Total monthly payment on all credit cards is too high

[Carloscda40]

Is one of the reasons Prosper Card denied me which make no sense?

I thought credit companys like to see balances paid off?

And this, Too many trades reported 30 or more days delinquent in the last 12 months which is not accurate as well.

When I checked their was only 8 lates over the past 2yrs which were only a day or two late.

Thoughts

[Crimsonglory]

I haven't seen that one before, of total monthly payments are too high. One of the experts can possibly weigh in. The only thing I can think of is maybe if you always paid the minimum payment and all of a sudden you're throwing thousands at your balances, it looks questionable? Like did you go knock off a bank? LOL 

As for late payments, if they were a day or 2 late, I would contact the cards that are reporting late. Generally, most cards give a small grace period before they will report a payment late, but not typically more than 5 days after the due date. See if you can reach out and have them change those payments to on time. However, 8 times in 2 years is considered a lot, but we are still in a pandemic. But the CC companies don't care. 

[CreditPacMan]

I think this is referring to the balances reporting on your report and their associated minimum payments. Say you have X number of cards reporting balance, this is saying that what you pay (your liability) for these cards is too high. 

[C6]

I think for most creditors seeing one 30 day late in the past two years is a lot. Eight is crazy. A late isn't reported as such until at least 30 days beyond the due date.

[thornback]

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@Carloscda40 wrote:

Is one of the reasons Prosper Card denied me which make no sense?

I thought credit companys like to see balances paid off?

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How many cards do you have showing a balance each month?  And any active installment loans?

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@Carloscda40 wrote:

And this, Too many trades reported 30 or more days delinquent in the last 12 months which is not accurate as well.

When I checked their was only 8 lates over the past 2yrs which were only a day or two late.

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Late payments aren't reported to the credit bureaus if they are only a day or two past the due date.  You must be a full 30 days past the due date to have a late payment reported.   You say "only 8" lates in the past 2 years - so how many of those eight occured in the last 12 months? 

[OmarGB9]

That statement means your total minimum monthly payments added up from all the cards with outstanding balances is too high for their liking.

Also, as @thornback mentioned, a late isnr reported unless it's 30 days or more. So in reality, your late payments had to have been 32-33 days late, not 2 or 3 days late. Also, 8 lates in 2 years IS a lot. Even ONE late is a lot.

[bigseegar]

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@Carloscda40 wrote:

Is one of the reasons Prosper Card denied me which make no sense?

I thought credit companys like to see balances paid off?

And this, Too many trades reported 30 or more days delinquent in the last 12 months which is not accurate as well.

When I checked their was only 8 lates over the past 2yrs which were only a day or two late.

Thoughts

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I mean I'm sorry, but it makes perfect sense and their reasons seem dead on the money. In another thread just a couple weeks ago you said you had limited cards and SL's and they were at 80% UTL and that you have 8 Late Payments reporting (which is a truck load of lates!) and that you are rebuilding. I'm sorry but those are terrible numbers and certianly aren't helping you rebuild and you'll be hard pressed to get any decent new credit with those numbers. Personally I'd be way more concerned with getting that UTL down to 0% or at least <5% and trying my best to work on those Late payments to see if I could get some good will. Which is probably a long shot with that many, esp if they are all from the same lender. Good luck.