topic Re: Past due amount vs minimum payment due in Rebuilding Your Credit

Past due amount vs minimum payment due

Anonymous — Sun, 14 Jul 2019 22:15:52 GMT

Hello all,

I am in a particularly bad scenario. I missed my last month’s minimum payments on 3 credit cards.

The due date is coming up for all 3 at the end of the week.

I cannot make full minimum payments on all 3.

However, I can pay the past due amount on each of them. Will this bring them current, so I don’t get flagged for being 30 days late?

I don’t want a late payment posted reported to the credit bureaus.

Any help would be great.

Please no smart remarks about managing money. Thanks

Capital One:
Minimum payment due: $185
Past due: $78
Due date 7/20

Chase:
Minimum payment due: $671
Past due: $319
Due date 7/19

Discover:
Minimum payment due: $186
Past due: $81
Due date: 7/21

Re: Past due amount vs minimum payment due

Shooting-For-800 — Sun, 14 Jul 2019 22:56:41 GMT

@Anonymous wrote:
Hello all,

I am in a particularly bad scenario. I missed my last month’s minimum payments on 3 credit cards.

The due date is coming up for all 3 at the end of the week.

I cannot make full minimum payments on all 3.

However, I can pay the past due amount on each of them. Will this bring them current, so I don’t get flagged for being 30 days late?

I don’t want a late payment posted reported to the credit bureaus.

Any help would be great.

Please no smart remarks about managing money. Thanks

Capital One:
Minimum payment due: $185
Past due: $78
Due date 7/20

Chase:
Minimum payment due: $671
Past due: $319
Due date 7/19

Discover:
Minimum payment due: $186
Past due: $81
Due date: 7/21

CALL THEM!

Tell them you care and your situation.

Pay at least $1 more than the past due amount before its 30 days late.

Pay the next payment's past due before its 30 days late.

Catch up somehow without being 30 days and you will have fees but no credit marks.

If you are already past 30 days...CALL THEM!

Cry, beg, negotiate.

Work out a payment plan.

Your credit can be destroyed within 90 days.

GL!

Re: Past due amount vs minimum payment due

M_Smart007 — Sun, 14 Jul 2019 23:06:23 GMT

@Anonymous wrote:
Hello all,

I am in a particularly bad scenario. I missed my last month’s minimum payments on 3 credit cards.

The due date is coming up for all 3 at the end of the week.

I cannot make full minimum payments on all 3.

However, I can pay the past due amount on each of them. Will this bring them current, so I don’t get flagged for being 30 days late?

I don’t want a late payment posted reported to the credit bureaus.

Any help would be great.

Please no smart remarks about managing money. Thanks

Capital One:
Minimum payment due: $185
Past due: $78
Due date 7/20

Chase:
Minimum payment due: $671
Past due: $319
Due date 7/19

Discover:
Minimum payment due: $186
Past due: $81
Due date: 7/21

Do whatever possible, you DO NOT WANT LATE PAYMENTS!

Thats Like 7 years bad luck!

Great advice from The 2nd post upthread.

Best of Luck!

Re: Past due amount vs minimum payment due

Anonymous — Sun, 14 Jul 2019 23:27:31 GMT

With those minimum payments, are you in financial distress? It might be a good time to start negotiating hardship APRs. Your cards will probably be closed but you’ll get a big break in interest if you can get the banks to go along with it. Since you have already been late, your default risk just became a reality for them and you’re in a position to be able to negotiate.

Regardless though, I am going to echo what’s been said, call them and make sure that you do what you can to get current.

Re: Past due amount vs minimum payment due

Kforce — Sun, 14 Jul 2019 23:52:32 GMT

FInd something you have of value and borrow from a pawn shop.

Stop using cards, pay them off, and then work to get your pawn item back.

Re: Past due amount vs minimum payment due

Anonymous — Mon, 15 Jul 2019 00:06:49 GMT

Thank you for the insight.

This helps a lot.

I was confused since it says minimum payment due, but that might be what it is due on the due date.

Thank you

Re: Past due amount vs minimum payment due

CreditInspired — Mon, 15 Jul 2019 00:07:44 GMT

Hi OP and welcome to MyFICO

Both ShootingFor800 and Saeren have given excellent advice and I hope you take it to heart. The one thing creditors say is “we can help if only he/she would talk to us before it gets too bad.”

GL2U

Re: Past due amount vs minimum payment due

Anonymous — Mon, 15 Jul 2019 00:07:57 GMT

Thank you. I have had a couple of late payments right out of college and those still reflect on my credit report almost 4 years later.

Trying to repair my credit now

Re: Past due amount vs minimum payment due

Anonymous — Mon, 15 Jul 2019 00:09:32 GMT

I am in financial distress, or I was. I had a cash flow issue for 6 months.

I should be stabilized once my I make all my accounts up to date.

If I do a hardship APR, they would have to close my account right?

Would I be eligible to reopen in the future?

Re: Past due amount vs minimum payment due

Anonymous — Mon, 15 Jul 2019 00:10:43 GMT

Would you recommend a hardship plan through them? Would they close my account permanently?

Thanks

Re: Past due amount vs minimum payment due

M_Smart007 — Mon, 15 Jul 2019 00:14:32 GMT

@Anonymous wrote:
Thank you for the insight.

This helps a lot.

I was confused since it says minimum payment due, but that might be what it is due on the due date.

Thank you

Sorry, I forgot in earlier post

Welcome To myFICO Forums!!!

Re: Past due amount vs minimum payment due

M_Smart007 — Mon, 15 Jul 2019 00:18:00 GMT

@Anonymous wrote:
I am in financial distress, or I was. I had a cash flow issue for 6 months.

I should be stabilized once my I make all my accounts up to date.

If I do a hardship APR, they would have to close my account right?

I would try to pay, then if not possible in anyway, then highlighted red. JMHO

Hoping for The best outcome 4u.

Re: Past due amount vs minimum payment due

CreditInspired — Mon, 15 Jul 2019 00:31:32 GMT

@Anonymous wrote:
Would you recommend a hardship plan through them? Would they close my account permanently?

Thanks

Here’s a great article on hardship programs from Nerdwallet and it appears AmX, Cap1, BOA, and Discover all have such a program:

https://www.nerdwallet.com/blog/credit-cards/what-is-a-credit-card-hardship-program/

Re: Past due amount vs minimum payment due

SouthJamaica — Mon, 15 Jul 2019 00:38:33 GMT

@Anonymous wrote:
Hello all,

I am in a particularly bad scenario. I missed my last month’s minimum payments on 3 credit cards.

The due date is coming up for all 3 at the end of the week.

I cannot make full minimum payments on all 3.

However, I can pay the past due amount on each of them. Will this bring them current, so I don’t get flagged for being 30 days late?

I don’t want a late payment posted reported to the credit bureaus.

Any help would be great.

Please no smart remarks about managing money. Thanks

Capital One:
Minimum payment due: $185
Past due: $78
Due date 7/20

Chase:
Minimum payment due: $671
Past due: $319
Due date 7/19

Discover:
Minimum payment due: $186
Past due: $81
Due date: 7/21

I would in the first instance pay the past due amounts.

Re: Past due amount vs minimum payment due

UncleB — Mon, 15 Jul 2019 01:10:29 GMT

Moving thread to 'Rebuilding Your Credit' for additional exposure.

--UB