Payment oversight

[Anonymous]

First post - please bear with me.

I have 3 credit cards, an amazon (synchrony) store card and a sony store card (synchrony). I have managed them impeccably for several years and have never missed or been late on a single payment. My last Amazon account billing period ended 5/31/19 and I made a payment on 6/1/19, as usual. I have today discovered that I actually paid $25 less that the minimum payment and so my account was showing as payment overdue by 2 days. This is a complete oversight and I'm actually freaking out about it.

Obviously I paid the shortfall immediately. I called Amazon/Synchony who tell me that my statement will be generated on 6/29/19 and that it will show part payment made on 6/1 and then a late payment made on 6/25 (due date 6/23). The agent didnt seem to think it would have a negative impact on my credit but I'm definitely worried about it. Can anyone shed any light??? I've worked so hard to keep my credit in good standing and it's going to crush me if this situation has a major negative impact!! Thanks in advance....

[thornback]

Hi & Welcome to the forums! 

You were not a full 30 days late (30 days past your due date) so no late payment will be reported to the bureaus.  You were 'internally' late with Sync so that may affect things such as future CLIs for the next few months until you're forgiven, and / or maybe even a late payment fee - but it will not affect your credit.   You can breathe . 

[Anonymous]

Well thank you so much. That makes me feel better. I really appreciate your response.

[CreditInspired]

Hi OP

These things happen and as Thornback said, it’s ok because this booboo wont affect your scores. 

Also, to avoid this situation from happening again, you might want to consider doing autopay for min amt due so no matter how your balance fluctuates during the month, the correct min pymt will always get paid by the due date. 

[RobertEG]

The CRAs established, decades ago, their practice of avoiding common issues of recording a delinquency when a consumer has simple oversight of a few days, a creditor failing to credit payment on the received date, but rather posting on the next business day, mail delays, etc. by not recording a 30-late in their files until the delinquency reaches at least 30 days.  They are not concerned with recording minor lates (i.e., less than 30 days).

That policy is officially set forth in the common credit reporting manual established and used by the big-4 CRAs, titled the "Credit Reporting Resource Guide," with the instruction that a 30-late is not to be reported until the delinquency has reached at least 30-days after the billing due date.

You may be assessed late fees or other penalties, such as conversion of your low or zero introductory APR to the full normal APR, if late by only a day or more, but it does not become reportable to the CRAs until the period of delinquency has reached at least 30 days from the billing due date.

[Anonymous]

Thank you!! They actually waived the late fee based on my history so it seems like I'm all good. I appreciate the insight.