Credit card paid one day late, how much does it hurt me?

[Travis-84]

My oldest trade line, my credit card was paid 1 day late.  (US Bank).  The card has never been late before (open since 2008).  I forgot about the bill, and got an email saying it was late, so I paid it immediately.  I know it won't appear on my fico score since it is only a day, but I would have to assume US bank keeps internal records.  My US bank card has an 800.00 limit, compared to 3500 on my Penfed card.  I was going to ask for a CLI next month (when my inquiries drop to 1, but now I'm worried I will be declined.

[MarineVietVet]

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@Travis-84 wrote:

My oldest trade line, my credit card was paid 1 day late.  (US Bank).  The card has never been late before (open since 2008).  I forgot about the bill, and got an email saying it was late, so I paid it immediately.  I know it won't appear on my fico score since it is only a day, but I would have to assume US bank keeps internal records.  My US bank card has an 800.00 limit, compared to 3500 on my Penfed card.  I was going to ask for a CLI next month (when my inquiries drop to 1, but now I'm worried I will be declined.

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Since you have such a good payment history with them why don't you call and ask if they can waive the late charges? They might say no but it's worth a shot.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

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@Travis-84 wrote:

My oldest trade line, my credit card was paid 1 day late.  (US Bank).  The card has never been late before (open since 2008).  I forgot about the bill, and got an email saying it was late, so I paid it immediately.  I know it won't appear on my fico score since it is only a day, but I would have to assume US bank keeps internal records.  My US bank card has an 800.00 limit, compared to 3500 on my Penfed card.  I was going to ask for a CLI next month (when my inquiries drop to 1, but now I'm worried I will be declined.

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Why don't you call your bank like MVV says.

Here is my experience:

I had similar situation one time with my Chase Freedom.  I thought I completed the payment request online on time, but somehow it delayed one day.  So, I called Chase and had a conversation with rep.  She transferred me to her supervisor, and he saw my payments history ~ Never Late and always PIF.  Then he canceled my payment request and fixed payment as received on the due date.   It was a great customer service I received.

Good Luck!

[Travis-84]

Sorry, I guess I should have said it in the post, but I already got that late fee waived.  1 day late also will not trigger the penalty APR, so I'm good there (even though I PIF every month. 

I'm more worried about how this will affect my chances for a CLI, and since US bank seems to do a hard pull for me, I don't want to waste in inquiry.

[barbaralee]

You were only 1 day late and you already had a late fee?  

US Bank does not have a grace period?

[Anonymous]

I'll preface this by saying that I don't have any US Bank products, but very generally speaking, even one day late is "late" to a bank. Since your payment history is otherwise stellar, and they were agreeable to waiving the late fee, I'd wait 6 months to reaffirm that there is no elevated risk in lending to you, and that this truly was an isolated "oops". Then, ask for a CLI.

That's my $.02 

ETA: Oh, and set-up an automatic payment through your bank's bill pay for at least the minimum due, just in case. Especially if this is a card that you use on a regular basis.

[barbaralee]

I work for USAA credit cards services, and our cards have a 5 day grace period. So 1 day late is not *late* to us. If we receive the payment after the next statement cuts (5 days later)... that's late.

I just assumed that after the Card Act of 2009 went into affect everyone had a grace period.

[john398]

Also remember it does not report late on your credit report til its 30 days late

[Anonymous]

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@barbaralee wrote:

I work for USAA credit cards services, and our cards have a 5 day grace period. So 1 day late is not *late* to us. If we receive the payment after the next statement cuts (5 days later)... that's late.

I just assumed that after the Card Act of 2009 went into affect everyone had a grace period.

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The OP mentioned that they had a late fee reversed, so I'm assuming that "1 day late" is "late" whether there's a payment grace period or not. The OP either paid after the due date, or after the grace period (if applicable).

That's interesting about USAA credit cards. I have a USAA Amex, and I didn't know that there was a payment grace period. I know that my due date is on the 14th of every month, and that the statement cuts on the 20th of every month. I always PIF on or around the 18th or 19th, so the reported balance and amount due is always zero (so there's actually no minimum payment due on the due date).

So, if I had a balance due from the last statement cycle, with minimum payment due on May 14th, and I paid on May 19th, USAA wouldn't consider it late? Not that I'm planning to test the theory or anything, I'm just surprised that there'd be a payment grace period in effect. Even if it's their policy to not assess a late fee, or report a 30 day late, wouldn't my consistently paying (when a balance is due by the due date) *after* the due impact my ability to secure additional credit in the future?

[barbaralee]

USAA does not consider a card late unless you have not paid by the time the next statement is out. So if your due date is the 15th of the month, you pay on the 20th you are within that grace period, but it is cutting it close.  But guaranteed you are considered late by the 21st if you have not paid, unless you have money in the pay ahead feature. Also, USAA does not report delinquency until you are 60 days late.

The only thing I am not quite clear about is if they pay after the due date but within their grace period would they still be assessed interest. I have tried looking it up in our procedure manual but haven't found a satisfactory answer. I don't believe they are applied interest because I have never waived interest for people in that situation, but you never know.