my first late CC payment just happened

[Anonymous]

Well, I was told when I opened the $500 secured card that idf I play nice for a year they usually offer to graduate it to a regular card....but after nearly 2 years of on time payments and never exceeding 13% CU, they still will not offer me the card (without applying and making a CR inquiry entry)

My Cap One card has already given me 2 increases (I setup not long after getting the Wells secured card)

I also recently got a Car Credit (medical) card with $800 limit on it.

May be time to open another regular CC?

[Anonymous]

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@Anonymous wrote:

Well, I was told when I opened the $500 secured card that idf I play nice for a year they usually offer to graduate it to a regular card....but after nearly 2 years of on time payments and never exceeding 13% CU, they still will not offer me the card (without applying and making a CR inquiry entry)

My Cap One card has already given me 2 increases (I setup not long after getting the Wells secured card)

I also recently got a Car Credit (medical) card with $800 limit on it.

May be time to open another regular CC?

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Yes, it's time. With your scores, try something like Barclays Rewards or CapOne QSOne, at least you'll have base 1.5% cash back on all purchases. Screw WF...BS that they won't graduate you even now

[longtimelurker]

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@Anonymous wrote:

They can't report unless it was 30 days late

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I've read (and I think from some FICO source) that they can, as the "official" meaning of "30" is 1-30 days late, as a late payment IS a late payment, and other creditors would like to know.  But as a practical matter, they only seem to report if it is 30 days late, but will hit you for late fees in many cases

[2b2rich]

There isn't an option for them to report anything less than 30 days late that I am aware of, so I dont see how they could.  You were 1 or 2 days late and ive never seen anything on a report less than someone being at least 30 days late.

on the other hand, as others have mentioned, you may have spent any brownie points you had saved up with WF.  Just keep paying on time moving forward.  I would hope that they would consider your immediate payment the next day, as a much better account than those who have been 30 days or more late.

[2b2rich]

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@longtimelurker wrote:

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@Anonymous wrote:

They can't report unless it was 30 days late

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I've read (and I think from some FICO source) that they can, as the "official" meaning of "30" is 1-30 days late, as a late payment IS a late payment, and other creditors would like to know.  But as a practical matter, they only seem to report if it is 30 days late, but will hit you for late fees in many cases

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Interesting, because a payment that is 1 or 2 days late isnt 30 days late?  Ive only ever seen it reportes as 30 days, 60 days, etc and never one that shows 1-30

edited:  i think i get what you're saying.  That is the definition of the 30 days late, it just doesnt say it on the reports?  I still think that is misleading because back in the day when i had a couple of them, it stated 'was 30 days late'. And i cant see that being accurate if i had only been one or two days late.

i would have definitely disputed that and maybe that is why creditors dont do it ?

[sarge12]

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@Anonymous wrote:

I've had a Wells Fargo secure credit card witha $500 limit for about 2 years.

Have never missed a payment and no lates.

My bill was due yesterday, and I simply forgot about it.

I just made the payment now.

What kind of FICO hit can I expect from this, and is there anything I can do about it?

I have debated adding another $500 to the secure in the hopes of bringing the score up a bit.

Thoughts?

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I do not think a few days late will report, but since it is wells fargo, you might want to check on the other accounts they probably opened in your name and just did not tell you about. Anything under 30 days late is usually not reported.

[Billybob_TX]

A late payment for reporting purposes is 30 days late. You paid a late fee to WF, but the payment is not reportable as late till 30 days PAST the due date that you missed.

[longtimelurker]

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@2b2rich wrote:

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@longtimelurker wrote:

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@Anonymous wrote:

They can't report unless it was 30 days late

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I've read (and I think from some FICO source) that they can, as the "official" meaning of "30" is 1-30 days late, as a late payment IS a late payment, and other creditors would like to know.  But as a practical matter, they only seem to report if it is 30 days late, but will hit you for late fees in many cases

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Interesting, because a payment that is 1 or 2 days late isnt 30 days late?  Ive only ever seen it reportes as 30 days, 60 days, etc and never one that shows 1-30

edited:  i think i get what you're saying.  That is the definition of the 30 days late, it just doesnt say it on the reports?  I still think that is misleading because back in the day when i had a couple of them, it stated 'was 30 days late'. And i cant see that being accurate if i had only been one or two days late.

i would have definitely disputed that and maybe that is why creditors dont do it ?

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It looks like either my memory or the article I remember was wrong.... According to, for example:

https://www.nerdwallet.com/blog/finance/late-bill-payment-reported/

The gold standard for reporting late payments to credit bureaus comes from the Credit Reporting Resource Guide, a standardized way for creditors to comply with federal law. Your payment can’t be reported late until it’s at least 30 days past due. You may be getting letters and phone calls about that overdue payment, but as far as the credit bureaus and your credit scores are concerned, the account is “current and in good standing.”

which would certainly explain why we don't see less than 30 days late being reported

[2b2rich]

Thank you, longtimelurker, thats good info there

[Anonymous]

thanks for all the replies. they did waive the late fee, and to date i have not seen any dings from this, but i suppose next month will be the test.

wells fargo is definately ticking me off with this secured card though.

i've banked with them for like 15 years, so whn i started rebuilding my credit in late 2014 i went into a branch and asked about getting a CC to start rebuilding my credit. the banker said the best way is to setup a secure card, and must have said 3 times during the conversation that if you make your payments on time and have a good utilization, that they "almost always graduate the secure card to a regular card after 1 year."

it's nearly 2 years later, and they have never once offered to graduate the card.

i've called them 3 times asking why i haven't had an increase offer, and they just say "we routinely evaulaute accounts and you just have to be patient, etc."

the secure card did help, so i suppose i can't be too irritated here, but i just can't for the life of me figure out why they haven't graduated the card.

i've had the same payment pattern with my cap one card, and they have given me 2 increases in the last year and a half.