topic Late Payment Question in General Credit Topics

Late Payment Question

Anonymous — Fri, 15 Feb 2019 02:30:13 GMT

I accidentally forgot to pay two credit cards this month so the payments are 1 and 4 days late. Will this negatively affect my credit? I have never been late before.

Re: Late Payment Question

Jnbmom — Fri, 15 Feb 2019 02:35:18 GMT

Creditors will not report unless it's 30 days late, however your internal history with them in regards to offers or CLIs may be impacted .

Re: Late Payment Question

FlaDude — Fri, 15 Feb 2019 03:13:00 GMT

In addition to what @jnbmom said, don't be surprised to see a late fee.

Re: Late Payment Question

Anonymous — Fri, 15 Feb 2019 03:14:25 GMT

Thank you guys. It scared the hell out of me when I saw they were late. I did get a massive late fee

Re: Late Payment Question

Anonymous — Fri, 15 Feb 2019 08:31:54 GMT

If it’s your first time, most issuers are willing to forgive the fee and give you the money back. Amex has even done it for me twice. Discover and Capital One have done it for me once as well. That said, it probably depends on your past history with them. In each of my cases, I had already a solid 2-3 years of on-time, full payments

Re: Late Payment Question

Anonymous — Sat, 16 Feb 2019 05:42:38 GMT

Stuff like this simply shouldn't happen anymore, setup your autopay for at least the minimum, it's like driving around with airbags disabled and no seat belt.

Re: Late Payment Question

Anonymous — Sat, 16 Feb 2019 05:49:37 GMT

@Anonymous wrote:
Stuff like this simply shouldn't happen anymore, setup your autopay for at least the minimum, it's like driving around with airbags disabled and no seat belt.

Unfortunately, we live in a time when people can barely keep 2 days of lunch in their bank accounts. Asking people to forfeit $30 or more ahead of time for 2 or 3 (or more) accounts is nigh impossible.

It’s sad but true. People can barely be convinced to spend $25 less a week on luxuries for the sake of savings. Don’t mean to derail the topic, but it is what it is.

Re: Late Payment Question

Anonymous — Sat, 16 Feb 2019 06:16:17 GMT

If you can't even afford to maintain minimum in payment account, obviously you got bigger fishes to fry. OP "accidentally forgot to pay", different type of problem.

Re: Late Payment Question

Anonymous — Sat, 16 Feb 2019 07:13:17 GMT

I’m saying that this could potentially be what OP is going through. Forgetting could just as well be a factor of being busy frying those big fish. Not everyone is in great financial positions. Personally, I am in a good position but still keep autopay off. Why? I have varying minimum payment amounts. My spending is spread out based on my reward earnings. One day the minimum is $30 and another day it’s $50, so it becomes very sporadic. It changes for each card, as well. I don’t keep all my cash in one bank, either. Too much of it is moving around at any given time, and often enough my “main” bank account will only have $20 due to other bills or money being sent to a different account.

Re: Late Payment Question

Anonymous — Sat, 16 Feb 2019 14:39:52 GMT

Yes I do have enough money to pay. I pay all my credit cards down to zero every month. Was just busy juggling things and it slipped my mind. I do need to set up a system that will notify me of the different dates. Autopay is a good idea. Thank you guys for the advice.

Re: Late Payment Question

bourgogne — Sat, 16 Feb 2019 16:01:56 GMT

@Anonymous wrote:
I’m saying that this could potentially be what OP is going through. Forgetting could just as well be a factor of being busy frying those big fish. Not everyone is in great financial positions. Personally, I am in a good position but still keep autopay off. Why? I have varying minimum payment amounts. My spending is spread out based on my reward earnings. One day the minimum is $30 and another day it’s $50, so it becomes very sporadic. It changes for each card, as well. I don’t keep all my cash in one bank, either. Too much of it is moving around at any given time, and often enough my “main” bank account will only have $20 due to other bills or money being sent to a different account.

maybe its a lack of coffee but you might be missing the point. I have autopay on all my cards via nfcu. I keep zero in that checking account. it comes with a $ 500 overdraft. I have all cards set to process the min on the due date which is usually $ 35. there is zero chance missing a payment this way. actually got a 2rd nfcu checking with overdraft because I like this idea so much. autopay has zero downside.

Re: Late Payment Question

Anonymous — Sat, 16 Feb 2019 18:56:20 GMT

@bourgogne wrote:
@Anonymous wrote:
I’m saying that this could potentially be what OP is going through. Forgetting could just as well be a factor of being busy frying those big fish. Not everyone is in great financial positions. Personally, I am in a good position but still keep autopay off. Why? I have varying minimum payment amounts. My spending is spread out based on my reward earnings. One day the minimum is $30 and another day it’s $50, so it becomes very sporadic. It changes for each card, as well. I don’t keep all my cash in one bank, either. Too much of it is moving around at any given time, and often enough my “main” bank account will only have $20 due to other bills or money being sent to a different account.
maybe its a lack of coffee but you might be missing the point. I have autopay on all my cards via nfcu. I keep zero in that checking account. it comes with a $ 500 overdraft. I have all cards set to process the min on the due date which is usually $ 35. there is zero chance missing a payment this way. actually got a 2rd nfcu checking with overdraft because I like this idea so much. autopay has zero downside.

I didn’t even think a bank without overdraft fees would exist. I just have accounts with the major ones due to ease of ATM access (seriously, I find a Chase one anywhere and everywhere I go).

As for NFCU, I unfortunately am not related to the military in any way, shape, or form. It sucks because I’ve heard so many great things about it but can’t make use of it. Appreciate the advice, though.

Re: Late Payment Question

bourgogne — Sat, 16 Feb 2019 19:19:11 GMT

@Anonymous wrote:
@bourgogne wrote:
@Anonymous wrote:
I’m saying that this could potentially be what OP is going through. Forgetting could just as well be a factor of being busy frying those big fish. Not everyone is in great financial positions. Personally, I am in a good position but still keep autopay off. Why? I have varying minimum payment amounts. My spending is spread out based on my reward earnings. One day the minimum is $30 and another day it’s $50, so it becomes very sporadic. It changes for each card, as well. I don’t keep all my cash in one bank, either. Too much of it is moving around at any given time, and often enough my “main” bank account will only have $20 due to other bills or money being sent to a different account.
maybe its a lack of coffee but you might be missing the point. I have autopay on all my cards via nfcu. I keep zero in that checking account. it comes with a $ 500 overdraft. I have all cards set to process the min on the due date which is usually $ 35. there is zero chance missing a payment this way. actually got a 2rd nfcu checking with overdraft because I like this idea so much. autopay has zero downside.
I didn’t even think a bank without overdraft fees would exist. I just have accounts with the major ones due to ease of ATM access (seriously, I find a Chase one anywhere and everywhere I go).

As for NFCU, I unfortunately am not related to the military in any way, shape, or form. It sucks because I’ve heard so many great things about it but can’t make use of it. Appreciate the advice, though.

whoa there, I never said anything about fees...if one uses the nfcu $ 500 overdraft called OOPS there are fees, see below. for me I would rather pay their fees than be late on a card and have that register on a lenders back-end forever even if I could get the fees waived. I view this an an emergency fallback so if it kicks in fees are probably not my biggest concern.

$20 fee for each overdraft.
No fee on transactions of $5 or less, or if your total overdrawn balance is less than $15.
Maximum of 3 overdraft fees charged per day (if overdrafts exceed 3 in a day, the account remains open, but no additional fees will be charged)