimum payment 3 days late

Anonymous — Sat, 19 Jan 2019 07:22:18 GMT

@Anonymous wrote:
Don't worry too much, it won't be a big impact, few points max.

Make no mistake about it my friend. A single 30 day late on a clean profile can tank your score as much as 100 points.

Re: Discover Card minimum payment 3 days late

Anonymous — Sat, 19 Jan 2019 09:28:08 GMT

The OP wasn't 30 days late, so a 30 day late reporting can't happen. That being said, it's impossible that his score drops even a single FICO point from being 3 days late, as his credit report data is remaining constant.

Re: Discover Card minimum payment 3 days late

Anonymous — Sat, 19 Jan 2019 12:20:26 GMT

Obviously I wasn't ever intended to suggest you can do a 30 day late and suffer few points drop max.

I was wrong, however, in suggesting that few days late would cause anything on fico score.

I had a couple few days late payment with chase and disc, it must have been coincided with some other changes on my credit file,since my score dropped a few points.

Re: Discover Card minimum payment 3 days late

NRB525 — Sat, 19 Jan 2019 13:48:31 GMT

OP the Discover rep was semi-correct. Your payment is reported to the bureau. They have to report something about your activity to the bureaus.

The confusion may relate to exactly what information goes to the bureau. I would not expect it to be a 30-day late. But I could be wrong.

What is your FICO score on your latest Discover card statement ?

Setting up autopay on all your credit cards, at least for the minimum from a checking account you always know is funded, is a good baseline of credit management.

Also, get out of the habit of using your debit card. At the very least, if you used your Discover more often, you would get 1% back rather than zero percent back with debit.

Let us know how things work out for the reporting.

Re: Discover Card minimum payment 3 days late

Anonymous — Sun, 20 Jan 2019 00:58:46 GMT

Anything over thirty days is reported late to the credit reporting agencies. This will only affect you on credit line increases. Mistakes happen. Call them. They waive their first late fee on each calender year.

Re: Discover Card minimum payment 3 days late

kshurika — Sun, 20 Jan 2019 04:55:48 GMT

I haven't read all the other responses, but I can tell you that exactly the same thing happened to me, with the same bank. However, when I called, the CSR said it would not be reportef, but I would have to pay the late fee. So, I called back the next day and spoke to another CSR. He removed the late fee. I would suggest calling until you get what you want from a more friendly CSR.

Re: Discover Card minimum payment 3 days late

Anonymous — Sun, 20 Jan 2019 20:58:48 GMT

According to their website, and I am checking this out myself they waive you're first calender year late payment AUTOMATICALLY. Now I would call, and mention that. Ask for a one time extension but anything under thirty days will not report.

Re: Discover Card minimum payment 3 days late

RobertEG — Sun, 20 Jan 2019 21:21:15 GMT

A payment that is late by three days is NOT a reportable to the CRAs as a 30-late.

As clearly stated at several places in the common credit reporting manual used by each of the big-3 CRAs, a late payment is not reportable to the CRA until it has become at least 30 days past the billing due date.

A consumer becomes delinquent under their account agreement if the min payment is not made by the billing due date.

However, the CRAs dont want to record each and every minor delinquency. They only accept reporting as 30-late if the payment is not made within 29 days after the billing due date.

If you have a late reported to a CRA that is less than 30 days late from the billing due date, then submit a dispute along with your documentation, such as billing statements, as to its accuracy, citing the CRA reporting manual, titled the Credit Reporting Resource Guide,

Re: Discover Card minimum payment 3 days late

Kree — Tue, 22 Jan 2019 14:24:10 GMT

I once setup autopay on my discover card, tossed the card in my sock drawer and promply forgot about it for 2 years. When I looked at it again, it turns out that the autopay had been setup for the wrong day and I was 2 days late every month for 2 years straight. The late payment fee meant that I actually owed more than I did at the beggining. Never anything negative on my reports from it, and I did get 2 years worth of late fees and compounding interest removed after a few calls.