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my first late CC payment just happened

Contributor

my first late CC payment just happened

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?


Starting Score: EQ: 498 EX: 496 TU: 508 (March 2015)
Current Score:  EQ: 620 EX: 615 TU: 595 (Sept 22, 2016)
Goal Score:     680

Take the myFICO Fitness Challenge


Message 1 of 20
19 REPLIES
Valued Member

Re: my first late CC payment just happened

Did you hit 30 days late or just a few days?

 

Message 2 of 20
Established Contributor

Re: my first late CC payment just happened

I have read here that a late payment doesn't report to FICO unless it is 30 days late. That should give you enough of a scare to keep a closer eye on it, though.

 

As for adding to the secured card, if you have had it 2 years it is time to expand! Have you checked pre quals for Cap1, chase, discover? You should be able to get an unsecured with at least Cap1, maybe 2 or 3 of those. 



Giving up on the images for now

Stepped out of the garden 10/9/16

Message 3 of 20
Contributor

Re: my first late CC payment just happened

a minimum payment of $25 was due on 9-21 (yesterday)

 

I paid $225 today 9-22, about a half hour ago.

 

Do you think it will affect my scores?

 

The agent on phone said they would report the late payment.


Starting Score: EQ: 498 EX: 496 TU: 508 (March 2015)
Current Score:  EQ: 620 EX: 615 TU: 595 (Sept 22, 2016)
Goal Score:     680

Take the myFICO Fitness Challenge


Message 4 of 20
Regular Contributor

Re: my first late CC payment just happened

They can't report unless it was 30 days late


Message 5 of 20
Contributor

Re: my first late CC payment just happened

thanks for the resonses all.

 

My last payment was August 21.

 

Just spaced it out yesterday, kicking myself!

 

the Wells agent on the phone said "even with 1 day late, I would assume we will be reporting it"

 

he (of course) could not tell me if it would ipact my FICOs

 

damn!


Starting Score: EQ: 498 EX: 496 TU: 508 (March 2015)
Current Score:  EQ: 620 EX: 615 TU: 595 (Sept 22, 2016)
Goal Score:     680

Take the myFICO Fitness Challenge


Message 6 of 20
Moderator

Re: my first late CC payment just happened


lc317 wrote:

thanks for the resonses all.

 

My last payment was August 21.

 

Just spaced it out yesterday, kicking myself!

 

the Wells agent on the phone said "even with 1 day late, I would assume we will be reporting it"

 

he (of course) could not tell me if it would ipact my FICOs

 

damn!


They wont report it and it wont affect your FICO scores.  It can affect your interest rate with WF though

Message 7 of 20
Frequent Contributor

Re: my first late CC payment just happened

Set up auto payment, so if you forget you're still covered.

Message 8 of 20
Regular Contributor

Re: my first late CC payment just happened


delaney1 wrote:

Set up auto payment, so if you forget you're still covered.


I agree..  Setup autopay for at least the min amount due so you don't have to worry about missing a payment again in the future.

Message 9 of 20
Valued Contributor

Re: my first late CC payment just happened


tidegirl wrote:

I have read here that a late payment doesn't report to FICO unless it is 30 days late. That should give you enough of a scare to keep a closer eye on it, though.

 

As for adding to the secured card, if you have had it 2 years it is time to expand! Have you checked pre quals for Cap1, chase, discover? You should be able to get an unsecured with at least Cap1, maybe 2 or 3 of those. 


Agreed. It's definitely time to move on from the secured cc at this point. 

Message 10 of 20