30 Day Late due to Car Loan Payment Deferrel! Need advise on how that will hurt my score!?!?!

[fogg30]

I need to defer my CitiBank car loan payment for "1" month due to some unexpected (emergency) expenses that have come up this month, however they advised me they will ding me with a 30 Day Late if I do so and I have not had any late payments in almost 4+ years so I am very wary of doing this as it has taken me years to get my scores up in the mid/upper 600's (were in the low 500's in the past)!

Does anyone know how badly my scores would be hit if I go through with the deferment and they hit me with the 30 Day Late? 

Also, how long would it take for my scores to recover from this hit if I am not late again?

Thank you for any advice.....=)

[Anonymous]

As I understand it, if it counts as a 30 day late, it ain't a deferment. Mayhap someone one else might chime in and correct me?

As to how badly that late will hurt you depends on what else is on your CRs. I understand that you've never had a late on this loan in 4+ years, but if you've been late on a credit card recently (or other credit product), the damage won't be too bad.

If this will be your first ever late in over 4 years, expect to see 100 points (maybe less, maybe more -- again, hard to tell without knowing what other derogs might be on your CRs) fall off.

[fogg30]

I have never been late on this loan, had it for almost 2 years, and I have not been late on ANYTHING else in over four (4) years!

I too thought it was funny they would call it a "deferment" if they would ding me with a 30 Day Late!

Thank you.

[Takunda1]

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@fogg30 wrote:

I need to defer my CitiBank car loan payment for "1" month due to some unexpected (emergency) expenses that have come up this month, however they advised me they will ding me with a 30 Day Late if I do so and I have not had any late payments in almost 4+ years so I am very wary of doing this as it has taken me years to get my scores up in the mid/upper 600's (were in the low 500's in the past)!

Does anyone know how badly my scores would be hit if I go through with the deferment and they hit me with the 30 Day Late? 

Also, how long would it take for my scores to recover from this hit if I am not late again?

Thank you for any advice.....=)

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Call and ask for a manager or another rep. A deferment moves the deferred amount to the back of the loan essentially bringing you current. You cannot be 30 days late if you are current. The only problem I see is actually getting the deferment, if your loan is current. Most deferments are only given when an account is at least 60 days past due.

I would also recommend being late on this that won't report to your CR, like postpone phone bill, electric bill cable bill and use those funds to pay your car note.

[MattH]

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@Takunda1 wrote:

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@fogg30 wrote:

I need to defer my CitiBank car loan payment for "1" month due to some unexpected (emergency) expenses that have come up this month, however they advised me they will ding me with a 30 Day Late if I do so and I have not had any late payments in almost 4+ years so I am very wary of doing this as it has taken me years to get my scores up in the mid/upper 600's (were in the low 500's in the past)!

Does anyone know how badly my scores would be hit if I go through with the deferment and they hit me with the 30 Day Late? 

Also, how long would it take for my scores to recover from this hit if I am not late again?

Thank you for any advice.....=)

---

Call and ask for a manager or another rep. A deferment moves the deferred amount to the back of the loan essentially bringing you current. You cannot be 30 days late if you are current. The only problem I see is actually getting the deferment, if your loan is current. Most deferments are only given when an account is at least 60 days past due.

I would also recommend being late on this that won't report to your CR, like postpone phone bill, electric bill cable bill and use those funds to pay your car note.

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My electric utility actually reports every month, which is unusual for a utility, none of the others have ever appeared on my credit reports (though I gather all of them would report if I didn't pay them).