topic Re: WHEW!! That was close. in General Credit Topics

WHEW!! That was close.

Anonymous — Fri, 14 Dec 2007 16:51:18 GMT

I have been working on my credit for the last 6 months. During that time I have not been late on anything. About a month ago I sent in payment on one of my credit cards. . Well yesterday I checked my caller Id and noticed they called twice. I immediately called them back and the lady said they never received my payment. Long story short I quickly went to the nearest store and did a MoneyGram. That way I could pay in cash and then give them the moneygram account nember which guarantees instant payment. I could have done a payment over the phone, but it would have hit the system later too close to confort. The point is I was 24 hours from having to start all over again working on my credit again. One late may have took my score down 50 to 100 points. Of course I could have argued that it was their fault that my payment was lost. But that is not the point. I was careless and almost messed up. NEVER BE LATE

Message Edited by monro411 on 12-14-2007 08:51 AM

Re: WHEW!! That was close.

Anonymous — Fri, 14 Dec 2007 16:53:46 GMT

Really need to start paying online or though bill pay w/ your bank.

I start to worry if the payment is not posted w/i 48 hours.

Re: WHEW!! That was close.

Anonymous — Fri, 14 Dec 2007 17:58:17 GMT

As Timothy said....you need to pay online. Also keep in mind that they might still have the mailed payment or if they receive it, they will deposit it along with your other payment! don't be overdrawn!

A few years ago several CCC got in trouble with the FTC for holding checks until after they were late & charged the people late fees. Even if they do not hold them it takes them time to post payments....this is why you should pay online....no mistakes about the date paid!

Message Edited by HappyDays on 12-14-2007 09:58 AM

Re: WHEW!! That was close.

Anonymous — Fri, 14 Dec 2007 19:38:59 GMT

Thanks guys. I do understand what you are saying. I used to have it setup with my bank for automatic payments. This was back when I was careless with my money and credit. I did not reconcile my bank accounts like I do now and accrued many fees from overdrawing my account and paying late. Honestly, I am afraid to try it again, even though I am more careful and probably would not make any mistakes like that again. I feel that if I have a handwritten check or moneyorder, I feel better that the account has the money to make the payment. It is a phobia that I am going to have to get over eventually. I do agree 100% with what you are saying.

Re: WHEW!! That was close.

Anonymous — Fri, 14 Dec 2007 19:39:52 GMT

Hi monroe just setup payments with the merchant website and avoid all those fees.

Re: WHEW!! That was close.

Anonymous — Fri, 14 Dec 2007 20:10:42 GMT

Actually the credit card website charges a much larger fee than if I were to use moneygram. I get discounts off of moneygram through my job. But if I setup with my Credit Union or Bank it would be free. But like I said earlier, I am afraid I may let something go through not having enough money not having enough money to cover it. Logically, I probably have greater control over my account to not let that happen. But I am still leary about trying it again.

Re: WHEW!! That was close.

MidnightVoice — Fri, 14 Dec 2007 20:18:29 GMT

I use a billpay system where I schedule the payments. None of it is automatic. I like it this way, and all my CCs report very quickly

Re: WHEW!! That was close.

Anonymous — Fri, 14 Dec 2007 21:05:06 GMT

When you use a bill paying system make sure you keep on top of it though, if a payment is missed or sent in late by no fault of your own but through billy payment process, in the end it's up to you to make sure that it is noted of late payments or failure of payments. That's the way the law works, stinks I know, but the "bill payment was supposed to care of it, and I assumed it was" isn't a valid defense.

so keep on top of things.

Re: WHEW!! That was close.

haulingthescoreup — Fri, 14 Dec 2007 21:52:37 GMT

monro411 wrote:
Thanks guys. I do understand what you are saying. I used to have it setup with my bank for automatic payments. This was back when I was careless with my money and credit. I did not reconcile my bank accounts like I do now and accrued many fees from overdrawing my account and paying late. Honestly, I am afraid to try it again, even though I am more careful and probably would not make any mistakes like that again. I feel that if I have a handwritten check or moneyorder, I feel better that the account has the money to make the payment. It is a phobia that I am going to have to get over eventually. I do agree 100% with what you are saying.

It sounds like you're more comfortable authorizing each payment each month. I'm that way --I just don't feel comfortable with things that are too automated (very much out of sight, out of mind.)

If this is the case, what I do is flag my intended date for each payment on my laptop's Outlook. Every morning when I check my e-mail, anything due on that date pops up. If that's one of my dates for paying, I go to the CCC website (not my bank's website), and authorize a payment from there. With the cards that I have, the payment posts by COB that day, I know before I hit "send" that the money is in the bank to cover it, and I can check the next morning (sometimes that night) to see that the payment is posted.

The creditor gets their money, nothing bounces on the bank end, and I feel like I have done something Grown-Up and Responsible that day!