topic Re: short$3 in General Credit Topics

short$3

CapTon15 — Thu, 18 Jan 2024 18:37:02 GMT

I had a Cap1 payment of $587 and accidentally typed in $584. I had no idea I did this and it's now being reported as a missed payment +30. I've contacted Cap1 by phone and sent a letter explaining. No help. They say they have to report correctly. Is showing this as a missed payment really showing it correctly? I made 99.48% of the payment and no one is purposely not paying $3 of a payment that large. Thoughts?

Re: short$3

GZG — Thu, 18 Jan 2024 18:44:30 GMT

@CapTon15 wrote:
I had a Cap1 payment of $587 and accidentally typed in $584. I had no idea I did this and it's now being reported as a missed payment +30. I've contacted Cap1 by phone and sent a letter explaining. No help. They say they have to report correctly. Is showing this as a missed payment really showing it correctly? I made 99.48% of the payment and no one is purposely not paying $3 of a payment that large. Thoughts?

if the minimum payment was $587, then yes, you missed the payment, make the rest of the payment immediately if you haven't already and start writing goodwill letters to ask them to forgive and remove the late payment

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/m-p/4727098

Re: short$3

CYBERSAM — Thu, 18 Jan 2024 18:55:16 GMT

Normally you get one forgiveness per year! See if they would use that to refund your late fee, then have them remove it from your report!

Always have some type of auto payment setup, either full balance or minimum payment.

Re: short$3

CapTon15 — Thu, 18 Jan 2024 19:31:43 GMT

I immediately paid it once I knew. It seems saying a payment was missed is more misleading than reported it not over 30. I get it, but after prob 16-17 years of perfect payments, it sucks to take a 50-60 point hit over $3

Re: short$3

CapTon15 — Thu, 18 Jan 2024 19:32:11 GMT

I'll try again. Thx

Re: short$3

Brian_Earl_Spilner — Thu, 18 Jan 2024 22:58:04 GMT

@CYBERSAM wrote:
Normally you get one forgiveness per year! See if they would use that to refund your late fee, then have them remove it from your report!

Always have some type of auto payment setup, either full balance or minimum payment.

Forgiveness doesn't apply to removing it from your report. Back in the day you'd contact the executive office to get handled. Unfortunately, too many people abused it so they really don't care anymore. Still the best option in this situation. Doesn't hurt to try.

Re: short$3

CYBERSAM — Fri, 19 Jan 2024 01:43:34 GMT

@Brian_Earl_Spilner wrote:
@CYBERSAM wrote:
Normally you get one forgiveness per year! See if they would use that to refund your late fee, then have them remove it from your report!

Always have some type of auto payment setup, either full balance or minimum payment.
Forgiveness doesn't apply to removing it from your report. Back in the day you'd contact the executive office to get handled. Unfortunately, too many people abused it so they really don't care anymore. Still the best option in this situation. Doesn't hurt to try.

Forgiveness would remove the late fee from the account, therefore one step closer to having it being removed from report. No one is suggesting this is automatic and part of a policy!!!

Likely for OP this happened with Cap1 and they known to remove negatives more then any other banks out there.

Side question for OP: How much is the balance that you are carrying? that minimum payment is $587 ? It seems too high or perhaps 60 days missed payment!

Re: short$3

SouthJamaica — Fri, 19 Jan 2024 16:25:15 GMT

@CapTon15 wrote:
I had a Cap1 payment of $587 and accidentally typed in $584. I had no idea I did this and it's now being reported as a missed payment +30. I've contacted Cap1 by phone and sent a letter explaining. No help. They say they have to report correctly. Is showing this as a missed payment really showing it correctly? I made 99.48% of the payment and no one is purposely not paying $3 of a payment that large. Thoughts?

Might as well dispute it.

Re: short$3

NoMoreE46 — Fri, 19 Jan 2024 18:50:10 GMT

Welcome to the forum @CapTon15 . It does suck to have a hit like yours for 3 bucks.

For clarity, please answer:

When was this $587 due?

When was the $584 paid?

When was the remaining $3 paid?

Re: short$3

Jeffster1 — Sat, 20 Jan 2024 16:38:43 GMT

$587 is awfully high for a minimum payment. Capital One minimum payments are set at 1% of balance.

Are you carrying a balance of $58,700 on this card? Is there something else going on here?

Re: short$3

gorgon — Mon, 22 Jan 2024 16:41:06 GMT

@Jeffster1 wrote:
$587 is awfully high for a minimum payment. Capital One minimum payments are set at 1% of balance.

Are you carrying a balance of $58,700 on this card? Is there something else going on here?

When I read the post I assumed it was Cap1 auto finance.

Re: short$3

hdporter — Fri, 26 Jan 2024 05:49:34 GMT

OP never claimed the payment amount was the min req put. Likely was to pay in full.

Sad fact is that next two statements likely showed a nominal remaining balance ($3, and then $3 + late fee the next mo). Unfortunately OP didn't pick up on this, and that's when the account went 30 days delinquent

Re: short$3

CorpCrMgr1 — Fri, 26 Jan 2024 16:26:47 GMT

Years ago I did the same thing. I wrote via a return receipt letter (firm believer in return receipt mail) to a member of the Board of Directors. The matter was cleared. My backdoor numbers are top suite addresses.

Re: short$3

stonedog23 — Wed, 07 Feb 2024 14:59:33 GMT

It seems like more than 30 days late, perhaps 60 and they are just reporting 30 days late. Normally if you make an incorrect payment, you are charged a late fee if you don't immediately make it right before the deadline. They can't report 30 days late if it's, say, 5 days late. But this seems like a car payment, not a credit card payment, right, so I stand corrected on the 60 days late.

Re: short$3

Jeffster1 — Wed, 07 Feb 2024 17:29:26 GMT

@gorgon wrote:
@Jeffster1 wrote:
$587 is awfully high for a minimum payment. Capital One minimum payments are set at 1% of balance.

Are you carrying a balance of $58,700 on this card? Is there something else going on here?
When I read the post I assumed it was Cap1 auto finance.

We don't know that. The OP didn't specify. But you might be right,.