Am I going to get late payment mark on my credit?

[Anonymous]

Hello,

I am fairly new here. I got a call from Toyota Financial indicating that my account is past due. I logged into my account and I saw that my payment was posted before the due day date, but it was retuned four days later because there was issue with the bank. I had automatic payment setup. I upgraded my checking account, but happened after they took they payment. Apparently they couldn’t take the payment and I wasn’t aware of it until yesterday. I immediately paid to bring the account current. They did not charge me late fees yet. I called Toyota today and the agent said your account is 27 days late. If you make payment now, this will not be reported. I did make a payment yesterday. He said it will be posted tomorrow and I don’t have to worry about it, but I am still worried it that it could be reported.  

[JR_TX]

Welcome to the myFICO community!

Only 30 or more days late payments can be reported to the CRAs. Internally though is a totally different story. Meaning, your relationship with them might take a hit.

[Anonymous]

As stated above 30 days is the magic mark for reporting.  I wouldn't worry about your standing with Toyota as long as this is your only late.  If this was a reoccuring event than it's likely that the next time you applied for a loan with them they would want higher interest or perhaps reject you but if it is one of 60 or 72 payments there is no chance they would hold it against you.  Things happen.  Luckily you learned about it and corrected it before the 30 days because those lates sting and last for 7 years.

[Anonymous]

^^^ What he said.

[AverageJoesCredit]

Even though you set auto pay, its always a good habit to verify your accounts near due dates so you can be on top of things and would be more aware earlier. Many times we see this happen and the person had autopay. Just set reminders on your phone to check status thst your autopays worked just mho

[Anonymous]

This is the exact reason why I don't trust auto pay feature. I prefer to pay it myself knowing it's been done, instead opf going on about my business assuming it's been payed. Then not finding out till it's almost too late. I see far too many posts about missed electronic payments to leave them to their own devices. lol

What I don't understand is why it happens so often, since whenever a bank acount is set up with a CCC. There's a test deposit etc. for confirmation. 

With Auto Loans I'm not sure about the alerts offered, but with some CC you can set up several types. Such as payment due/late payment, payment confirmation/returned, etc. That way a person can find out about these issues sonner than 30 days later. 

[CreditInspired]

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@Anonymous wrote:

This is the exact reason why I don't trust auto pay feature. I prefer to pay it myself knowing it's been done, instead opf going on about my business assuming it's been payed. Then not finding out till it's almost too late. I see far too many posts about missed electronic payments to leave them to their own devices. lol

What I don't understand is why it happens so often, since whenever a bank acount is set up with a CCC. There's a test deposit etc. for confirmation. 

With Auto Loans I'm not sure about the alerts offered, but with some CC you can set up several types. Such as payment due/late payment, payment confirmation/returned, etc. That way a person can find out about these issues sonner than 30 days later. 

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I have used Billpay for many, many years and have never had a problem with my CCs or loans being paid on time. Now granted as @Anonymous said, I do keep on top of my accounts. I have alerts set on my phone and reminders set on calendar as a precaution, and I faithfully take a quick glance at my accounts everyday. I'm willing to bet that 99.9% of those who encounter problems, it can be attributed to the customer's oversight--either a missed digit in the account number, or a wrong account number, or the wrong date, or the wrong amount, or the blah blah blah.

Yep, I love billpay.

[calyx]

I love autopay and haven't had any problems with it, but I also have it set a few days ahead of my due date so that if there IS a problem, I have time to fix it.  
My transactions are liked to my budgeting app, so I'll notice if they don't go through in time.