topic Re: Late payment question in Rebuilding Your Credit

Late payment question

westo12 — Tue, 02 Oct 2012 01:10:05 GMT

When would a 30 day late payment that I received in March of this year be considered 1 year old?

ON 3/1/2013 or when the lender that is reporting this 30 day late notates that the account is paid as agreed as of the next reporting period AFTER 03/13?

Re: Late payment question

Shogun — Tue, 02 Oct 2012 01:57:17 GMT

@westo12 wrote:
When would a 30 day late payment that I received in March of this year be considered 1 year old?

ON 3/1/2013 or when the lender that is reporting this 30 day late notates that the account is paid as agreed as of the next reporting period AFTER 03/13?

That's where I'd put it.

Re: Late payment question

westo12 — Tue, 02 Oct 2012 02:09:31 GMT

Score Watch report does show that my most recent late was 6 months ago, but when you look at the actual report, you only see 5 months of "OK" after the most recent 30 day late mention.

Wasn't clear on that. Thanks.

Re: Late payment question

RobertEG — Tue, 02 Oct 2012 08:15:24 GMT

The due date after which an account becomes delinquent with the creditor is set in their billing statement.

It becomes delinquent the day after the stated due date. When they choose to report the delinquency does not alter the date of the delinquency.

Under the CRA reporting manual, an account does not become a "30 late" for credit reporting purposes on the date of delinquency with the creditor.

It becomes a reportable 30-late once more than 30 days has expired from the billing due date. There is thus a 30-day period where an account is delinquent with the creditor, but not a reportable 30-late.

Re: Late payment question

westo12 — Mon, 05 Nov 2012 17:27:00 GMT

Robert, thank you for the additional explanation on the lates. My due date is the 23rd of every month, and I was behind for the last 6 months and paid the FOLLOWING month on the 23rd. Until this morning, Santander was reporting these months as OK/Current/paid as agreed. HOWEVER, I received a SW alert that I had incurred 5 new 30 day auto lates in the last 6 months. I guess they went back and changed those months to reflect 30 days late. Cost me 17 points.

I was freaked out, thinking there was no way I was late all those months. After downloading my history, I came back to this post to re-read your explanation. Now it all makes perfect sense. I was really 31 days late all those months. What a way to learn a lesson... But I know now... This just added another 6 months to my home purchase plan..

Re: Late payment question

Shogun — Mon, 05 Nov 2012 17:43:36 GMT

Hate to hear that. But maybe I can offer you some advice on it. I had some lates with Santander and they deleted them. The way I did it is I went to their website and posted an email using their system. I got back a reply with a person to call. I called it, and spoke with a representitive. He was very nice and polite and agreed to delete the lates. It might be worth a shot.

Re: Late payment question

westo12 — Mon, 05 Nov 2012 17:58:01 GMT

Thanks Shogun, I had planned on pursuing a GW adjustment, but wasn't sure how successful I would be if they were valid lates. Were yours valid lates?

Re: Late payment question

Shogun — Mon, 05 Nov 2012 18:20:01 GMT

Yup.. wife paid them late. No excuse!

Re: Late payment question

beb86 — Mon, 05 Nov 2012 19:39:06 GMT

@westo12 wrote:
Thanks Shogun, I had planned on pursuing a GW adjustment, but wasn't sure how successful I would be if they were valid lates. Were yours valid lates?

In essence a GW adjustment is you admitting that you made an error on your part and if they could adjust it in good will. With only one late and as a good customer I'd say you have a pretty good shot.

Re: Late payment question

westo12 — Mon, 05 Nov 2012 20:20:39 GMT

So I talked to Santander and of course they won't do anything with my new or previous lates. However, I did find out that they report the late at 30 days, no matter what time you pay the bill on that 30th day. Didn't know that... But I guess I do now lol. Damn it.

Re: Late payment question

Shogun — Mon, 05 Nov 2012 20:51:19 GMT

Try again. I'll try to drag up my contact when I get home from work. I'll see if I still have it stashed in the file.

Re: Late payment question

westo12 — Mon, 05 Nov 2012 22:04:24 GMT

I will try and try again lol. Going to start sending letters today also. If you are able to find your contact that's great, if not no worries. Thanks again for everything.

Re: Late payment question

westo12 — Fri, 09 Nov 2012 04:40:54 GMT

Funny part is they added 6 new 30 day lates this year, but it only dropped my score 17 points. Coinciding with a mid cycle update on one of my cc's that put one card at 97%. Shouldn't this have cost me more points??

Re: Late payment question

westo12 — Fri, 09 Nov 2012 04:42:36 GMT

I do have about 9 other open tradelines reporting paid as agreed, some going back 4 years, most recent 2 months old. Could having this much positive (and no other derogs added in the last 2 years) be what's causing this not to affect me as bad?